Do you ever wish you could go back in time and make different financial decisions? Some of the worst financial decisions are made when we are young and just starting to manage our own money and bills. At 18, you get that first taste of freedom, you can get your own credit card, open your own bank accounts without a parent, and even get a loan for a car on your own. But, making the wrong choices this early in the financial game, can set you back and affect your credit for years to come.Continue reading “Finance tips every 18 year old should know”
Working in the world of banking and finance, I often get asked by parents how early is too early to teach their children about money. When should they open accounts in their child’s name, should they give them access to it, or how soon is too soon to give them a debit card?
First and foremost, it ’s really never too early to teach children about money and finances, the earlier they learn the value of money and how to manage it the better off they will be later in life. Continue reading “Finances – What your children need to know”
If you are looking for a simple and easy way to save a few bucks, why not try the 52-week Money Challenge? If you haven’t heard of it before, here’s how it works. Every week you put away the same amount of money as the week of the year. So, week 1 you put away $1, week 2 you put away $2, week 26 is $26, and so on. At the end of the year, you will have saved $1,378. Continue reading “The 52 Week Money Challenge”
It’s so easy to get caught up in the joys and wonder of the holidays without realizing just how much you are overspending. Attending holiday parties, going out to eat, shopping for presents, and even traveling to visit relatives and friend all add up much quicker than we realize – and probably budgeted for. So, before you put your finances through the ringer and force yourself to make a New Year’s Resolution to get your spending under control, check out these simple tips to enjoying the holidays without breaking the bank. Continue reading “10 Tips for Surviving Holiday Overspending”
One of the biggest milestones in your life is graduating from college. It’s a symbol of independence and the start of your life as an adult. You’ll be on the hunt for a new job, a possible new place to live (Mom and Dad’s isn’t that bad, right?), and starting to manage your own money, including paying back those student loans. You don’t want to start your finances off on the wrong foot or overextend yourself from the get-go. Continue reading “Money Managing tips for Recent Graduates”
Taking out student loans for college tuition and room and board is commonplace these days. If you recently graduated from college or decided to take a break from classes, be prepared to start paying back those loans 6 months from the time you leave school. While many students don’t pay close attention as those loans accumulate year after year, the lender does, and once you hit that 6-month threshold, expect those payment notices to start rolling in! Continue reading “When should you refinance your student loans?”
This is a question we get asked a lot at Litchfield Bancorp and it’s actually a very common question regardless of whom you bank with. Protecting the customer plays a huge part in why ATM and spending limits are imposed. Should your debit card happen to be lost or stolen, you wouldn’t want the fraudster to be able to clean out your entire checking account. Continue reading “Why does my Debit Card have spending and ATM limits?”
If you are a parent who has children involved in extracurricular activities and sports, you may already be aware of the skyrocketing increase in the cost of these programs. The costs for everything from music classes, to sports, to dance has seen a 3% to 10% increase according to Backpack Index. Continue reading “Keeping up with the rising costs of Youth Activities and Sports”
Warning: Depending on your child’s hobbies and interests, suggesting they seek employment for the Summer Break and beyond may result in glares, the silent treatment, and resistance.
Some high schoolers love the idea of working to make some extra money, while others think it’s a fate worse than death. However, summer break is a great time to enter the job market and earn money to put towards buying a car, college tuition, paying a cell phone bill, or even simply building a savings account. A job or internship can also be added to those college apps to show work experience and new skills – not to mention they may discover a passion or future career. Continue reading “Why your high school student should have a summer or part time job”
Everyone knows that credit cards come with a credit limit, the maximum amount of money you can charge on the card. However, what’s not as widely known, is that credit card issuers don’t intend for you to max out your credit card by charging up to the credit limit. As you come closer to your credit limit, it can start to have negative effects on your credit score. Love it or not, much depends on the almighty credit score – from buying a home to getting a good rate on insurance and even employment for some professions. Continue reading “Card limits and why you can’t spend all your money whenever you want to”