Personal Finances - Get Fiscally Fit (Reserve Component)

Your financial situation may change drastically after your release from active duty. Without proper budgeting and planning you could find yourself in deep financial trouble. The following section will give you the information and resources you need to plan for your financial transition from full-time active duty back to civilian life and your Guard or Reserve unit. 
Financial Planning Assistance
When you take off your uniform after deployment, you might find yourself living on a reduced budget. Careful financial planning is the key to successful management of a limited income. The earlier you look at your financial needs and come to terms with them, the more time you will have to lessen their impact. 
Once you get back home you may find that you and your family are having financial problems, or think you may have them in the future. If this happens you can get help through individual financial counseling or in some cases you may qualify for emergency loans. You have some options:
1.       Contact the closest military installation Family Center or Army Community Service Center close to where you live. If they are within a reasonable distance you can make an appointment to meet with a financial counselor. If there is no military installation near you, you can contact them by phone for assistance. To find the closest office go online to http://apps.mhf.dod.mil/pls/psgprod/f?p=MI:ENTRY:6179713405748080 for a complete listing. 
2.       Contact Military One Source at http://www.militaryonesource.com/ or call the 1-800-342-9647. They are available 24/7 and you can use the services provided by Military One Source up to six months after demobilization/deactivation.
3.       Check with your unit to see if there is a financial assistance officer available.
4.       Finally, see if there are free financial services available in your local community. If you are not sure where to check, start with your local Veterans Service Organization and Chamber of Commerce Office. Many communities offer regular financial planning services free of charge on a regular basis. 
Some of the areas you may need assistance on are:  
Date Last Reviewed: November 9, 2009

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