August 26, 2015, by Rachelle Wilber – Saving is one of the hardest things you can do, but it becomes significantly harder when you’ve just arrived home from active duty. You might like many of the necessary pieces of current news required or the funds to make a safe financial investment. Below is a look at five investing tips designed to help men and women returning from deployment. These tips will help you save money, which in turn can be a substantial help if you ever run into an emergency or you decide to purchase a home.
Take Advantage of Resources Available to You
There are multiple plans designed specifically for military personnel. Those plans include the Savings Deposit Program, a Roth IRA and Servicemembers’ Group Life Insurance. The most important of those programs, however, are likely to be the Thrift Savings Plan and the benefits provided by the Post-9/11 GI Bill. The Thrift Savings Plan allows you to begin saving much like a traditional 401(k) plan would. This allows you to start saving before you do anything else. The benefits provided by the Post-9/11 GI Bill will cover the full cost of tuition, which means that you will pay significantly less to seek a higher education.
Begin Setting Goals
When you make the decision to begin saving for your future of the future of your family, the first thing you must to is to set goals. These will help you begin saving a certain amount of money. One tried and tested goal is to save 10 percent from each paycheck you earn. This will allow you to grow a fund that you can then invest into another investment vehicle while earning a few cents of interest every month.
Thrift is one of the ways you can substantially reduce your living costs. You will be surprised at just how much you can afford and how much you can save when you opt for the slightly cheaper option. With regards to expensive purchases, it may be better to rethink them until you are in a better financial situation. You should hold off on purchasing a new car or borrowing money for that vacation until you have the full funds for it or a significant portion to lower the overall cost.
Opt for Veteran Programs
There are a plethora of lending programs designed to make it possible for you to afford certain necessities as a veteran. The most prominent of those programs are VA loans. VA loans can help first-time buyers purchase the home of their dreams with fairly low interest rates. Companies like Low VA Rates are one of the contacts you should use when seeking a VA loan, as they specialize in helping people like you to find affordable and reliable VA loans.
Debt is sometimes necessary, but it’s important to avoid it when you can. Debt from credit cards can drain any money you would otherwise save for your investments, which means that money is essentially wasted. Do your best to minimize your debts. This will allow you to save money that can be used to further minimize debts in the future, which in turn can make saving for those investments into an even easier task.
Investing can be difficult, but it can be done. Given the discipline and flexibility required to begin making solid investments align with the qualities required for military service, you should be able to save for your future. You just need to make a plan, take advantage of what programs are out there for veterans, and continue to save every penny until you have a reliable and sizable investment for your future.
Bio: Rachelle Wilber is a freelance writer living in the San Diego, California area. She graduated from San Diego State University with her Bachelor’s Degree in Journalism and Media Studies. She tries to find an interest in all topics and themes, which prompts her writing. When she isn’t on her porch writing in the sun, you can find her shopping, at the beach, or at the gym. Follow her on twitter: @RachelleWilber