Financial Resolutions That Work
The start of a new year is a perfect time for Veterans to reflect on their financial goals and set actionable plans for success. At Veteran Saves, we believe in empowering Veterans with the tools and guidance needed to turn those financial resolutions into concrete actions.
Here are some practical tips and tailored resources to help Veterans and their families achieve their financial objectives.
Evaluate Your Financial Standing: Start the new year on the right foot by assessing your financial health. List your income sources, current debts, and monthly expenses. Tools like the America Saves Financial Checklist can help you understand your financial position and pinpoint areas for improvement.
Set Specific Financial Goals: The effectiveness of your financial resolutions hinges on their clarity. Set specific, measurable, achievable, relevant, and time-bound (SMART) goals. Whether it’s saving for a child’s education, paying off credit card debt, or investing in a retirement plan, detailed goals are more likely to lead to success. Utilize the planning resources available at America Saves to help you define and track these goals.
Focus on Debt Reduction: Reducing debt should be a priority for achieving financial wellness. Apply strategies such as the debt snowball or avalanche method, which focus on paying off debts from smallest to largest or highest to lowest interest rate, respectively. America Saves provides resources and templates to help you organize and prioritize your debt repayment.
Build an Emergency Fund: An essential component of financial stability is an emergency fund. Start by saving a small, achievable amount—aim for $500 initially, and gradually increase to cover 3-6 months of expenses. This fund acts as a financial safety net for unexpected emergencies and helps avoid the need for high-interest borrowing.
Maximize Your Veteran Benefits: As a veteran, you have access to a range of benefits that can bolster your financial plan. From educational scholarships to home loan guarantees, make sure you are fully utilizing the benefits available to you. America Saves offers a guide to these benefits, helping you integrate them into your financial strategy.
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We encourage you to take the Veteran Saves Pledge as a commitment to your financial success. This pledge will help you stay focused and motivated as you work towards achieving your financial goals.