Wounded Warrior Project Shares Financial Wellness Tips for Veterans

Worry, fear, and anxiety about being able to pay monthly bills or save for the future can lead to financial stress. Wounded veterans are facing increasing financial hardship.

According to the most recent Warrior Survey* from Wounded Warrior Project^® (WWP), 6 of 10 wounded post-9/11 veterans served by WWP report having difficulty making ends meet. The top two cited reasons for financial strain or struggle were increased costs of goods and working but not making enough money. The survey also showed that 93% of WWP warriors have debt other than a mortgage. Too much debt can strain an individual’s quality of life and well-being.

But there are ways to get help and get ahead. WWP™ offers financial advice to veterans and their families to help them manage their finances.

• Get started now. Whether you want to establish a budget, pay off a bill, or repair your credit, your goal is possible. But you won’t start to chip away at that goal unless you take your first step.

• Prioritize expenses. Identify your most important expenses and include them in your budget. If you enjoy eating out five times a month, maybe that means you can cut back on your streaming services. Determining those financial priorities will help you make necessary sacrifices.

• Steady progress is essential. Remember that your budget will be a work in progress. Expect to revisit and adjust it based on life changes.

• Track everything. Document your spending and know how much money is coming in and going out. This is imperative if you want to manage your money effectively. People often have a nice, clean budget but don’t track spending.

• Use financial apps. Budgeting and financial management apps can help you track your spending, set savings goals, and stay on top of your finances.

• Have an emergency fund. Establish an emergency savings account to prepare for the unexpected. Consistently contributing to an emergency fund may prevent you from having to take out credit or increase your debt. Most experts say this fund should be three to six months’ worth of expenses.

•  Automate savings. Set up automatic transfers to your savings account each payday. This way, you’ll save without even thinking about it, helping to build your savings effortlessly.

• Know your goals. Define what you’re saving money for and how much you’re aiming to save. For example, maybe you are saving for three months of living expenses in case you lose your job. That attention to detail will help you in the long run.

• Understand your deductibles. To use your insurance in the case of a car accident, storm, or medical procedure, you will first have to pay your deductible before insurance can chip in.

• Be wary of additional fees. When you sign up for a bank account or debit or credit card, ensure you read the fine print in your contract. It’s important to understand what you’re signing and to be aware of any potential late or withdrawal fees.

• Don’t give up. Getting your finances in order is like riding a bike. Once you adopt some of these practices into your regular routine and consistently work on your plan, you will become a pro.

• Educate yourself. Knowledge is power, and understanding financial principles can help you make informed decisions. Reach out for assistance. WWP offers financial education and resources for warriors and their family members, including educational classes or workshops to help prepare budgets and achieve financial goals.

Here are some additional financial planning tips to consider:

• Review subscriptions regularly. Periodically review your subscriptions and memberships to ensure you only pay for services you actively use and value. Cancel any unnecessary or redundant subscriptions.

• Monitor your credit. Regularly check your credit report for errors and stay aware of your credit score. Good credit can help you secure better interest rates and loan terms.

• Set realistic goals. Break down your financial goals into smaller, achievable steps. Celebrate your progress along the way to stay motivated and on track.

• Utilize your benefits. The Department of Veterans Affairs (VA) often assists veterans with mitigating debt and managing finances. Things like VA home loans and VA health care, for example, can help keep costs down. WWP can also help veterans understand and access VA benefits they may qualify for, like VA disability compensation.

It is achievable to get your finances under control, and you don’t have to do it alone. 

Register with WWP and ask for financial education resources. You can also call WWP’s Resource Center at 888.997.2586 to register and secure the support you deserve.

*Warrior Survey, Wave 2 (conducted June 15-Aug. 24, 2022)

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.