Veteran Saves Week

Wednesday, November 13, 2024

Saving for Competing Priorities

It’s Day 2 of Veteran Saves Week! Today, we're diving into a challenge many Veterans face: Saving for Competing Priorities.

Balancing emergency savings, debt repayment, and retirement planning while managing day-to-day expenses can feel overwhelming. But with a practical and holistic approach to your finances, you can alleviate much of the stress that often accompanies these financial decisions.

On this day, we’re here to help you take a clear, honest look at your finances. We’ll work together to identify your short, mid, and long-term goals, and ensure you have a realistic and attainable spending and savings plan that aligns with your values and priorities.

Whether it’s covering the cost of an unexpected car repair just after transitioning out of the military, or managing surprise expenses during your first civilian job, having short-term savings available will allow you to handle these emergencies without disrupting your daily life or long-term financial goals.

While the more you can have socked away for a rainy day, the better, for most Americans, saving that amount is overwhelming and scary. But, when you focus on building your HABIT of saving and start with a small goal of just $500, that seems much more attainable. Then, once you achieve that milestone, you can confidently keep going!

Here’s what we’re focusing on today:

1. The Importance of Short-Term Savings: Having a dedicated short-term savings account can make all the difference when unexpected expenses arise.
2. Set a Realistic Goal: If you’re new to building a short-term savings account, start small. A goal of $500 can help you establish a strong savings habit and provide a cushion for minor emergencies.
3. Remember, Saving is Cyclical: It’s okay to dip into your savings when needed. That’s what it’s there for! As long as you’re consistently saving automatically, you’ll replenish those funds over time.

Resources for you today: 

• How Veterans Can Save For Emergencies 
• Saving for Competing Priorities as a Veteran 
• Increasing Your Credit Score 
• Snowball vs. Avalanche Method 
• Financial Stress Checklist
• Saving for Retirement 
• Education Benefits: Using Your GI Bill

Let’s use today to take control of your finances and create a plan that supports your unique needs and goals as a veteran. Saving for competing priorities may seem daunting, but with the right approach, you can confidently manage your financial journey.

For more tips, tools, resources, and accountability, including the Veteran Saves Pledge, head to VeteranSaves.Org today!

Friday, November 15, 2024

Navigating the Military to Civilian Financial Transition

Welcome to Day 4 of Veteran Saves Week! Today, we're focusing on a critical aspect of your financial journey: Navigating the Military to Civilian Financial Transition.

Stable employment is key to financial security, and for transitioning service members, the road can be challenging. The shift from military to civilian life often comes with relocation costs, job search stress, and the need to acclimate to a new work environment—all of which can impact your financial well-being.

We understand these challenges and are here to support you with the tools and resources you need to thrive. Today, we’ll share educational tips, resources, and programs designed to help you, your spouse, and your family navigate this important transition with confidence and financial stability.

Resources for you today:

• Financial Strategies for a Successful Transition to Civilian Life 
• What You Need to Know About Transitioning Out of the Military 
• 5 Ways Veterans Can Continue to Save in Retirement 
• Understanding Your New Pay Stub 
• Transitions: Education Benefits for Veterans and Families

Let’s use today to empower you with the knowledge and resources you need to make a smooth and financially sound transition from military to civilian employment.

As you embark on your new career, today we’ll explore strategies to boost your financial confidence, ensuring you have the knowledge and tools to navigate this transition successfully.

Whether you’re relocating, seeking new career opportunities, or adjusting to a new salary, Veteran Saves is here to support you every step of the way.

6 Steps To Establishing a Spending and Savings Plan
 

1. Determine Your Net Monthly Income

Unexpected emergencies often sabotage our financial goals, so getting in a savings mindset and
building aan emergency fund is crucial. Start small and think big by setting a goal of a $500 rainy day fund. Once you’ve reached that goal, it will be easy to continue!

2. Calculate Your Monthly Expenses

Now that you’re committed to saving, it’s time to consider how you’ll achieve it. The America Saves
Pledge is a tool that helps you make a simple plan to meet your savings goal while offering you
long-term accountability and support along the way.

3. Fill Out The Spending And Savings Plan

If you don’t have a savings account, now’s the time! Ensure your savings account is federally insured
with a reputable financial institution with no fees (or low fees).

4. Assess Your Financial Landscape

The easiest way to save is to save automatically! Contact your employer to set up a direct deposit into your savings account each pay period or set up an automatic transfer from your checking account to your savings account at your financial institution.

5. Implement Your Plan

When you reduce your debt, you save on interest and fees while maintaining or improving your credit score! Create a debt reduction plan that works best for you. Utilize America Saves resources to see the different options to pay down debt.

6. Be Consistent

Create a Spending and Savings Plan that allows you to easily see your income, expenses, and anything leftover. Once you have a clear view of your finances, you can determine where to make changes and what else you should be saving for based on your financial goals.