FAMILIES ON THE GO


Managing the financial responsibilities of family life

By the time you have a family of your own, there will be accompanying expenses such as fees for various activities and lessons for your children, family vacations, saving for college educations or buying a new home. Throughout this time, you should regularly evaluate your progress towards achieving the financial goals you set earlier in your life and adjust your spending, budgeting and saving to make sure you stay on track. With all the demands a family places on your income, it is still important to build your long-term investments.

Planning and discipline that determines what and how you spend contributes to your future financial success. Here are some tips BCT recommends for sound financial management during this demanding time of your life.

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1. Review your Checking and Savings Accounts

BCT’s personal checking and savings accounts are designed for your lifestyle. Whether your needs are for simplified banking or for banking with enhanced options, BCT values the opportunity to build a banking relationship with you.

  • ACTIVE - is a non-interest bearing account that is eligible for BCT Rewards.
  • ACTIVE PLUS - is an interest bearing account based on balances at a tiered rate.

BCT can help compound your savings with an account that’s right for you:

 

2. Start College Savings plan for your children

By starting early, when your child is in preschool or before, you can build a realistic fund through the power of compounding over many years. The earlier you start, the less you’ll have to save per month.

Through BCT, you can access products designed to help you fund your child’s higher education. To learn more, or set up an educational account, click on the links below.

529 Educational Savings Plan
BCT Certificate of Deposit
US Government EE Savings Bonds

 

3. Shop for the best mortgage and consumer loans

Seeking the best mortgage or consumer loan 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 and down payment and private mortgage insurance requirements. 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 BCT that meets your needs. To apply for a mortgage or consumer loan now, click on the links below, or stop by and talk with one of our lending officers.

CommonSense Mortgages – BCT offers a variety of mortgage loans to meet all needs.

Personal Loans – BCT offers personal loans with and without collateral

4. Understand your credit report

Your 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. Three credit reporting agencies - Equifax, TransUnion and Experian - maintain these reports, and lenders buy them to help them decide whether to offer you a prequalification. 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 you 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:

 

5. Conserve time, money and paper with BCT’s convenient electronic services

You’ll reduce the time it takes to pay your bills and save on the expense of printed paper checks and postage while helping the environment as well.

 

6. Save for Retirement

Many people underestimate the amount of money they’ll need in retirement. Be realistic about major expenditures, e.g., will your mortgage be paid off by retirement? If so, you may need less income than you do now. Do you plan to buy a vacation home or travel extensively? Will you have to pay for your own health insurance? These and other financial considerations all come into play.

Now is a good time to up your contributions to your retirement savings accounts. Talk with BCT’s financial consultants to learn about the products we offer that can help you meet your retirement goals.

Contact BCT Investments for more details on how to put yourself on the road to retirement.

TIPS FOR EFFECTIVE FINANCIAL MANAGEMENT

  • Make sure your mortgage payment, including taxes and insurance, represents no more than 28 percent of your gross monthly income.
  • Review the cost of your health care insurance and make sure you are getting adequate coverage at the best price.
  • Make wise purchasing decisions by determining what you “need” compared to what you “want.” This will help you make ongoing decisions to keep your finances in check.
  • Guard against impulse shopping, especially for costly purchases such as vehicles, major appliances, furniture, jewelry and the like.

Some Financial Calculators for the Family on the Go...

Our calculators can help you determine what you need to achieve your goals and stay on budget. Visit our Calculator Page with over 50 additional Financial Calculators.

FOR MORE INFORMATION

Request information online or contact one of our convenient locations:

Charles Town 304-725-8431
Harpers Ferry 304-535-6336
Kearneysville 304-876-2563
Martinsburg 304-262-0089
Hedgesville 304-754-0000
Hagerstown 301-739-4228