Financial Strategies to Help Young Veterans

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Financial Strategies to Help Young Veterans Transition to Civilian Life in San Diego, CA

Financial strategies can help with adjusting to civilian life can be challenging for young veterans in San Diego, CA. Many of these challenges are related to finances, which may include managing basic needs, such as housing, and obtaining medical care once provided by the military. Fortunately, there are financial steps you can take to ease your transition.

Set a Reasonable Budget

While in the military, you may have qualified for incentives, subsidies, and tax exemptions. Once you transition to civilian life, most of these benefits may no longer be available for you, which means your income may be substantially less. Examine your expenses to determine which are a priority and which ones you can do without. For example, review your auto insurance plan and remove the coverage you don’t need.

Avoid Debt Pitfalls

If you have existing debt, focus on paying that before taking on additional debt. Factor it into your budget to make sure you don’t accumulate interest. If possible, avoid high-interest loans and credit cards to minimize the chances of getting into debt.

Find a Job or Start a Business

Ex-military members have talents and skills that are highly valued in most workplaces. Finding a job in San Diego can help you complement your income. Sometimes, it can be challenging to find a job, which can be financially constraining. In this case, you may consider starting your own business by using your savings, taking a loan, or partnering with someone else.

Pursue Education

Sometimes, you might have to go back to school to boost your earning power or get your dream job. Many degree programs in San Diego, CA, offer you the flexibility to keep a regular job and spend time with your family. For example, you can go online to earn your teacher certification and obtain a teaching license, letting you apply for more jobs. Some states may require you to submit transcripts, pass entrance exams and skills tests, and complete a background check before getting a teaching license.

Decide on Housing

Housing can be pretty expensive in San Diego. You can save up money to buy a home, eliminating the monthly housing expenses, and it’s a great retirement plan. There are also special VA home loan programs, which allow qualifying veterans to purchase a home or refinance the mortgage on their current homes. Take advantage of these loans, as they typically have no down payment, no private mortgage insurance, and their interest rates are generally low.

Take Advantage of Discounts and Benefits

There are many kinds of benefits and discounts available to former military members. For example, you can apply for GI Bill benefits if you decide to apply for graduate school or college. You can also take advantage of military discounts offered by various San Diego or online stores, helping you save a significant amount of money.

Take Command of Your Financial Life

You don’t have to face financial constraints as a new veteran transitioning to civilian life. Use the above tips, and if you decide to go back to school or start your small business, contact First Financial® in San Diego, CA, to get the funds you need.

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