The new year is sure to find many veterans making the financial resolution to save money and pay down debt.
That may require more discipline and planning, since the recently announced cost of living increase for 2025 is 2.5 percent, one of the smallest increases in recent years.
Retired Amry Brig. Gen. Mike Meese, president of AAFMAA, America’s oldest military financial services non-profit, said veterans and their families often live on a fixed budget.
“You’ve got to be realistic when it comes to budgeting and spending,” he said.
Meese said veterans and their families should take a look at their spending habits and trim wherever possible. Maybe that means fewer meals out or coffee runs.
Coming out of the holidays when many people may have taken on additional credit card debt to provide that picture-perfect “Hallmark” Christmas can also serve as a catalyst to having sometimes difficult discussions with family and friends about gift-giving expectations.
Meese, who served in the Army for 32 years and taught both economics and national security courses at West Point, said setting a realistic budget and having a debt payoff plan are great ways for veterans and their survivors to become more financially secure.
Financial advisors say to successfully tackle credit card debt, work on paying off cards that have the smallest balances first. That will give you a feeling of accomplishment as you move from one debt to another.
Meese also urged veterans, survivors, service members and their family members to take advantage of military discounts offered by retailers.
“That’s a great way to save,” he said.
Those with commissary privileges should also consider shopping at their military grocery store in order to cut down on their food bills, he said.
Originally established as the Army Mutual Aid Association, AAFMAA (known today as the American Armed Forces Mutual Aid Association) was formed on Jan. 13, 1879, when officials in the U.S. War Department saw the need for an association to take care of fellow soldiers in the aftermath of the Battle of the Little Bighorn — "Custer's Last Stand."
“We provide insurance and financial services to the military and our veterans,” explained Meese. “We exclusively serve the military and veterans.”
AAFMAA also has a team dedicated to providing benefits assistance to survivors. When a veteran who is a member of the nonprofit dies, AAFMAA has staff to guide survivors through the Veterans Affairs benefits process.
“We focus on survivor assistance, making sure the families can get the benefits they are entitled to,” he said.
Meese also urged veterans to tell their families where their important military paperwork, such as their DD214, veterans disability rating paperwork and marriage certificate.
“Put all that important paperwork in a file and make sure your family knows where it is, so if something were to happen to you they know exactly what to do,” he said.
To learn more about AAFMAA, visit here.
Reach Julia LeDoux at Julia@connectingvets.com.