Future Planning

Have you ever found yourself daydreaming about how you will spend your next pay raise or bonus? Maybe you plan to make repairs on your home, begin saving for your child’s future college expenses, or want to eliminate high-interest credit card debt.   However, before you know it, those funds are gone, and your goals remain incomplete. Where did all this new money go? It’s a phenomenon called lifestyle creep. We’re here to help you understand its causes and consequences and how to avoid it.  What is Lifestyle Creep?  Lifestyle creep, also known as lifestyle inflation, is when your general spending…

Going off to college is both exciting and intimidating. You’ll likely be on your own for the first time, facing new responsibilities and freedoms, meeting new people, and enjoying new experiences.   As you’re taking steps to prepare for college and making lists of everything you need to do to get ready, don’t forget to add a few money-saving checkboxes to your list. Here are some tips to help you cut down on costs and keep up with your finances while attending college.   Explore Available Student Discounts   Never overlook the money-saving potential of student discounts. Many local and chain businesses offer…

Teenagers are at a critical stage of their lives where they are beginning to navigate the complexities of personal finance. Equipping them with the necessary knowledge and tools empowers them to make responsible decisions and build healthy financial habits.   One pivotal step in this journey is selecting the appropriate checking account for your teen. Teaching teens money management skills goes beyond the latest bells and whistles in the financial world. It starts with real-world, hands-on guidance from you with an account that won’t punish them for minor mistakes.   Key Features to Consider in a Teen Checking Account  When deciding which…

Every day the summer sun shines is another opportunity to create cherished memories with your family. For those with children home from school, the quest to find affordable family entertainment takes the spotlight.   Luckily, we put together eight ideas to help bring your family together and create unforgettable experiences without breaking the bank. Prepare for a summer that blends budget-consciousness with family memories that will last a lifetime.  Explore Your Backyard  With all the posts on social media today, it can often feel like the only way to enjoy yourself is to escape to some exotic land. It’s easy to…

Navigating the world of finance can sometimes feel like deciphering a complex code, especially when faced with industry jargon. For example, creditworthiness. What exactly does it mean, and why is it such an important measure of your financial health? We’re here to help demystify creditworthiness so you can better understand its significance in securing loans and other financial products.   What Is Creditworthiness?   Creditworthiness refers to an individual’s ability to repay borrowed funds and fulfill financial obligations. It’s essentially a measure of trustworthiness in terms of managing and repaying debts, reflecting how likely you are to repay creditors. Lenders use it…

What would you do with an extra $1,000? What about $10,000? Or $100,000?   You’ve probably spent time daydreaming about what you would do if you suddenly received an unexpected financial windfall. Maybe it’s a significant work bonus, an inheritance, a lawsuit payout, or even a surprisingly large tax refund.   As you begin to envision what you could do with the extra money, it’s easy to get caught up in the excitement. Your heightened emotions can quickly get the best of you, leading to frivolous spending. However, managing financial windfalls like these wisely requires far more than impulsive decision-making. While it…

Retirement planning can be a confusing subject. With so many differing opinions and investment opportunities, people often second-guess their savings strategies. However, one instrument that remains commonplace today is an IRA or Individual Retirement Account.  Even if you have an employer-sponsored 401(k), incorporating a tax-advantaged traditional or Roth IRA into your retirement plan is beneficial. By making timely contributions that will compound over the years, your IRA will help build a solid foundation for your golden years. In this article, we’ll review tactics to ensure you’re maximizing your IRA investments.  For additional information and resources, click here.  Start Early   Because…