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Money Management


Helping customers achieve their next level of financial success.

Many customers at KleinBank say that we provide great customer service. We’re glad to hear it! But, really, we strive to do more than provide great service. We’re here to help you achieve your next level of financial success. Whether you are just starting out or well-established, we know that our eight keys to Money Management can help you strengthen your finances. You have the opportunity to take control of your money instead of letting your money control you.


Money Management


1


Collect Account Information

Where is your money? Most people don’t know, and that is a problem. If you want to get into good financial shape, start by tracking down all the money you have and all the money you owe. In this key, we’ll show you how to collect your account information for easier visibility.



2


Track Spending

Is spending bad? No. But, you need to have knowledge of how much you can spend each month based on your income. If you have a spouse or significant other, you also need to be on the same page with them regarding an acceptable level of spending. In this key, we’ll show you how to see a full picture of spending so you can make decisions about where your money is going.



3


Set Targets and Start Saving

John Maxwell once said “a budget is telling your money where to go instead of wondering where it went.” Most would agree that this quote makes sense. Few are actually able to put it into action. When you set targets for categories of spending before a month begins, you are telling your money where to go before the month begins. You are in charge of your money. In this key, we’ll talk about the mechanics of a budget and help you set targets for spending so that you can begin to start saving.



4


Shed Debt

Do you want to know how to get a raise without your employer’s help? Take charge and shed debt. Did you know that the average American owes $15,611 in credit card debt, $155,192 in mortgage debt, and $32,264 in student loan debt (source: nerdwallet.com)? That is a lot of debt. When you shed debt, you eliminate monthly payments, which is kind of like giving yourself a raise. In this key, we’ll show you how to use the Debt Snowball to shed debt so that you can live unburdened.



5


Create a Money Cushion

When it comes to emergencies in life, it isn’t a question of if but when, right? Trouble will come and it usually will cost money. The car will break down, the washer will start leaking, and the water heater will quit heating water. We don’t often plan for emergencies when it comes to our money, and that’s why 49% of Americans could cover less than one month of expenses during an emergency (source: Country Financial Security Index). In this key, we’ll help you create a Money Cushion so that you are prepared for life’s emergencies. A Money Cushion is a liquid source of funds for use only during an emergency.



6


Plan for Retirement

Finish this sentence: “It is never too _____ to start saving for retirement.” If you are like most people, you probably answered with the word “early”. And, you are correct. It is never too early to start saving for retirement. However, it is also never too “late”. In this key, we’ll share some practical tips for saving for retirement that work!


Securities and Investment Products are: Not FDIC Insured, No Bank Guarantee, May Lose Value, Not A Deposit Product, Not Insured by and Federal Government Agency



7


Help Kids Succeed

Parents - you want your kids to be good money managers, right? But, even if you’ve provided them with great tools and knowledge for managing money, there are many financial hurdles and bumps in life that cause money trouble. In this key, we’ll talk about one of those hurdles – college expenses. Did you know that in 2013 seven out of ten college graduates finished school with an average of $28,400 in debt (source: The Institute for College Access and Success)? That is a big number, and it can cause unnecessary strain on your college graduate’s monthly budget.


Securities and Investment Products are: Not FDIC Insured, No Bank Guarantee, May Lose Value, Not A Deposit Product, Not Insured by and Federal Government Agency



8


Build Up and Distribute

The largest monthly payment for most Americans is their mortgage. Can you imagine what your monthly budget would look like if your mortgage payment was gone? What if you paid off your mortgage early? You could invest, you could have fun, and you could give to a worthy cause. In this key, we’ll explore the links between your mortgage, investments and estate planning so that you can plan for a bright future.


Securities and Investment Products are: Not FDIC Insured, No Bank Guarantee, May Lose Value, Not A Deposit Product, Not Insured by and Federal Government Agency

© Copyright 2015, KleinBank


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