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5 Steps to Prepare for a Big Purchase

5 Steps to Prepare for a Big PurchaseWhat does it take to decide on a big purchase? A financial journey typically includes several twists and turns – such as understanding how to manage spending, build savings, and control debt. There might be “speed bumps” in the form of unexpected changes in income. Along the way, you might also navigate milestone …

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Vacation Planning

Vacation Planning and BudgetingPlanning a trip this year? Here’s what to know about traveling in 2021 and how much you should spend.Where Can You Go? As of April 2, 2021, the CDC has stated: “People who are fully vaccinated with an FDA-authorized vaccine can travel safely within the United States.” While extra safety protocols are still being practiced in many areas, summer …

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Talking To Your Partner About Money

Talking To Your Partner About MoneyDo you know how to have productive conversations around your finances?When it comes to talking with a spouse or partner about money, many people shy away. It can be scary—but it doesn’t have to be. Positive and frequent communication is key. Talk Often A great way to reduce the stress of talking about money is …

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Working with a Lender

Working with Your Mortgage LenderInvesting is like life – nothing ventured, nothing gained. And, purchasing a home may be the largest investment you ever make.Most lenders require you to complete a mortgage application—a comprehensive financial statement, which can feel overwhelming and complicated. But with the right lender, you’ll be able to easily navigate the necessary steps it takes in order …

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50/30/20 Rule

50/30/20 RuleThe 50/30/20 rule is a practical rule of thumb for individuals who want a budget that is easy, yet effective, to implement. It offers guidelines for enjoying your income while putting savings on autopilot. Humans are fallible—sometimes we just need guidelines. If you struggle making sense of a sea of budgeting systems and mobile apps, consider the 50/30/20 rule. …

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Transitioning to Retirement

Transitioning to RetirementThinking about retirement? Wondering if that’s something you can do? You may be mentally or emotionally ready but are you ready financially? If you have a pension or you’ve participated in a retirement savings plan where you work, and income from that source is a mainstay of your budget, the ideal solution is having your first retirement payment …

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Buying A House

Buying a House How do you know when it’s the right time to consider buying a home? Where do you begin? Start by defining your goals. Consider where you want to live, the features you’re looking for, what you can afford, and a realistic date for having the money you’ll need. Then apply your knowledge to making this key decision. …

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Refinancing Your Loans

Refinancing Your LoansMaking payments on a loan with sub-optimal terms can make you feel trapped. Luckily, refinancing can help you find more suitable terms for the loan. Essentially, refinancing replaces an old loan with a new one with terms that are better for your situation. What Can Be Refinanced? While mortgage loans may be most commonly refinanced, you can also refinance auto, …

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The Cost of a Mortgage

The Cost of a MortgageSince monthly payments spread the cost of a mortgage loan over an extended period, it’s easy to forget the total expense. For example, if you borrow $200,000 for 30 years at 6% interest, your total repayment will be around $431,680, more than two times the original loan. What seems like minor differences in the interest rate …