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Financial Literacy For Veterans: Transitioning To Civilian Life

For veterans who are on their journey to civilian life, financial fitness is a vital element. Veterans often need help with veteran budgeting strategies, with which they can adjust their financial situation. 

As military.com cites, the survey done by the National Foundation for Credit Counseling, “Veterans are almost twice as likely to have debt carried over from month to month (58%) than civilians (just 34%). Nearly the same percentage of veterans (55%) believe they are ill-prepared for a financial emergency.”

The journey to civilian life is a long-term process, and so is financial literacy. Certain financial literacy programs are crafted for veterans to gain profound financial knowledge.

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Civilian Life Transition Tips

The lengthy and coarse military journey is completely different from post-military life. It is no surprise that many Veterans struggle to adjust to it. Transitioning veteran finances to a completely different mode might be challenging, but here are some civilian life transition tips that might be beneficial.

  • Know your support system

The transition period can be brutal, but having a strong support system will help you ease up and win over every anxiety. Encourage group activities and family time to feel closer to your loved ones.

  • Self-care

Self-care comes into play in both cases of improving your mental and physical health. Go on walks, have a good sleep schedule, eat at least three meals daily, and stay hygienic and hydrated. Taking these small steps daily will make adjusting to your new life easier.

  • Stay in contact with other veterans

It can feel isolating, irrespective of having a support system, if you cannot relate to anyone around you. Sometimes, it can be hard for your loved ones to provide proper support as your struggles differ. This is why staying in contact with your fellow veterans who went through the same life experiences is important.

  • Create a plan

It is important to plan ahead of your transition so that you can take action accordingly. This will help to balance the time you spend accordingly. Planning will reduce the feeling of overwhelm.

  • Seek professional help

Irrespective of having a social circle or hobbies, it can sometimes feel daunting. Veterans are at great risk of developing certain physical and mental health issues like PTSD. In these cases, seeking guidance from a health professional is advised.

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Why is Financial Literacy Important?

Financial literacy makes the transition to civilian life easier and provides them with proper civilian-life financial guidance. Financial literacy helps Veterans gain more knowledge on post-military financial planning, budgeting, and managing taxes. 

  • Applying for Jobs

After returning to civilian life, many Veterans apply for new jobs. Since Veteran employment and finance are intricately connected, it has become more important for them to learn about managing their finances. 

  • Increasing Credit Score

Using credit cards and making expenses is vital to maintaining a good credit score. Other factors like timely paying bills and using credit cards with low interest also affect credit scores. Maintaining a good credit score is important in the long run as it can affect future planning, including taking a loan and getting job opportunities.

  • Health Insurance

Securing health insurance can pay off during an emergency. It would help if you prioritized getting health insurance, which will cover you for any sudden injuries. For Veterans, there are ample opportunities to apply for government healthcare. One such scheme is the Ex-Servicemen Contributory Health Scheme (ECHS), which provides medical facilities in the Government and certain private hospitals.

  • Emergency Fund

Besides health insurance, it is advised to keep some funds in emergencies. Financial literacy allows the Veterans to provide sound advice on savings and how to keep them in suitable savings accounts.

  • Protection Against Scammers

Financial literacy lets veterans have more awareness about the management of funds. It also helps them to be wary of financial fraud. Due to the lack of training, some Veterans fall prey to scammers. Taking action and creating a stable financial goal for yourself is important.

  • Budgeting

Budgeting is one of the most important steps in becoming a financially aware civilian. You must plan your budget by keeping a goal in mind. Besides, sticking to a budget can also be hard. But by creating a budget, you will understand your spending more and be aware of your future financial endeavors.

  • Paying Taxes

Veterans often overlook the issue of taxes as they usually receive housing without the need to pay taxes. However, paying state or other taxes is extremely vital as stated in civilian life financial guide. Failure to pay taxes might cause serious complications, as evading taxes is criminal.

  • Savings

While making a financial plan, keep a separate space for savings. Plan your long-term and short-term savings while keeping a goal in mind. Be it for entertainment purposes, essentials, or emergencies, your savings will help you in any case of future disputes. Learn more with veteran investment advice. 

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As you are exiting your military life, it is recommended that you start post-military financial planning for a smoother transition. A budget can be made simpler by categorizing them. 

First, create broad “Regular Fund” and “Emergency Fund” categories. Under the “Regular Fund” option, you can spend funds on food, entertainment, and others. “Emergency fund” will contain insurance, health care, and education. 

You can also create a separate category of non-essential funds, including your spending on entertainment or other minor expenses like vacations, shopping, Netflix, games, etc. Broadly, the categories can be divided into:

Regular FundFood, Entertainment, Housing, Clothing, Vehicle
Emergency FundInsurance, Education, Health Care

Workshops on Financial Literacy

Several workshops and seminars are hosted specifically for army personnel and their family members. These in-person or online workshops focus on veteran financial education, where they are taught about managing funds, pre-planning finances, budgeting, and creating goal-oriented plans. 

One such workshop was conducted in the Tarapore Auditorium of Mathura Military Station. Over 450 army personnel came to attend the workshop with their family members. The workshop was also streamed online for better accessibility, which brought together about 4000 veterans and their families. Veterans from Meerut, Prayagraj, Bareilly, and many other places were present.


While transitioning from Veteran to civilian life is tricky, having enough financial awareness can make the process more manageable. To make it easier, several workshops have been hosted to provide financial literacy for veterans. These workshops and seminars teach about money-handling skills, maintaining a credit score, protecting oneself from scammers, and much more. 

Besides workshops, other online resources guide investment, money management, and military to civilian finance tips. 

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StockGro Team

StockGro is India’s first and largest ‘Social Investment’ platform aimed at helping you master the art of “Trading & Investment”. Trade, Invest and get rewarded to Learn everything about ‘Investments’ the fun-filled way.

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