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Money Matters Blog

Tuesday, January 15, 2019

Do I Need an Emergency and Rainy Day Fund?

In an effort to simplify their money, people sometimes consolidate accounts. This is ok in many instances, but it’s important to remember that rainy day funds and emergency funds serve different purposes. Additionally, it’s important to have not just one, but both funds available to tap into as needed. Read on for answers to all your questions on rainy day and emergency funds.

Why have a rainy day fund?
Say your washing machine suddenly needs replacing. You’re looking at an extra expense that can run anywhere from $350-$850. Where are you going to get that kind of money?

Monday, January 7, 2019

6 Ways to Help Pay for College

Whether you are paying for college yourself or getting help from family members, college is an expensive endeavor for everyone! With the cost of tuition and room and board increasing each year, it’s important to consider your options when paying for higher education. Here are 6 ways you might have overlooked.

1. Start a 529 plan
Ideally, a tax-advantaged 529 account is opened for a young child, so the savings can accrue over time. While this is an attractive option for families with younger children, experts say it's still worth opening a 529 account even if your student is already in high school.

Monday, December 31, 2018

4 Financial Resolutions for 2019

Happy New Year! Now is a great time to establish goals that you want to reach during the year. If you’re looking for some resolutions to improve your personal finances, we’re pleased to offer some tips to get you on the right track this year.

1. Tune your budget
It’s great to start off the new year with a plan. A budget is a plan that starts with the income you expect and your fixed expenses such as your mortgage or rent, insurance, and utilities. The plan incorporates your savings goals, and the remaining money is designated for your other expenses. A realistic budget will help you set your financial goals and will remind you to stick to them. Now is the perfect time to assess last year’s budget or create a new one if you don’t yet have one in place. 

Thursday, December 27, 2018

6 Financial Mistakes People Make in their 20's and How to Fix Them

Like many people, you may have blown through your 20's making financial decisions that served you well in the moment, but were not the most responsible. Dinner out several times a week, credit card bills you barely looked at, and luxury cars way beyond your budget—life was practically a party!

But now, the party’s over. You’ve woken up into adulthood and realized that all that overspending is going to cost you big—and it’s going to cost for years to come. Luckily, there’s hope. It’s not too late to fix the financial mistakes we all make when we’re young and blissfully ignorant. Here are six of the most common mistakes people make while in their 20's and how to fix them:

Friday, December 21, 2018

School Spotlight: Local High School Students Learn About Credit

Education Partnership Coordinator, Kristen La Forest,
instructs teens about the "Ten Things Teens Should
Know About Credit" at Starkweather Academy.
At our partnering high schools in the Plymouth-Canton community (P-CEP, Starkweather Academy, New School High, and Canton Preparatory High School), Community Financial is busy preparing students for the real world!

Our high school Education Partnership Coordinator, Kristen La Forest, conducts presentations to help teens become more knowledgeable about financial topics and to ready them for the world beyond high school. One of her most requested presentations is “Ten Things Teens Should Know About Credit,” a 50 minute lesson where students learn the basics of credit card use, credit scores, and credit card fraud.