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 we recommend for secure 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, your Consumer Banker will be sure to find a loan that meets your needs.
- Fixed Rate Mortgages - Let Peoples Bank & Trust help you decide if a fixed rate or variable rate mortgage loan is best for your circumstances.
- Consumer Loans - Whether it’s time for a new vehicle, new appliances or home improvements, we’ll make it easy. We offer assistance with our simple application process, competitive rates and charges and automatic checking/savings deductions. Contact a Consumer Banker for more information.
- Second Mortgage Loans - If you would like to utilize the equity that you have in your home, but want a set payment, this could be the product for you. Contact a Consumer Banker for more information.
- Peoples Home Equity Line of Credit - Looking to utilize the equity in your home? Peoples Bank & Trust will provide you with a revolving line of credit to simplify your life. The line is a reusable line of credit with easy access to funds. There are no closing costs involved to obtain this line of credit. Contact a Consumer Banker for more information.
Tips for Effective Financial Management
- Make sure your mortgage payment, including taxes and insurance, represents no more than 29 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.