Are you looking for a way to give back to your community this Earth Day? While there are a multitude of ways to help, we came up with 5 unique ways for you to make your mark on Earth Day 2019!
- Bring your own bags to the grocery store
- Minimize (and stop completely if possible) your use of plastic straws
- Plant a tree!
- Go paperless with your bills
- Start a community garden
Welcome to the New Year! A new start brings a host of resolutions, many of which may be financial. At Hickory Point Bank, we understand the importance of making sure you kick off your finances on the right foot for the year, starting from your first paycheck of 2023. In this post, we’ll cover some of the most commonly asked questions we received from last year and provide you with the information you need to answer these questions confidently on your own.
“What checking account is best? What are the types of checking accounts?”
Without a doubt, the first step in ensuring strong savings and financial management for the new year, especially for new employees, is to have a savings and checking account set up. When it comes to checking accounts, there are a variety of options available. Some common types include student checking, interest checking, and basic checking accounts. It’s important to compare them before opening an account. In addition, it’s important to have a savings account paired with your checking to build towards your saving goals for the year.
For more information, check out our blogs: What Checking Account Is Best? Here Are 4 Great Options, Why You Should Open a Student Checking Account
“How do I start an IRA account and when should I start an IRA account?”
An IRA, or Individual Retirement account is a tax-advantage savings account to help you save for retirement. These accounts can be started at most financial institutions, including Hickory Point Bank! You can choose between a traditional or Roth IRA, depending on your tax situation.
A Roth IRA is funded with after-tax dollars and contributions are not tax deductible, but the money grows tax-free and can be withdrawn tax-free in retirement. A traditional IRA is funded with pre-tax dollars and your contributions are tax-deductible but the money is taxed when you take it out at retirement. A benefit of starting either type of IRA early is the power of compound interest. The earlier you start, the more your money grows! It’s a great way to kick off the year saving!
For more information, check out our content: Investing for Retirement and take our One Minute IRA Test
“Should I open a Health Savings Account (HSA)?”
While it depends on your individual financial situation, the answer is often yes, if you are eligible. An HSA is a type of savings account that is specifically designed to help you save towards any surprise medical expenses. These HSA accounts are tax advantaged, can provide you flexibility in how you use the funds, and the ability to build a reserve of funds to make surprise medical bills less impactful to your financial situation
For more information, check out our blog: Health Savings Accounts: What You Need To Know
“What is the best way to pay off credit card debt”
For those of you starting the year with strong goals to decrease your credit card debt, there are a few different strategies you can take. One is to focus on paying off the credit card with the highest interest rate first, while making minimum payments on your other credit cards. This is called “the avalanche method”.
Another strategy is “the snowball method” where you tackle the cards with the lowest balances. While the snowball method will save less on interest, many individuals find that it’s more helpful for them to keep up their saving habits because they have small milestones they can celebrate along the way.
Finally, if you have a lot of credit card debt from multiple sources, it may be worthwhile to consolidate your credit card debt into a personal loan with a lower interest rate.
For more information, check out our blogs: Take Control Of Your Spending With These 5 Tips For Paying Off Your Credit Card Debt, How Choosing The Right Credit Card Can Help You Meet Your Goals, and Best Ways To Build Credit: Our Top Tips
“What personal loans can I qualify for”
Speaking of personal loans, you may be wondering “what kind of personal loans can I qualify for”. The answer to this question depends on your credit score and income. Personal loans can be used for consolidating debt, paying or a large purchase (outside of a home or automobile), or covering unexpected expenses. It’s important to have a professional advice you can trust to ensure you get strong pricing and good terms on your personal loan.
For more information, check out our content: Should I Take Out A Personal Loan
In conclusion, as you’re looking to make the most of your paychecks for 2023, there are many products and financial services available to you. It’s important to take your time to understand the options available and make informed decisions that align with your goals and needs.
What’s most important, is that from opening a checking and savings account or paying off your credit card debt, Hickory Point Bank is here for you with professional advisors who understand each of these questions in detail. To address questions around your personal financial situation, give us a call or come into a branch, we’d love to help you kick off your year in the right way.
At Hickory Point Bank we believe in investing in our community to make it a better, cleaner, and overall safer community. We challenge you to take part in Earth Day 2019 and give back to your community! When you invest in us, we invest in you.