Southport Bank’s Life Stage Financial Solutions
Setting out as an adult with new responsibilities and priorities; managing the financial responsibilities of life
You may have resisted it as long as possible, but now there's no denying it: You're an adult, with all the responsibilities associated with that stage in life. Maybe you're thinking about buying your first home or upgrading to a larger one. You may be considering setting aside money for your children’s education — but how much, and where? And every time you turn around, there's a reminder that you need to plan ahead for retirement. But your paycheck only goes so far.
If this sounds familiar, you're probably Building Up your financial life. Dealing with so many priorities at once can be stressful, but at Southport Bank, we can help you lay the right financial foundation.
|1.||Build assets through saving at least 10% of your income|
It may be wise to invest in CDs or money market funds for your short term goals and the stock market for your longer term goals. Historically, the stock market has outperformed other types of investments over comparable time period, but it’s not for the faint of heart. You may also want to join a 401K plan if available from your employer or open up an IRA account.
Southport Bank can help compound your savings with an account that’s right for you:
|2.||Establish an emergency fund|
A good guide is to save three to six months worth of living expenses to cover rent or house payments, utilities, car payments, food, transportation and insurance into a separate bank account that could be easily accessed in the case of those unexpected life events such as the loss of a job or uncovered medical expenses.
|3.||Conserve time, money and paper with Southport Bank’s convenient checking account with online banking and bill pay as well as no-charge ATM services|
You’ll reduce the time it takes to pay your bills and save on the expense of printed paper checks and postage while helping the environment as well.
Avoid high-interest credit cards and pay off your credit card debt monthly. Work with Southport Bank for your consumer lending needs including personal and vehicle loans, home mortgages and home equity loans and lines of credit.
|5.||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:
You are entitled to receive one free credit file disclosure every 12 months from each of the nationwide consumer credit reporting companies. This free credit file can be requested through www.annualcreditreport.com, or by phone at (877)322-8228. The website also offers a form to complete and order your report through the mail.
Learn more about credit reporting at www.ftc.gov . For copies of FTC (Federal Trade Commission) brochures on credit, please call (877) FTC-HELP.
It is the general practice of Southport Bank to lend to individuals and businesses that reside and exist in Kenosha County, Wisconsin and all adjacent counties. Click here to view our Community Reinvestment Act Statement and Federal Fair Lending Laws.
Tips for Effective Financial Management:
- Pay off your credit card debt. It is senseless to pay 13% to 20% interest on credit card payments while your savings accounts earn one or two percent.
- If you cannot pay off your credit card debt, pay more than the minimum payment each month which in some cases will only cover the interest charges.
- Don’t worry too much about paying off student loans early. These normally have a much lower interest rate than credit cards. By making low payments on student loans, you’ll have more money to reduce high interest credit card debt.
Doubling your Money.
When it comes to finances, it's usually safe to say that the longer you invest your money, the more you'll have. You can figure out how long it will take to double your money with the "Rule of 72," by dividing your interest rate into 72.
Example: Savings interest rate = 2% 72 ÷ 2 = 36
Money in a saving account earning 2% interest takes 36 years to double.
Southport Bank Making your Life Easier with:
- eZ Checking or eBusiness Checking options
- Online banking and bill payments
Get started today!