Serving in Uniform

SERVING IN UNIFORM

You are busy with life today - so why should you be thinking about money for the future? Because people are living longer and retiring early, they tend to need more money than they think.

Maximize your paycheck during your 30's and 40's when your income tends to rise. The compounding of money makes a $ saved earlier in life much more valuable than a $ saved later. Financial decisions today make an impact on your retirement. Find the right balance between spending and saving to enjoy life now and also prepare for the future.

Serving In Uniform 

What are some of the major life events that may impact you while serving in uniform?

Moving is a time of change and something that everyone in the military does at some point in time - usually more than once. Moving means leaving behind familiar people and places and moving into a life of new possibilities. Prepare ahead of time for all those challenges to make things go smoother.

Exchange Bank can assist by:

Helping you set up and utilize online banking services.

Helping you set up to utilize Mobile Banking.

Providing financial assistance with a Line of Credit or short term personal loan to meet temporary expenses.

Adjust your debit card limits to meet extenuating circumstances.

Contact us at 800-255-6762 for assistance.

Consider your buying and selling possibilities before you proceed. How long will you remain in the home? Can you sell when it is time to leave? What is the rental market if you decide to place the property for sale? Review the issues before you decide.

Start by shoring up your credit. Prior to applying for a mortgage, make sure your credit history is as clean as possible. Several months prior to house hunting, get copies of your credit report. Make sure the facts are correct and fix any problems you discover.

Aim for a home you can afford. The rule of thumb is that you can buy housing that costs about two-and-one-half times your annual salary. But you'll do better to use one of the many calculators available to get a better handle on how your income, debts and expenses affect what you can afford.

Before house hunting, get pre-approved. Getting pre-approved will save you from looking at homes you can't afford and put you in a better position to make a serious offer when you find the right house. Not to be confused with pre-qualification, which is based on a cursory review of your finances, pre-approval from a lender is based on your actual income, debt and history.

Exchange Bank offers a variety of mortgage options to meet your needs. Contact us today for Home Loan Pre-Approval.

Deploying Soon?

Regardless of the amount of time you will be gone, it is important to be organized and put your affairs in order before you leave. This will avoid a hardship on your family when attempting to handle financial issues.

PLAN. Legal preparations you should make include creating a will, a power of attorney and setting up joint accounts, as applicable. You can add someone you trust (such as a parent) as a second individual to your joint account. If a joint account is not applicable, you can add a Pay on Death Contract for your accounts in order to allow someone such as a parent or your executor to manage your financial accounts.

USE ONLINE SERVICES. You can continue to utilize the full range of online banking services while you are deployed. Sign up for online banking today if you have not already done so.

SET UP AUTOMATIC PROCESSES. You can also manage your finances while you are away with electronic documents, mobile access, automatic deposits and automated bill payments.

We can set up Automatic monthly transfers between your Checking and savings accounts, as well as Automatic Bill payments for recurring payments such as rent, insurance, etc. Contact us at 800-255-6762 to obtain the appropriate information to get these types of transfers established.

WE APPRECIATE the service you perform for your country. We want to help make your deployment as stress free as possible. Contact us at 800-255-6762 if we can assist you in any way.