Essential Financial Considerations for Permanent Change of Station (PCS)
Understanding the financial aspects of a Permanent Change of Station (PCS) is crucial to a smooth relocation process. This comprehensive guide covers key financial considerations before, during, and after your move, including creating a spending plan, estimating changes to income and expenses, protecting your credit, managing debt, and more. Prepare yourself financially for a successful PCS transition with these valuable insights.
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TC 3 Permanent Change of Station (PCS)
Agenda Basic Finance PCS Considerations Before Your Move In Transit After You Arrive Allowances and Entitlements
Spending Plan STEP 1: Understand your current situation Set goals Track inflows and outflows STEP 1: Understand your current situation STEP 2: Know where your money should go Save and/or invest 10% 15%* Transportation less than 15% 20%* Housing Limit to BAH or 25% 30%* STEP 2: Know where your money should go STEP 4: Make adjustments 4-STEP BUDGETING PROCESS STEP 3: Create a plan Pay yourself first Automate saving and bill paying Strive to save 3 6 months of expenses for emergencies STEP 3: Create a plan STEP 4: Make adjustments Make family budgeting a team sport Replenish emergency funds as needed Review frequently * Pretax income Spending Plan Worksheet Handout Available
Estimate Changes to Income Basic Allowance for Housing (BAH) Overseas Housing Allowance (OHA) Cost of Living Allowance (COLA) Family Separation Allowance (FSA) Family Subsistence Supplemental Allowance (FSSA) Special and Incentive Pays Spousal Income Visit these sites for details: - defensetravel.dod.mil/site/allcalc.cfm - dcms.uscg.mil/ppc/mas
Estimate Changes to Expenses Housing Child care Transportation costs Groceries Utilities Additional household items Home and auto insurance Income taxes
Protect Your Credit Notify financial institutions Set up automatic payments Check your credit Update your address Enroll in free credit monitoring Understanding Credit Handout Available
Manage Debt Debt DestroyerTM strategies Snowball Avalanche Major purchases Housing Vehicles
Before Your Move Housing House hunting Moving out Weight limitations Servicemembers Civil Relief Act (SCRA) Vehicles Pets Passports PCS Member Checklist, Military Consumer Protection, and Servicemembers Civil Relief Act Handouts Available
In Transit Estimated Travel Costs for a PCS Move Handout Tax considerations Keep your receipts IRS Publication 521 Moving Expenses Estimated Travel Costs for a PCS Move Handout Available
After You Arrive Initial expenses State residency Child care Spouse employment
Travel Pay and Allowances Allowance Mileage reimbursement Per diem Dislocation allowance Purpose Offset driving costs Cover hotel and meals Cover expenses not otherwise reimbursed Other Pay and Allowances (Location Specific) OHA COLA MIHA TLA Overseas Housing Allowance Cost-of-Living Adjustment Move-in Housing Allowance Temporary Lodging Allowance
PCS Resources Government Travel Charge Card (GTCC) Advance pay Website and mobile app Move.mil MyPCS Mobile Additional Resources Unit Admin/Servicing Personnel Offices (SPOs) Personal Property Shipping Office (PPSO) Your local personnel and administration office (P&A)
Summary Congratulations on your upcoming move to your next duty station! Along with opportunity for new adventures, a Permanent Change of Station can add many additional expenses. Preparation and planning can help reduce the stress of spending more than you can afford. Let s wrap all the topics we talked about today: Basic Finance PCS o Before Your Move o In Transit o After You Arrive Allowances and Entitlements
Additional Resources Checklist and Handouts Financial Education and Support Command Financial Specialists (CFS) Personal Financial Managers (PFM) Health, Safety and Work-Life (HSWL) Regional Practice CG SUPRT Coast Guard Mutual Assistance (CGMA) Financial Literacy Mobile Apps Coast Guard Work-Life mobile app DoD FINRED Sen$e mobile app
Thank You! The appearance of U.S. Department of Homeland Security (DHS) visual information does not imply or constitute DHS endorsement.
