The following article is sponsored by Univest Corporation. For additional information about the services provided by Univest, please visit the web site: www.Univest.net.
Ring in the New Year with Smart Financial Resolutions
By: Lou Spinelli, President, Consumer Banking, Univest Bank and Trust Co.
A popular New Year’s resolution is to wisely manage finances. But it can be tough to stick to a goal this vague. Here are some specific ways to help you be money-smart in 2015.
Maintain an emergency fund. If you do not already have a savings account, open one and set up automatic transfers to help make saving easy. Online banking makes your savings easy to access.
Save for retirement. Making regular contributions to an employer-sponsored retirement plan or an individual retirement account (IRA) can make a big difference when you reach your retirement years. Take a Retirement Ready Assessment to gain greater perspective on how you can prepare for retirement.
Pay off debt. If “pay off” seems too lofty, focus on whittling down debt by paying more than the required minimum amount. Refinancing to a lower interest rate (such as for a home or car loan) may also help you pay down debt faster.
Build great credit. Making on-time payments and handling credit responsibly will raise your credit score, a number that is considered for a large loan such as a mortgage. Online bill pay and account alerts can help you make payments on schedule and ensure the proper funds are available.
Talk about estate planning. Make it a goal to talk about estate planning with aging parents and/or your spouse to help you make decisions and form a plan. Our financial advisors are here to help.
Community banks have practical solutions to help you achieve your financial resolutions. Make 2015 the year you save, pay off debt and prepare for your future.
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