Money Challenges Veterans Commonly Face

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Big Ticket Purchases

From buying cars to houses, to automobiles, many veterans have looked forward to being able to spend some of the
money they earned while in service. Making these big ticket purchases might feel gratifying at first but if you find yourself wanting to spend, it might be best to wait until the impulse has passed. Think about your bigger life goals and how various purchases fit into those plans, then get it all down on paper. After that, do your research and get
informed, so you can make the right buy for you and get the most bang for your buck.

Managing Credit Card Debt

According to ValuePenguin, the average American household earning between $50,000 and $99,999 carries nearly
$7,000 in credit card debt. Storing credit cards in a safe or another secure location, not ones wallet, can help reduce
credit card spending. Paying more than the minimum monthly installment on credit accounts is essential as is setting time aside to do the math with a handy credit card calculator, so you can see just how much you need to pay per month to be debt free by a projected date.

Budgeting

Having a plan is essential to any successful mission. By setting a solid, workable budget you’re taking your hard
earned dollars seriously. While spending might feel gratifying in the present, setting a course for action and sticking to it can bring a peace that transcends the momentary high that comes from spending. If you’re a parent or spouse,
managing one’s lifestyle and finances sets a good example and helps instill healthy patterns that enable others to manage their spending habits with a cool head.
Financial Experience
As a veteran, chances are you’ve had to go out of your comfort zone, meet challenges, and learn things that were once foreign to you. Don’t fret if you’re not super experienced when it comes to managing your finances and planning
for your financial future, saving for retirement, or making investments. None of us were born financial whizzes. As a
veteran, you know what it means to be disciplined, strong, and vigilant. Now is the time to apply those same values
towards a new goal–achieving financial wellness and stability. If you need help along the way, there are VA financial
service advisors who can offer their insight and advice free of charge.
Sources:
  • https://www.aol.com/article/2014/05/23/money-challenges-veterans-return-civilian-life/20890037/
  • http://time.com/money/4083503/veterans-guide-financial-money-moves/

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