Our outlook on personal finance changes over time. In the early years of our career, we are focused on day-to-day expenses and are just beginning to save for retirement. But as we transition out of the military, we have to change our approach and become more strategic, concentrating on multiple long-term goals at once while still sticking to a budget.

That’s the message from Stacy Miller, a Certified Financial Planner and wife of a retired Army officer, who founded BayView Financial Planning as part of her work to empower military, retiree, and veteran families on their path to financial security.

One of her specialties is guiding servicemembers through their transition to civilian life. She outlined that process, and looked at common financial mistakes, during a recent MOAA webinar; Premium and Life members can watch the recording (login required), part of their access to MOAA’s full webinar archive.

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Whether you’re nearing the end of your time in uniform or looking for guidance after leaving service, keep these four tips from Miller in mind:

1. Prep for Everything: “One thing I wish servicemembers and their families knew about post-service finances would be that preparation is the key to managing many of the things that can go sideways,” Miller told MOAA. “Financial planning is so much more than just investing money. It’s planning for the next big event, whether that is something happening to you (like transitioning out of the military) or something happening in the world (like a pandemic).”

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2. Be Ready for a Rainy Day: “Having an emergency fund – several months of accessible cash flow – to sustain you through the tough times will keep anxiety at bay and the creditors from calling,” Miller said.

3. Don’t Delay: Many servicemembers wait too long to start preparing for their post-military life, Miller said. They should start by taking mandated Transition Assistance Program (TAP) classes as soon as they can, but because the quality of TAP offerings varies by duty station, she recommends seeking other resources online and in the community.

4. Don’t Go It Alone: When it comes to financial programs or planning sessions, “I tell clients to bring their spouse with them whenever possible,” Miller said. “In many cases, the military spouse is the financial manager of the household, so it is important that they get the information firsthand. Knowledge is power, and preparation is key to managing your finances and your anxiety through the transition.”

Find more resources for achieving your financial goals at MOAA.org/finance.