Deployment can be an extremely stressful and emotional experience for service members and their families. Like many Americans, the veteran and military population are not immune to issues with financial budgeting, debt and unemployment.
These individuals face unique financial circumstances regarding managing finances and budgeting for pre-deployment.
There are a number of steps service members should consider before deployment – such as choosing a financial overseer and creating a budget to ensure they are prepared for any emergency expenses.
According to a survey done by American Consumer Credit Counseling, 19% of veterans are dissatisfied with their current financial situation. Of these surveyed, only 50% of military respondents reported that they have sufficient funds set aside to cover expenses for three months in case of emergency and 51% of enlisted personal and 32% of officers reported not saving at all. In order to prevent future financial stress it is important to plan ahead and be prepared before deployment.
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