Supporting Veterans in Achieving Financial Wellness and Why It Matters

While the transition to civilian life can be exciting, it can also present financial hurdles veterans must prepare for. However, with the right support and resources, veterans can achieve financial stability and thrive in their post-military lives.

U.S. Marine veteran Daniel Avalos relates to the challenge of trying to maintain financial wellness after leaving the military while also dealing with mental health issues and physical injuries. After serving more than 11 years in the Marines, Daniel suddenly faced an insecure job future while having a family to care for. His financial strain compounded as time passed, leading to debt and difficulty keeping up with the bills.

“Unfortunately, I didn't do very well after I got out,” Daniel said. “I struggled with managing my pain and then sleep and then eventually my mental health.”

With proper guidance, navigating things like credit scores, mortgages, taxes, and retirement planning can be manageable. With the help of Wounded Warrior Project^® (WWP), Daniel took charge of his financial future by boosting his credit score and mitigating his debt.

A Warrior’s Journey to Financial Wellness

Daniel started as an infantry Marine and deployed to Iraq and Afghanistan. He also served as a recruiter. However, medical issues forced Daniel to be medically retired and changed the course of his entire career.

After he retired, Daniel registered with WWP™ but didn’t initially participate in its programs and resources.

“Unfortunately, I felt that I was OK and just did it on my own, and then I just kind of struggled,” Daniel said.

About a year into his toughest challenges, Daniel reconnected with WWP. He got involved with mental health programs, peer support groups, and connection events.

He tried to work but eventually had to stop when he developed seizures and the physical pain became too much. He’d also bought a home with his former girlfriend, and they were living off his separation pay and savings as he prepared to have surgery. Daniel started getting behind on his bills and saw his credit score plummet from the 700 range to the 500s. He was also dealing with much-needed home repairs. 

“The improvements that needed to be made were not for luxury or aesthetics but because of foundational issues like the window foundation and the actual foundation,” Daniel said. “I started to try to budget my money and make a plan to increase my credit score.”

Daniel would often check in to see what other resources WWP offered. When he discovered the Financial Readiness program, he decided to reach out.

“I was hoping they could help me get my credit score back on track and with a plan to save a little money,” he said.

The Financial Readiness team was able to go over his budget with him and focus on his financial goals.

 “We [looked at] things like how I could pay off my credit card quicker and how much more I could put toward my credit card [payment],” Daniel said. “Instead of putting everything toward savings, we put some in savings and more towards the [credit card]."

“It helped me get a clearer picture of how to pay down my debt as well as little tips and tricks to monitor my credit, like checking it every three months and making sure it’s going up.”

Secure a Stronger Financial Future

Military service often equips veterans with valuable skills and experiences, yet transitioning to civilian life may still pose financial uncertainty. WWP’s Financial Wellness programs help veterans manage that uncertainty through budget planning, debt management, career counseling, and benefits assistance.

Financial strain is a serious and growing issue among warriors registered with WWP According to WWP’s most recent Warrior Survey,* 64% of warrior respondents indicated they did not have enough money to make ends meet at some point in the past 12 months. The survey also showed that 93% of warriors have debt other than a mortgage, which can also add to stress and mental health issues.

“Within Wounded Warrior Project, everything works together,” said Deborah Olvera, Financial Readiness manager at WWP. “Having the financial education help and the mental health help – all these programs working together for the betterment of the warrior. They don't have to figure it out all by themselves.”

The Financial Readiness team can meet with warriors one-on-one and devise a financial plan and budget specific to their needs and goals.

“That support helps [warriors] feel like they're not alone and that we can do this together,” Deborah said. “They have a plan, and they're doing something about it, and that takes a load off. When you have a plan, you can see hope.”

By working with WWP, Daniel improved his credit score and financial well-being, which allowed him to refinance his house and make his payments more affordable. Having a more secure financial foundation helped give Daniel better peace of mind and the ability to manage expenses more effectively.

“Just having [the WWP team] be there and helping me set goals like getting my credit score up and managing my budget made a big difference,” Daniel said.

Find out more about how WWP helps warriors reach their financial goals.

Contact: Paris Moulden, Public Relations, pmoulden@woundedwarriorproject.org, 904.570.7910

About Wounded Warrior Project 

Since 2003, Wounded Warrior Project^® (WWP) has been meeting the growing needs of warriors, their families, and caregivers — helping them achieve their highest ambition. Learn more about Wounded Warrior Project.