At Carter Bank & Trust, we’re all about finding the silver linings in any challenges we face. While there is a lot of uncertainty in the world right now, there are some things you can do to make the most of your financial situation. Here are some money moves you may benefit from making.
Open a Savings Account
According to GoBankingRates.com’s Savings Survey, 69% of Americans have less than $1,000. 45% of respondents claimed they have nothing in a savings account.
Saving money can be hard, especially during times of economic crisis, but remember that every little bit counts! We believe in small steps toward bigger goals so much that we created an entire savings challenge program to encourage customers to save more and earn chances to win more money!
In our Carter Ca$h savings challenges, every increment of $25 on the balance of your Personal Savings account* as of the last day of our drawing periods, earns you an entry to win $50 monthly, $250 quarterly, and $10,000 at year-end!
Refinance Your Loans
Mortgage rates and student loan rates are at an all-time low. If you’re already locked into one of these loans, you may want to consider refinancing your home or consolidating your student loans.
Whether you’re seeking to lower your monthly payment, consolidate debt, reduce term length, or pull out extra cash for emergency funds, the mortgage industry is primed for refinances.
If you’re looking into a refinance, make sure you continue paying your current mortgage payments, consult your mortgage specialist before taking on new debts, and keep your lender updated on any income fluctuations.
Revisit Your Investments
If you’re a long-term investor with a cash-out goal that is farther than 5 years away, it may be best to ride things out. Whether you have concerns about your investments in the stock market or your 401(k), the best you can do is stay calm and not make reactionary decisions.
You can also take advantage of shifting markets at this time by investing in certain business sectors that perform well during a recession such as health care, manufacturing, utilities, and more.
Keep a Positive Mindset
It’s easy to go into panic mode right now and make changes that provide short-term relief. When examining your finances, take time to look at the long-term and make small steps that can provide a big impact once the economy begins to recover. If you need advice, we’re only a phone call away.