You can be sent to a new posting or ordered into a combat zone at a moment's notice, complicating your ability to manage your finances. With the conflicts in Iraq and Afghanistan, some troops' deployments have been longer than they had expected.
"The relative uncertainty is the key thing that does make it critical to plan," said Joseph Montanaro, a certified financial planner at USAA Financial Planning Services and a lieutenant colonel in the Army Reserve. "In the military, we say, ‘Let's get our house in order before the order comes.' "
"You've got to go into a mobilization with that mind-set - just in case, how do I take care of my family to the best of my ability in case I don't come back or in case I don't come back whole?" said Jeff Pugh, an Arlington, Texas, police officer and a major in the Army Reserve.
Even if you're just considering a military career, it's important to take good care of your finances. Many people see the military as a way to make a fresh start, but that may not be the case if debt is a big problem. The armed forces will run a credit check on you, and too much debt can keep you out.
"We don't want you to bring significant debt that, once you join the Air Force and become an airman, then you're going to keep spiraling further and further into debt," said Stephens. "When you put on that blue suit and join the Air Force, we want you to be responsible in all aspects of your life."
"In the military, many people lose their security clearance if they have credit situations," said Al Duarte, executive editor of Military Money magazine. "They're more likely to be desperate for money and perhaps do some things they shouldn't do."
"I ran a credit report," said Bowerman, an Air Force recruiter who's in Lt. Col. Stephens' squadron. "I fixed whatever I needed to get fixed."
"Direct deposit is mandatory," said David Hollands, a colonel in the Army Reserve and a certified financial planner in Plano, Texas, who specializes in military clients. "Automate bill payments, as you won't have much time to worry about such things."
"Avoid a crisis later by sitting down now with your partner to create a deployment action plan for your finances," said Carl Surran, managing editor of Military Money. "
When he was deployed, Bowerman, a single dad with a 5-year-old son, had money automatically deposited in an account for his sister-in-law, who cared for his son.
Know how long you'll remain covered by Tricare, the government's health insurance for active-duty and retired service members and their families.
"When the service member is away on a deployment, the spouse - the wife about 93 percent of the time - must maintain control of the household and must have access to the deployed spouse's financial accounts, assets and belongings," said Carl Surran, managing editor of Military Money.
Staff Sgt. John Bowerman gave his friend power of attorney over his financial affairs and his sister-in-law medical and legal power of attorney for his son.
The military offers low-cost Servicemembers Group Life Insurance for a mere 7 cents per $10,000 of coverage, or $29 per month for the maximum coverage of $400,000.
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