If your finances are feeling a little off-balance these days, here’s a checklist of things you may want to consider to help get your finances back on track.
Evaluate your budget. Once you start tracking your expenses, you can find ways to trim your spending and devote some of your income to savings every month.
When paying down debt, tackle your high-interest debts first.
When deciding between saving up or paying down your debt, try doing both. As you’re paying down high-interest debt, open a high-interest savings account dedicated to an emergency fund and set up an automatic transfer. Even setting aside $25 a week can add up quickly.
If you’ve deferred mortgage payments and later find you have extra money, you have the option to pay off your mortgage faster with our pre-payment privileges. This allows to pay an extra 20% of your original mortgage value every year. Or, instead of pre-payment, you may want to consider putting that money into a high-interest savings account.
Everyone’s situation is different. Call us at 1.800.728.6440 to set up an appointment with a specialist to explore your options.