January 2017 A Special Supplement to
MANCHESTER NEWSPAPERS Hit the Ground Running Money management tips for recent grads
Simple Saving Strategies How to save money on everyday expenses
Home Buying How-To How to save enough money for a down payment on a house
WE OUR PATIENTS Rutland Regional is Vermont’s largest community hospital with over 1,650 employees dedicated to your care. The hospital provides multiple services covering 37 medical specialties including women’s health, cancer, cardiology, general surgery and orthopaedics to name a few. We all work together to deliver compassionate care to our patients every day, 24/7, because that is what being a community hospital is all about. Learn more about the award-winning care at Rutland
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Money management tips for recent grads
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illions of students graduate from colleges and universities each year. Upon earning their degrees, many students shift their financial focus from paying tuition to repaying their student loans. Student Loan Hero, a loan consolidation and management company, says Americans owe nearly $1.3 trillion in student loan debt. The average member of the class of 2016 can expect to have $37,172 in student loan debt upon graduation. That’s an increase of 6 percent from 2015. The Canadian Federation of Students says the average college graduate can expect to owe around $27,000 at graduation. Student loan debt is not the only financial hurdle college graduates face upon graduation. Graduates need to learn how to make their money go far and start thinking about investing in the future — even though many graduates earn entry-level salaries upon graduating. The following tips can help grads manage their money
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Recent graduates must take money management seriously to secure their financial futures. and take control of their personal finances. Save a portion of your paycheck. Newfound freedom may tempt grads to go on spending sprees or indulge in a few too many luxuries. Budgeting,
which includes saving a portion of your paycheck for the proverbial rainy day, can set up a nest egg that will come in handy when unforseen expenses pop up. Grads who plan to move back in with their parents can save even more. Grads also can set up automatic contributions to savings accounts so they are not tempted to spend money lingering in their checking accounts. Establish credit. Grads should begin establishing credit profiles as soon as possible. Open a low-interest credit card account and make payments on time, paying the balance in full whenever possible. A strong credit rating will be a significant financial asset in the years to come, influencing everything, including a person’s ability to make big-ticket purchases such as cars and homes. Take advantage of employersponsored retirement plans. New grads may not be thinking about retirement, but the earlier adults begin saving for retirement, the more money they will have available to them when
they do stop working. Take advantage of employer-sponsored retirement plans, such as 401 (k) accounts. Protect against identity theft. Grads should keep careful track of their money and spending so they will know if they have been victimized by a security breach. Many people, and especially young people, live much of their lives online, making them highly susceptible to identity theft if they are not careful. Grads should always be aware of money coming in and going out of their accounts while also making sure to never share sensitive information online. Pay off debt. Pay off high-interest debt first. Explore consolidation when repaying student loans and examine options regarding income-based repayment, which ties monthly payment amounts to income levels rather than total debt. The future is just beginning for new graduates, and making smart financial choices is a large part of the years ahead.
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*August 2, 1990 to today (Persian Gulf/ War on Terrorism) December 20, 1989 to January 31, 1990 (Operation Just Cause - Panama) August 24, 1982 to July 31, 1984 (Lebanon/Grenada) February 28, 1961 to May 7, 1975 (Vietnam) June 25, 1950 to January 31, 1955 (Korea) December 7, 1941 to December 31, 1946 (World War II) April 6, 1917 to November 11, 1918 (World War I) *Because eligibility dates remain open, all members of the U.S. Armed Forces are eligible to join The American Legion at this time, until the date of the end of hostilities as determined by the government of the United States. U.S. Merchant Marine eligible only from December 7, 1941 to December 31, 1946 (WWII).
