We are pleased to provide you with additional financial information to assist you with your financial well-being. Please check this page every Wednesday for our updates.
Seven Ways To Use Your Tax Refund
Tax season is the perfect time to hit the reset button on your finances. Your refund can help put you on the right path toward reaching your financial goals. To help you make the most out of your money, we offer the following tips:
- Save for emergencies. More than 60% of Americans are not prepared for unexpected expenses. You can prepare by opening or adding to a savings account that serves as an “emergency fund.” Ideally, it should hold approximately three to six months of living expenses in case of sudden financial hardships such as losing your job or having to replace an automobile.
- Pay off debt. Pay down existing balances either by chipping away at loans with the highest interest rates or eliminating smaller debt first.
- Save for retirement, your child's education or future health expenses. Open or increase contributins to a tax-deferred savings plan like a 401(k) or an IRA. Investigate opening a tax-advantaged 529 education savings plan to ensure school expenses will be covered when your child reaches college age. Or save for future health expenses with tax-free dollars by investing in a Health Savings Account.
- Pay down your mortgage or student loans. Make an extra payment on your mortgage or student loans principal each year to save money or interest while reducing the term of your loans.
- Invest safely with U.S. savings bonds. The U.S. Treasury allows for savings bonds to be purchased using your tax refund for as little as $50. Savings bonds earn interest for a maximum of 30 years.
- Coming Soon!
Please see an Old Fort Banker to put you on the right path towards reaching your financial goals.
Six Basic Steps To Purchasing A Home
STEP 1: Deciding Whether to Buy
- What are the advantages and disadvantages of owning?
- How much can you afford to pay?
- Where do you want to live?
- What kind of house do you want?
STEP 2: Finding The Right Home
- Choosing the right neighborhood.
- Looking for houses for sale.
- Using a real estate broker.
- Dealing with discrimination.
- Choosing the right house.
- Evaluating the condition of the house.
- Knowing what it will cost to own.
STEP 3: Signing On The Dotted Line
- What is a purchase contract?
- What you should know before you sign?
- Using the services of a real estate lawyer.
- Making a deposit on the house.
- Other agreements you should know about.
STEP 4: Paying For The House
- Do you have good credit?
- Getting a mortgage loan to purchase the house.
- Mortgage insurance.
- Appraisals and inspections.
- Insuring the home and its contents.
- Costs of getting a mortgage.
- Old Fort Bank’s Weekly Financial Fitness Article
STEP 5: Becoming The Owner
- How do you become the owner at closing?
- What do you do before the closing?
- What happens at closing?
- Paying closing costs.
STEP 6: Living In The Home
- Moving in.
- Dealing with any problems.
- Making mortgage payments.
- Managing your money.
- Where to go for help.