10 Ways to Save for Every Veteran
Saving money is really important for everyone, but it can be especially tough for veterans who have some unique financial challenges. Especially if you're just getting back to civilian life after being in the military. But don't worry, if you're looking for some simple ways to save money and get your finances in order, Veteran Saves has got your back with 10 tips.
Maximize Your Veteran Benefits
Veterans have access to a wide range of benefits, including healthcare, education, and home loans. Utilize these resources to their fullest to save thousands of dollars over time. Visit the U.S. Department of Veterans Affairs (VA) website to learn more about the benefits available to you.
Build an Emergency Fund
An emergency fund is essential for everyone, but particularly for veterans, who may face unexpected expenses related to service-connected disabilities or other issues. An easy way is to save your your loose change. Putting aside fifty cents a day over the course of a year will allow you to save nearly 40% of a $500 emergency fund.You can start small and increase as you go on. Here’s How Veterans Can Save $500 TO $1,000 for Emergencies.
Create a Spending & Savings Plan
A budget is the cornerstone of any successful savings plan. That’s why it’s essential to create a Spending and Savings Plan, aka "budget," that helps you see a clear view of your finances at any given time. Your spending and savings plan will also help you to understand where you can save, plan for upcoming life events (this means the fun things, too!), set financial goals, and feel more in control and empowered on your journey to financial stability. Track your income and expenses, set achievable goals, and adjust as needed. This will help you prioritize your spending and identify areas where you can save. Learn
Embrace Automatic Savings
Set up automatic transfers from your checking account to your savings account. By automating your savings, you ensure that you're consistently putting money away, and it's less tempting to spend it elsewhere. Set and forget it!
Tackle High-Interest Debt
Paying off high-interest debt, such as credit card balances, can save you a significant amount of money over time. Prioritize paying off your most expensive debt first and then tackle lower-interest loans.
Invest in Your Future with Education
The GI Bill and other veteran education benefits offer a wide range of resources to help military personnel and their families pursue educational opportunities after their service. These benefits can include funding for tuition, textbooks, and other educational expenses, as well as a housing allowance to help with living expenses while attending school.
Practice Smart Shopping
Be mindful of your spending habits and look for opportunities to save. This could include utilizing military discounts, clipping coupons, or shopping sales. Make a list before heading to the store and stick to it to avoid impulse purchases.
Utilize The Commissary and PX/BX
Veterans with any documented service-connected disability are eligible to utilize the commissary which can save you up to 30% off your grocery purchases. Honorably discharged veterans are eligible to shop at the Military Exchange online and save on sales tax.
Set Up a Sinking Fund
A sinking fund is a separate savings account designated for a specific purpose, like a vacation or home repair. By setting money aside for these expenses, you can avoid going into debt when they arise.
Connect with Professional Financial Advice
If you're unsure where to start or need additional guidance, consider working with a financial advisor. The Dept of Veteran Affairs offers one free financial consultation with a credit or financial counselor service to veterans.