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| Credit Answers > Debt-Management-Articles-2010 > Transition Budget |
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Various financial challenges face military families and individuals while saving for their debt settlement negotiation. Whether you are
currently serving or have recently reentered civilian life, it is never too early or too late to plan for your financial future.
Plan Early
If you are still on base, consider all of your benefits and assistance. Think about how your military community can help you plan for financial success. If you know someone
who is still on base, encourage them to find support early.
Get Advice
You may already be aware that all branches of the military offer support and assistance, including pre-separation counseling. Think about utilizing these services, but also take
control of your own future. Consider talking with someone who has already left the military. Ask him/her about unexpected expenses, lost benefits, tax changes or other financial matters that you may face
once you return to civilian life.
Consider Financial Goals
You should try to avoid debt as much as possible. Militarymoney.com suggests that you review and re-evaluate your financial goals. Consider creating a budget that
you can maintain. If you already have debt you should include those payments in your budget. Insurance coverage, retirement planning and tax decisions are also important considerations.
Credit
Future employers, landlords and even insurance companies may look at your credit or FICO score before they decide to do business with you. You are entitled to receive one free
credit report from each of the three credit bureaus per year. Visit www.annualcreditreport.com to request your report. If you leave the service with little or no credit history, you can always work
hard to build one. Once you make the transition, try to pay all bills on time every month since timely payments are the top factor in determining a credit score.
Employment
Check with your military community-service office on your base or the Army Career and Alumni Program (www.acap.army.mil). Both sources might offer help that could get you on your
way to tackling important employment issues. Once you return to civilian life, you may want to take advantage of your tuition assistance and further your education in some way. You may also want to
update your resume with the skills and abilities you acquired throughout your military service. In addition, networking can be an important tool in finding employment. Try to be as professional as
possible at all times if you use social networking since potential employers often check the pages of their applicants.
Try not to get discouraged and remember that it is never too early or too late to get help. If you are on base, consider your military support office and your family support center. If you have
already made the transition, check your local listings for military support offices. The internet might also offer help in finding information, jobs and tools for today's separating military. A few
sites to try include Military.com, Transition Assistance Online at TAOnline.com, and militarymoney.com.
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