Your Assets While You Defend Your Country
are dedicated to your country as well as to your family. Leaving,
however, doesn't have to mean a financial hardship for you and
your loved ones. Safeguard your money before you are called to
protect your nation with this surefire personal finance strategy.
the past to prepare for the future.
Carefully examine your family's income, expenses, liabilities,
and assets. Identify the ways in which the financial situation
will change while you are gone. You may need to make a plan to
modify spending habits and expenses so they - and you - are prepared
when you leave.
as a (family) unit.
Lead a financial affairs meeting with your family. You know there
is strength in numbers, so involve your spouse and older children
in the decision making process. Give them the opportunity to talk
about individual goals, concerns, and hopes. Ideally, you will
want to leave everyone feeling financially comfortable and secure.
By discussing the upcoming challenges, family members will feel
better when you depart, even if they have to make some difficult
Instead of leaving your family with excessive debt (and you a
stack of bills to contend with when you come home), pay off what
you can now. If you can't eliminate the balances entirely, establish
a reasonable payment plan with your creditors before you go.
If you are currently the primary money manager, get ready to transfer
fiduciary responsibilities to your spouse (or other designated
family member). By properly preparing him or her for the new duties,
you will both be relieved of stress. Locate and store pertinent
financial documents in a safe and accessible place. Explain your
method of bill paying. You may need to set up a joint checking
account for household expenses. Make sure he or she has account
numbers, addresses, due dates, and phone numbers for all necessary
accounts. Your social security number, mother's maiden name, and
place of birth may also be relevant to share now, if you haven't
your information straight.
If you haven't seen a copy of your credit report recently, obtain
one as soon as possible. Because there is often incorrect information
on a credit report, experts recommend pulling copies from all
three credit bureaus annually. Fixing mistakes can take months
of paperwork, so start now.
Don't give thieves the opportunity to exploit what you have laying
around. Close unnecessary credit instruments, shred documents
containing personal information, and notify your creditors and
financial institution that you will be away and will not be using
certain accounts for an indeterminate amount of time.
BALANCE Financial Fitness Program is your best source for money
management assistance. Their financial counselors can help you
through this unique time by providing advice on how to prepare
for the future today. From developing workable spending plans,
to helping you obtain and explain your credit reports, to establishing
a repayment plan with your creditors, BALANCE can help. Planning
is vital right now. Allow the professionals to give you quality
and objective assistance so you can leave feeling confident and
come home to financial peace.