Financial Assistance

A permanent change of station move can be one of the most exciting and rewarding parts of a military career: new places, new faces and new challenges. But any PCS move is going to cost money so it is important to plan ahead to avoid financial surprises.

The Financial Assistance Program is offered through the Army Community Service Office to help with all aspects of financial management and control. Army Emergency Relief loans and grants may also be approved for emergencies. It is highly recommended that you consult with your local ACS Relocation Readiness Program Manager while planning your move.

Before you go

Start saving now. Experts say three to six months pay in reserve will cover any emergencies. Get a sponsor at the new post. They will probably be able to answer a lot of the questions. If your spouse needs a new job, the Family member Employment Readiness Program is available through the ACS.

Find out your new mailing address. Even if it is only your new unit or a Postal Service box, you'll need at least a temporary address. Send out change of address letters (credit card companies, loan companies, magazines, banks, anyone who owes you money or a deposit refund, insurance companies). Go through your address book, your bills and your financial papers from the past couple of months. Make out a list of company addresses, telephone numbers and account numbers. Leave a forwarding address with the Post Office or Postal Service Center, as well as with your old unit.

Discard household goods you no longer want or need. You'll only have to unpack them at the other end, and if you are overweight, you'll have to pay for additional shipping. Have a garage sale. Contact the Housing Office for temporary lodging after you clear your current quarters and before you depart for your new station. If you are renting an apartment or house off post, arrange for an inspection after your household goods are removed. Get an agreement in writing that any damage or deposit money will be refunded.

Caution

There are a variety of special pay and entitlement programs available for PCS relocation. Be sure you understand payback terms on any advance pays or allowances you receive. Do not take or spend advance pay unless it is absolutely essential. You will pay it back by monthly deductions, so you will have less to live on every month until it's all paid back. Be even more cautious of considering a casual pay.

Also referred to as Cost of Living Allowance, your Temporary Living Allowance covers the average cost for housing, rentals and purchases, the average cost for temporary housing, minimum car insurance coverage requirements and average monthly utility payments.

Compared to the national average, the cost of living in the Quad Cities is:

• Compsite: 93.9
• Grocery: 94.2
• Housing: 85.3
• Utilities: 94.2
• Transportation: 105.6
• Health care: 91.4
• Miscellaneous goods: 97.6

Minimum car insurance requirements

Iowa and Illinois minimum car insurance requirements are the same: $20,000 per injury or death of one person in an accident, $40,000 per injury or death of more than one person in an accident and $15,000 per damage to property of another person.

Army Community Service offers the Financial Readiness Program to assist military personnel (active, reservists, guardsmen and retired and their family members) in personal financial matters. This program attempts to help those who are having financial difficulties to establish a workable budget, and to assist those with consumer questions. Additional topics of assistance include scholarship searches, retirement planning and tax planning assistance. The point of contact is located on the first floor of Building 110, in the southeast corner of the East Wing. Call 309-782-0829 to make an appointment.