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 UBM recommends for sound financial management during this demanding time of your life.
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Start Saving for College
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 UBM, you can access products designed to help you fund your child’s higher education. To learn more, click on the links below.
Savings Plans - UBM offers several options to help you fund the cost of a higher education. It’s OK to start small, but start now with a college savings plan that both you and your parents can contribute to:
Coverdell Educations Savings Account – Allowing tax-free withdrawals for qualified educational expenses, this account allows up to $2,000 in deposits per year per child. More information...
US Government EE and I Savings Bonds – EE Bonds are reliable, low-risk government-backed savings products that you can use toward financing education and other special events. These are available at our branch locations.
SMART Savings Accounts- available to children up to the age of 18, this account pays an attractive rate of return while encouraging students to refrain from making withdrawals. More information...
Click on our Calculators link at the top of this website and visit our Savings Calculators - College Savings Plan tool to see how your current plan stacks up!
Save for you and your future 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. In 2018, individuals under age 50 can contribute up to $5,500 into a Roth IRA or Traditional IRA. Those over age 50 can also contribute up to an additional $1,000 in catch-up contributions.Please consult your tax advisor for more information.
Traditional IRA - If you are looking for a tax deductible IRA.
Roth IRA - If you desire tax free withdrawals at retirement over a deduction today.
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 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:
For help determining the best practices and products for sound and productive money management during your particular lifestage, please contact us at 1-800-421-2588 or firstname.lastname@example.org.