Military veterans are entitled to many services and resources that are invaluable when it comes to caring for a family’s finances. Here are seven ways military veterans can help take care of their family’s financial future.
1. Financial Counseling and Assistance
Veterans interest groups such as the Veterans of Foreign Wars and American Legion offer a host of resources to assist veterans. These include scholarships for post-secondary education, emergency financial relief at low or no interest rates, and counselling on how to take advantage of the many financial programs available.
2. GI Bill
The GI Bill is an invaluable financial resource for a veteran and their family. It can greatly offset the cost of pursuing a degree, and in some cases it can be transferred to a spouse or child. This removes the financial burden of education from a family’s budget as well as increases earning potential in the job market.
3. VA Health Care
Many veterans are eligible for health coverage provided by the Veterans Administration. The VA has networks of hospitals and doctors across the country, and, depending on your service record, you may be entitled to receive up to 100 percent of your health care at no or little cost.
4. VA Home Loans
Veterans are entitled to home loans backed by the Veterans Administration. Veterans can receive loans at low rates, avoid a down payment, and not pay a private monthly mortgage insurance. This allows you to keep a lot more money in your pocket. Helpful military friendly companies like Low VA Rates can assist you in navigating this process.
5. Veterans Discounts
Many businesses offer discounts for veterans on everything from meals to theme park admissions to home improvement goods. Over time or for a large purchase, this can add up to significant savings. Also, many states offer special veteran rates on vehicle registration and renewal.
6. Veterans Preference for Employment
Veterans are entitled to preference over non-veterans in almost all federal government jobs. A veteran receives a certain number of preference points depending on their service which can increase their chances of being hired.
7. Federal Credit Unions
Veterans are also entitled to bank at Federal Credit Unions. These often offer competitive rates for accounts and loans, programs that cater to the unique challenges of veterans, and benefits like no-fee checking accounts and ATM rebates.
There are many resources available to veterans to help you provide a secure financial future. It is important to educate yourself on these entitlements and how you can leverage them to help care for your family’s finances.
