Money tactics for military deployments

While serving in the Marine Corps, Erik Goodge was severely wounded during a deployment to Afghanistan. After returning home, he became passionate about finances as he navigated post-military life.

During his deployment, however, he didn't know nearly as much about personal finance. And he suspects many young service members don't know their options, either.

Financial advisers and veterans suggest these tips for those in the military and their families.

Plan before you deploy

While overseas or in a combat zone, service members don't have much time to focus on finances, says Jim Ludwick, certified financial planner and founder of MainStreet Financial Planning Inc.

Ludwick, who retired from the Air Force, says arrangements should be made beforehand. Consider giving someone power of attorney over your finances. Automate payments such as car insurance or mortgage before you leave, and ask that person to monitor them so you don't fall behind.

Maximize savings

Deployments usually mean more income, according to Goodge, who is president of uVest Advisory Group LLC in Indiana. "Sometimes, depending on where the deployment is, there's extra incentive pay," Goodge says. " ... There's family separation pay. There could be hardship duty pay, hazardous duty pay, imminent danger pay. And that stuff generally is tax-free if it's overseas."

To maximize this extra income, take advantage of savings options, such as the Department of Defense Savings Deposit Program, Goodge says. Those serving in eligible combat zones can deposit a total of $10,000 during each deployment and earn up to 10 percent interest annually. Interest continues to accrue for 90 days once you've returned. Military finance offices can help set up such accounts.

Manage expectations

Deployments will bring new costs. Get on the same page with your spouse and dependents about everything from care packages to international cellphone usage, says Lacey Langford, an accredited financial counselor and Air Force veteran.

And your family separation allowance could go toward things like lawn care or home cleaning to save them time, notes Arnie Cabiles, CFP, owner of Achievable Wealth LLC.

Seek discounts

Ask for military discounts on things like food and travel. Your spouse and family may be able to get these discounts too while you're away, Ludwick says.

See if there are any payments you can reduce or cancel during a deployment, recommends Dixon. Your auto insurance company may lower your premium if your vehicle is stored, or if there is one less driver.

Similarly, cancel or suspend subscriptions and memberships you won't use while you're away.