No Summer Vacation for Your Finances

Friday, July 05 at 02:05 PM
Category: Personal Finance

Summers can be relaxing with family activities, travel and vacations. While you may be looking forward to enjoying a slower pace this summer, it is not a time to neglect your finances – especially this year.  Before you have too much fun in the sun, here are some financial plans to consider:

Low Interest Rates on Borrowing
With rates at such low levels, you may want to consider refinancing your home mortgage. While rates have moved up somewhat since record lows, you owe it to yourself to investigate whether it makes sense to refinance to a different type of mortgage (ARM or 15 year) to match your mortgage with your needs.  Contact a lender today to see if refinancing is right for you.

Rethinking Your Retirement Plans
The decline in the stock market from 2007 to 2008 decreased the value of many retirement accounts.  Without an assured recovery in the value of investments, you are encouraged to save more while you are still working in an effort to have more for retirement. Be sure to take advantage of all the retirement plan options offered by your employer. Then, consider contributing to an IRA for an additional retirement plannig option.

Putting Your Finances on Auto-Pilot

  • Establish a regular savings program by having a set amount of money transferred from your checking account into a savings account every month. Periodically move those funds into your investment portfolio.
  • Have your mortgage and credit card payments made automatically from your checking account.
  • Set up a “dollar cost averaging” purchasing program for mutual funds.
  • Save for a child’s college education with an automatic transfer into a special savings account.

Making a few decisions and taking a few actions now can help you reach your long-term financial goals and enjoy the summer even more.

Tags: Financial Education, Lending and Financing, Retirement
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