Financial Tips

Tips: Getting Started

Buying a new or used car:

A new car is second only to a home as the most expensive purchase you can make. That’s why it’s important to know how to make a smart deal.
Researching your new or used car is easy. Think about what car model and options you want and how much you’re willing to spend.

  • Do some research. Visit Car-tastic.com and see what’s available locally. Car-tastic™ is the most effective way to save time, money, and stress while searching for your next vehicle.
  • You can access CarFax® reports and a Kelley Blue Book Price Advisor Tool. With these tools, you’ll be less likely to feel pressured into making a hasty or expensive decision at the showroom and more likely to get a better deal.

Saving and emergency planning.

Start your savings plan as soon as possible! The Law of 10 Cents states that you take 10 cents for every dollar you earn and put it away. Pay yourself first. A solid emergency fund is perhaps one of the most important tools in developing and sustaining financial security. Did you know that 8 out of 10 Americans* are living paycheck-to-paycheck, and 40%** of people couldn’t cover a $400 emergency? It’s recommended your emergency savings fund can cover 3-6 months of expenses. For most people looking to start saving, an emergency fund of at least $1,000 will provide the financial security needed to handle unexpected life events and expenses. We’re here to help you identify simple lifestyle changes or tweaks that will help you accomplish your goals.

Buying a home:

Finding a home is an exciting experience, but it can be long and challenging. Knowing what to expect will help you make solid decisions about the type of home you choose.

  • Check your account balance. How much do you have saved for a down payment? Anything less than 20% down means you’ll pay more every month. You will need to borrow more money and will likely be charged private mortgage insurance (PMI) fees on top of your mortgage payments.
  • What’s your number? Your credit score tells lenders how likely you are to pay back a loan on time. It will be used by lenders to determine whether they will lend to you and if so, how much.
  • How much can you afford? Talk to your Shoreline mortgage expert to find out how your mortgage payment can fit your budget.