As you go through various life stages, most of your big life events will have a corresponding important financial milestone. To help keep your personal and financial goals on track, you need financial advice from a planning partner you can trust. Learn more about the financial planning that goes along with big life events.
Want to speak to someone who understands the importance of financial planning for big life events? Contact a Union Community Bank Trusted Advisor today.
Life Events that Require Financial Planning
Graduating High School or College
After you’ve graduated high school or college, it’s important to begin building a foundation that will set you up for future financial success. If you haven’t already, the first step should be opening a checking and savings account. Opening an account allows to you save and track your money, and begins your relationship with your bank which will be important down the road.
Want to learn more about how to handle your finances after you graduate? Learn more about financial planning for college grads
Getting Your First Adult Job
Landing your first real adult job is an exciting moment for any young person. This is an important financial milestone that requires a number of important decisions associated with the hiring process. You’ll want to establish a savings account that can be linked to your employer’s direct deposit system. It’s a good time to start building your credit by getting a credit card and using it to make small purchases you can easily pay off.
Even though it may seem early, this is also the ideal time to set up your retirement fund. A retirement fund grows based on how much you put into the fund and for how long. The earlier you start, the more your money grows. If your employer offers to match your 401K contributions to a certain percentage, contribute at least that amount every paycheck. If you don’t, you’ll end up leaving free money on the table. Consult a Union Community Bank Financial Consultant to learn more about the benefits of saving for retirement right out of the gate.
Just how much of your paycheck should you be saving? Read this article to find out
Planning a Wedding
Before you say “I do,” there are a number of important financial decisions you need to make – starting with, “How are we going to pay for the wedding?” You can open a statement savings account (an account separate from your usual savings account) to start saving money and earn interest on what you save.
Have you accounted for everything your big day will require in your wedding budget? Check out this article about wedding budgeting
Growing Your Own Business
Starting and building your own business from the ground up is an ambitious undertaking. Having an experienced bank you can trust is crucial to your business’s success. If you need cashflow, you might consider opening a business line of credit. When you’re looking for a payment solution that would allow your customers to pay online or with cards, you’ll need Merchant Services.
The Union Trusted Advisors provide a wide range of commercial banking services including:
Next Steps: Meet Union’s Main Street Business Banking Team
Want to learn more about how to maintain a budget for a growing business? Learn more about business budget figures
Buying a Home
Buying a home is one of the biggest financial decisions of your life. You’ll need a trusted financial advisor for every step of the buying process. Start with getting a pre-qualification letter that tells realtors and prospective sellers that you should be able to afford a mortgage up to a certain amount. A pre-qualification letter let’s you know how much you’ll be able to realistically spend and show sellers you’re serious about buying which can give you an edge over other buyers.
Throughout this complicated process, it’s important to have a partner you can depend on. An experience mortgage lending expert can provide valuable insight including finding the loan that’s right for you and help you avoid unnecessary fees.
Are you are first time home buyer? Find out the 10 mistakes first-time home buyers should avoid
Having children will dramatically change your life – and your budget. You may need to utilize a home equity loan to expand your home to give your growing family the space it needs. A new child also means more spending on diapers, groceries, education, and a number of other expenses. Earn while you spend with a triple rewards checking account.
While there are many new pressing costs to take into consideration after having a child, it’s a good idea to start planning for the future. Having the funds to pay for college is a large source of stress for many American families. By starting to save right away, you can help ensure your children have the funds they need to be successful later in life. Consider utilizing a 529 plan – a savings investment that works like a 401K for tuition where parents or grandparents can contribute to the investment over a number of years. The contributions are then paid directly to the college, tax free.
Want to renovate your home to fit your growing family? Learn more about creating your dream home
Prepare for Financial Milestones Today
When you are facing big life events, it’s important to have a financial partner you can trust. As Lancaster’s community bank, Union is here for you throughout every important financial milestone. We offer expert service for:
- Savings and Checking Accounts
- Personal Loans
- Home Mortages
- Business Loans
- Business Cash Management
Visit one of our 14 convenient branch locations and start planning your for your future today.