Any major change in your situation (like a deployment) is a great time to review your current financial position, adjust your "Spending Plan", and review goals. Please, do not "budget" - they don't work!

There are some specific programs and benefits that you may be able to take advantage of during deployment.

Thrift Savings Plan (TSP): If your deployment income is tax-exempt, there is a huge benefit in maximizing Roth contributions under TSP. This money going in tax free, has tax free growth, and is tax free at withdraw for retirement. Up to $56k can get some tax favored benefit. Visit this link for more information.

Savings Deposit Program (SDP): After day 30 on deployment, up to $10K can be allotted from your LES and be guaranteed 10% interest in a savings account. Funds must be withdrawn 90 days after deployment.

Service Member Civil Relief Act (SCRA): Any current debts you have can be reduced to 6% interest during deployment. Some creditors do even lower. This interest savings, allows you to pay off debts faster, a big help toward getting debt free.

If you want more information on these programs, any other deployment specific questions, or any other financial matters please contact me. I'm here to serve those who are stepping up to serve our Country, and the Home 6 serving us as well.

I teach individuals and families that budgets do not work!

A lot of times, I run into people who have challenges controlling money. They find themselves:

Living month to month, paycheck-to-paycheck
Struggling with Debt - Credit Cards, Car Payments, Mortgage, Student Loans, etc...
With no savings, no emergency fund, no investments, no college funds, no plan for retirement, renting a home, etc...
With no written goals... and their dreams are long gone - sad!
Coping with stress, worry, frustration, fear, etc...
Not having taught kids about money, or they have taught by poor example. My experience is that kids don't listen, but they watch us to learn!
Having "Money Fights"

They may have tried to budget, but have found that "budgets", like "diets", have not helped. Budgets don't work because they restrict & eliminate choices and control - another fail.

A written "Spending Plan" is the answer. It provides the structure and control needed to manage and direct money - to become successful with money. With the right education, tools, resources, and support, I see clients move forward financially.

There is help... there is hope. I'm here to serve SM's who are serving our Country - and the Household 6 serving as well.

When I work with people on their finances, the conversation almost always gets to income & expenses:

"What's your income?"
"How much is rent?
Car payment?
Utilities?
Insurance?
Credit cards?"

For most, the harder monthly expense questions are about "discretionary expenses": the money that is under our control or judgement to spend that can vary based on our (un)intentional choices and behavior. Restaurants, clothing, groceries, hobbies, and entertainment, are examples. Most can only guess what these expenses are, and they usually estimate much lower than the actual expenses. Discretionary spending is a huge source of "leakage".

Leakage: the money that has just **poof** disappeared when looking back at income and expenses. Where did it go? It's typically the small, yet frequent expenses that happen to us all; a coffee at "FiveBucks", the convenience store, a lunch out of the office, the vending machine, a drink after work, impulse buy while shopping, etc... A quick scan of a plastic card for a few dollars here, a few more there, can add up to hundreds of dollars a month that are just... gone.

When people start a written "Spending Plan" (digital is usually easiest) and tracking budgeted dollars vs. actual dollars, the leakage becomes apparent. When we become aware, and take more control over spending, we magically "find" as much as 20% of income that was leaking away. Among the digital apps that make finding and controlling leakage easy are Mint.com, and my favorite spending plan app, YouNeedABudget.com.com.

If a part of this money can be found and controlled, it can be applied to goals such as growing an emergency fund, paying off debts, "reserve fund" saving for future purchases, and longer term goals such as buying a new car, a vacation, or a down payment on a house.

If you want to get better at managing your money, tracking and controlling leakage is critical to success. If you'd like some more tips or help to gain control, please contact me.