Do you know what the trouble is with saving money for transition expenses? The trouble is that no service member wakes up burning to save money for something they don’t really want — transition expenses.
Because when we say “transition expenses,” we are not talking about fun things like new business clothes and a civilian house with a swimming pool. What we really mean by “transition expenses” are the mortgage note, the cell-phone payment, the gas tank fill-up, the electric bill and the demand for endless diapers and/or Cheetos, etc., that all go unpaid when we are unemployed.
Unemployment Happens to Other People
As Military.com’s transition master coach, I never met a service member who believed that they would be one of the unemployed. This is why I love them so. Most military are pretty sure they will have a job lined up before they leave the military, even though the statistics say 75% of service members leave the military without a civilian job.
In fact, on average, veterans experience 20 weeks (five months!) of unemployment after their military service, according to Pew Research. That is why the experts are always telling us that service members need to save from three to 12 months of living expenses before transitioning from the military.
So how do you put that transition savings together, even when you don’t want to believe you will need it? I reached out to get advice for you from the military money community.
13 Ways to Get More Money for Your Military Transition
1. Build a raft, not a bridge.
Instead of freaking yourself out with the idea that you must have an entire financial bridge built toward your transition, think of it instead as lashing together a raft. Transition is a temporary expense. (Find out more tips on how to lash together your…
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