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Hit the Ground Running: Financial Planning after Deployment

Hit the Ground Running: Financial Planning after Deployment. Facilitator ’ s Name Date. Objectives. Identify tasks necessary to update your financial plan after deployment. Assess your needs for employment and how ESGR/USERRA applies to your situation.

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Hit the Ground Running: Financial Planning after Deployment

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  1. Hit the Ground Running: Financial Planning after Deployment Facilitator’s Name Date

  2. Objectives • Identify tasks necessary to update your financial plan after deployment. • Assess your needs for employment and how ESGR/USERRA applies to your situation. • Create a to-do list for reviewing and updating your personal financial plan.

  3. Update Financial Plan • Review and Refresh Spending Plan • Savings • Insurance

  4. Spending Plan • INCOME • Wages/Salary • Alimony • Child Support • Retirement income • Social Security • EXPENSES • Savings/Emergency • Food • Housing • Utilities • Transportation • Insurances • Clothing

  5. Live Within Your Means • Create your spending plan • Pay yourself savings first • Divide spending into categories • Fill envelopes by category • Spend till its gone • Put any left over in savings Try an App for your phone that tracks expenses.

  6. Spending by the Envelope System • Do these categories reflect how you spend your money? • What categories would you add or remove from this list for your purposes? • What expenses would you switch from Envelope to Checking Account, or Savings Account? • Do you think you could spend out of an envelope?

  7. Check your Leave and Earnings Statement (LES)

  8. Savings • Emergency savings • 3-6 months income • Revolving savings • Long-term savings • Saving Deposit Program (SDP) • Thrift Savings Plan (TSP)

  9. Insurance • Medical Insurance • TRICARE, TAMP • Life Insurance • Auto Insurance • Home/Renters • Insurance • Dental Insurance

  10. Other Considerations • Financial arrangements • Allotments • Automatic bill pay • Review/Revoke Power of Attorney (POA) • Taxes • Service Members Civil Relief Act (SCRA) • www.annualcreditreport.com • Employment

  11. Service Member Responsibilities Provide prior notice to your employer. Leave your place of employment to perform military service. Serve under honorable conditions. Not be absent due to military service for more than five cumulative years. Report back to work in a timely manner.

  12. Prompt reinstatement back into their job Accumulation of seniority as if they never left Protection against discharge Immediate reinstatement of health insurance Service Member Rights under USERRA • Training and retraining of job skills • Protection against discrimination

  13. Inform Chain of Command Contact ESGR : 1-800-336-4590, www.esgr.mil Contact DOL: 1-866-4-USA-DOL, www.dol.gov/vets Contact a private attorney (personal cost) Issue Resolution

  14. Objectives • Identify tasks necessary to update your financial plan after deployment. • Assess your needs for employment and how ESGR/USERRA applies to your situation. • Create a to-do list for reviewing and updating your personal financial plan.

  15. Hit the Ground Running: Financial Planning after Deployment Facilitator’s Name Date

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