Financially Preparing for Major Milestones
Life is full of exciting moments, from college and your first job to retirement. When you need personal banking services to prepare for those milestones, count on Landmark National Bank. We’ve gathered a variety of tips to help you prepare for five key milestones in your life:
● Becoming financially independent as a young adult
● Having a baby
When should I open my first savings account?
Whether you’re in high school or college, managing your own finances can be an exciting and overwhelming milestone as a young adult. Make the transition to becoming responsible for your own money easier with Landmark National Bank. We offer savings accounts designed especially for students and young adults.
Additionally, if you have a part- or full-time job, you’ll need a secure place to keep your hard-earned money. We offer checking accounts and debit cards to help you manage your finances. Having a bank account can also help you learn how to create a budget and plan for financial goals.
Do I qualify as a first-time homebuyer?
Buying your first home may feel like an intimidating process, but Landmark National Bank can help. We provide a variety of first-time home buyer program in Kansas, including:
- The Freddie Mac Home Possible program
- The Kansas Housing Assistance program
- Federal Home Loan Bank Housing Assistance Program
We also work with our neighbors in Missouri through the Missouri Housing Development Commission.
If you’re wondering if you should buy a house, your budget plays an important role in qualifying for a loan. Take the first steps of finding a mortgage lender, discussing the specifics you’re looking for and what is realistic for you. The three main steps to acquiring a home loan include:
- Home Loan Pre-Qualification
- Home Loan Process
- Home Loan Approval and Funding
Home Loan Pre-Qualification
To get your home loan pre-qualification, contact a mortgage lender. They will walk you through general financing information to determine how much you will be able to borrow.
The Home Loan Process
After you have put an offer in on a property and have a contract, you’ll review your financing options and lock in your rate. Remember: the home loan process is ongoing, and every financial decision you make can impact your ability to finalize your loan. Avoid major purchases, such as buying a car, until after you’ve finalized the contract on your new home.
Home Loan Approval and Funding
Once your realtor designates an escrow or title company to handle the funds, Landmark National Bank then coordinates with them. Once you close and take ownership of your new home, it’s time to move in and celebrate this exciting milestone.
How to Combine Finances After Marriage
Combining finances with your significant other is a decision like many others that requires serious consideration and thought. You have a few options to combine your finances: you can keep separate checking accounts and share a savings account, or share all accounts and investments.
Have an open and honest conversation with your significant other about the expectations for the joint account(s) and how the funds will be used. Before you decide to combine finances, take a look at your budgets. How much is each person contributing? How much should each person contribute? What is your spending plan?
Preparing for a Baby Financially
Deciding to have a baby requires a serious conversation with your significant other. You will have to answer the big question: how to prepare for a baby financially.
You’ll need to have several conversations before making this life-changing experience, but the first should be about finances and budgeting. A few things to keep in mind while budgeting is:
- Estimation of medical cost
- Taking leave from work to care for your newborn
- Additional costs such as diapers or formula
If you have insurance, talk with your provider about what your policy covers and what you can expect to pay out of pocket. Additionally, you will want to check with your employer about your company’s family leave options.
The next step is budgeting and estimating how much you’ll spend on diapers, formula, or other necessary items. Once you have worked through these decisions, start working towards making those necessary budget changes. Track your baby budget easily through a savings account.
How to Prepare for Retirement
Retirement is the last major financial milestone for most people. Most Americans retire at 62 to 65 years of age, but many factors play into how you save for retirement, such as:
- Personal savings
- Employers pension plan
- Investments and stocks
The earlier you start planning for retirement, the more prepared you will be. Important things to take into account is how much you need to live off of and if you plan to fully retire or hold a part-time position. Start with your personal savings and make a plan to put a certain dollar amount in each month.
Next, check with your employer to see what kind of retirement plans they offer. If your employer does not offer retirement plans, you can open your own retirement savings account.
Prepare for Milestones with an Account from Landmark National Bank
Life can be full of excitement, adventure, and lessons. No matter your age, it’s never too early to prepare and save for life’s milestones. From welcoming a bundle of joy into your life to preparing for retirement, your financial wellness is essential for each stage of life.
When you need personal banking products and services you can count on, look no further than Landmark National Bank. We proudly service the banking needs of our friends and neighbors throughout Kansas. Find a Landmark National Bank branch location near you today!