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How to save enough for a down payment on a house
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home is the most costly thing many people will ever buy. The process of buying a home can be both exciting and nerve-wracking. One way to make the process of buying a home go more smoothly is to save enough money to put down a substantial down payment. Saving for a down payment on a home is similar to saving for other items, only on a far grander scale. Many financial planners and real estate professionals recommend prospective home buyers put down no less than 20 percent of the total cost of the home they’re buying. Down payments short of 20 percent will require private mortgage insurance, or PMI. The cost of PMI depends on a host of variables, but is generally between 0.3 and 1.5 percent of the original loan amount. While plenty of homeowners pay PMI, buyers who can afford to put down 20 percent can save themselves a considerable amount of money by doing so. Down payments on a home tend to be substantial, but the following are a few strategies prospective home buyers
can employ to grow their savings with an eye toward making a down payment on their next home. Decide when you want to buy. The first step to buying a home begins when buyers save their first dollar for a down payment. Deciding when to buy can help buyers develop a saving strategy. If buyers decide they want to buy in five years away, they will have more time to build their savings. If buyers want to buy within a year, they will need to save more each month, and those whose existing savings fall far short of the 20 percent threshold may have to accept paying PMI. Prequalify for a mortgage. Before buyers even look for their new homes, they should first sit down with a mortgage lender to determine how much a mortgage they will qualify for.
Prequalifying for a mortgage can make the home buying process a lot easier, and it also can give first-time buyers an idea of how much they can spend. Once lenders prequalify prospective buyers, the buyers can then do the simple math to determine how much they will need to put down. For example, preapproval for a $300,000 loan means buyers will have to put down $60,000 to meet the 20 percent down payment threshold. In that example, buyers can put down less than $60,000, but they will then have to pay PMI. It’s important for buyers to understand that a down payment is not the only costs they will have to come up with when buying a home. Closing costs and other fees will also need to be paid by the buyers. Examine monthly expenses. Once
buyers learn how much mortgage they will qualify for, they will then see how close they are to buying a home. But prospective buyers of all means can save more each month by examining their monthly expenses and looking for ways to save. Buyers can begin by looking over their recent spending habits and then seeing where they can spend less. Cutting back on luxuries and other unnecessary spending can help buyers get closer to buying their next home. Avoid risky investments. Some times it’s great to take risks when investing, but risk should be avoided when saving for a down payment on a home. Traditional vehicles like certificates of deposit, or CDs, and savings accounts can ensure the money buyers are saving for their homes is protected and not subject to market fluctuations. Saving enough to make a down payment on a home can be accomplished if buyers stay disciplined with regard to saving and make sound financial decisions.
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How to pay off your mortgage before maturity
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omes are the most expensive purchases many people will ever make. While home ownership can be rewarding, first-time homeowners may experience some sticker shock when shopping for homes and calculating their potential mortgage costs. But as expensive as home ownership can be, there are ways for homeowners to pay off their mortgages long before those loans reach maturity. Pay extra each month. Factors like home value, property tax and your mortgage loan interest rate determine how much your monthly mortgage payment will be. But there’s still room to save. According to the Chase extra payments calculator, homeowners who borrow $200,000 (after making an initial 20 percent down payment of $50,000 on a home valued at
$250,000) at 4 percent interest and pay $4,000 annually in property taxes and homeowner’s insurance can save more than $26,000 in interest over the life of the loan by paying as little as $100 extra per month. In addition, including an additional $100 each month will trim 59 months, or just about five years, off the life of your loan. Stop paying PMI. If your initial down payment was less than 20 percent of the value of your home at the time you purchased it, then you were likely required to pay private mortgage insurance, or PMI. PMI may be costing you a couple hundred dollars per month, but once your mortgage balance falls below 80 percent of your home’s appraised value, you can ask your lender to stop charging PMI. While it might be nice to pocket those PMI costs
for a rainy day, continue paying that money each month so you can shorten the life of your loan. Have your home reassessed. While homeowners would like to think the value of their homes is always on the rise, some homes decrease in value over time. If your home is reassessed at a lesser value, your property taxes will
decrease. Put the money you’re saving on property taxes toward your monthly mortgage payment each month. Refinance your mortgage. Refinancing to a lower interest rate can lower your monthly mortgage payment, but be sure that the costs to refinance do not exceed the savings you will earn. Apply any money you save from refinancing to your monthly payment.
