Families on the Go
Managing the financial responsibilities of family life
By the time you have a family of your own, there will be accompanying expenses such as fees for various activities and lessons for your children, family vacations, saving for college educations or buying a new home. Throughout this time, you should regularly evaluate your progress towards achieving the financial goals you set earlier in your life and adjust your spending, budgeting and saving to make sure you stay on track. With all the demands a family places on your income, it is still important to build your long-term investments.
Planning and discipline that determines what and how you spend contributes to your future financial success. Here are some tips Anderson Brothers Bank recommends for sound financial management during this demanding time of your life.
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 you'll 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:
By starting early, when your child is in preschool or before, you can build a realistic fund through the power of compounding over many years. The earlier you start, the less you’ll have to save per month.
Through Anderson Brothers Bank, you can access products designed to help you fund your child’s higher education.
To learn more, or set up an educational account, click on the links below.
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 access your accounts in the palm of your hand through your eBanking account.
Tips for Effective Financial Management:
- Make sure your mortgage payment, including taxes and insurance, represents no more than 41 percent of your gross monthly income.
- Review the cost of your health care insurance and make sure you are getting adequate coverage at the best price.
- Make wise purchasing decisions by determining what you “need” compared to what you “want.” This will help you make ongoing decisions to keep your finances in check.
- Guard against impulse shopping, especially for costly purchases such as vehicles, major appliances, furniture, jewelry and the like.