Article contributed by Cheryl Conklin, Wellness Central
Young veterans who are leaving the military to re-enter civilian life can face challenges when it comes to getting settled. These challenges can center on a number of areas, but your finances tend to be a major one. To maintain a financial balance, it’s important to have a suitable plan in place.
Assess Your Financial Needs
Now that you’re out of the military, your financial responsibilities will be different. You should take the time to make a new budget that includes your current needs. According to Military.com, creating a budget includes tracking your spending and then documenting the figures accurately. Once you know your financial standing, you can work on increasing your income and decreasing your expenditures. If you have multiple loans, consider consolidating your debt so you’ll have a lower monthly payment, this can free up more money to put toward savings. As you work on building your savings and emergency funds, it’s important to find an account that works for you. As a veteran, you should be able to find accounts tailored just for you with low fees and competitive interest rates.
Don’t Neglect Life Insurance
While you’re thinking about your financial goals, you need to address your future needs as well. This is where life insurance comes in to play. The right life insurance policy will ensure that you have adequate coverage that can benefit your family and cover any necessary expenses if you were to die unexpectedly. You should also look into burial insurance, which covers funeral expenses when the time comes. While you can get benefits from the VA for a non-service related death, it’s typically only between $300 and $780. On the other hand, the average funeral ranges in price from $7,000 to $10,000, so you may want to have those costs covered, avoiding any additional burden to grieving loved ones.
Make Career Plans
As you’re looking to retain a strong financial footing, getting a job is likely at the top of your list. When you’re job-hunting, U.S. Veterans Magazine suggests networking with family and other veterans to get in contact with hiring personnel. Your resume should emphasize your character as well as any pertinent skills you have that would be valuable to your future employer. It’s also recommended that you check out government organizations that have a veteran’s preference employment program. If you’d like to be your own boss, you may be able to find work as a consultant for the veteran services or opening a security firm. Remember, having a strong grasp of your career goals can help you in your quest for financial stability.
Get Educated Wisely
Your search for a career or business may include improving your education, so it’s good to know your best options. This means you’ll need to plan for the expenses involved in pursuing your program of choice. Veterans can access Military Tuition Assistance up to 15 years after leaving the military. In spite of the name, the program can cover tuition as well as other academic necessities like books. If your program costs less than $250 per semester hour, it could be completely covered. For more expensive programs, consider finding schools that offer tuition discounts to veterans as well as credit for your military service. The ideal combination of aid should get you the academic skills you need without draining your funds.
Leaving the military for civilian life can be a bit jarring because the structure of your days will be so different. However, getting your finances in line will be integral to settling into your life outside of the military. Make sure you set up an accurate budget that accounts for building your savings and takes care of your future needs.
