4 Ways to Accomplish Your Money Goals

Whether you’re planning to buy a new home, refinance your existing mortgage or stow away extra cash for retirement, having good financial habits in place can help.

Those habits should include managing your bills, budgeting, keeping an eye on your credit score and more.

Are you looking to achieve some financial goals or get better at handling your money? These four tips could help you get there.

  • Automate your savings. You can set up savings deposits on a weekly, biweekly or monthly basis. You might even be able to get a small portion of each paycheck deposited into your account automatically.

  • Pay all of your bills on time. If you can automate your bill payments too, do that. If not, you can set up reminders before each bill’s due date. Late payments could hurt your credit score considerably.

  • Download a budgeting app. There are a variety of finance apps, and they can help you keep your spending and saving on track. Some even come with free credit monitoring alerts.

  • Look for small ways to save. There are so many methods for saving. Maybe you’ll find success with coupons, cooking at home instead of eating out or turning off the lights and unplugging devices when they’re not in use. You’d be surprised how little changes can add up.

Improving your finances doesn’t have to be complicated. If you make small adjustments to your spending and saving habits now, you could reap the benefits for the long haul.

And if you have questions about home financing, be sure to reach out.

How to Build More Equity in Your Home

Home equity is the stake in your home you actually own. The more equity you have, the more you stand to gain when it’s time to sell later on.

You can also tap home equity via loans or lines of credit when you need to pay for home improvements, medical bills, college tuition or any other costs that you might be dealing with.

Do you want help increasing the equity you have in your home? Here are five simple ways to do it:

  • Choose your neighborhood carefully. Buy a house in an area where home values are on the rise. When the value of your house increases, so does your equity.

  • Make a bigger down payment. Down payments go straight toward your home’s price. That means that the larger your down payment is, the more equity you’ll have from the start.

  • Pay down your mortgage. The lower your home loan balance goes, the larger your share in the home gets. Consider putting windfalls (like tax refunds) toward your loan each year.

  • Make smart upgrades. Remodeling your home can increase your property value, so choose your home improvement projects wisely. But remember that, while your equity will rise, so could your home insurance costs.

  • Refinance to a shorter loan term. Going from a 30-year mortgage to a 15-year loan could allow you to pay off your mortgage — and build equity — faster.

Want to talk more about equity and the financial options it affords you? Get in touch today.