If you are in the military, it is not only important to focus on your duty as a service member, but also your plans once you hang up your cammies. There are a whole range of factors to consider, so setting goals is important. Additionally, it is crucial to make sure you have the financial stability to achieve these goals.
Deciding where you want to live
It is important for you to know where you are interested in living when you finally leave military service and rejoin civilian life.
- Buying vs. renting – Depending on your circumstances, it could be better to purchase a home or begin renting. Renting could work if you don’t plan to stay in the same spot for long, while owning property can prove to be a great investment.
- Plan for a new job, an education or both – You may consider taking advantage of the military’s college assistance program, the GI Bill, or you may decide to just become employed and resume your working life. Sometimes, it works to do both, so think about your options and where you see yourself later in life.
Make realistic plans and goals
Goal-setting is important, but there are many different life obstacles that can complicate your plans. This is frustrating, but you should prepare for your financial future as best you can and work out any problems now to ensure your switch from the military is as smooth as it can be.
- Determine what can be done now – Examine your financial situation before you leave the military. If you don’t do this, you may run into financial issues once you walk away from your steady paychecks, sponsored housing, and COLA.
- See what you need to work toward – If your goals are a bit more lofty, they could take an increased level of saving and budgeting to accomplish. If this is the case, you may want to prioritize your spending so that you can achieve your dreams.
While you may not have all your plans for the future figured out, keeping your finances in check should be a priority. If you are in a jam with your budget, it could be a good idea to look for some help. Speaking with Omni Financial about your problems may give you the financial tools needed to get through a tough situation.