After military service, veterans can struggle with daily life after serving for such a long time, even monetarily. For example, veterans experienced an unemployment rate of 9.9. percent in 2012, CNN Money reports. For veterans who are out of work or looking for employment, saving up for big purchases can be challenging. Cars, homes, education, supporting a family, and saving for the future are all expenses that Americans have to worry about, including vets. Start saving for that car — or any other big-ticket item — with these tips.
Military Discounts
Vets shouldn’t shy away from asking for military discounts at restaurants, hotels, movie theaters, and other local venues. These discounts are intended to honor you, so take advantage. MilitaryDiscountsCentral.com lists all local discounts for vets. Easily search for discounts, keep more money in your pocket and build that savings account by spending less on your entertainment and travel.
Veteran Thinking
The army teaches about responsibility, honesty and accountability. These same skills can help you prioritize your financial goals and save for items you need, suggests Deborah L. Jacobs in Forbes. As part of being honest, take a hard look at your finances and identify areas where you are overspending and should cut back. Cut back and establish a savings goal, such as $200 per month. Also, for each purchase, save the receipt. Once a month, review your receipts and expenses to hold yourself accountable for sticking to your budget.
Smart Research
Thorough research equips you with the knowledge to ask the right questions and make smart decisions as you picture yourself driving a Ford Fusion or Taurus. Read vehicle make and model reviews on Edmunds to narrow down the field of potential cars to a few cars that fit your lifestyle. Then compare the prices of new or used vehicles. Kelley Blue Book organizes used cars by zip code, so you can view used models available near you and see how dealer list prices compare to the blue book value. Acquire all of the information available to you and negotiate a better price up front.
Number Crunching
You have a savings goal, you’ve taken financial accountability and you’re narrowing down your options. At this point, you can project how much you’ll pay for the car. Take into account vehicle trade-ins, new vs. used statuses and vehicle mileages. If you plan to take out a loan, investigate military car loans. These offer active duty service members and retirees low-interest auto loans, Military.com’s Ho Lin notes. Most military car loans come with a lower upfront down payment, longer payback period and easier approval. Loans help you purchase that car faster, and you will need to pay back the loan on time to avoid penalties. Keep in mind if you can purchase the car without a loan, you’ll save money because you won’t have interest adding to your principal.
