I've Just Gotten Out of The Military…Now What?

Here are some personal finance tips to help you make a financial battle plan for your transition from military to civilian life.

You've just completed your tour of duty in the military and returned safely home. You've served. But a new battle awaits on the home front: your finances. Your return home may mark the first time in a long time that you've had to make a lot of personal finance decisions, from how much to budget for food and clothing to the best way to handle your taxes.

Here are some personal finance tips to make your transition into civilian life smoother when it comes to money matters.

Make a "battle plan" for your money and follow it. Now that you've left the military, your financial situation is changing. You need to make a new battle plan for your money and follow it.

Know your rights and responsibilities. As a veteran of the armed forces, you have certain rights and responsibilities. It's important to make sure that you know what those are, and to ask officials if you are unsure.

Check your benefits. You may be entitled to certain benefits as a veteran of the armed forces. Ask officials about these benefits to see if you are eligible.

Inform your creditors. Of course, you'll want to update your address and other contact information, and also any changes in your financial situation, such as your new employer.

Don't forget your paperwork. To prove that you're a veteran and that you qualify for certain benefits, you'll need copies of paperwork related to your military service. Make sure that you have current copies of any paperwork related to your military service and keep them in a safe place.

Think about your taxes. As a veteran, your tax situation may be different than it was as an active duty member of the military. Ask a tax professional about the best options in your situation.

Protect yourself. Make sure that you get any promises or details about any financial transactions in writing, read everything carefully before you sign it, ask a legal or financial expert to help you understand anything that isn't clear, and avoid signing or agreeing to anything that seems too good to be true or too easy to do.

These are general recommendations not applicable to all financial situations. Every financial situation is unique. Further, the suggestions and recommendations contained within the content provided are not an assurance of any future result. Be sure to discuss your specific financial circumstances with a legal or financial expert before you take action. Contact us for more information.

I've Just Gotten Out of The Military…Now What?

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