As a veteran, you may be challenged with new financial responsibilities that you have never faced before. Fortunately, there are plenty of benefits and resources that can help you maintain a positive level of financial wellness as you transition back to everyday life.
Veterans that are transitioning back into the civilian lifestyle may face a number of unique struggles. For example, you are taking on new responsibilities that differ from the ones you faced while in service. Being tasked with managing financial wellness can be very overwhelming to some. Utilizing these resources and doing some research will help ease some of the stress that you have stemming from your finances.
EDUCATIONAL BENEFITS
The Montgomery GI Bill and the Post 9/11 GI Bill offer educational benefits to military veterans. Both plans offer different types of financial assistance, so it is important to do your research on them to determine which one works best for you. If you plan on getting a higher education after you serve, utilizing a GI Bill is the best way to receive some financial aid.
The Post 9/11 GI Bill is an option for those who have served on active duty for at least 90 days after September 1, 2001. This bill provides financial assistance towards college tuition and fees, college housing, supplies, and helps with any relocation expenses.
The Montgomery GI Bill offers up to 36 months of education benefits, as long as you meet the eligibility requirements. There are multiple ways to determine if you are eligible for the Montgomery GI Bill, and as long as you served for at least two years, you could be deemed eligible. The amount of educational benefits you receive from this bill is based on a number of things such as the length of your service, your education or training program, if you qualify for a college fund, and other factors. If you choose, continuing your education is a great option after you have served.
VA HOME LOAN BENEFITS
The Department of Veteran Affairs offers a variety of benefits to help you become a homeowner. The VA home loan benefits include no downpayment, low-interest rates, limited closing costs, and for those who qualify, no private mortgage insurance. These benefits are also lifelong benefits for any veteran who chooses to take advantage of them.
Along with these benefits you have access to, it is still important to calculate how much house you can afford before you get too far into the home buying process. As you’re reestablishing your finances as a civilian, it is key to make sure you know your budget ahead of time. This way you don’t fall in love with houses or locations that are out of your realistic price range. Calculating how much you can afford to spend at the beginning of the process can also help lessen any potential financial stress related to home buying down the road.
MILITARY BANK ACCOUNTS
Whether you are currently active duty or a veteran, there are multiple banks and credit unions that are tailored specifically for service members. If you do not already have an account with one of these organizations, it is a great way to find a card that fits your specific needs.
If you are applying for one of these banks or credit unions for the first time, it is important to do some research into the benefits each card offers. Some common perks include better insurance rates and lower annual percentage rates, but note that no two cards are the exact same. Before choosing what bank or credit union to go with, it is essential to identify the perks of each card and see which one fits best for you.
FINANCIAL ADVISORS
As a military veteran, this could very well be the first time you have had to make so many financial decisions at once. Money management can be stressful, and it is okay to ask for help when it comes to your personal finances. Seeking advice from a financial advisor is a great way to help ease some of your stress and ensure you’re making the most financially wise decisions.
You may not have the time or the ambition to take care of your finances on your own. If this is the case, then working with a financial advisor could be a smart decision to make.
Financial responsibility is a major part of everyday life and can, unfortunately, lead to large amounts of stress if not handled properly. Fortunately, there are plenty of benefits and programs installed to help you maintain optimal financial literacy as you return to a civilian lifestyle.
