Financial Advice for Ex-armed Forces Personnel
Finance is one of the most important aspects of your transition into a new life outside of the Armed Forces. The word Finance itself covers everything to do with money and its use including savings, investments, budgeting, debt control and management. This guide aims to help put you in the driving seat with your finances by providing you with links to independent financial information bodies and Government information sites where you will find information, guidelines and tools to help you plan your financial future. To help you navigate the information listed here there are 4 separate headings which are, Day to Day Budgeting, Long Term Financial Planning, Savings and Investments and the Financial Aspects of Resettlement (FAR) Briefing.
Day to Day Budgeting
Understanding the importance of budgeting is extremely important if you want to successfully plan your finances. It's the only way to gain, and stay, in control of your money. It will enable you to reach your money goals, whether they're as basic as having money left at the end of the month or as ambitious as owning a second home abroad.
Preparing your personal budget will allow you to see how much money you have coming in and where it goes. – For further information please see our documents library and web links page.
Long Term Financial Planning
Financial planning makes sense at any stage of life, making it easy to forecast and plan your investment decisions and maximise your income. Learning how to budget and manage your money can take time. A formal financial plan can include a list of savings and growth accounts, project interest rates over a specific period of time, and also identify asset insurance you may need. Goal setting may include retirement planning and setting up specific strategies to achieve each goal. For further information please see our documents library and web links page.
Savings and Investments
This is a complicated area of finance and decisions which may be right for one person will not necessarily be right for another. This section will give you a broad outline of some aspects that you may wish to consider, but you will need to think about what is best for your own personal needs, situation and goals. It is always advisable to seek advice from more than one independent financial adviser. For further information please see our documents library and web links page.
The Financial Aspects of Resettlement (FAR) Briefing
The Financial Aspects of Resettlement Briefing is run by the Forces Pension Society and usually lasts all day. There is normally an input of generic financial advice from a qualified Financial Advisor (and the option of a follow-up personal financial discussion) as well as a handout giving further points of contact. Attendance at these events is treated as duty if you are currently registered for Resettlement (so Allowances may apply). They can be attended at any point in a Service person's career, although priority is given to Service leavers with 9 months or less to discharge. Briefings are tailored, where numbers permit, to different rank groups, and spouses are welcome to attend.
In Germany the briefings are held three times a year in various locations - call Herford RRC or your local AEC for dates and venues.