Financial Steps for Veterans After a Layoff

Losing a job is never easy. For Veterans, the transition out of military service already comes with financial adjustments, and a layoff can make things feel even more uncertain. The good news: while this may feel overwhelming, there are steps you can take right now to protect your financial stability, reduce stress, and set yourself up for what comes next.

Step 1: Prioritize Your Essentials

Your first priority is making sure you and your family’s basic needs are covered. Focus on:

• Housing (rent/mortgage)

• Utilities (electricity, water, internet/phone)

• Food and medications

• Transportation

If your income is reduced, these are the areas to protect first.

Step 2: Apply for Unemployment Benefits Promptly

As a Veteran, you may qualify for state unemployment benefits. Don’t wait to apply! It can take a few weeks for benefits to start. These benefits exist to help you bridge the gap while you search for new work.

Tip: You can start your application online through your state’s unemployment office. If you need help, local workforce centers and Veteran Service Organizations can walk you through the process.

Step 3: Explore Veteran-Specific Support Programs

There are programs designed to support Veterans during times of employment transition:

• VA Vocational Rehabilitation and Employment (VR&E/Chapter 31): Offers career counseling, training, and sometimes financial assistance while you re-skill.

• VA Education Benefits (GI Bill): May help cover training costs for a new career path.

• Local Veteran Service Organizations (VSOs): Many provide emergency financial support, food pantries, or housing assistance.

Step 4: Talk to Creditors and Service Providers

If you’re worried about bills, don’t avoid the conversation. Contact your lenders, landlords, or utility providers. Ask about hardship programs, deferred payments, or adjusted due dates. Many companies have special policies for Veterans and for those facing unexpected job loss.

Step 5: Cut Back Where You Can

Press pause on non-essential expenses — like subscription services, dining out, or extra shopping. Every dollar you redirect toward essentials or savings buys you more breathing room.

Step 6: Start Small With Savings

It may feel impossible to save when you’ve been laid off, but even setting aside $5–$10 from unemployment benefits or side income can make a difference. Building or protecting an emergency fund, no matter how small, creates a sense of control during uncertain times.

Step 7: Begin Planning Your Next Step

Use this time to take a bird’s eye view of your finances and career goals. What kind of job do you want next? Are there training opportunities or certifications you could pursue with your benefits? Treat this as a financial and career check-in.

Not sure what your next financial step should be after a layoff? Take the Veteran Saves Pledge today and choose Emergency Savings as your goal. By pledging, you’ll get support, reminders, and resources that keep you motivated and on track.