Financial guidance for maturing adults without children
Maximizing your paycheck in your 30s and 40s is a priority during this time when your income tends to rise. You may have discretionary income for travel and hobbies, and the challenge is to find the right balance between spending and saving. The financial decisions you make now will have the greatest impact on the lifestyle you will enjoy during retirement. It’s important to note that people are retiring earlier and living longer, and you may need more money in the future than you think.
Anderson Brothers Bank can help you stay on track with your long term financial goals.
Seeking the best mortgage or consumer loan by shopping, comparing and negotiating may save you thousands of dollars. A mortgage—whether for a home purchase, refinancing or a home equity loan—is a product, just like a car, so terms may be negotiable. You’ll want to compare all the costs involved in obtaining a mortgage including interest rates, points, fees and down payment and private mortgage insurance requirements. Home equity loans and lines of credit can be helpful when extra cash is needed to reduce significant credit card debt—but be cautious about re-building credit card debt once it is paid.
With competitive rates, experienced lending professionals and local decision-making, you’ll be sure to find a loan at Anderson Brothers Bank that meets your needs. To apply for a mortgage or consumer loan, stop by and talk with one of our lending officers.
Your financial behavior over the past seven years, including how much credit you have, how long you've had it and whether you pay your bills on time is information included in your credit report. Three credit reporting agencies — Equifax, TransUnion and Experian — maintain these reports, and lenders buy them to help them decide whether to offer you a prequalification. Your credit report also carries your credit score ranked between 300 and 850 that many lenders use to decide whether you are creditworthy and will repay a loan. Your credit score can also influence the interest rate you pay. In many cases the higher your score, the lower your interest rate. Your credit score is available from the three credit reporting agencies:
You’ll reduce the time it takes to pay your bills and save on the expense of printed paper checks and postage while helping the environment as well.
EBanking allows you to bank from the comfort and convenience of your home or office. You can view your accounts, see images of your checks and deposit items, transfer funds from one ABB account to another, and even pay bills electronically.
Once you're enrolled in ABB's eBanking, you'll be able to sign up for eStatements and use Mobile Banking! With eStatements, you'll enjoy the convenience and efficiency of accessing your statement electronically when and where you want it.
With Mobile Banking you will be able to bank in the palm of your hand, banking done any time.
Direct deposit is a service that allows for the transfer of funds without the hassle associated with paper checks. You have the ability to have most payroll, government, and interest checks automatically deposited into your ABB account.
To learn more, go to Direct Deposit.
Tips for Effective Financial Management:
- Understand what your credit report score means and take a pro-active role in monitoring it.
- Resist the urge to cut back on savings to meet rising expenses or accommodate other goals.
- Make sure your mortgage payment, including taxes and insurance, represents no more than 41 percent of your gross monthly income.
- Spend less than you earn—it’s the simplest way to stay free from all-consuming debt.