Veterans have spent half of their lives serving their country, so they have many benefits provided to them. If you want to protect the money you earned throughout the years, veteran discounts can go a long way. Because there are so many perks accessible, you may be forgetting some significant possibilities to invest, plan, and save. As per the survey conducted by the Washington Post, more than half of the veterans surveyed had not used their benefits.
Veterans are provided with many advantages in many different matters of financing. Wherever you go, make sure you look for military discounts.
Following is a list of things you can do to save money if you are a veteran.
1. Sign up for Inexpensive Life Insurance
Sign up for a low-cost life insurance program. When you are an active-duty officer, you and your family get low-cost life insurance covering almost all your family members. However, when you retire from your services, you can switch to a veterans group life insurance that you can have as long as you pay premiums. Veterans and their family members are also entitled to benefits of burial, death, and memorial items.
2. Low Car Insurance Premium Rate
Your car insurance companies reduce your premium for car insurance. If you are wondering, do car insurance rates increase with age? Then it might come off shocking to you, but no! As you get older, one of the benefits you can look forward to is cheaper car insurance premiums. Age is one of the deciding factors when accessing risk insurance providers use. It is because they think older drivers are more experienced than younger drivers. So when you get insurance for your car, make sure you avail this benefit to save some money.
3. Take Advantage of Low Loan Rates
The state also provides special legal benefits for veterans on loans, including a low-interest rate on any loans they take out before they are called to active duty. You need to apply for this lender benefit intended to help you if your ability to pay your loan is affected by military service. You can terminate your apartment lease by law if you must permanently change your station, residence or are deployed to a new location. However, Make sure that you don’t fall victim to and avoid unfair debt collection practices. Since after their services, veterans are earning their paycheques through different means, they often fall prey to unfair consumer practices.
4. Make Out the Most From Housing Breaks
People in the military have to move more frequently. That is why they get the perk of tax-free housing allowance. Plus, veterans can get administration loans which are the only loans available that don’t require down payments or mortgage insurance.
5. Calculate a Comparable Salary
Another excellent tip for the veterans is calculating a comparable salary. When you decide to leave the military, make sure that you figure out how the new jobs would stack up financially next to your military career. You don’t only need to compare your military and non-military salary. But, you also need to add up the opportunity cost that you would be giving up when leaving the military. Things to consider that you will be giving up: free health care, low-cost life insurance, and tax-free housing. That is why you must compare all of these things and expenses.
6. Always Ask for Discounts
Whenever you go anywhere, make sure that you ask for a veteran discount. Some places advertise it. However, some don’t, but they might have something in their stores for you. So always make sure to check that and avail it. Or you can also search online for veteran discounts. You will surely get a lot of answers. Make sure that you always take your ID with you because you would need something to prove that you are eligible for the discount, and else without confirmation, they wouldn’t let you.
Veterans have spent most of their lives serving their countries, and during that time, they also have access to many benefits, but after retirement, they have to live a completely new life. They would need to find a job and start a life with complete new regulations. There would be a considerable shift in their lives and income, and they would also have to give up many other benefits after retiring from their service, which can be challenging for them. Due to these reasons, as deserved, veterans get benefits in multiple financial matters to help protect them and their families. If you are a veteran, ensure that you avail yourself of the benefits you will be receiving and make the most out of it.