Life Stages > Career-Focused Adults
Financial Guidance for Maturing Adults without Children
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.
CBC Bank can help you stay on track with your long term financial goals.
1. 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 CBC Bank that meets your needs. To apply for a mortgage or consumer loan, stop by and talk with one of our lending officers.
- Fixed Rate Mortgages
- Adjustable Rate Mortgages
- Construction Loans
- Installment Loans
- Home Improvement Loans
- Second Mortgage Loans
- Installment Loans
- Home Equity Loans
- Home Equity Line of Credit
2. 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'll 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:
3. Conserve time, money and paper with CBC Bank's convenient checking accounts with online banking and bill pay and ATM 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.
- Choice Checking - Unlimited transactions and no minimum balance requirements.
- NOW Interest Checking- Pays interest on your balance of $1,000.00 or more.
4. Improve funds availability and save time and money with CBC Bank convenient direct deposit service.
Save the time and expense required to prepare, transport and deposit transactions, by using Direct Deposit. Business customers may utilize Remote Deposit from yourr office at any time of day or night. Our simple, web-based interface integrated with an inexpensive flatbed scanner and our online banking service lets you electronically deposit checks into your account for improved cash flow. To learn more, go to Direct Deposit.
5. 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 CBC Bank's financial consultants to learn about FDIC Insured products we offer or talk with an Investment Professional for non FDIC Insured solutions to see what solution is best for you.
- Certificates of Deposit-A great way to save with FDIC coverage.
- The Investment Centre-- Non FDIC insured products and other investment alternatives.
Tips for Effective Financial Management
- Understand what your credit report score means and take a pro-active role in monitoring it.
- Resist the urge to cut back on savings to meet rising expenses or accommodate other goals.
- Make sure your mortgage payment, including taxes and insurance, represents no more than 43 percent of your gross monthly income.
- Spend less than you earn—it’s the simplest way to stay free from all-consuming debt.
Some Financial Calculators for the Career-Focused
Our calculators can help you determine what you need to achieve your goals and stay on budget.