The Essential Guide to Personal Financial Support for Veterans

Veterans have a lot to be proud of. They’ve served their country for years and have fought to uphold American freedoms. But military life is a very particular kind of life. When you’re suddenly out of it, it can be jarring — how you get paid, your daily work and your living situation all change. Learning the necessary skills to keep your finances intact after your military service can help ease you into civilian life.

As a veteran, understanding financial fundamentals and managing finances is critical for personal stability after military service. Obtaining knowledge on budgeting, saving, investing and debt management is important. Learning basic financial skills can enable veterans to make informed and educated decisions concerning managing their finances and turning their financial dreams into future realities.

Financial literacy is essential to a secure future. As a veteran, ensuring a solid financial foundation is crucial for a comfortable transition into civilian life. Developing a good set of financial habits and knowing the fundamentals of personal finance can help veterans navigate the world of financial planning.

Creating and adhering to a household budget can be a challenging task, but it’s essential to creating financial stability. Careful budgeting helps to ensure that you’ll have the funds to cover expenses with room for savings. A budget should also help you to track your finances and provide insight into how much money is coming in and out of your accounts.

Good credit is essential to access credit cards, low-interest loans and a wide range of financial opportunities. Building good credit requires making timely payments, limiting the amount of revolving debt and maintaining a low credit utilization ratio.

Having adequate health, life insurance and auto insurance (among others) is a necessary part of financial planning. Health insurance helps ensure you get the care you need without incurring large medical bills. Life insurance can provide a financial safety net for your family in the event of an untimely passing. Auto insurance helps you legally get from one place to another, protecting you in the event of an accident.

Veterans often qualify for government-based insurance. Or, they’re eligible for highly discounted rates at military-specific banks (think USAA).

Retirement is a topic that many people tend to put off until later; however, it’s important to start preparing as soon as possible. Taking advantage of employer-sponsored retirement plans such as 401Ks can help to ensure a comfortable financial future. Setting aside a portion of your monthly pay, even if it’s only a small amount, can go a long way in creating a nest egg for retirement, especially if you don’t plan to stay in the military for your entire career.

Veterans face unique challenges after leaving their jobs in the service. One of the largest is readjusting to civilian life. Financial difficulties come with this change as they try to provide for themselves and their families. Most veterans face similar financial challenges when transitioning from military service.

Veterans often face financial struggles transitioning from military service to civilian life. These struggles may range from accessing necessary resources such as health care and housing to paying down debt accumulated during their service. Fortunately, veterans are eligible for various benefits and financial assistance options to ease the burden of these financial obstacles. Resources can help veterans bridge the gap between military service and civilian life, including educational opportunities, employment or housing programs.

Veterans are eligible to use the GI Bill to pay for college and training programs. This benefit can cover tuition, books, housing and other expenses related to higher education. Plus, veterans have access to multiple programs that help lower the cost of getting an education after being in the military.

The VA provides access to health care services to all veterans. This service includes preventive care, mental health services, emergency services and treatments for any illnesses or injuries connected to their military service.

Veterans are also eligible for legal aid to help with challenges such as negotiating benefits claims, resolving consumer disputes and resolving disputes with employers.

Veterans nationwide rely on transportation assistance to get to and from medical appointments. Some programs reach all areas of the country to provide these services, from cities to suburbs and even rural areas.

The VA provides housing programs to veterans, including access to housing benefits, loans and grants to help with costs related to buying a home.

The VA also has employment programs to connect veterans with job opportunities and provide them with career counseling and skills training.

For veterans struggling with debt, the VA and other organizations offer programs and services to help them better manage their debt and develop a payoff plan.

Like the rest of us, veterans are prone to scams. AARP offers an extensive list of scams veterans should be aware of. There are some strategies and tips to ensure you are aware of potential scams.

Transitioning to civilian life doesn’t have to be overwhelming. Understanding what steps you need to take can make the process smoother. Explore various veteran financial resources to help you get started.

• American Red Cross: The American Red Cross is a humanitarian organization that provides various services to veterans and their families, including emergency financial assistance, emotional support and access to health care services.
• Army Emergency Relief: Army Emergency Relief is a private, nonprofit organization that provides emergency financial assistance to soldiers and their families. They provide financial aid through grants, loans and scholarships to active or retired military personnel and their immediate family members.
• Coalition to Salute America’s Heroes: The Coalition to Salute America’s Heroes is a nonprofit organization that provides emergency financial assistance and support services to wounded and disabled veterans and their families.
• Combat Female Veterans Families United: Combat Female Veterans Families United is a nonprofit organization that provides support and resources for female veterans and their families.
• Dixon Center: The Dixon Center is a nonprofit organization that provides various services to veterans and their families, including job training, education, financial assistance, and mental health services.
• National Association of American Veterans: The National Association of American Veterans is a nonprofit organization that provides various services to veterans and their families, including legal assistance, financial aid, educational programs and job placement.
• Semper FI & America’s Fund: Semper Fi & America's Fund is a nonprofit organization that provides financial assistance, career counseling, family support and other services to wounded and disabled veterans and their families.
• USA Cares Site: USA Cares is a nonprofit organization helping post-9/11 military families facing financial hardships due to service-related needs.
• USA.gov: USA.gov is the official website of the federal government. It provides a comprehensive list of resources and benefits available to veterans and their families.
• Veterans Inc.: Veterans Inc. is a nonprofit organization providing various services to veterans and their families, including employment, housing, and legal services.
• VFW Site: The Veterans of Foreign Wars (VFW) is a veterans service organization that supports veterans and their families. Their website offers a variety of resources and services, including assistance with obtaining benefits, job resources, scholarships and more.
• Mental Health Services for Veterans:: MoneyGeek's resource that provides an overview of mental health support for veterans, including VA services for PTSD, depression and substance use. It also offers cost-saving tips and highlights free or low-cost resources from other organizations.
• Financial Assistance for Female Veterans:: MoneyGeek's guide to VA benefits for female veterans, including pensions, disability aid, housing assistance and education resources.