It’s time to put your financial skills and wartime determination to work!
When duty calls, military families face instant fear and uncertainty. Often, when a primary bread earner is deployed with little or no notice, children, spouses and parents are left behind to cope with many hopeless problems.
If you’re one of these families, you need hope. In describing how to best deal with these problems, experts including many experienced army spouses suggest separating your emotions and your financial worries. To do so, they give this advice:
One step at a time, prepare for marriage, death and everything in between
- Simplify everything you can! Consolidate debts, open joint banking accounts that are easily accessible to both spouses and give the spouse at home full power of attorney.
- Make the non-military spouse the beneficiary of your will and put all personal papers, copies of military orders, legal documents in a safe place.
- Make sure you share details about every financial aspect of your relationship and that there is no confusion.
- Keep no secrets!
Get your finances in order
- Set up a bill paying process
- Draft a will and consult with a financial planner » and attorney to sort through financial issues and develop long-range solutions
- Review your insurance coverage and establish a plan to protect your property, auto and home the next time you deploy
- Jot down all details and keep them in a consistent place
| Servicemembers Civil Relief Act |
The Servicemembers Civil Relief Act is a benefit provided to protect military personnel during deployment. The most significant benefit is a reduction of interest rate on pre-active duty loan obligations to 6%. In order for Coastal to provide this benefit we need documentation provided such as a copy of your military orders showing the dates of active duty.
Preparation is the key to helping our military members and their families handle their finances and loan obligations if called to active duty and deployed. Often times there are only a few days to prepare . Therefore, we have designated a team to help you with any questions and quickly assist you with account information.
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Set up a consistent and effective communication system
Before leaving for Iraq, one considerate army soldier and his supportive spouse arranged a system where one orange envelope was sent home every day with the details and renewed hope. These letters included:
- Important financial details
- Shared information (i.e. mortgage information, home insurance specifics, tax information, investments, everything a widow would need to know in the event of a tragedy was included)
- Encouraging messages of hope
- Consistent expressions of love and support.
Our financial service advisors and the licensed professionals » at Coastal’s Trust and Investment Service Center are always available to offer you the trust and experience you can count on to:
- Consolidate your debt
- Re-develop your family budget and savings plan
- Protect your family
- Plan for the future
- Pay for education
- Advance your career
- Make wise investments
- Plan for retirement
- Avoid embarrassing financial mistakes
And …more.
Experience the Difference when you contact or visit us today!
These military websites offer helpful information on deployment:
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