When you and your family are preparing for a deployment, set savings goals that will make the most of your special payments. Sticking to these goals will keep you ready for the future with control over your finances.
Choose your deployment savings goals
When you first begin setting savings goals, being specific is key. Keep these few tips in mind:
- Pick something meaningful. You’ll be more motivated to save if you have a meaningful goal in mind — like paying off your debt, building up your retirement account or putting aside a down payment for a new house.
- Set a specific dollar amount. This will help you track your progress and know how close you are to achieving your goals.
- Be realistic. Keep track of your income before and during deployment so you can set a savings goal that is realistic. Use your myPay account to view your Leave and Earning Statements.
Stick to your deployment savings goals
After you’ve chosen your savings goal, it’s time to make a plan of action. Here are a few things that will help you and your family stick to your goals throughout your deployment:
- Figure out the logistics. Consider how much you need to save each pay period to reach your goal and where you’ll be storing your savings. For instance, will you be using an existing savings account, a Thrift Savings Account or the Savings Deposit Program?
- Meet with a personal financial counselor. Guidance can help you determine the best way to manage your savings during deployment. Take advantage of free personal financial counseling through Military OneSource by calling 800-342-9647 or meet with a counselor through your Military and Family Support Center. OCONUS/International? Click here for calling options.
- Make it a team effort. Sticking to a savings goal can be more manageable when you have someone else in your corner. Work with your spouse or partner to make your goal a reality or share your plans with a friend for some extra accountability.
- Use the Military Saves pledge. Make your savings goal official by taking a pledge with the Military Saves program. While you’re there, check out the available resources to help you stay on track.
Your deployment is the perfect time to focus on your family’s future with a strong savings plan. For more information and resources, visit Military OneSource’s Financial and Legal pages and get tips for keeping your finances in check. Or reach out for free financial counseling through Military OneSource.