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Managing the financial responsibilities of family life

By the time you have a family of your own, there will be accompanying expenses such as fees for various activities and lessons for your children, family vacations, saving for college educations, or buying a new home. Throughout this time, you should regularly evaluate your progress toward achieving the financial goals you set earlier in your life and adjust your spending, budgeting, and saving to make sure you stay on track. With all the demands a family places on your income, it is still important to build your long-term investments.

Planning and discipline that determines what and how you spend contributes to your future financial success. Here are some tips American National Bank recommends for sound financial management during this demanding time of your life.

Shop for the best mortgage and consumer loans  >> 

Seeking the best mortgage or consumer loan by shopping, comparing, and negotiating may save you thousands of dollars. Refer to the Federal Reserve's guide to Shopping for a mortgage. A mortgage—whether for a home purchase, refinancing, or a home equity loan—is a product, just like a car, so terms may be negotiable. You'll want to compare all the costs involved in obtaining a mortgage including interest rates, points, fees, down payment, and private mortgage insurance requirements. Home equity loans and lines of credit can be helpful when extra cash is needed to reduce significant credit card debt—but be cautious about re-building credit card debt once it is paid.

With competitive rates, experienced lending professionals, and local decision-making, you'll be sure to find a loan at American National Bank that meets your needs. To apply for a mortgage or consumer loan, stop by and talk with one of our lending officers.

       

Understand your credit report  >> 

Your financial behavior over the past seven years, including how much credit you have, how long you've had it, and whether you pay your bills on time is information included in your credit report. Three credit reporting agencies — Equifax, TransUnion and Experian — maintain these reports, and lenders buy them to help them decide whether to offer you a prequalification. Your credit report also carries your credit score* ranked between 300 and 850 that many lenders use to decide whether you are credit worthy and will repay a loan. Your credit score can also influence the interest rate you pay. In many cases the higher your score, the lower your interest rate. Your credit score is available from the three credit reporting agencies:

*American National Bank currently does not use a credit score when evaluating credit worthiness.           

Start Saving for College  >> 

By starting early, when your child is in preschool or before, you can build a realistic fund through the power of saving over many years. The earlier you start, the less you’ll have to save per month.


Through American National Bank, you can access products designed to help you fund your child’s higher education, such as CDs, Regular Savings Accounts, TUTMA Savings Accounts, and Money Market Accounts.  For more information regarding these accounts, please navigate to our Accounts & Services.

Conserve time, money, and paper with American National Bank’s convenient checking accounts with online banking and bill pay and ATM service  >> 

You'll reduce the time it takes to pay your bills and save on the expense of printed paper checks and postage while helping the environment as well.

Click here to view our e-Banking services   

Save for Retirement  >> 

Many people underestimate the amount of money they’ll need in retirement. Be realistic about major expenditures, e.g., will your mortgage be paid off by retirement? If so, you may need less income than you do now. Do you plan to buy a vacation home or travel extensively? Will you have to pay for your own health insurance? These and other financial considerations come into play. Now is a good time to up your contributions to your retirement savings accounts.

Talk with American National Bank’s new accounts staff to learn about the products we offer that can help you meet your retirement goals.

Certificates of Deposit

Individual Retirement Accounts (IRAs)

Savings and Money Market Accounts

Please call the Bank for current rates.

Tips for Effective Financial Management

  • Make sure your mortgage payment, including taxes and insurance, represents no more than 28 percent of your gross monthly income.
  • Review the cost of your health care insurance and make sure you are getting adequate coverage at the best price.
  • Make wise purchasing decisions by determining what you "need" compared to what you "want." This will help you make ongoing decisions to keep your finances in check.
  • Guard against impulse shopping, especially for costly purchases such as vehicles, major appliances, furniture, jewelry, and the like.

Some Financial Calculators for Families...

Our calculators can help you determine what you need to achieve your goals and stay on budget.

 

For help determining the best accounts and products for sound and productive money management during your Family Life Stage, please contact us at (903) 572-1776 or email us at info@anbmp.com.

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