2022 Personal Finance Tips

2022 Personal Finance Tips

 

With only a few months left in 2021, many people are now starting to think of ways to improve their personal financial health. Let us help you with some tips on how to stay in control of your personal finances in 2022.

 

Cutting Back On Spending

If you think more money is flowing out of your account than what you put it, then it might be best to review your spending. Check for ways to cut back. A little sacrifice on things that you really do not need can go a long way. For instance, cancel some subscriptions. It can be that newspaper or magazine you rarely read, memberships and services you’re not using, or a streaming service that you only opened a few times. 

 

A Realistic Budget

Budgeting is of great importance when it comes to personal finance. That’s why you should put a lot of thought into creating a good one.

 

Instead of following how other people budget, it’s best to consider your individual circumstances and specific needs. Calculate your essential expenses, such as housing, utilities, groceries, transportation, and health care. From there, you can add other necessary expenses. Then, figure out how much you want to set aside for your emergency fund. In doing this, you realize which are the most important expenses you should prioritize.

 

Attainable Goals

Setting financial goals will help you ensure that you’re only spending your money on necessary things. For some, it means buying a house. Others prioritize planning for their retirement. Whatever it may be, you have to make sure your goals are attainable and realistic. Make sure your salary is enough to cover what you are aiming for.

 

For instance, do not plan on paying off a huge debt that is more than what you earn in a year. Having unrealistic goals will set you up for failure, which can discourage you to make the right financial decisions.

 

Saving Up

If you’re thinking of making a big purchase, then saving up for it is the best thing to do. You can start by including it in your budget. Try to set aside a portion of your income for your savings. Come up with a timeline of when you’ll be able to buy the item with the amount that you’re saving up. Use this as motivation to avoid spending money on unnecessary items.

 

If you face unexpected expenses and you don’t have enough funds, the best thing to do is to find an affordable loan from the ACCESS LOANS™ products. This way, you can have worry-free and reasonable repayments. We offer many types of affordable loans that will help you achieve your financial goals.

 

 

 

Investment

Depending on your budget, you may consider allotting some of your money for investments. There are various investment products you can choose from. Make sure you weigh your options well. Consider the pros and cons of each and decide what is best for your financial circumstances. You can also get help from a financial advisor if you want more insight.

 

 

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NOTICE: This communication and its content are for educational and informative purposes only and should not be used as the basis for any investment decision. The information contained herein is based on publicly available sources believed to be reliable but not a representation, expressed or implied, as to its accuracy, completeness or correctness and it is not a replacement for the guidance or professional advice of an accountant, certified financial advisor, or otherwise qualified professional. No information available through this communication is intended or should be construed as any advice, recommendation, or endorsement from us as to any legal, tax, investment, or other matters. Nothing in this communication shall be considered a solicitation or offer to buy or sell any security, future, option, or other financial instrument or to offer or provide any investment advice or service to any person in any jurisdiction. Nothing contained in this communication constitutes investment advice or offers any opinion with respect to the suitability of any security. This information has no regard to the specific investment objectives, financial situation, and particular needs of any specific recipient.  We recommend that you never provide a third party with names, account numbers, or other sensitive information unless you are certain that it has a legitimate business purpose.

 

* ACCESS LOANS™ products are funded and serviced by Safra National Bank of New York (“SNBNY”).

5 Reasons Why You May Need a Short-Term Loan

 

5 Reasons Why You May Need a Short-Term Loan

 

A short-term loan is a great option to help you deal with unexpected expenses if you have already depleted your savings and emergency funds. Here are some reasons why you may want to consider our * ACCESS LOANS™ loan product.

 

Fast Relief

The approval process is fast. There is no need for you to go through a complicated application. In fact, you can get approved for a loan after completing three easy steps. In most cases, you get the money your need in a week or less. You may even get the funds directly deposited into your bank account. If you qualify, you may even get same-day funding.

 

Transparent Help

Unlike other lenders, we do not charge pre-payment fees. That means, you will be getting the amount you are borrowing. There are no hidden charges.

 

You also do not need to worry about the payment setup. We can help you set up your repayment schedule. Our team can guide you to the allotment process to make payments directly through your payroll.

 

Straightforward Process

As stated earlier, the application process is simple. You can easily complete the form online. You can even apply from any device.?  You do not need to provide any collateral to get approved. All you need to submit for our review and approval are your identification documents. Is this true? I thought that we review the bank statement information. If so, then this statement is misleading.

 

Affordable and Fixed Interest Rates

High interest rates make it harder for individuals to pay off their debt. That is why it is important to find loans with affordable interest rates. However, you should also consider whether the rates are fixed or compounding. If they are compounding, you may end up paying so much more.

Our ACCESS LOANS products offer affordable and fixed interest rates.

 

Help Build Your Credit History

What makes these loan programs ideal is that they do not affect your FICO credit score. You do not need to worry about a negative impact on your credit history when you apply.

 

In fact, paying your loan on a timely basis can even help build your credit history. That is because we report your payments to the top three credit bureaus. These are TransUnion, Experian, and Equifax. While they have different reporting methods, they analyze credit reports to determine your creditworthiness.

