Leaving military service can feel like stepping into a whole new world, especially when it comes to managing finances. The structure and stability of military life are gone, replaced by civilian expenses, new responsibilities, and financial decisions that can be overwhelming.

But here’s the good news: with the right tools and strategies, you can take control of your finances, reduce stress, and build a secure future for yourself and your family. This guide is here to help.

Step 1: Take Stock of Your Current Situation

Know Where You Stand: Write down all your income, including pensions, VA benefits, or your new civilian salary. Then, list out all your expenses. Tools like budgeting apps can simplify this process.

Tap into Your Benefits: Are you using all the support you’re entitled to? Programs through the Department of Veterans Affairs (DVA) and veteran charities often provide financial help or advice.

Tackle Debt Head-On: If you have credit cards or loans, start with the ones with the highest interest. A little progress can make a big difference.

Step 2: Boost Your Income

Civilian Careers: Your military skills are valuable! Many organisations and programs, like Soldier On, can help you find meaningful work.

Upskill: Interested in a new career? Use veteran education schemes to gain qualifications that increase your earning potential.

Side Hustles: Do you have skills like mechanics, carpentry, or IT? Turn it into a part-time business to bring in extra income.

Step 3: Build a Safety Net

Emergency Fund: Life is unpredictable. Aim to save three months of living expenses to protect yourself from unexpected costs.

Protect Yourself and Your Family: Make sure you have adequate health, life, and disability insurance coverage in place.

Step 4: Plan for Your Future

Understand Superannuation: Many veterans lose track of their super accounts. Consolidate them and review contributions to ensure they’ll support your retirement.

Start Small Investments: Consider low-risk investments like index funds or term deposits. Not sure where to start? Reach out to a financial planner who understands veteran needs.

Think Long-Term: Programs like the Military Superannuation and Benefits Scheme (MSBS) can provide stability in your retirement. Make sure you’re maximising these resources.

Step 5: Use the Right Resources

You don’t have to do this alone. These organisations are here to help:

  • Bravery Trust offers support through financial aid, education, and counselling.
  • Veteran Housing Australia: Affordable housing solutions to help you regain stability.
  • Open Arms – Veterans & Families Counselling: Offers financial literacy workshops and mental health support.
  • Carry On: Provides assistance and grants to veterans and their families facing financial challenges.

Step 6: Build Positive Financial Habits

Set realistic goals, like saving for a home deposit or paying off a credit card by a certain date.

Automate your savings to make it easier to put money aside consistently.

Review your financial plan regularly to make adjustments as life changes.

💡 Takeaway for Veterans

Financial independence might sometimes feel out of reach, but small, consistent steps can make a big difference. Whether it’s budgeting, paying off debt, or planning for retirement, there are resources and support designed specifically for veterans.

🔗 Ready to Take the Next Step?

Explore more resources and start building your financial freedom today. Visit Bravery https://braverytrust.org.au/ Trust for tools, tips, and personalised support tailored to veterans.