Financial Checklist for a Military Move
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Contact Your Military Finance Office – Your finance office can help you determine
your eligibility for Advance Basic Allowance for Housing (BAH) and Advanced Pay. These
military benefits help ease the financial burden of relocation. Your Command Financial
Officer, Personal Financial Management Program Manager or Command Financial Specialist can help you
to fully understand these programs.
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Complete a Relocation Budget Worksheet – Some relocation costs are reimbursed and
some are not and prepare accordingly accordingly. The relocation budget planner worksheet
found at
http://www.defenselink.mil/mapsite/relocbg1.html
can help.
Note: Consider having a moving sale, selling unwanted or unneeded furniture,
personal belongings, antiques, and appliances is an excellent way to defray moving costs.
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Research Your New Community – MilitaryOneSource offers a unique online tool to
help you learn about the community you are moving to including, employment opportunities, salary
comparisons, housing costs, other costs of living, crime reports, school reports, etc. Visit
http://www.relocationessentials.com/aff/militaryonesource/default.aspx
to learn more about the financial impacts of your new community while there is still time to plan
for your move and save for out-of-pocket expenses.
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Determine Whether to Rent or Buy – Compare the costs andput them on
paper. See whether it really makes sense to buy or rent. The following three calculators
that can help you compare prices and make decisions:
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Plan to Furnish Your New Home – It is not necessary to completely furnish your new
home immediately if you are not financially ready. Relocating is quite expensive; so take time
to plan how and when you purchase furnishings. The following sample budget planning tool can
be used to address monthly living expenses and the costs with interior and exterior furnishings:
Note: Buyer Beware – Don’t get caught in the trap of rent-to-own plans. These
programs cost much more over the long-term.
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Check Out the Veteran Administration (VA) Home Loan Program – The VA home loan
guarantee program may offer you several financial advantages over other private loan
opportunities. Find out more info at
http://www.homeloans.va.gov..
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Start Filing Your Relocation Related Receipts and Information – Use a lockable
briefcase or fireproof safety box to create a mobile, private, and secure file to track your
relocation related expenses. Since many moving related expenses are tax deductible saving important
documents like receipts for transportation, moving and storage expenses, household repairs, home
sales expenses, along with other related financial information will be a big financial benefit when
it's time to pay your taxes. To find out more about moving expense deductions, call
MilitaryOneSource at 1-800-342-9647 to discuss your situation with a Certified
Public Accountant (CPA).
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Decide Whether to Move Yourself or Government Provided Mover – A Personally
Procured Move (PPM) can be a good option for many. Doing a PPM can offer you the chance to make
some money, but using government provided professional moving services can be less
stressful. Either way the choice is yours. Be sure to discuss the PPM option with your local
relocation office and family members. Find out more information at
http://moving.about.com/od/movingityourself/f/hire_or_not_FAQ.htm
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Contact Your Insurance Company at Least 24 Hours Prior to Moving –Although The
Department of Defense is now offering Full Replacement Value (FRV) Protection for damage or loss
claims at no cost, it is a good idea to verify that your household goods are also covered under
your current policy. Your personal property insurance policy may need to be updated to cover
special high value items being shipped to your new location (e.g. jewelry, hot tubs, boats,
vehicles).
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Arrange to Stop and/or Start Utilities - Contact your current and future utilities
providers to ensure that your cable, electric, water, gas, garbage, sewer, and phone services are
stopped or started as needed.
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Update Your Address – Your driver's license, checks, cards, etc. should reflect
your new address. Also, be sure to inform family, friends, lenders, and creditors of your new
billing address. Go to
https://moversguide.usps.com/icoa/flow.do?_flowExecutionKey=_cABC8713F-504A-4B4E-C5AC-ED78B5DBB221_k0C6334C1-F4D3-8B39-3FE0-EE5A6DB288B6
to change your address online.
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Review and Update Your Wills and All Estate Planning Documents – Moving affects
your financial situation. Therefore, once your move is complete, review and update your will
and estate plans to reflect your current financial situation.
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Review Your Insurance and Income Needs – Perhaps there is an increase or decrease
in cost of living in your new area. Verify that you have the proper amount of life, disability
and umbrella insurance coverage.
Note: This checklist is intended to be a quick reference for planning your financial needs. It
is for informational purposes only and is not a replacement for the DD 2648 or DD 2648-1.
Additionally, you need to check your eligibility for any benefit with the appropriate agency.
Download the Financial Checklist for a