MARINE CORPS AIR STATION MIRAMAR, Calif. -- Some service members can easily overlook the need to create a good financial plan when getting ready to deploy, which could affect their credit, cost them money and cause them to miss investment opportunities.

Deployments provide a good opportunity to pay off dept and save money if service members take the proper steps.

“I recommend beginning planning for a deployment 60 to 90 days prior,” said Craig K. Hughes, the financial management counselor at Marine Corps Community Services.

Creating a financial plan includes determining the amount of income and expenses during the deployment.

One way to reduce expenses is to call auto insurance companies to alert them of the upcoming deployment. Insurance companies should be able to reduce coverage.

Service members can also suspend cell phone service while deployed. The Servicemembers Civil Relief Act is also a good tool for deploying service members to reduce their expenses, explained Hughes.

The SCRA allows the drop of interest to 6 percent on debt incurred before joining the military. Although debt accrued while on active duty is not protected by the SCRA, some credit companies will lower interest rates for deployed service members, added Hughes. SCRA can also help end housing and automotive leases without penalties before the expiration date.

While deployed, service members are vulnerable to identity theft, explained Hughes. They can call one of the major credit bureaus to alert them of an upcoming deployment to protect themselves from identity theft.

When credit bureaus put someone on active-duty alert, businesses must verify the service member’s identity before issuing credit. To contact one of the three major credit bureaus, call Equifax at 1-800-525-6285, Experian at 1-888-397-3742 or TransUnion at 1-800-680-7289.

Another benefit while forward is the opportunity to earn interest on income in addition to reducing expenses.

Start a savings deposit program using a J allotment through the S-1 shop. The savings deposit program has a guaranteed annual return of 10 percent. The program is available while supporting Operation Iraqi and Enduring Freedom.

For information about the savings program call 1-800-624-7368, explained Hughes. For more information on financial issues contact Hughes at 858-577-9802.

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This is the first part of a two-part series on deployment preparation.