Financial Preparation Helps Military Families

For military families, having a family member deployed around the world can create special challenges. Planning ahead can help ease the strain, both for those at home and for the service member, allowing better focus on his or her mission.

A family checklist helps ensure financial obligations are tended to while you’re away. Discuss your list with family members who may be affected. Here are some considerations.

Have a plan to pay monthly bills, including mortgage or rent, car loans, credit cards, utilities and student loans. Online Bill Pay offers a convenient solution. You may be able to receive many bills electronically, further streamlining the process.

Do an insurance checkup. You'll want to be sure your family has adequate life, health, auto and homeowners or renters insurance.

Child care arrangements may be altered during your absence, so be sure to allocate enough money for any additional expenses.

Attend to legal issues. It's important to have a current will, power of attorney, health-care proxy and living will, also called an advance health care directive.

Know Your Rights
As you plan your finances, remember the Servicemembers’ Civil Relief Act affords you special financial protections, including the following:

• Requires lenders to charge no more than 6% interest on credit cards and many other loans you had before military service or activation.
• May allow you to terminate a lease for your home, business or car.
• Protects you and your family temporarily from eviction due to nonpayment of rent.

Our eBranch Online Account Access and Bill Pay can help simplify your finances. The service representatives at SESLOC can help you get started. Call or stop in today!