Deploying can be stressful. But when you think about deploying, financial considerations might be the last thing on your mind. Yes, you’ll probably cut a number of expenses, especially if you are single. Yes, depending on where you go, it’s likely that your income will be tax free. But what other things should you consider when you deploy? We’ll go through a few key considerations below.
- Save on insurance! Look into putting your vehicle into a “storage status” to reduce the cost of insuring it. This could save you hundreds of dollars.
- Suspend your current cell service! The SCRA allows you to terminate your cell phone plan with a copy of your orders. This could also save you hundreds of dollars.
- Look into the military’s Savings Deposit Program for a guaranteed 10% return on up to $10,000. This plan lasts while you are deployed and up to three months after you return.
- Up your TSP. From the TSP official website: “The IRC § 415(c) annual addition limit for 2020 is $57,000. This limit applies to the total amount of contributions made on behalf of a participant in a calendar year. It primarily affects participants who contribute to their uniformed services TSP account while deployed in a designated combat zone. When this occurs, the member makes contributions from tax-exempt pay. These contributions are not limited by the elective deferral limit, but instead count only toward the annual addition limit.”
- Save on rent or rent out your place! If you know you will be gone for a set amount of time, you can pack your belongings into storage and not have to worry about rent (depending on if you have dependents or not). If you own your home, you can do the same and rent your place while you are gone.
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