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How to save money on everyday expenses
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aving money on everyday expenses is a goal for many adults. Certain expenses, such as loan payments, may be more difficult to pare down than others. But there are ways adults can save on everyday expenses without drastically overhauling their daily routines.
Transportation Transportation is a significant expense for many adults. The Federal Highway Administration notes that the average American family devotes 19 percent of its monthly budget to transportation costs, while Statistics Canada points out that Canadian families spent slightly less than $12,000 on average on transportation in 2014. A 2011 report from the American Public Transportation Association
found individuals who ride public transportation can save more than $10,000 annually. That figure is closely tied to fuel costs, but even when fuel costs are low, adults can still save substantial amounts of money by utilizing pubic transportation instead of driving themselves to work every day. Even adults who live in auto dependent exurbs, where families devote 25 percent of their monthly budgets to transportation costs, can save by carpooling to work, which allows commuters to split fuel and toll costs while also reducing wear and tear on their vehicles. That reduced wear and tear will add years to a vehicle’s life, saving auto owners money as a result.
where many adults can likely save some money. A 2013 survey from Visa found that the average person goes out for lunch twice per week, spending $10 each time. That adds up to more than $1,000 annually. By bringing their own lunches to work, working professionals can save hundreds of dollars per year. In addition to the financial benefits of brown-bagging lunches, adults can reap nutritional rewards by packing healthy meals for themselves. Men and women who eat out for lunch each day will have to eat whatever the eateries near their offices have to offer, whether those offerings are healthy or not. Individuals also can save more money by bringing their own coffee to work each day rather than
Brown-bagging lunch instead of buying lunch out each day can save adults hundreds of dollars per year.
Food Food is another daily expense
See EXPENSES, pg. 7
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Expenses
Did you know?
Continued from page 6 relying on coffee shops to satisfy their morning java fix.
Those looking to rein in their spending may want to take inventory of their dining habits. The budgeting resource The Simple
Entertainment Entertainment is another area where many adults can likely save money. NBC News reported in 2015 that the average cable bill was $99 per month, and that was before 2016 rate increases were announced by a host of providers, including DirecTV, Dish Network and Time Warner Cable. Streaming services such as Netflix ($9.99 per month), Amazon Prime ($99 per year) and Hulu Plus ($7.99 per month) combine to cost a fraction of that figure, and such services continue to increase their offerings.
Dollar says the average American eats roughly 4.2 commercially prepared meals per week. This equates to around 18 meals eaten outside of the home in a given month. That can cost diners roughly $232 dollars per month or more. Budget-conscious diners looking to curtail their spending can be pickier about when they choose to dine out. Simply eating at home a few more times per month can add up to considerable savings.
Adults interested in trimming their daily expenses can access all three services for less than $320 per year, or a little more than three months’ worth of cable bills. Reducing everyday expenses is a goal for many adults, and doing so is simpler than men and women may know.
