Tag Archives: financial planning

How to Financially Prepare for Natural Disasters

When it comes to preparing your finances for certain occasions, natural disasters usually aren’t one of the events that come to mind. However, not creating an emergency fund for the unexpected could hurt you immensely since Mother Nature doesn’t care whether you’re prepared or not. That’s why Heartland Bank has put together a few tips on how you can ready yourself for a natural disaster.

Make Your Fund A Priority

While some disasters come with a warning, others do not. If you try to prepare too quickly and scramble to figure out what the best strategy for saving your emergency fund is, things will fall apart. Adding to your fund by taking a little out of each paycheck will help you to begin saving quickly. For example, an emergency fund of $500 would be able to pay for a small family’s hotel, transportation, or food if a disaster occurred.

Have Cash On Hand

When being forced to evacuate, ATMs may be overrun or go down, meaning there is no way for you to get cash. Power can go out, leaving debit and credit cards useless. By having cash on hand, you will be able to know that you can purchase necessities when an event occurs.

Document

Be sure to have a fireproof and waterproof box with documents you will need to pick up the pieces after a disaster. You will need documents that have numbers and information to your bank, creditors, health insurance, and property insurance. By having your personal, legal, health, and financial documents together, moving through the disaster will be a much smoother process. Other documents to include would be passports, birth certificates, health records, social security cards, bank routing numbers, deeds, income tax information, and more.

Take Inventory

Be sure to take videos and photos of your belongings. Photograph the interior and exterior of your home along with your vehicle. By documenting all of your belongings and the state they were in, you can be sure that your insurance company won’t shortchange you.

We don’t ever hope a natural disaster will strike, but it’s better to be prepared if something does occur. By having some cash on hand when disaster strikes, you will have a foolproof plan to help aid in your recovery. Contact Heartland Bank to set up an emergency fund or to understand what more you can do in order to be prepared financially!

How to Save $1,000,000 By Retirement

Retirement may seem an eternity away; however, even if it’s a dream 20 years down the road, saving for retirement shouldn’t wait until the goal is in sight. Rule of thumb says you’ll need $1,000,000 in savings to retire comfortably. Our experts at Heartland Bank recommend taking the following steps to save with the future in mind:

Determine when you want your $1 million. The typical age of retirement is 65, but you may be shooting for a few years earlier or later. Whatever the age affects how much you need to save each month, so calculate years left to save based on current age and breakdown monthly savings requirements thereafter.
Start saving ASAP. Compound interest rewards those that begin saving earlier rather than later. A $10,000 investment at age 25 could yield tens of thousands of dollars more by 65 than if that same $10,000 were invested at 35.
Spend less than you save. It’s basic math. You’ll have money left over only if income exceeds expenses. Buying a home within your range, purchasing cars secondhand, and paying for vacations out of savings and not on credit protects you from dipping into debt.
Opt for automatic. Research your employer’s 401k or retirement-based plans and determine what percent you’d like funneled from your paycheck and into your savings. If your employer matches contributions up to a limit, work to reach their maximum to maximize your savings.
Save beyond your 401k. Expect the unexpected. A flooded basement or dying car engine can send you spiraling out of your financial plan if you haven’t budgeted for rainy days. Set up a $1,000 emergency fund as soon as possible, and work to expand it to anywhere from 6-12 months of income to protect you from larger surprises, like medical issues or unemployment.

The road to a million takes time and discipline, but it’s exceedingly possible. For further savings strategies and investment options, make an appointment today to meet with one of our trained financial advisors.

How-To Purchase Your Next Vehicle

Auto Financing

Purchasing a new vehicle is always an exciting venture. At Heartland Bank we want to help you maximize your buying experience with a trusted and affordable auto loan. Before you start roaming the car lots, glance at our easy auto check list to see what type of vehicle both you and your budget are searching for.

Determine if you want a new or used vehicle.

Many auto dealers today offer both new and used. While new can offer updated technology and the assurance of no prior owners, choosing a used vehicle can drastically diminish cost and offers a comparable quality with moderate mileage.

Decide on a budget and a timeline.

When choosing the right vehicle to purchase, there are many questions to help you research which option may be best on your pocket book in the long run.

-How long do you want to drive this vehicle?

-What does your budget allow you to spend for the down payment and installments?

-When do you need your vehicle by?

-What type of MPG do you need to keep gas costs within your overall budget?

-How long do you want to be paying the loan off? (0-5 years)

With these questions in mind you can better view the credentials needed in the ideal vehicle for you and your family.

Save your down payment.

Speak with one of our experienced lenders to discuss your auto financing needs. It’s great to start saving now, to help secure some money down for your new purchase. When estimating the total cost of your new vehicle be sure to include any maintenance work, tires, or other repairs a car may need.

Talk to us!

If you have any questions or want to begin the process of auto financing, call Heartland Bank at (515) 352-3181 or stop by today. We’re happy to help, and look forward to making your next auto buying dream a reality.