Forums > Free for Allby: ⚓ Sarah ⚓

Great article on PCS(military moves)

posted 11th Oct '10
http://www.fool.com/investing/general/2010/10/11/pcs-doesnt-have-to-mean-pain-in-the-cash-supply.aspx

Some major points:

What to do now: Avoid budget blues
Whether your move is days or weeks away, develop a moving budget in advance to keep your finances on track and avoid last-minute costs.
  • Find out exactly what the military will cover and what costs fall on you. You can visit your family center for more information.
  • Budget for shipping charges, temporary housing expenses, and start-up fees for utilities.
  • Make a list of things you'll have to buy when you move in and estimate those costs.
  • Use this budget to determine how much you should save for your next move.

What to do before you leave: Prevent moving mishaps
Some moving horror stories result from damaged or lost property. So it's critical to have the right levels of insurance before you PCS. In the case of a moving mishap, insurance can mean the difference between disappointment and financial disaster.
  • Find out how much of your personal property the government movers will insure. If it's not enough to provide full protection, a temporary renters insurance policy could be an affordable way to cover the difference.
  • If you're shipping a vehicle, review your auto insurance policy to find out if moving-related damages are covered. If they're not, ask your insurer about purchasing shipment coverage.
  • Put a plan in place to track your moving expenses. Unreimbursed moving expenses can be an income tax deduction.

Two Financial Moves to Make Before Heading Overseas
  1. Many countries don't allow foreigners to open new accounts or make new investments with U.S.-based financial services companies. So open your U.S.-based bank and investment accounts, and set up periodic investment plans before you go.
  2. Many phones in Europe, including those on U.S. bases, will not allow toll-free calls to the U.S. So be sure to establish an Internet bank account and conduct your overseas business online.

Managing Your Move Online
  • Log on to usaa.com to order a free PCS guide.
  • The United States Postal Service offers a change of address and a moving guide at usps.com.
  • Check out buddingfamily.com for tips on moving with children.
  • Visit milspouse.org for information on schools, cost-of-living comparisons, and other relocation resources.

What to do after you arrive: Fine-tune your finances
Once you settle into your new place, consider fine-tuning your finances to make your next move easier. The stop-and-go that comes with a PCS -- stopping everything and starting over again in a new area -- can be a shocker to your finances. Military members can find some relief by working with companies that "move with you" and serve your needs wherever you go.
  • Consider using online banking so you don't have to worry if there's a branch bank near your new home. You can also set up automatic bill payments to make your life easier during future transitions.
  • Choose an insurance company that offers coverage in all 50 states and abroad, so you don't have to change providers with every move.
  • Open a separate savings account and contribute enough each month to ease the cash crunch before your next move.
  • Set up automatic transfers for investment accounts to ensure your savings habits won't slip.

With the right preparations, your next PCS could be financially painless -- leaving a surplus in your cash supply instead of draining it.
Money Savers: Servicemember Benefits
Some basic PCS benefits that may apply to you include:
  • Advance Basic Pay -- allows you to take an interest-free loan of up to three months' of basic pay in advance.
  • Advance Basic Allowance, Housing (BAH) -- offers an advance on monthly pay that helps you take care of off-base rental housing.
  • Dislocation Allowance (DLA) -- partially reimburses a member, with or without dependents, for moving expenses.
  • Monetary Allowance in Lieu of Transportation (MALT) -- pays you and/or your family for mileage when driving to your new duty station.
  • Per Diem Allowance -- pays for your lodging and meal expenses.
  • Temporary Lodging Expense (TLE) -- reimburses you and your family for the cost of meals and lodging incurred when temporary housing is needed.

Visit the relocation manager in your family center for more information on your benefits.
For more information, or to order a free PCS guide, visit usaa.com.
Joseph "J.J." Montanaro is a CERTIFIED FINANCIAL PLANNER(tm) practitioner with USAA Financial Planning Services, one of the USAA family of companies. Montanaro served in the U.S. Army for six years on active duty during which he PCSed four times. He recently retired as a Lieutenant Colonel in the U.S. Army Reserve.
quote
I have 2 kids & 2 angel babies & live in Marine Corps Base Camp Pendleton, California
posted 11th Oct '10
Perfect timing for this. 
quote
I live in Texas
posted 13th Mar '11
This is definitely going to be useful.  
quote
I have 1 child & live in California
posted 13th Mar '11
Wow... so glad you posted this thank you!! This will come in handy really soon as we will be getting moved somewhere else in the next year. Very unexpected, we thought we would be here for a long time to come since my husband's job is not at very many other bases. Now that he has to find another job in the military we have no clue what it will be or where we might be going. Scary but this can definitely help to relieve some stress.
quote
I have 1 child & 1 angel baby & live in Chesapeake, Virginia
post reply

who's online

There are 836 people online363 members & 473 guestssee all 363 members
 
alllatest topics
☮HippyMama☮ postedJust wanted to share some 22 week pictures :)1 min ago
eKnuckles postedOMG I HATE BREAST FEEDING!!!!!!!!!!!!6 min ago
cn&i♥ postedPumping at work7 min ago
NkW postedTTC put on hold.13 min ago
*~AngelEyes~* postedwtf is up with this?!?!14 min ago
RegisterLoginSearchMembers MapWhos OnlineAdvanced Search
Pregnancy Weeks 1 - 40 Due Date Calculator Top 40 Books Cartoons Pregnancy Models Sarcastic Journalist Forums Resources & Links Pregnancy Issues Due Date Buddies Teen Pregnancy Baby Names TTC & Adoption Suffering & Loss Abortion Survivors Preparing for Baby Labor & Birth Tickers Pregnancy Tickers
Parenting Months 0 - 12 Baby Models Forums Resources & Links Post Partum Issues Parents with Preemies Parents with Infants Parents with Toddlers Parents with Kids Single Parenting Teen Parenting Special Needs Tickers Birthday Tickers
Forums Free for All Photo Spot Debate & Discuss Health & Well-Being Sex & Relationships All Things Food Contests Creation Station Weight Loss & Fitness Shopping & Classifieds Faqs & Feedback The Drama Corner

About | Site Map | Privacy Policy | Terms of Use | Advertise

All contents copyright © baby-gaga.com 2003-2011. All Rights Reserved.