Being a veteran is something to be proud of whether you were deployed overseas or took care of logistics for the military. This is a brotherhood that runs deep and it can also help you in the financial sense. Besides all of the veteran based discounts that are available there are other options to make managing finances as a veteran much easier. The best thing that anyone can do as a veteran or civilian is that of being informed on tips to managing their money. The following are financial tips for veterans that can make a big difference.
Utilize Help On Education Costs
The GI bill is a great opportunity for those considering the military but also want to go to college. College can put a person back six figures and take years to pay off while being a burden on the graduate for years to come. The option of being able to go to college paid for is a huge perk of joining the military and is a perk that a veteran should look into With the right education combined with serving in the military this can help a vet get the best job possible after their service to the country has ended.
Being a Veteran Can Help You With Your Mortgage
The process of getting a mortgage has become much more difficult after the housing market collapsed. Lenders are much more discerning now but a VA loan can be a huge help. These are available to veterans who might not have a large of a down payment as they might like. One of the best options available is that of not taking the largest loan that you qualify for. The last thing that you want is to lose your home if you are deployed without anything that you can do about it.
Put Away More Money Monthly When Deployed
Veterans make more money when they are deployed so saving the same amount as they usually do is a bad idea. Being able to put this extra money away with very little in means of expenses can be a great way to save up a nest egg for when they return home. Too many young veterans blow this money going out and partying due to not being able to have fun in some of the places they are deployed. This does not mean you cannot have fun for a weekend with your unit, it just means that this celebration shouldn’t last weeks or be extremely expensive.
A Pension Can Be A Wonderful Thing
A pension can be a huge help regardless if it is from the military or fire department. The Money Alert notes that these pensions can be a huge help for those trying to retire or looking into taking a part time job. This will allow a veteran either to retire or to take a part time job if they would like. There are those veterans that go out and find another career after they have retired from the military. A pension is something you can count on for years to come and offers a peace of mind financially that very few things do.