Should You Utilize the Advance Pay Option During a PCS?

Military Advance Pay Option

When joining the military forces, it is expected that you will have a PCS or military relocation. More often than not, PCS moves can mean a great deal of expenses. Military personnel are allowed to request an advance up to three months basic pay for use to cover unreimbursed costs during a PCS. Some think it’s the best way to survive financially during the first few months of a military relocation because:

•  It is an interest-free loan that makes it better than using a credit card.

•  It is really helpful, especially if you are moving with a spouse and children.

•  It is also the best option if you haven’t saved up for your relocation.

However, the advanced pay option can come with potential negative consequences as well: 

• It is not free money. You have to pay it for the next few years; you’ll be expecting smaller paychecks.

• This can cause difficulties if other big expenses come after the relocation.

• Your request has to be reviewed by the authorities, this means you have to wait for a certain period and there is guarantee for approval.

With this in mind, you have to make sure that you are financially prepared before a military move. The advance pay option is still best as the last option.

There is no better way to be financially prepared than saving for your PCS move.

You should start saving upon entering the service. Set up a savings account and set aside at least 5% of your income every month. This will grow over time and will help you in the future.

Do you have to PCS move or military relocation to San Antonio, TX?

Contact the team of expert Realtors at Real Estate Muses to help you look for homes for sale near Ft. Sam Houston, Randolph Air Force Base and Lackland in San Antonio! They have Certified Military Relocation Specialists who understand military moves and out-of-state home buying. They can help you find where to stay while house hunting in San Antonio and provide you with the necessary resources to get to know the greater San Antonio area. Visit their website or email Melissa Muse Wiggans, Owner and Broker or call 210-485-9913.