ACCC Provides Five Financial Tips for Returning Military Personnel

Share Article

In honor of Armed Forces Day, American Consumer Credit Counseling offers tips for returning military servicemen and women

News Image
"It’s critical that servicemen and women understand what financial resources and programs are available to them"

Veterans and military personnel face a unique set of financial challenges – particularly when it comes to managing finances and budgeting before, during and after deployment.

To help address these challenges, national nonprofit American Consumer Credit Counseling (ACCC) has developed an extensive online library of resources for military personnel and veterans, including specific budgeting tips pre, during and post deployment.

“Managing personal finances, budgets and debt can be difficult for any consumer, and these challenges are often compounded for military personnel and their families,” said Steve Trumble President and CEO of American Consumer Credit Counseling, based in Newton, MA. “It’s critical that servicemen and women understand what financial resources and programs are available to them so that they can achieve a healthy financial future, particularly as they return home from deployment.”

The Consumer Financial Protection Bureau recently highlighted the potential for increased financial challenges among military communities and families now that many large-scale combat deployments are nearing or coming to an end. Given this reality, it’s crucial that military personnel review their finances to minimize any stress and improve financial wellbeing.

In honor of Armed Forces Day, ACCC offers financial tips for members of the armed forces returning from deployment:

1.    Take control of your finances. While you were away, you most likely appointed a spouse, parent, or trusted friend as your financial overseer and hopefully, they managed your finances responsibly in your absence. Now that you’re home, it is important that you regain control of your financial situation. Do this immediately for the smoothest possible transition.

2.    Review your power of attorney and will. If you chose a financial overseer during deployment, you most likely gave this person power of attorney. Remember that power of attorney will remain in effect until you revoke it or it expires. Think about whether you would like this person to retain power of attorney status. Also, revisit your will to be sure it is current and still meets your needs.

3.    Review your leave and earnings statements and reassess your budget. Income will almost certainly change post deployment, which can have a major impact on your budget. When reassessing your budget, ensure what you earned during deployment is accurate. In addition, review changes in expenses and income, along with areas you might be able to cut back on now that you are home. Once you have reassessed your budget, you will have a clearer sense of your current financial situation.

4.    Review your financial protections. It’s also vital to review your financial protections under the Servicemember's Civil Relief Act (SCRA). Know when these protections expire to gain a clear financial picture and any financial obligations moving forward. Contact your nearest Armed Forces Legal Assistance Program for clarification.

5.    Ask for help. It’s vital that military personnel reach out and ask for help. There are a variety of financial resources available to current servicemen and women and returning veterans. In addition to its online resources and community workshops, ACCC also offers assistance on how to manage budgets and address debts. For more information, contact ACCC at 800-769-3571 or begin a counseling session online. Also, check out our Resources for Military Personnel.

ACCC is a 501(c)3 organization that provides free credit counseling, bankruptcy counseling, and housing counseling to consumers nationwide in need of financial literacy education and money management. For more information, contact ACCC:

  •     For credit counseling, call 800-769-3571
  •     For bankruptcy counseling, call 866-826-6924
  •     For housing counseling, call 866-826-7180
  •     Or visit us online at http://www.ConsumerCredit.com

About American Consumer Credit Counseling
American Consumer Credit Counseling (ACCC) is a nonprofit credit counseling 501(c)(3) organization dedicated to empowering consumers to achieve financial management through credit counseling, debt counseling, bankruptcy counseling, housing counseling, student loan counseling and financial education. Each month, ACCC invites consumers to participate in a poll focused on personal finance issues. The results are conveyed in the form of infographics that act as tools to educate the community on everyday consumer debt issues and problems. By learning more about financial management topics such as credit and debt management, consumers are empowered to make the best possible financial decisions to reach debt relief. As one of the nation’s leading providers of personal finance education and credit counseling services, ACCC’s certified credit advisors work with consumers to help determine the best possible debt solutions for them. ACCC holds an A+ rating with the Better Business Bureau and is a member of the National Foundation for Credit Counseling® (NFCC®). To participate in this month’s poll, visit ConsumerCredit.com and for more financial management resources visit http://debthelp.consumercredit.com/.
###

Share article on social media or email:

View article via:

Pdf Print

Contact Author

Marissa Sullivan