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ife is full of the unexpected. But just because the future is unpredictable does not mean adults cannot prepare for what lies ahead. Estate planning is important, and establishing power of attorney can be essential for men and women looking to protect their financial resources and other assets. What is power of attorney? A power of attorney, or POA, is a document that enables an individual to appoint a person or organization to manage his or her affairs should this individual become unable to do so. According to the National Caregivers Library, POA is granted to an “attorney-in-fact” or “agent” to give a person the legal authority to make decisions for an incapacitated “principal.” The laws for creating a power of attorney vary depending on where a person lives, but there are some general similarities regardless of geography. Why is power of attorney needed? Many people believe their families will be able to step in if an event occurs that leaves them incapacitated and unable to make
decisions for themselves. Unfortunately, this is not always true. If a person is not named as an agent or granted legal access to financial, medical and other pertinent information, family members’ hands may be tied. In addition, the government may appoint someone to make certain decisions for an individual if no POA is named. Just about everyone can benefit from establishing an attorney-in-fact. Doing so does not mean men and women cannot live independently, but it will remove the legal barriers involved should a person no longer be physically or mentally capable of managing certain tasks. Power of attorney varies Power of attorney is a broad term that covers various aspects of decision-making. According to the legal resource ‘Lectric Law Library, the main types of POA include general power of attorney, health care power of attorney, durable power of attorney, and special power of attorney. Many of the responsibilities overlap, but there are some subtle legal differences. Durable power of attorney, for example,
relates to all the appointments involved in general, special and health care powers of attorney being made “durable.” This means the document will remain in effect or take effect if a person becomes mentally incompetent. Certain powers of attorney may fall within a certain time period.
Power of attorney is a key document to include in an estate plan.
What is covered? An agent appointed through POA may be able to handle the following, or more, depending on the verbiage of the document: • banking transactions • buying/selling property • settling claims • filing tax returns • managing government-supplied benefits • maintaining business interests
• making estate-planning decisions • deciding on medical treatments • selling personal property • fulfilling advanced health care directives Although a power of attorney document can be filled out and an agent appointed on one’s own, working with an estate planning attorney to better understand the intricacies of this vital document is advised.
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Information for young parents to include in their wills
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will is a legal document that contains instructions as to what should be done with a person’s money and property upon that person’s death. While no young parent wants to think of their own mortality, parents must have wills to ensure their families are taken care of how they see fit in the wake of their deaths. When devising a will, young parents should consult a legal professional to ensure they have covered all the bases. But the following is some of the basic information young parents should include in their wills. Guardianship: Young parents should include instructions regarding guardianship of their children should they pass away while the children are under the
age of 18. Parents should not assume that their wishes regarding guardianship, even if those wishes had been expressed often, will be followed should they pass away without a will. If no will has been written, laws may dictate that children go to a spouse or the deceased’s closest relative. Even if parents’ wishes regarding guardianship align with the law, they should still spell those wishes out in writing in their wills. Assets: Young parents should use their wills to assign their assets so their money and property is distributed to their heirs in accordance with their wishes. Parents should be as specific as possible when dictating their wishes regarding their assets. Doing so will prevent disputes and ensure their assets are assigned exactly how they intended them to be. For example, parents who have invested in real estate and own more than
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one home should list the address of each property when assigning the homes to their heirs. Executor: This person ensures the deceased’s wishes are met and works with the deceased’s attorney to ensure assets are allocated in adherence to the will. Before naming an executor, parents should first speak with the person to determine if they are willing to do so. The responsibility of serving as an executor is an enormous one, and parents’ initial choice may already be serving as executor of another estate and not want the additional responsibility. When choosing an executor, parents should choose a trustworthy person who has agreed to serve as an executor and understands all of the responsibility that comes with that task. Trustee: Young parents who desire to establish a trust for their children in the wake of their death also must name a trustee to oversee the assets left to their children if their children are too young to do so themselves. The responsibilities of a trustee are similar to those of an executor, but overseeing a trust can last considerably longer than executing a will. For example, trustees may be asked to manage investments and periodically disburse funds for children of the deceased, and such responsibilities can last decades.
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Successful ways to stretch retirement savings Many budding retirees plan to travel, relax and enjoy the company of their spouses when they officially stop working. But such plans only are possible if men and women take steps to secure their financial futures in retirement. According to a recent survey by the personal finance education site MoneyTips. com, roughly one-third of Baby Boomers have no retirement plan. The reason some may have no plan is they have misconceptions about how much money they will need in retirement. Successful retirees understand the steps to take and how to live on a budget. Have a plan. Many people simply fail to plan for retirement. Even men and women who invest in an employer-sponsored retirement program, such as a 401(k), should not make that the only retirement planning they do. Speak with a financial advisor who can help you develop a plan that ensures you don’t outlive your assets. Set reasonable goals. Retirement nest eggs do not need to be enormous. Many retirees have a net worth of less than $1 million, and many people live comfortably on less than $100,000 annually. When planning for retirement, don’t be dissuaded because you won’t be buying a vineyard or villa in Europe. Set reasonable goals for your retirement and make sure you meet those goals.
