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Life Stages

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 Raccoon Valley Bank recommends for sound financial management during this demanding time of your life.

 

  • Ask for assistance when the need for borrowing money arises  –  Raccoon Valley Bank's loan officers can help you assess the lending options available to you and help you find an efficient way to borrow the money you need. 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 Raccoon Valley Bank that meets your needs.  To apply for a loan now, click on the link below, or stop by and talk with one of our lending officers. 

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  • Understand your credit report - 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:
  • Start Saving for College — 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 Raccoon Valley 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.
  • Conserve time, money and paper with Raccoon Valley Bank’s convenient checking accounts with online banking, bill pay, eStatements and no activity charge ATM services – 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.

 

  • Save for Retirement  — Many people underestimate the amount of money they’ll need in retirement. Be realistic about major expenditures, e.g., will your mortgage be paid off by retirement?  If so, you may need less income than you do now.  Do you plan to buy a vacation home or travel extensively?  Will you have to pay for your own health insurance?  These and other financial considerations all come into play.
     
    Now is a good time to up your contributions to your retirement savings accounts.  Talk with Raccoon Valley Bank’s financial consultants to learn about the products we offer that can help you meet your retirement goals.

 

For help determining the best practices and products for sound and productive money management during your Active Families Life Stage, please contact us at 515-465-3521 or khoskinson@raccoonvalleybank.com.

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Tips for Effective Financial Management

  • Make sure your mortgage payment, including taxes and insurance, represents no more than 28% 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.

Doubling Your Money

When it comes to finances, it’s usually safe to say that the longer you invest your money, the more you’ll have. You can figure out how long it will take to double your money with the “Rule of 72,” by dividing your interest rate into 72.

 

EXAMPLE: Savings interest rate = 3% ~ 72 ÷ 3 = 24 ~ Money in a savings account earning 3% interest takes 24 years to double.


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