 

Since your payments are affordable, it is much easier for you to successfully pay off your debt. Thus, boosting your credit score.

 

If you want to know more about employee loans, contact us.

 

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NOTICE: This communication and its content are for educational and informative purposes only and should not be used as the basis for any investment decision. The information contained herein is based on publicly available sources believed to be reliable but not a representation, expressed or implied, as to its accuracy, completeness or correctness and it is not a replacement for the guidance or professional advice of an accountant, certified financial advisor, or otherwise qualified professional. No information available through this communication is intended or should be construed as any advice, recommendation, or endorsement from us as to any legal, tax, investment, or other matters. Nothing in this communication shall be considered a solicitation or offer to buy or sell any security, future, option, or other financial instrument or to offer or provide any investment advice or service to any person in any jurisdiction. Nothing contained in this communication constitutes investment advice or offers any opinion with respect to the suitability of any security. This information has no regard to the specific investment objectives, financial situation, and particular needs of any specific recipient.  We recommend that you never provide a third party with names, account numbers, or other sensitive information unless you are certain that it has a legitimate business purpose.

ACCESS LOANS™ products are funded and serviced by Safra National Bank of New York (“SNBNY”)

5 Reasons Why Federal Employees Should Seek Special Financial Advice

5 Reasons Why Federal Employees Should Seek Special Financial Advice

 

Federal employees have unique circumstances compared to the private-sector employees. That’s why it’s important to seek specific financial advice catered to your unique retirement needs.

 

Retirement

Preparing for retirement is something that most, if not all, employees do. However, as a government employee, you should plan your finances differently. That’s because your benefits are unique. In fact, some of your benefits are not offered to by private-sector employers to their workers.

 

The Thrift Savings Plan, which is a combination of retirement savings and investment plans, is for federal employees and uniformed personnel. 

 

Generally, there are two categories of retirement benefits for federal employees: (1) The Federal Employees Retirement System (FERS) which covers all government workers who started their federal jobs after January 1, 1987. (2) The Civil Service Retirement System (CSRS) which includes all federal employees who started before 1987 and have chosen not to convert to FERS.

 

Social Security

FERS employees are eligible to receive Social Security benefits. The amount will be based on your annual income, as well as the number of years you have been in service. 

 

You can opt to receive your Social Security paycheck in full once your reach your retirement age. However, you may also choose to delay the collection of your benefits. Another option is to elect to receive these benefits at the age of 62, which is earlier than the retirement age. If you choose this option, you’ll get a lower amount each month.

 

Loans

While everyone has access to loans, certain types of loans for federal employees may not be available to workers from the private sector. An example of this is allotment loans. 

 

These are loans designed specifically with federal employees in mind. They provide affordable, fixed interest rates with manageable payment terms. No collateral is required, and loan payments are deducted from your monthly salary.

 

Insurance

Federal employees are also members of a unique life insurance program. This program is the Federal Employees’ Government Life Insurance or FEGLI. 

 

Most federal employees are qualified for basic insurance coverage. For the premium, the government pays 1/3 of the cost while the employee pays for the rest. You can also increase coverage amounts and add other family members to your plan.

 

Healthcare Plans

Federal employees have many options for healthcare benefits. You can opt for a consumer-driven and high deductible plan. With this, you can enroll in a tax-deductible flexible spending account or Health Spending Account (HSA). 

 

You can choose a fee-for-service plan (FFS) with or without Preferred Provider Organizations (PPO). Another option is Health Maintenance Organizations (HMOs). Federal employees are also eligible for Dental and Vision insurance.

 

 

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NOTICE: This communication and its content are for educational and informative purposes only and should not be used as the basis for any investment decision. The information contained herein is based on publicly available sources believed to be reliable but not a representation, expressed or implied, as to its accuracy, completeness or correctness and it is not a replacement for the guidance or professional advice of an accountant, certified financial advisor, or otherwise qualified professional. No information available through this communication is intended or should be construed as any advice, recommendation, or endorsement from us as to any legal, tax, investment, or other matters. Nothing in this communication shall be considered a solicitation or offer to buy or sell any security, future, option, or other financial instrument or to offer or provide any investment advice or service to any person in any jurisdiction. Nothing contained in this communication constitutes investment advice or offers any opinion with respect to the suitability of any security. This information has no regard to the specific investment objectives, financial situation, and particular needs of any specific recipient.  We recommend that you never provide a third party with names, account numbers, or other sensitive information unless you are certain that it has a legitimate business purpose.

Links to third-party websites are provided for your convenience only and you access them solely at your own risk.  We do not endorse or assume any responsibility for any such third-party sites, information, materials, products, or services.  Your access and use of the third-party sites are governed by the terms of use and privacy policies of these third-party sites.  You acknowledge and agree that we shall not be liable or responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or related to the use of or reliance on any content, goods, or services available through any third-party website or resource. 

* ACCESS LOANS™ products are funded and serviced by Safra National Bank of New York (“SNBNY”).