Seven financial wellness tips for military members, veterans and their families

November is National Veterans and Military Families Month. LSS Financial Counseling is grateful to all who serve and have served in the armed forces. Thank you for your sacrifice.

Like many Americans, veterans and active-duty service men and women are concerned about financial wellness. We are available to help address the specific financial circumstances that come with military service.

Whether you are active-duty, preparing for civilian life or are a veteran, here are some helpful tips to build a strong, lasting financial foundation.

1) Track your expenses

It is always helpful to know what you spend each month, especially when it feels like money runs short before the month ends. Write down all your expenses and determine which are high priority, versus expenses that might need to be put on hold temporarily. Knowing what expenses aren’t absolutely necessary can help you establish savings for emergencies, if you haven’t started that already.

2) Take advantage of military discounts

Veteran.com lists dozens of companies and stores that give active military members and veterans a financial break on products, including autos, auto parts, insurance, health and beauty, computers, education, and internet service. The site also has discounts available throughout Military Appreciation Month in May.

3) Build and maintain good credit

Go to annualcreditreport.com to request a copy of your free credit report. Review your credit report annually to make sure there are no errors, especially if you were deployed for a period. Make debt payments on time, use only a small amount of your credit card limit, and pay your credit card balance in full each month. Having good credit will allow you to get the lowest interest rates on car and home loans, saving you money in the long run. We can assist you with reviewing your credit report.

4) Be aware of financial scams

An AARP report found that veterans, active-duty service members and their families are nearly 40% more likely to lose money to scams and fraud than the civilian population. Also, according to the Federal Trade Commission, veterans and military retirees reported $350 million in losses due to fraud in 2023. Find out ways to protect yourself and increase your awareness at the Consumer Financial Protection Bureau’s website or VSAFE.gov. 

5) Use benefits and services available 

In Minnesota, each county has a County Veterans Service Officer (CVSO) to ensure all veterans, their families and their survivors receive the benefits and services they deserve. Find your CVSO at macvso.org, or call 888.LinkVet (888.546.5838). For those outside of Minnesota, visit the national website.

Currently, Minnesota veterans or their surviving spouse may be eligible for one-time financial assistance grants if they experience financial difficulties. The Subsistence Assistance and the Disaster Relief Grant are state grants to be aware of; contact your CVSO to apply.

6) Apply for private assistance when facing financial challenges

Your branch’s relief organization provides aid to veterans, other military members and their families who need financial assistance. Check the website for the types of assistance an organization provides and eligibility requirements.

• Air Force Aid Society
• Army Emergency Relief
• Navy-Marine Corps Relief Society
• Coast Guard Mutual Assistance

Below are additional organizations that provide financial assistance. 

• The Red Cross collaborates with military relief societies to provide financial assistance and other services. Active-duty personnel, their immediate family members, veterans and their spouses are eligible. If you are looking for emergency assistance, go to the Red Cross website to see what information you need to start your application, then call 877.272.7337 or submit your application online.
• Operation Homefront has a Critical Financial Assistance program and provides other services to veterans, other military members and their families. The eligibility requirements are fairly broad. 
• PenFed Foundation has several programs for active-duty members, veterans and their families. They include funding and support services to help secure employment, empower entrepreneurs and assist in the transition from military to civilian life.  

7) Contact us; we’re here to provide support 

Lutheran Social Service of Minnesota partners with the Minnesota Department of Veteran Affairs to offer CORE (casework, outreach, referral and education). LSS CORE offers free confidential services for military members, veterans and their families, including financial counseling, behavioral health counseling, caregiver support and respite, nutritious meals, housing and support groups. CORE services can foster greater peace of mind and resiliency, support the development of new skills to cope with challenges, and improve relationships. It has helped military members and their families begin their path toward a stable financial future. To learn more call 844.577.2673 or visit lssmn.org/CORE.

LSS Financial Counseling has certified financial counselors to give you individualized support. They receive PsychArmor training to meet the unique needs and circumstances of veterans and their families. Our counselors will review your situation with you and provide practical advice. Learn more about our services.

Author Kim Miller is senior program manager for partnerships and financial education with LSS Financial Counseling.