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 savings 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 ACB Bank recommends for sound financial management during this demanding time of your life.

For help determining the best accounts and products for sound and productive money management during your Families on the Go Lifestage, please contact us.

1.Shop for the best mortgage and consumer loans

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Shopping, comparing and negotiating may save you thousands of dollars when seeking the best mortgage or consumer loan. A mortgage—whether for a home purchase, refinancing or a home equity loan—is a product, just like a car, so terms may be negotiable. You’ll want to compare all the costs involved in obtaining a mortgage including interest rates, points, fees and down payment and private mortgage insurance requirements. Home equity loans can be helpful when reducing significant credit card debt—but be cautious about re-building credit card debt once after paying these loans.

With competitive rates, experienced lending professionals and local decision-making, you’ll be sure to find a loan at ACB Bank that meets your needs. To apply for a mortgage or consumer loan now, call or stop by and talk with one of our lending officers.
 

Mortgages
Construction Loans
Installment Loans

2. Understand your credit report

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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 able to 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:

Equifax – www.equifax.com
TransUnion – www.transunion.com
Experian – www.experian.com

3.Start Saving for College

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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 ACB 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.
 

 

4.Conserve time, money and paper with ACB Bank’s convenient checking accounts with online banking and bill pay

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You’ll reduce the time it takes to pay your bills and save on the expense of paper checks and postage while helping the environment.

Free Checking

Money Market

Interest Account

5. Save for Retirement

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Tips for Effective Financial Management:

 Tips for Effective Financial Management

  • Make sure your mortgage payment, including taxes and insurance, represents no more than 25 percent 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 costly purchases such as vehicles, major appliances, furniture, jewelry and et cetera.

Some Financial Calculators for Families on the Go

Our calculators can help you determine what you need to achieve your goals and stay on budget.

Mortgage Qualifier    401(k) SAVINGS