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Money and Mobility: For Military Personnel and Families
Plan for Future Moves and More |
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In the previous chapter, you were asked to think about your family and what expenses you might face before a move—and after. Now it’s time to turn that knowledge into a moving plan and a spending plan. Creating these plans will be good preparation for your family’s future financial life, whether in the military or as civilians.
Make a Moving Fund
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Of course, in addition to saving for a move, you need money for daily life—and for unexpected events. That’s why you need a spending plan to help keep on track. |
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When you are part of the military, you know that moves are inevitable. And you
usually don’t know what location you’ll be sent to. Setting goals and making a plan
for future moves will help you deal with this uncertainty. Having a moving fund will
give you peace of mind when you need extra cash to make a move. Keep in mind
that if you are just beginning your military career and money is tight, you may not
be able to set aside all the money you would like—especially for an overseas move.
Still, knowing what a move might cost will help inspire you to create a moving fund
and keep adding to it.
The worksheet below will help you come up with a realistic dollar amount that
you should start to set aside in your moving fund. Remember, you likely will have
about two or three years between moves, so don’t get discouraged. Just take it one
step at a time.
Now you have a moving fund goal, but how will you save that much money? One
way is to save a set amount every month for your moving fund. You can’t be sure
how many months you have until your next move, but military moves typically
occur every two to three years. Assuming you might move again in two years, divide
your moving fund total by 24 (number of months) to arrive at the amount you need
to save each month. You will never be unhappy about having more money in your
moving fund than you need.
Monthly Amount to Save (Your moving fund total divided by 24):
$ ______________
Printable Worksheet
| Moving Fund Worksheet |
| Possible Expenses |
Cost |
Off-base housing expenses.
Try
to set aside enough money to offset the cost of off-base
housing at your new location for several months, including
a security deposit. Use the amount you recorded in the Setting Aside Money for Off-Base Housing section. |
$ |
Replacing household items.
Include some money to
buy household items such as cleaning supplies or food
that can’t be shipped to a new destination. For
more information about this possible expense, refer
to the What Items Will the Military Move? section. |
$ |
Transferring a child to a new school.
This may mean
paying for a tutor to accommodate a change in curriculum
or buying a new wardrobe for a different climate. For
more information about these costs, refer to the How Do I Transfer My Child to a New School? section. |
$ |
Vehicle expenses.
Set aside enough money to cover
any expected increase in car insurance, plus the cost to register
your vehicle in a new state, if required. Later on, you can add
money to cover expenses related to shipping a vehicle
overseas if you choose to. For more information about
these costs, refer to the What About My Car and Car Insurance? section. |
$ |
Pet expenses.
Think about what it may cost to move
your pets to another location. Include any veterinary fees
necessary to keep health records current, boarding
and licensing fees, and the cost of new fencing, if
required. For more information about these costs, refer
to the Can I Keep My Pets with Me? section. |
$ |
Cleaning funds for quarters.
If you are currently
living in military housing, your quarters must pass
inspection before you leave. This may mean paying a
cleaning service that can cost a few hundred dollars. |
$ |
Other expenses.
Set aside money for unexpected things.
For example, while moving, you may eat out more than
usual or need to buy clothing for a different climate.
Set aside a few hundred dollars for this category. |
$ |
Your Moving Fund Total:
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$
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