Preparing for deployment can be daunting, especially if you have a family, but there are some things to consider when planning for financial success while away. Budgeting is essential for keeping you on track. It will also help you set goals for saving money or paying off debt If you are seeking financial assistance, reach out to an advisor from AFBN. Before some time away, take the time to discuss your financial goals and get yourself in a better position for when you return home with these tips.
Create a Budget
Budgeting is essential for your financial success and for determining your goals. Taking the time to analyze your income and expenses can help you decide where to allocate your funds. Budgeting is great for tracking where your money is spent and where it might be best to cut back. When creating a budget, write down reoccurring expenses, debts, and any leftover money. First, subtract your essential needs while away, such as housing costs, car payments, and credit card payments. Before heading out, track your spending and decide what expenses might be lighter while on base or out of the country. You can then determine where to allocate your remaining funds.
Now that you have created your budget and are aware of your spending habits, you are able to determine how much money can be saved, both while away and before you leave. Set a goal for your savings and stick to it! Consider a separate account if having your money out of sight helps. Make an effort to put the majority of your leftover money away. Cut back on eating out or unnecessary purchases. Strive to create a better financial situation for your return so that you can focus on other priorities like your family. If you are struggling to find your footing financially, contact one of our financial advisors to discuss your concerns.
Pay Off Debt
Many people carry a significant amount of debt. It’s not uncommon to have a balance on a credit card or owe money on your car, but keeping track of your debts, even while away, is important. Making payments ahead of time and prioritizing paying off your debts can help ease stress while away. If your financial institution allows you to set up automatic payments, schedule them, and monitor your accounts. List your debts from lowest to highest and begin paying off the lowest first. Make more than minimum payments as your finances will allow.
Preparing for your deployment can be easy when you build a plan for finances. Taking the time to create a budget and stick to it helps you gauge your spending and where you can allocate other funds toward debt or savings. Tracking your spending and preparing to be less attentive to payments is essential. With proper budgeting and planning, you can return home confident that your finances are in order. Seeking assistance might be beneficial if you need help pinpointing your priorities or creating an effective budget. If you would like assistance to put yourself in a better position and begin building a financial foundation, contact an advisor at AFBN today. Our advisors will do their best to push you in the right direction and assist you with things you might have overlooked while doing it yourself.