Flanagan State Bank’s Life Stage Strategies
Maximizing your paycheck in your 30s and 40s is a priority during this time when your income tends to rise. You may have discretionary income for travel and hobbies, and the challenge is to find the right balance between spending and saving. The financial decisions you make now will have the greatest impact on the lifestyle you will enjoy during retirement. It’s important to note that people are retiring earlier and living longer, and you may need more money in the future than you think.
Owning your own business has its special challenges. Having the right advisors to assist you is vital to your success. You may need a lender, accountant, tax person, attorney and investment advisor who understands your business and your personal goals. Flanagan State Bank specializes in providing guidance and counsel to farmers of central Illinois.
CAPS Planning Tip – It sounds too simple, but the most important concept for your financial future is to spend less money than you make. Unfortunately, this concept can be difficult for some people to put into practice. If you can do this and allocate a portion of your income to your goals, your likelihood of reaching your goals is great.
Commercial loans– Having a lender who specializes in making loans in support of your business is very important. Flanagan State Bank has helped small businesses for almost a century by coming along side and providing good counsel.
Agricultural loans– Flanagan State Bank has a rich history of helping farmers with their credit needs and helping them manage their operation with cash flow assistance and guidance in running their operation. Call any of our branches to find out more information on our expertise and our ag lending officers.
Deposit products for businesses– We aim to make it easy to do business with Flanagan State Bank. Let us compare the features and costs of our business checking to your current accounts.
Remote deposit– You can make deposits without making a trip to the bank by using our remote deposit system.
Health insurance needs – Health savings accounts (HSA’s) provide an alternative to traditional health insurance. It allows you to make tax-deductible contributions and save for medical expenses.
Business retirement plans – CAPS Financial Group specializes in designing and running your business retirement plan at a very reasonable cost. Whether it is a 401(k), profit sharing, SIMPLE IRA, or SEP-IRA, we can work together with your accountant to determine which plan suits your needs.
2. Shop for the best mortgage and consumer loansSeeking the best mortgage by shopping, comparing and negotiating may save you thousands of dollars. A mortgage—whether for a home purchase, refinancing, or a home equity loan—is a product, just like a car, so terms may be negotiable. You’ll want to compare all the costs involved in obtaining a mortgage including interest rates, points, fees, down payments and private mortgage insurance requirements. Consider home equity loans and lines of credit when extra cash is needed as a lower-cost option to reduce significant credit card debt. Home equity loans and lines of credit can be helpful when extra cash is needed to reduce significant credit card debt—but be cautious about re-building credit card debt once it is paid.
With competitive rates, experienced lending professionals and local decision making, you’ll be sure to find a loan at Flanagan State Bank that meets your needs. To apply for a mortgage loan, click on the link below or stop by and talk to our of our experienced lending officers. For a consumer loan, stop by one of our local branches.
3. Understand your credit reportYour 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. 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:
a. Internet banking – Flanagan State Bank offers free internet banking that allows you to view bank statements and account history, as well as perform transfers between accounts.
b. Online Bill Pay – this free service allows you to pay bills online and set up automatic payments to occur at certain times of the month. Save time and money by not having to mail bills out.
Evaluate your health insurance options – If your family is generally healthy and the children are older, you may want to think about opening a Health Savings Account. Health Savings Accounts (HSAs) are tax-exempt accounts where funds grow to pay for eligible medical expenses. HSAs give control back to consumers and assist in lowering healthcare costs. Unused funds can accumulate over time and give you an extra nest egg when retirement rolls around. To get more information on Health Savings Accounts, click here.*
*You must have a high deductible health plan (HDHP) to open a Health Savings Account. Visit with Flanagan State Bank or your insurance provider for more details.
Rent a safe deposit box – This a convenient place to store important items that would be difficult or impossible to replace. Additionally, some insurance companies charge lower insurance premiums on valuables kept in a bank's safe deposit box instead of at home.
Establish wills. It is important that if something should happen to you that your wishes for your assets and possessions are communicated and followed. A will is an easy way to make your wishes known.
For help determining the best accounts and products for sound and productive money management during your Career Focused Life Stage, please contact us or CAPS Financial Group at 309-661-6333.