Financial Readiness on Deployment

Financial Readiness on Deployment

Deployments demand focus, resilience, and preparation, and what they don’t give you, is a whole lot of flexibility, both physically and mentally. But one of the most important areas often overlooked is financial readiness. Being financially organised before, during, and after deployment ensures peace of mind for you and stability for your family back home.

1. Understand Your Pay and Allowances

Before deploying, review your pay statements and familiarise yourself with the allowances and entitlements that apply to your deployment. These may include:

• Longer Separation Allowance (LSA)

• LOA (Local Overseas Allowance) for certain postings

It’s also vital to check that your bank details, next of kin, and contact information are correct on JPA. Even small administrative errors can delay payments and cause admin when you really don’t want to be doing it.

2. Set Up a Financial Plan

Some deployment’s will automatically cause you to save money, purely because you are not able to spend your pay on a day to day basis. Exploit this to the nth degree, this is more pertinent to those that are single and have no responsibilities while deployed. A clear plan helps you control spending and save effectively while deployed. Consider:

• Automating savings: Set up a standing order to transfer part of your pay into a savings or investment account each month.

• Budgeting for deployment: Account for reduced day-to-day spending and plan how to allocate the extra income. Debt repayment, emergency fund, or long-term goals are key to keep in mind.

• Communication with family: Make sure your partner or next of kin knows about direct debits, bills, and emergency contacts.

For families, it’s often helpful to maintain a joint financial account or shared banking app to keep everyone informed.

3. Review Debts and Credit

Deployment can be a good opportunity to stabilise or reduce existing debt. If you have credit cards, loans, or finance agreements, consider:

• Paying down high-interest debts first

• Consolidating multiple debts if suitable

• Informing your lender if you’re deploying for a long period, many financial institutions offer flexibility for service personnel

If you anticipate financial strain, reach out early to a Financial Advisor, ideally one that understands a military deployment and how it might limit communication.

4. Secure Online and Financial Access

Cyber security is as important as financial security. Before deploying:

• Update passwords and enable two-factor authentication

• Ensure family members have limited but appropriate access to necessary accounts

• Avoid accessing online banking over insecure networks while overseas

If you use financial apps, confirm they work securely in your deployment location subject to any device restrictions that your deployment enforces.

5. Plan for the Future

Deployment pay can accelerate your long-term goals. Consider:

• Building your emergency fund (three to six months’ expenses)

• Investing through a Stocks & Shares ISA for long-term growth

When you return, reassess your finances to ensure your post-deployment spending aligns with your long-term objectives.

6. Support and Guidance

Several organisations provide free, confidential financial support tailored to service personnel:

• Forces MoneyPlan – free one-to-one financial guidance from qualified advisers

• MoneyForce – practical tools and calculators for budgeting and saving

• Royal British Legion and SSAFA – grants and emergency support for families

• Service Charities and Unit Welfare Offices – first-line assistance if issues arise during deployment

Final Thought

Financial readiness is just as important as operational readiness. A soldier who’s confident their finances are in order can focus entirely on the mission ahead. Preparation, discipline, and communication are the cornerstones, both on the ground and in your wallet.

An ISA is a medium to long term investment, which aims to increase the value of the money you invest for growth or income or both. The value of your investments and any income from them can fall as well as rise. You may not get back the amount you invested.

William Dixon & Associates Ltd is an appointed representative of The Openwork Partnership, a trading style of Openwork Limited which is authorised and regulated by the Financial Conduct Authority.

Approved by The Openwork Partnership on 3 Nov 25.