Money. Finances. Planning for the future.

These are all sources of stress for transitioning military members, veterans and their families. For many, they are working their first civilian job and must navigate the insurance market, determine work benefits or save for emergencies. For others, managing retirement dollars while budgeting for the future can seem overwhelming.

Finances can cause unnecessary stress as veterans transition from service, come back from overseas assignments, and manage budgets without military benefits. Planning for the future can seem impossible when dealing with the expenses of today.

There are ways to manage finances without the stress, however, it just means taking a few extra steps. The first step: Start with a plan.

You’ll need short-term goals, such as saving for a vacation, building an emergency fund, or paying off a debt. But you’ll also want to think about long-term plans: college funds, retirement, or a down payment for a home. For military members accustomed to living in the barracks or base housing, navigating home prices and rent can seem daunting, but fortunately, there are Veterans Affairs benefits that can save money and help with long-term housing dreams.

Secondly, you’ll need a budget. Allocate 50 percent for needs like rent, groceries, and utilities, 30 percent for wants (like dining out or entertainment), and 20 percent for savings or debt repayment. Use a budgeting app or spreadsheet to track your expenses.

Keep track of how you spend money. Regularly review your bank and credit card statements to understand what you are spending money on — and how often. Check to see if you can save money by eating at home or if you have subscription services that you aren’t using. Remember to take advantage of discounts for military members and veterans.

Veterans and families need to build an emergency fund to avoid using high-interest credit cards when emergencies arise. Aim for three to six months’ worth of living expenses, kept in a separate account. Your first savings goal should be for this emergency fund, which will give you both a cushion and peace of mind when emergencies arise.

High-interest credit cards can take a big bite out of budgets. Take steps to pay off debt. Use the snowball or avalanche method to pay down credit card debt. With the snowball method, pay off the smallest balance first, then roll that payment into the account with the next smallest balance. For the avalanche method, pay off the card with the highest interest rate first, and put any extra payments toward that account. Then add those payments to the next card. Make the minimum payments on all accounts to avoid penalties.

Remember, think about the future, even if today’s expenses seem overwhelming. Save for retirement — even if you have military retirement or money in the thrift savings plan. If you have a second job, continue to save for retirement through employer-sponsored plans or set up an IRA. Maximize any employer contributions.

Insurance is a major expense, but also can be important when emergencies happen at home, in your car or with your health. Be sure to review insurance policies. For many veterans, navigating health care – particularly for those not eligible to use the VA health care system – can be difficult. Think about co-pays and deductibles, look at the out-of-pocket maximums. Make sure you have adequate coverage for health, life, auto, and home. These rates can change, so set aside time at least once a year to look for competitive rates.

Don’t let large expenses creep up without a plan to address them. Save for those big costs. Create sinking funds for irregular expenses like holidays, back-to-school supplies, or car repairs. Sinking funds are separate from emergency funds or savings accounts. They are set up specifically for events or activities that require extra money. Saving incrementally for big purchases – even that new car – can help keep you from relying on credit.

 If you are struggling with too much debt or saving money for the future, there are financial advisors available to help. Ask for help. Many organizations have counselors who are veterans, so they understand the challenges that stem from transitioning from military service, coming back from deployment, and managing family costs. Many services are available free for veterans.

You aren’t alone. If finances are troubling you, reach out. Next Chapter’s partners can create a plan, develop a budget, provide credit advice, and assist with emergencies. Enjoy financial peace of mind — and make your Next Chapter the best one yet.