Your “Rainy Day” Has Arrived
Families should know that it’s not uncommon for service members to spend several months or more seeking a job. Other service members choose to use their Post-9/11 GI Bill benefits to finish their educations or pursue vocational training. This is time well-spent if it leads to a rewarding career. However, months spent job hunting or finishing school might be a strain on your family finances if you haven’t planned ahead. For your peace of mind, it’s vital to save as much as possible in the months prior to your separation from the military.
How much is enough? Experts encourage families to save enough money to get through a six month job search. Take a careful look at your income and expenditures. How much are you spending monthly on housing, groceries, utilities? Be honest about what you’re spending and look for ways to save in the months leading up to separation. The more money you have saved, the more flexibility you will have as you plan your next steps.
You should know that there are sources of income you can take advantage of during your job search. For example, many families don’t realize that former service members are entitled to receive unemployment insurance while they look for a job.
For more tips on making a budget, cutting spending and finding ways to save, visit Military Saves.