Personal Finances for Basic Military Training
Before you head off to basic training there are a couple things you should be sure to do:
1. Get in good physical shape.
2. Get in good financial shape.
Going into basic training isn’t like training for a civilian job. There isn’t going to be time for you to sit down and compose a budget or to stay on top of your finances like you should. For this reason you may want to designate someone else to handle your finances for you - a parent, a spouse, a trusted friend - so things don’t spiral out of control while you’re gone.
On the other hand, there is something a little scary about handing power of attorney or a handful of blank checks to someone while you’re away, no matter how much you trust the person. Remember: You’re going to be out of touch for a while so don’t pass your personal finance matters off to someone else who is going to make you worry that your bank account has been drained for a shopping trip.
Here is the ideal scenario for your personal finances before heading off to military basic training:
1. Have a checking or savings account in place. Bring the account number and routing number with you so your military pay can be directly deposited.
2. Make sure any bills you have are up to date before you leave. If possible, leave without any debt in place.
3. Set up automatic payments so everything is taken care of automatically while you are in out of touch.
4. Contact your lenders before you leave and ask them to notate in your account that you’re heading off to basic training and will not be reachable for some time. This way if something odd happens to your account and the lender can’t reach you they will be able to look into your record and see that you’re not avoiding them; you’re serving your country.
Many lenders will freeze interest rate payments for people heading off to basic training or offer other programs. You should also familiarize yourself with the Soldiers and Sailors Civil Relief Act (SSCRA), which can save you quite a bit of money and grief during your military career.
Thank you for serving the country!
