Financial Literacy

/Financial Literacy

Saving as a Family

When you have a family, it seems like there is never enough money to go around and saving money frequently gets pushed aside. However, saving money can help stabilize your family’s financial life.

Saving is putting money aside for future use and requires discipline and, at times, denial. Therefore, it’s important to discuss the […]

2018-06-26T23:05:01+00:00 June 5th, 2018|Financial Literacy, Savings|

Education Savings is Simplified in 2018

The recent tax bill expands 529 savings plans to include expenses for elementary and secondary education. And, the annual gift tax exclusion has increased. This is big news for education savers – no matter how much you are saving!

Congress wanted to make it easier to save for education. Traditionally, 529 plans have been used […]

2018-06-25T18:43:25+00:00 January 5th, 2018|Financial Literacy, Savings|

Is It Always Best to Pay Off Credit Cards Before Saving for Retirement?

Conventional wisdom says you should pay off your credit cards before saving for retirement. While it’s generally true you should pay off high-interest credit card debt as quickly as possible, there are a few situations where retirement savings should come first. Let’s look at the benefits of each approach.

Benefits of Paying Off Credit Cards First

Credit […]

2018-06-25T18:27:58+00:00 September 25th, 2017|Financial Literacy, Savings|

5 Important Questions When Choosing Your New Home

Moving into your own place can be exciting and frightening at the same time. At Patterson State Bank, we suggest considering the following questions when choosing your new home.

1. How much money do you have saved for a down payment?
Start with an evaluation of your financial health. Figure out how much money you have […]