Career Focused Adult

Financial Guidance for Maturing Adults Without Children

Maximizing your paycheck in your 30s and 40s is a priority during this time when your income tends to rise.  You may have discretionary income for travel and hobbies, and the challenge is to find the right balance between spending and saving.  The financial decisions you make now will have the greatest impact on the lifestyle you will enjoy during retirement.  It’s important to note that people are retiring earlier and living longer, and you may need more money in the future than you think. 

Guardian Credit Union can help you stay on track with your long-term financial goals. 

1. 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. 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 and 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 experienced lending professionals and local decision-making, you’ll be sure to find a loan at Guardian Credit Union that meets your needs.  To see more information on a mortgage or consumer loan now, click the link below, or stop by and talk with one of our lending officers. 

2. 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 if you'll 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:

3. Conserve time, money and paper with Guardian Credit Union’s convenient checking accounts with FREE online banking and FREE bill pay and no-charge ATM services

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.

4. 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 all come into play. 

Now is a good time to up your contributions to your retirement savings accounts.  Talk with Guardian Credit Union’s Member Service Representatives to learn about the products we offer that can help you meet your retirement goals. 

TIPS FOR EFFECTIVE FINANCIAL MANAGEMENT

  • Understand what your credit report score means and take a proactive role in monitoring it. 
  • Resist the urge to cut back on savings to meet rising expenses or accommodate other goals. 
  • Make sure your mortgage payment, including taxes and insurance, represents no more than 28 percent of your gross monthly income.
  • Spend less than you earn—it’s the simplest way to stay free from all-consuming debt.

Need Some Help?

For help determining the best accounts and products for sound and productive money management during your Career Focused Lifestage, please contact us at 334-244-9999 or memberservices@myguardiancu.com.