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Community Corner

Five Ways to Protect Your Financial Health

Local banker has a few suggestions for the New Year

Chris Martin, president and CEO of The which has multiple local branches has a set of five things he believes people should know about managing their money for the New Year:

1) Pay yourself first and prepare for a financial emergency

Consider authorizing a direct deposit monthly from your checking account into your savings account to increase your savings. Having savings helps you avoid putting emergency expenses from a sudden loss of income on your credit card and having to pay the interest charges. A reasonable goal: save six months to a year’s worth of expenses.

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2) Don’t pay for checking

Shop around for a no-fee checking account and use other ways to avoid monthly charges: sign up for direct deposit, bank online and use debit cards more often.

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3) Review your investments

Review all of your account statements carefully and consider meeting your financial advisor to review your investments from this year to see if they’re on track with your short- and long-term financial goals.

4) Sharpen your retirement plan

Rather than hope you'll have enough for a comfortable retirement, take the time to calculate how much you'll actually need. If your employer offers a retirement plan, take advantage by contributing enough to get the maximum company match (if there is one). You can also open an IRA with your local bank.

5) Close unnecessary accounts

Not using a bank account? Consider closing it to avoid having to reactivate the account and the potential costs attached. Haven’t used a credit card in a while? You may want to cancel it once the balance is paid, especially if it has a high annual fee. Your credit score is based on the length of your credit history, so you should keep your longest-standing account open and consider closing others.

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