• When it comes to housing, veterans can utilize government benefits that allow them to access loans or receive lower interest rates on their current mortgage.
• Veterans needing health care benefits can look into low-cost or no-cost medical services through VA medical programs.
• For veterans and their dependents looking to pursue higher education, the GI Bill is worth evaluating.
• Many businesses provide discounts to veterans to help them save money.
• Payactiv members who are veterans can also take advantage of free financial planning services.

Veterans Day is a perfect time to honor those who served our country. We can also acknowledge that many veteran households deal with significant financial challenges, especially if they live paycheck to paycheck.

Fortunately, knowing about resources that are available to active military and veteran households can help improve difficult financial situations. Here are our top Veteran’s Day money tips to help you with varying needs, from homeownership to healthcare and beyond.

Make the Most of VA Loans for Housing

One of the most valuable government benefits for veterans is the VA loan program, backed by the United States Department of Veteran Affairs. Partner banks and mortgage lenders nationwide issue VA loans.

Features of VA loans include:

• Buying a home with no down payment
• Flexible credit score requirements
• No private mortgage insurance (PMI)

Veterans can even access refinancing options like the VA Interest Rate Reduction Refinance Loan (IRRRL). This program makes refilling an existing VA loan at a lower interest rate easier, which can help reduce monthly payments.

Exploring these options can lead to significant long-term savings on homeownership costs.

Utilize VA Health Care Benefits

Enrolling in VA Health Care can be an affordable alternative to private health insurance, particularly for those with limited incomes. Active-duty military and veterans can access low-cost or no-cost medical services through VA medical programs.

Your history with the VA determines your eligibility and benefit levels. Family members may also be covered, giving your spouse and eligible dependents access to low-cost healthcare. This can include primary care visits, surgeries, and prescription medications.

Explore Education Benefits

Veterans have access to financial support for education through the GI Bill. Going to college or a trade school can cost tens of thousands of dollars, but the GI Bill can be your gateway to an education that unlocks a higher income for the remainder of your career. 

You might be able to go to college at little or no cost. Educational benefits may also be passed onto dependents, helping you send your kids to college for less.

In addition to government programs, you can find many scholarships for veterans to further assist with your college expenses. Every scholarship dollar lowers the cost of your education, potentially helping you avoid or reduce student loans.

Take Advantage of Discount Programs

Veterans can save money on everyday expenses by utilizing discounts offered by retailers, service providers, and travel companies. Many businesses show appreciation for veterans by providing exclusive deals, so it’s always worth asking if a military discount is available. 

Platforms like ID.me can also help veterans quickly find discounts across multiple categories, from groceries to entertainment.

Examples of discounts for veterans include:

Retail and Services

• Home Depot and Lowe’s: 10% off in-store purchases
• AT&T, Verizon, and T-Mobile: Discounts on mobile phone plans
• Jiffy Lube and Meineke: Savings on oil changes and car maintenance
• Costco: Discounted membership rates for military members

Travel and Leisure

• Delta, United, and Southwest Airlines: Discounts on flights and baggage fees
• Marriott, Hilton, and Choice Hotels: Special rates for veterans and active military
• National Park Service: Free or reduced admission to national parks
• AMC Theatres: Discounted ticket prices for movies available exclusively for Payactiv Visa^Ⓡ Card* holders

By taking advantage of these savings, veterans can stretch their dollars further, making it easier to manage expenses and enjoy more activities without breaking the bank.

Budgeting and Financial Planning

The VA offers a range of financial services, often at no cost. This includes free, professional financial advice through FinancialPoint. VA insurance beneficiaries can access personalized financial plans by entering their information online, and the service is available 24/7.

Veterans as well as every Payactiv member can access no-cost financial planning. Just open the Payactiv app¹ and navigate to the tab to sign up for a free financial planning session with our partner, KOFE.

The Payactiv app also includes powerful tools to help you understand your spending, track your budget, automate your saving², and access a portion of your paycheck early³, among other financial wellness features. Download the Payactiv app for iPhone or Android to get started.

Celebrating You on Veterans Day

When you know what benefits and resources you have available as a veteran, you can build a stable financial foundation that helps you reach your money-related goals and avoid the stress of paycheck-to-paycheck living. Small, consistent actions can add up to significant savings.

When your finances are under control, you can relax and take the time to celebrate your service while living the life you’ve earned this Veterans Day.

¹Standard data rates may apply from your wireless service provider.

²Goal-based saving is a set-aside account, and you will not receive interest or other earnings on the funds within the goal-based account.

³Earned Wage Access requires employer participation. Employees can only access a portion of the wages they have earned to date.

*Central Bank of Kansas City does not administer, nor is liable for earned wage access. The Payactiv Visa Prepaid Card is issued by Central Bank of Kansas City, Member FDIC, pursuant to a license from Visa U.S.A. Inc. Certain fees, terms, and conditions are associated with the approval, maintenance, and use of the Card. You should consult your Cardholder Agreement and the Fee Schedule at payactiv.com/card411. If you have questions regarding the Card or such fees, terms, and conditions, you can contact us toll free at 1-877-747-5862, 24 hours a day, 7 days a week.

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