Whether you’re recently separated from the armed services or have been out for a number of years, it’s important to know that there are several unique financial tactics you can use to make life better. In the current economic situation, many working adults have to deal with record-high inflation, volatile employment numbers, and a looming recession. What are the best strategies for veterans who want to battle all the negative economic pressures?
For starters, acquire a complete understanding of your ability to borrow money to finance a home purchase based on your status as a former member of the US military. Then take a few minutes to review your outstanding student loans and see if consolidation is an approach that is in your best interest.
Other approaches include taking a look at VA medical coverage, teaming up with a financial counselor, snagging a job with a vet-friendly corporation, and exploring career-oriented federal job openings. The fact is that there are plenty of solutions for ex-service members that are not available to everyone. Consider the following points as you begin to leverage the power of being a one-time member of the US armed forces.
Explore Home Loan Options
There are currently several different home assistance programs specifically designed for veterans. Depending on which branch you served in, there could be a few that are only open to former service members in that branch. Since the 1940s, the US government has enabled the armed services to offer favorable rates, low down payment plans, and other advantageous programs to vets.
Each member has a direct line to a financial specialist who can guide them through the complex array of offerings. The good news is that most ex-service members who are searching for a first or second home can get some kind of financial assistance.
Consolidate Student Loans
Veterans who worry about getting their personal money situation into good shape can get a head start by opting for a private student loan consolidation program in which one or more current loans are combined into a single, brand-new obligation. What’s the advantage? In most cases, the new package comes with a more lenient repayment period, better rates, and generally more beneficial terms.
Far too many working adults, both young and middle-aged, get caught up in having to deal with several college loans, all of which have their own terms, rates, and due dates. Some were taken out when the borrower had no credit history years and years ago. Consolidating education debt is one of the fastest and most effective ways of reducing monthly expenses for the vast majority of working adults.
Consider Working for Vet-Friendly Companies
If you’re looking for a job, either as an entry-level candidate or a career switch, research the marketplace to uncover the names of companies that are vet-friendly. A number of insurance and banking organizations give special preferences to those who have served their country in any capacity, branch, or rank. It doesn’t matter whether you were on active duty or reserve status.
Businesses that are looking to hire ex-military workers do so for a number of reasons, particularly because they know they’re getting new hires who are disciplined and have basic organizational experience.
Use Service Provided Financial Counselors
Check with a military ombudsman to connect with a no-cost financial consultant. Every branch offers this free service for people who are making an effort to adapt to the civilian economy. Take advantage of the chance to spend a few half hour sessions on the phone or chatting online with a licensed professional who can help you figure out how to make a monthly budget, search for a job, invest, save, or simply get your general finances into proper order.
Check Out Federal Job Openings
Every year, the federal government lists thousands of job openings across every department. No matter what your specialty, education, or work experience is, there’s something that suits just about everyone. The sometimes-tricky part of applying for federal jobs is the red tape. But, for former service members, there are several unique benefits, like the chance to get in line for certain jobs before others can apply.
Another tip for seekers of federal positions is to apply for several jobs that appeal to you in order to maximize the chance of receiving an offer of employment.