Think back to when you first started out on your own - the whole open road in front of you. Where are you now? Sticking to the course, veering off a little or have you left everyone in the dust? Life has that funny way of throwing a couple of curves at you, now's the best time plan for the trip ahead.
Best Practices - Checking and Savings
Now is the time to re-evaluate your savings plans. Can you put a little more in your savings account? Are there any big purchases coming up that you need to be more prepared for? College tuition has been rising rapidly over the years – have you saved enough for when your kids go to college? Will you or your kids need a new car when there are more drivers in the family? These are all major expenses that approach us faster than we realize. Open a new savings account and set up a monthly savings plan, adding more to your savings or opening a checking account that gains interest. There are many options that a Univest banking professional can help you explore. Go to http://univest.net/personal_deposit_rates.aspx to learn more.
Drive Down Debt
With so many family needs, paying the mortgage, making car payments and taking the occasional vacation, it is easy to acquire more debt than expected. Learning about new debt consolidation strategies might help you get out of debt sooner and keep it from coming back. Consolidating your debt in a single, low-interest loan will help you get rid of debt sooner. Univest can help.
If you need a loan for your home for things such as repairs or additions, think about applying for a home equity loan. It allows you to use the funds you have invested in your home as collateral. You can borrow up to 80% of your property's value with Univest's home equity line of credit.
Retirement Tune-up
Life always finds a way of keeping you busy, but you should still be keeping up with your retirement plan. Have you re-evaluated how much money is going into your retirement fund? At the rate you are going, will you have enough to retire at the age you would like to? Talk with an advisor to see if you can invest any more money right now, or if you can continually increase the amount you save each year. Speak with any of Univest's experienced advisors to see if you could be doing anything more for retirement. http://www.univest.net/personal_investments_retirement_planning.aspx
Life Insurance
If anything suddenly happened to you, would your family be protected? It is always important to think about these things and make sure you are properly prepared with a life insurance plan. Life insurance can help pay for funeral costs, child-rearing expenses, your children's education, home expenses, supplement retirement income and help your family replace lost income. If people depend on you, you should have life insurance. The amount of life insurance needed depends on:
- How much debt you have
- Marital status
- How many children you have
- What you will leave your family
- Additional factors
Depending on your needs, you can choose to have term life insurance or whole life insurance. Let Univest help you decide what it best for you.
