Essential Money Saving Tips for Recently Discharged Military Personnel

Leaving the military can be a challenging and stressful transition, especially when it comes to managing your finances. However, with a little bit of planning and some smart money moves, you can set yourself up for financial success. Here are some essential money saving tips for recently discharged military personnel:

• Take advantage of the Post-9/11 GI Bill. The Post-9/11 GI Bill offers a wide range of benefits for veterans, including funding for education and vocational training. Taking advantage of these benefits can help you acquire the skills and training you need to find a good paying job and build a successful civilian career.
• Create a budget. Creating a budget is one of the most important things you can do to take control of your finances. By tracking your income and expenses, you'll be able to see where your money is going and make adjustments as needed to reach your financial goals.
• Be mindful of your spending. One of the biggest challenges of adjusting to civilian life can be adjusting to a different spending lifestyle. Avoid impulse buying and try to be mindful of your spending habits. Prioritizing your expenses, planning for big-ticket items, and cutting unnecessary expenses can help you save more money.
• Save for retirement. Saving for retirement should be a top priority, especially if you are still young. A Roth IRA or a Traditional IRA, are great options and both have different benefits and contribution limits, so you can choose one that suits you best. The earlier you start saving for retirement, the more time your money has to grow.
• Seek out discounts and benefits available to veterans. Many businesses and organizations offer discounts and special benefits to veterans, so be sure to take advantage of these offers. For example, some car dealerships offer special financing deals for veterans, and many national parks offer free or discounted admission for veterans.
• Be vigilant about your credit score. Your credit score is a key factor in determining your ability to get a loan or a mortgage. Be sure to check your credit score regularly and work to improve it if necessary. Also be aware of scam that offer to help you repair your credit score and end up taking your money and do nothing, always check their reviews and Better Business Bureau.
• Make use of veterans' financial assistance programs. There are many financial assistance programs available to veterans, including grants and loans for housing, education, and small business start-ups. Be sure to research the programs that are available and see if you qualify for any of them.
• Avoid high-interest debt. High-interest debt, such as credit card debt, can quickly spiral out of control. If you have credit card debt, work on paying it off as quickly as possible to avoid racking up interest charges. Also, try to avoid taking on new debt and stick to a strict budget.
• Make sure your insurance coverage is up-to-date. Make sure you have the right insurance coverage to protect yourself, your family, and your assets. This includes health insurance, life insurance, and home or renter’s insurance. Take the time to shop around and compare rates to make sure you’re getting the best deal.

Leaving the military can be a difficult transition, but with a bit of planning and some smart money moves, you can set yourself up for financial success. By taking advantage of veterans' benefits, creating a budget, being mindful of your spending, saving for retirement, seeking out discounts and benefits, being vigilant about your credit score, making use of veterans' financial assistance programs, avoiding high-interest debt, and making sure your insurance coverage is up-to-date, you can build a strong financial foundation for your future.

• Consider consolidating your debt. If you have multiple debts with high-interest rates, consolidating them into one loan with a lower interest rate can help you save money in the long run. You can consider a balance transfer credit card or a personal loan for this purpose. This will make your debt more manageable and you will have one single payment to keep track of.
• Take advantage of veterans' home-buying programs. Veterans have access to several programs that can help them purchase a home with little or no down payment. The Veterans Affairs (VA) home loan program is one of the most popular options and is available to veterans, active-duty service members, and eligible surviving spouses.
• Look into life insurance options. If you have dependents, it's important to have life insurance coverage to protect them in case something happens to you. Servicemembers' Group Life Insurance (SGLI) is a low-cost life insurance option for eligible service members, but it ends when you leave the service. Look into term life insurance or other options that fits your needs and budget.
• Take advantage of the Military Thrift Savings Plan (TSP). If you participated in the TSP during your time in the military, consider rolling over the funds into an IRA or other investment account. This will allow your money to continue growing tax-deferred and you will have more investment options than you did in the TSP.
• Get a side hustle. A side hustle can be a great way to earn extra money and supplement your income. You can consider starting your own business or freelancing in an area you are passionate about. The gig economy has many options for the veterans with different skillsets. Be sure to keep track of any income and expenses related to your side hustle for tax purposes.
• Stay informed. Stay informed about the different benefits and programs available to veterans and any changes that may occur. Keep your contact information updated with the VA, and follow organizations and resources that provide financial education and assistance to veterans.

By following these tips, you can take control of your finances and build a solid financial foundation for yourself and your family. Remember that the transition to civilian life can be difficult, but with a bit of planning and perseverance, you can achieve your financial goals.