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Thursday, September 09, 2010
Army Reserve Family Programs
Financial Matters 

Financial Matters piggy bankFinances should be reviewed to accommodate return to civilian employment. AGR Soldiers need to be prepared for loss of special pays such as Family Separation Allowance, Hazardous Duty Pay, Combat Zone Tax Exclusion, and others.


Review the Leave and Earning Statement  

It is very important that you check your Leave and Earnings Statements (LESs) to verify that your active duty pay has stopped to prevent overpayment of duty.
 
If you are overpaid, do not spend the money you erroneously received.  This money will be collected back once the adjustment is process through finance.

 


Financial Matters  

myPay - myPay allows you to manage your pay information, leave and earning statements, W-2s and more. myPay puts more information and services at your finger tips.End of tour pay should be reviewed for correct payment as with all Leave and Earning Statements. If the unit had a Rear Detachment it may be in existence for several more weeks of the demobilization.

To resolve pay issues:
1.  myPay
2. Unit’s rear detachment pay administrator.
3. Area Support Group or RRC/DIV HQ Finance NCO (G8).
4.  USARCPAYINQUIRY@emh2.mccoy.army.mil or call (877) 462-7782; (608) 388-5627/5699/5618; DSN 280-5627.
5.  U.S. Army Finance Command (FINCOM): (888) 332-7366 or DSN 699-0300.

Reference the Army Reserve Finance Guide for Mobilizing Soldiers on Pages 21-22.


Financial Readiness  

The Army Reserve Financial Readiness Program offers services to assist Soldiers and their families with their financial affairs.  It is designed to educate Soldiers and their families of their rights as consumers.  Financial planning within the Army Reserve is critical to all Soldiers, more especially the Troop Program Unit (TPU) Soldier.  Training opportunities are available to Soldiers and families.  AFTB Program Managers can schedule Financial Readiness Training for commands at their request. 

Assistance can be provided for:

  • Budgeting
  • Financial Emergencies
  • Saving and Investing
  • Credit and Collection
  • Home Buying or Renting
  • Taxes
  • Spouse Employment

  • Create A New Budget   

    Helpful Tips- 

    • Review finances for transition to civilian employment
    • Review and revise as necessary the household budget
    • Soldiers returning to AGR positions should be prepared for loss of special pays (Family Separation Allowance, Hazardous Duty)

    Links and Resources  

    Military OneSource Money Matters -Budgeting and Basic Money Management
    My Army Life Too - Financial Readiness Training

    Downloads:
    Setting Up A Personal Budget - A sample budget
    Personal Budget Management - A guide to establishing an effictive budget