Monthly Archives: April 2019

How to Set and Reach Your Financial Goals

A dream is just a dream until a plan is created and executed. It can be a challenge to know where to start, as some days the expenses seem to come in faster than you can keep up. It’s time to take a step back, think about what you want for your life and begin building that future today.

How to Set

You are probably familiar with the concept of goal setting in your everyday life. Often, they take on the form of dreams, like someday having a vacation home in Hawaii or being able to complete a half marathon. It’s fantastic that you have these dreams and dare to imagine bold things for your life.

However, financial goals should be approached differently. This is why it is difficult for many people to ever achieve their goals, because they don’t know how to set them. A great place to start is taking the time to really think about what is most important to you. Where do you see yourself in five years based on the current financial decisions you are making? Are you happy with this? If not, why? What needs to change? You may want to sit with your partner as you both talk about your goals. You may be surprised at what they have to say and how it may spark ideas of your own! Some examples of other’s financial goals are: paying off credit card debt, starting an emergency fund or saving for a down payment on a vacation home.

How to Attain

If you haven’t heard of the acronym SMART, it’s time to apply it to your financial strategy.

S – Specific

Your financial goals need to be specific. What is it exactly you want? Instead of saying, “I want to be a better saver,” change it to, “I will be a better saver in the entertainment part of my budget. I will do this by…”

M – Measurable

Because we are dealing with numbers to begin with, your financial goal should be something that can be measured. This is so you can tell how far or close you are to the mark. “I will increase our emergency savings by 10 percent.”

A – Achievable

Are your goals out of this world? That may be good for daydreams, but if you are wanting an action plan, it should be attainable. For example, saying that you hope to win the lottery by buying tickets isn’t exactly achievable. Have a goal that is within reach and motivating.

R – Relevant

Is the goal relevant to your life? Does it make sense? If your goal is to buy a luxury vehicle, but you still have many other debts, it may not be a good goal. If it isn’t relevant to your life at this time, it can be put on the back burner. It’s all about the climb.

T – Time Bound

Every goal needs a time stamp. If there isn’t, the goal will just be floating in your mind. This can make it less motivating to accomplish, ensuring that it will never get done. Have an end date in mind. Once this date comes, evaluate where you are and what you did well. Take the time to recognize what you can work on for the next goal. Keep building off of this until you get to where you want to be financially!

Once you start setting some financial goals, open an account with us to help you continue that success!

7 House Buying Tips to Save Money

It’s finally house hunting season and you could not be more excited to get the ball rolling on your big purchase! Before you hit the road or the search bar, take these 7 tips into consideration.

1. Know Your Limits

Before signing the papers or falling in love with the first home you see be realistic about what is in your budget. We recommend spending no more than 25 percent of your monthly income on the mortgage. When you know what this number is, be sure to stick with homes in that price range. Don’t even go into homes that are going to be proportionately out of that limit, or you may kick yourself later as you feel straddled with a home you can’t afford.

2. Be Realistic About Fixer Uppers

While they are fun to watch on TV, if you don’t have the skillset to actually fix homes, a house that needs a lot of TLC is likely not for you. Many see a low price on a home and jump on it, thinking the work needed will be minimal and easy. When it comes to home improvement, no fix is simple and this is even more true if you are a newbie to the renovation game. Often people do not realize the time commitment and additional cost that come with dramatic improvements.

3. Provide a Strong Down Payment

The more you are able to give for a down payment, the greater equity you will already have in the home in addition to a lower monthly payment. This will save you money on interest in the long run.

4. De-clutter the Current Space

It’s time to spring clean your “extras.” We all have things sitting around our home that go untouched and unneeded. Start selling these items at a local thrift store or posting them for sale online. This will help to make your move easier and be a helpful way to start saving for the down payment!

5. Take Your Time When Shopping

Don’t let the desire to get out of your current living space cloud the judgement of the purchase. Take your time studying each home and realize that this is one of the most important big purchases you will make in your lifetime. It needs to be a thoughtful, decisive purchase.

6. Eliminate Other Debts

Get a great deal on the mortgage by making sure your credit score is in tip-top shape. A large purchase with a loan or credit card right before you buy a home will certainly have an impact on your mortgage rate. Boost your credit score by paying down the debt you have and stay away from any other purchases until after the home is in your possession.

7. Conduct a Personal Roof to Basement Inspection

Know the property backwards and forwards before signing the dotted line. This means hiring a trusted inspector and having a contractor come to confirm the findings. After this, there is still a final step. You need to conduct a thorough inspection to ensure that you know exactly what you are in for. This is a great checks and balances system to confirm that you are getting a fair deal that won’t end up costing you thousands in repairs later.

Be smart with your finances and don’t spend all your money on a “dream home.” We’re here to help you know how much house you can afford, while offering mortgage solutions to fit your needs.

8 Energy-Saving Tips for Spring

It was a cold winter and it isn’t quite the scorching days of summer. It’s a beloved time of year for many. But did you realize that you may be spending more than necessary on energy bills this season? Here are eight tried and true ways to save this spring!

1. Say Hello to Your Adoring Fans

Ceiling fans are the coolest way to get your home to a comfortable temperature. If you have fans that are energy efficient, they can potentially cut your costs by as much as 60 percent! Did you know that you should be changing the direction of your ceiling fan for the warm and cold months? Here’s a short how-to video.

2. Hello Sunshine

Get the windows open! Not only is it a great mood booster, but it can provide significant savings. Lighting costs can add up quickly, so take advantage of the natural light right outside of your window. Thankfully, the days are getting longer so you will be able to do this later and later into the evening as the season progresses.

3. A Grill is Swell

Who doesn’t love freshly grilled food? Even the smell of your neighbor grilling can get your mouth watering! A great additional perk of grilling is the cost it can save of having the oven or stove top on. If you’re cooking a meal in the kitchen, it can quickly heat up the whole house, thereby causing the air conditioning to run even more.

4. Seal the Deal

Do you remember the draft you felt coming from the window this year? It’s time to get that sealed. One-third of your energy costs may be going right towards paying for those leaks as cool air escapes in the spring and summer.

5. Suck It Up

In addition to spring cleaning the house, grab the vacuum and get behind your fridge. You may want some assistance to move it out from the wall. If you see that the back is starting to collect dust and debris, getting it cleaned off will help it to run more efficiently.

6. Filters: Forget Me Not

If you haven’t been regularly replacing your air filters, it’s time to do so. This will help it to run efficiently while providing clean air to your lungs.

7. Treat Your Windows Nicely

Window treatments can do wonders to cut costs on the electric bill in all seasons. You can get blinds or curtains. We would recommend thick light-blocking curtains that do a great job of keeping the temperature to your preference on the really warm days.

8. Shorten Spring Showers

Leave the long showers to mother nature. Your water bill can add up quickly, so start challenging yourself to no more than a five-minute shower. One way to make sure you stick to this time is by setting an alarm and placing it in the far corner of the bathroom opposite the shower. Nobody wants to hear that loud beeping while taking a shower!

When you start saving on your energy bills, open a savings account with us today so you can safely store that cash!