Advance planning key to successful deployment financial management

  • Published
  • By Senior Airman Eydie Sakura
  • 52nd Fighter Wing Public Affairs
SPANGDAHLEM AIR BASE, Germany (AFPN) --  Get ready early. This is the common theme among base agencies that assist Airmen preparing for deployment.

The preparation can be stressful, time consuming and exciting, but above all, requires planning and thinking ahead to the future.

Oftentimes, the focus of deployment is on taking care of the families of the active-duty Airman who is deployed, or ensuring families left behind know they are part of the team too.

But what about those single Airmen who deploy and do not have someone to keep the home campfires burning, but at the same must time prevent financial affairs from going up in smoke?

“Married people normally have someone who stays behind and pays the bills and keeps (the deployed Airman’s) affairs in order,” said Bill Triplett, a 52nd Mission Support Squadron base financial counselor. “Single Airmen are more than likely on their own and must prepare well ahead of time.”

Single Airmen should do a little research and planning to ensure their financial life will continue to evolve while they are away, Mr. Triplett said. He offers the following tips:

Paying bills:

-- Pay monthly bills automatically or online.

-- Deferred payments and reduced interest rates are available on the Military Star Card for Airmen with good credit. Go to www.aafes.com and click on the deployment link for further details.

-- To obtain deferment for club card dues, take a copy of your orders to the cashiers’ cage at the club.

-- Turn off phone service during the duration of deployment. It could be cheaper to pay the re-activation fee than the cumulated monthly charges.

Savings:

-- The Savings Deposit Plan allows you to deposit up to $10,000 and earn 10 percent interest annually. Contact your deployed location finance center to enroll in the plan, or visit www.dod.mil/news/dec2001 for more information.

Thrift Savings Plan:

-- You can allocate your combat pay, which is a special pay or incentive pay, into your account. Visit www.tsp.gov for more information.

Accessing money downrange:

-- Do not rely primarily on debit cards while deployed. Some locations do not give cash back because of the limited amount of U.S. currency available. Bring a book of checks. Doing so allows you to get cash back through the base finance office.

Even with all the planning and services available on base, a minor oversight that can affect a single Airman’s finances can come down to something as simple as the telephone service.

“If you have a roommate, and the telephone is under your name, I suggest turning it off,” Mr. Triplett said. “Turn it off and have the roommate set up (his or her) own account, because you as the owner of the telephone service will be responsible for the bills and repayment for all usage -- even while you’re away.”

Relying too heavily on a friend or peer to handle finances can be detrimental, rather than helpful, if in the wrong hands. That is why Tech. Sgt. Diane Caldwell, a civil law paralegal with the 52nd Fighter Wing’s legal office, stresses the importance of choosing a power of attorney wisely and knowing the consequences.

“A power of attorney is a written instrument that allows you to authorize your agent, or attorney-in-fact, to conduct certain business on your behalf,” Sergeant Caldwell said. “It is one of the strongest legal documents that you can give to another person, and as such, should not be taken lightly.”

It is important for servicemembers to have a power of attorney if they want someone other than themselves to conduct business in their absence.

More information on financial management is available at local family support centers. (Courtesy of U.S. Air Forces in Europe News Service)