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people typically want to enjoy themselves and the freedom that comes with retirement. Speak to a financial planner to develop a reasonable estimate of your living expenses when you plan to retire. Pay down or avoid debt while you can. Retiring with debt is a big risk. Try to eliminate all of your debts before you retire and, once you have, focus your energy on growing your investments and/or saving money for retirement. Start early on retirement saving. It’s never too early to begin saving for retirement. Although few twentysomethings are thinking about retirement, the earlier you begin to invest the more time you have to grow your money. Enroll in a retirement plan now so you have a larger nest egg when you reach retirement age.
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How to easily grow your savings One of the keys to successfully managing money is to save money. Conventional financial wisdom recommends men and women have between three and four month’s worth of earnings in their savings accounts to cover themselves in case of an emergency. But many people live paycheck to paycheck, while others are mired in debt. A 2013 survey from BankRate.com found roughly three-quarters of Americans have little emergency savings. Many working professionals find it hard to save any money once they have paid their monthly bills, including home expenses, child care and other common expenses. Although many Canadians are not saving enough, there seems to be a silver lining with regard to money management in that part of North America. The percentage of people who claimed they could not save dropped from 28 percent in 2015 to 17 percent in 2013, according to a BMO Financial Group report on household savings. Statistics Canada reported that the household saving rate rose to 5.4 percent in the third quarter of 2013, which is up from 5 percent in 2015.
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Financial analysts point to consumer trends among younger generations as one possible cause of the dwindling emphasis on saving money. Previous generations were taught the benefits of saving and being frugal, but nowadays many people struggle to distinguish between necessities and luxuries. More readily available access to credit and a more materialistic culture may also be contributing to fewer dollars being saved. While saving may seem like an uphill battle, a little saving can go a long way. Explore these relatively painless ways to cut back and save more money. Do it yourself. Make a list of all the service providers used — from manicurists to hair stylists to lawncare professionals — and figure out where cuts can be made. Doing all or a portion of the work yourself can
save a considerable amount of money. Do your own weeding and edging, only paying a landscaper to perform the more time consuming task of mowing the lawn. Skip an in-salon coloring treatment for an at-home application. Spend a day preparing meals for the week and eliminate much of your dining out expenses or fast food excursions. Review your shopping cart. Impulse buys can bust budgets. When grocery shopping, take some time before getting in line to review your potential purchases. Compare items against your list and figure out if any items can go back on the shelf. Do the same when shopping online. Before you proceed to checkout, review items in your cart. Chances are you can delete one or two from the list. Consider new stores. If you find yourself spending more than you feel is necessary when shopping, look for new stores. Smaller
markets may offer produce and other items at a fraction of the cost of large chain stores. Instead of doing all of your shopping in one place, shop around and buy items where they are the least expensive. For example, you may find paper products are more affordable at a pharmacy than at the supermarket. Learn to coupon effectively. Although you need not go to extremes, use coupons when shopping and learn how to pair sales with coupons to earn even greater discounts. Many blogs and websites help make the process easier, telling you when and where to clip coupons. Sometimes you can print coupons directly online or load discounts to a shopper loyalty card. Scale back on certain services. Assess your lifestyle to determine which services you can live without. If you rarely watch television, you may be able to reduce your cable or satellite package. Figure out if bundling services really does save you money. Add up how many minutes you use on mobile phone plans as well as the amount of data. You might find that you do not need the biggest phone plan after all.
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