How Veterans Can Start Saving for Major Life Milestones

From buying your first home to sending a child off to college, or even planning for retirement, life is filled with big financial moments. For Veterans and transitioning service members, reaching those milestones takes more than just hope. It takes a plan.

Whether you’re five years into civilian life or fresh out of the military, saving for major milestones doesn’t have to be overwhelming. You’ve already navigated some of life’s biggest challenges; now it’s about applying those skills to your financial future.

Here’s how to get started:

1. Identify Your Milestones

Everyone’s path is different, but some common goals among Veterans include:

• Buying a home
• Starting a family or planning for a child’s education
• Creating a strong emergency fund
• Saving for retirement
• Relocating for a civilian job or opportunity
  
  

The first step is deciding what you’re saving for and when. That clarity gives you a goal to aim for and helps you track your progress.

2. Make It Bite-Sized

Saving for big milestones doesn’t mean you need a big paycheck.

Small, steady savings habits go a long way, especially when you automate them.

• Set up automatic transfers into a separate savings account for each milestone.
• Aim for $10 a week or a manageable amount.
• As your income changes, adjust your savings rate.
  
  

You don’t need to save thousands at once. What matters is building the habit.

3. Use the Tools You’ve Earned

Veterans have access to benefits and resources that can help jumpstart your savings goals:

• Homeownership: Explore your VA loan options, which often include zero-down-payment programs and competitive rates.
• Education: Use your GI Bill benefits to avoid taking on unnecessary student loan debt.
• Retirement: If you’re receiving military retirement pay or contributing to a TSP, make sure your investments align with your future plans. Add a Roth IRA or 401(k) through a civilian job if available.

Bonus tip: Check if your bank or credit union offers Veteran-specific savings tools, bonus rates, or free financial coaching.

4. Plan for the Unplanned

Emergencies don’t make appointments. A solid emergency fund—think $500 to start—is the foundation of any financial plan.

This fund is what keeps you from dipping into your milestone savings when the unexpected happens. Set up a separate account just for emergencies and automate what you can.

5. Stay Focused, Not Perfect

There’s no such thing as a perfect savings journey. Life happens. You may pause contributions for a while or need to dip into your fund. That’s okay.

What matters most is starting and sticking with it. Veterans are used to adapting, and your financial plan should too. The key is to keep going.

Ready to Take Action?

Take the Veteran Saves Pledge and choose a milestone that matters to you—whether it’s buying a home, saving for retirement, or building your emergency fund. We’ll send you tips, reminders, and encouragement to keep you on track.