If you are a veteran who has just recently been recharged, then welcome to civilian life, and thank you for your service! We are glad that you are turning this corner in your life and trying something new. Many veterans may be concerned about their finances during this point in their life, and we are here to help. Today, America’s Loan Company shares some finance tips that will help you to set yourself up for success.
Learn How to Create a Budget
The first thing that you need to do is create a budget so you can properly manage your money. Start by looking at all of the income that you get every month from your job and any benefits you may be getting from the military. Then, look at your recurring expenses, everything from rent to utilities to the money you spend on coffee every day. Then, look at how much money you have left. Put some of that remaining balance in a savings account.
If you find that your expenses are higher than your incoming funds, then you need to make some changes. Think about the expenses that you don’t need. Can you make your lunch at home instead of going out to eat every day? Do you need all of those streaming services? If not, cancel one or two. Then, reevaluate your budget.
It’s also important that you keep your financial documents organized and updated. Luckily, there are plenty of tools you can use to help with your search for greater efficiency, like this free PDF editing tool. Having your important documents available digitally makes budgeting far easier and greatly reduces the chances of missing something important.
Consider Starting a New Business and Forming an LLC
Do you have a good idea that you formed while you were in the service, and now you want to turn it into a reality? If so, then this might be the perfect time to create a business plan and look for funding for your operation. There are many organizations that will be happy to help you out, including the Small Business Administration. They offer loans in many different dollar amounts, and it may be what you need to make your dream a reality.
When you decide to form your business, consider building it as a limited liability company. Many newer entrepreneurs like the idea of an LLC because it offers perks that make starting a business easier, including less paperwork, more options, and great options come tax time. It is important to remember that every state has its own guidelines for how an LLC can operate, so it is a good idea to hire a formation service to get you set up. Do it right the first time, and you can avoid legal issues down the line.
Return to School to Boost Your Earning Power
Whether you plan to start your own business or thrive at an existing company, it never hurts to return to school to earn your business bachelor’s degree. When you go for a degree in business, you learn many different subjects, including leadership, communication, management, and how to write business statements, among other topics. All of these important lessons are essential for success in the corporate world, and you will be amazed by what you can accomplish once you graduate.
Many people choose to take their classes online so they can learn on their schedule. You can take your classes at night and on weekends. By doing so, you can continue to work at your existing job or take care of your family and take classes on your time. In the end, you will earn the same great degree as the folks that go in person.
Get a Side Gig
If you need to make some extra money to make ends meet, then consider obtaining a side gig. There are many part-time jobs that you can find that you can do on your own time, including working as a freelance writer or online tutor, or you could drive your car for a food delivery service. You can set your own hours and work when you need to without putting too much strain on your life.
As you can see, there are several tactics that you can use to get your financial footing once you return to civilian life. Consider starting your own company, working a side gig, or returning to school to earn a business degree so you can boost your earning potential. Either way, we wish you the best!
Even if you have less than perfect credit, America’s Loan Company can help! Call 877-380-2639.
Article written by Emma Grace Brown for America’s Loan Company