Financial Advice When Returning to Civilian Life

23 Dec 2019 3:00 PM | Anonymous member (Administrator)


Financial Advice When Returning to Civilian Life

Guest Post by Cheryl Conklin (Wellness Central)

In Cheryl’s ongoing efforts to help Veterans she is constantly looking for ways to reach out and make an impact, further enhancing their wellness.  As a dedicated writer and researcher, she always loves to expand her knowledge, and given the time, she eventually came across our website. She figured that our audience would benefit from her knowledge, so she reached out to us in an effort to offer her services, and as a guest post blogger you will find many useful tools below:

From Cheryl: Finishing up your military service and returning to civilian life comes with a plethora of freedoms, but it also has many challenges. One major challenge facing newly discharged vets is getting finances together. While you’re serving, all your needs are met. Once you leave, however, you have to manage your own finances. Here are tips to help you make the most of your money.

Take Advantage of College Funding

 If you don’t have a college degree, consider pursuing higher education. Not only does a degree help you land a well-paying job, but it also gives you an opportunity to expand your horizons and find out what kind of career you might be interested in outside of military life. This can be an invaluable step since many veterans feel a little at sea after returning from service.

Your time in the military grants you access to many forms of educational funding that can help make college much more affordable than it might be otherwise. Research what kinds of funding options are available to you. When you know what sort of funding is on the table, you can make an informed decision regarding what to study and where.

Make and Follow a Budget

When you’re serving in the military, your needs are provided for you. Once you’re on your own, however, you have to figure out how to manage your money and afford the basics of daily life. The best way to do this is to make and follow a budget.

To start, write out all of your regular monthly expenses, such as rent, bills, gas, and groceries. Then, compare these expenses to your monthly income. Set specific spending limits for each month, and try your best not to go over them. This might involve a little bit of trial and error before you find the right limits for each category.

Ideally, you’ll have wiggle room left over to budget money toward savings, entertainment, and other kinds of spending. If the budget is tight, consider figuring out some ways to cut costs.

Seek Out Military Discounts

One of the best forms of cost-cutting at your disposal is military discounts. Many companies are pleased to thank you for your service with substantial price reductions on goods and services. For example, many grocery stores offer discounts for vets. Additionally, many stores offer discounts on holidays such as Veterans Day and the Fourth of July.

You can also get discounts on regular monthly costs, such as car insurance. Lots of things can affect your rate, including your credit score, driving record – even your zip code. In addition to your military discount, you could be able to save by bundling services. If you already have insurance, contact your provider and shop around to make sure you’re getting the best deal.

Get Advice from Other Vets

Finally, it’s important to remember that transitioning back to civilian life can be intrinsically difficult. It may be hard to get reliable advice and feedback from your non-military family and friends. Even the most well-meaning of them may misunderstand aspects of your situation.

For this reason, it’s good to seek out the advice of other veterans. Find the avenue that’s right for you, whether this means turning to superiors for guidance or seeking out veterans’ support services. This way, you can get financial advice that’s tailored specifically for your situation.

Transitioning out of the military isn’t always easy, but it’s one you can do with confidence. Make a plan and stick with it, and you’ll have control over your financial situation in no time.

Photo Credit: Pixabay

Cheryl Conklin’s brief bio: A freelance writer and tutor by trade, she is also a blogger, adventurer, and traveler. She created Wellness Central as a means to share her knowledge of wellness and other resources she finds while going on her journey towards total wellness.

You can contact Cheryl at:

Wellness Central

cherylc@wellnesscentral.info

www.wellnesscentral.info

Wellness is central to a happy life.

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