Managing finances can be a tricky task for anyone – especially those who are, or are about to be, deployed.
According to a survey by the National Military Family Association, 28 percent of military families say financial issues are among their greatest challenges during deployment.
To help navigate this challenge, we’ve compiled advice for maintaining personal finances – an insider’s guide from Navy Federal Credit Union. With more than 80 years of experience serving the military, here are a few tips from the world’s largest credit union.
1) Place Active Duty Alerts on Your Credit
Manage your credit score abroad by placing a freeze on your credit with an “Active Duty” alert – available at Equifax, Experian and TransUnion. Many financial institutions like Navy Federal will make your score available when you log in to your account. However, if you’re interested in the report only, you can request it for free at annualcreditreport.com and identify areas for improvement before you deploy. If your goal is to build credit, consider the nRewards® Secured credit card, which lets you build credit while building rewards.
2) Tell Your Financial Institution You’re Deploying
Let your credit union or bank work for you. Prior to deployment, reach out to your financial institution to notify them of your temporary leave. By providing them with both the date of your departure and your potential return, they will be able to place you on Deployment Alert, and regulate and monitor account activity to ensure all necessary closures and holds are in place.
Related: Click here for more information on Deployment Alerts.
3) Avoid Foreign Transaction Fees
Length of deployment can vary from person to person, so rather than deal with pesky foreign transaction fees on your credit card, why not eliminate them all together? At Navy Federal, there are no foreign transaction fees on any of their credit cards. Sign up for one now, and you’ll have the ability to forgo additional costs due to life abroad. Not to mention, the Navy Federal Platinum Mastercard® offers one of the best rates in the market, making it a great option for consumers who value low rates with no fuss or frills.
4) Manage Your Bill & Loan Repayments
Navy Federal’s free Bill Pay ensures your payments won’t miss a beat. Rather than worrying about internet access on your due date, simplify your life by setting up recurring payments. With Navy Federal, payments are not only easy, they’re also painless. All that is needed is your online banking access number, ID and password, and you’re set.
Being financially prepared is a key component to deployment readiness, and sustaining your personal finances while on leave will assist in an easier return. By following the above tips and tricks from Navy Federal, managing money and financial expectations while abroad will help lessen your and your family’s stress.
Sponsored: Learn more about Navy Federal’s products and services.