Maximizing your paycheck in your 30s and 40s is a priority during this time when your income tends to rise. You may have discretionary income for travel and hobbies, and the challenge is to find the right balance between spending and saving. The financial decisions you make now will have the greatest impact on the lifestyle you will enjoy during retirement. It’s important to note that people are retiring earlier and living longer, and you may need more money in the future than you think.
CBT Bank can help you stay on track with your long term financial goals.
CBT 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. Consider home equity loans and lines of credit when extra cash is needed as a lower-cost option to reduce significant credit card debt. 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 debit once it is paid.
With competitive rates, experienced lending professionals and local decision-making, you’ll be sure to find a loan at CBT Bank that meets your needs. To apply for a loan stop by any Community Office Location and talk with one of our lending officers.
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 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:
Visit our Financial Education section and learn how to:
Conserve time, money and paper with CBT Bank’s convenient online banking, online bill pay and e-statements.
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 us to learn about the products we offer that can help you meet your retirement goals.
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.
For help determining the best practices and products for sound and productive money management during your Active Families Life Stage, please contact us at 1-888-765-7551 or email us.