Starting the New Year Right

author imagePosted by Mascoma Bank on January 3, 2022

As we dive into 2022, we asked some our team members to share a piece of financial advice that helps them or they feel could help someone else.

Here are 12 of the best insights they have to share.

1 – Lauren Schumacher – Senior Underwriter Officer:

Always try to pay credit card debt to zero each month. If you can’t, pay more than minimum to get your debt paid down faster.

2 – Molly Sanborn – Relationship Banker, Lyme:

If you get a yearly pay increase at work, take this increase, and add it to your retirement account.

3 – Jeffrey Nowell – Senior Portfolio Manager, Mascoma Wealth Management:

Contribution limits for many types of employer-sponsored retirement plans have increased for 2022.  If you are “maxing out” your retirement contributions at work, you may be able to defer more of your compensation next year.*

4 – Kathrin Kaiser – Portfolio Manager, Mascoma Wealth Management:

Treat your savings like any other monthly expense – set up a recurring transfer to a brokerage account.*

5 – Matt Dattilio – Senior Portfolio Manager, Mascoma Wealth Management:

Investing is a long game – do not sweat the short-term volatility.  Have a plan and stick to it; emotions make us do irrational things.*

6 – Ta Clarke – Office Manager, Mascoma Wealth Management:

The Set It and Forget It Method: If you find yourself having a hard time saving, set up a small portion of your paycheck to be direct deposited into a savings account that you hide from viewing on your online banking.  Saving $25 bi-weekly gives you $650.00 at the end of the year!

7 – Amanda Caringi – Branch Manager, South Burlington:

There are a lot of scammers at work. If it sounds too good to be true, it probably is. If there is a threat or perceived urgency, it’s a scam.  Government entities do not call asking for money and gift cards are not a form of payment.

8 – Dan Emanuele – Senior VP, Private Banking:

If you utilize a High Deductible Health Care Plan, you will also utilize a Health Savings Account. While typically held in custody as a bank deposit account, Health Savings Accounts can also be securities-based accounts, which could lead to greater long-term returns.  If you don’t often draw on your Health Savings Account, consider an investment-grade Health Savings Account to maximize your chances for long term growth.*

9 – Bernice Clark – Relationship Banker, Claremont:

Set a goal, even if it is a small one, and make a plan to achieve it step by step over the year. Small steps can really help you make progress.

10 – Dean Cashman – VP Commercial Loan Officer:

Always have a cash reserve that can cover a year’s worth of your debt payments.  It will be very helpful if/when an unknown negative impact occurs.

11 – Tom Hoyt – Director of Special Projects:

“Don’t try to get happier than happy!”  Too much of the world revolves around convincing you that you need the newest, latest, flashiest item, and in many cases you don’t.

12 – Taryn Johnson – Assistant Branch Manager, New London:

Come up with a fresh budget for the new year to keep your finances in good health, and be sure to budget in some fun money as well.

 

*Not a deposit product, Not FDIC Insured, Not Insured by any Federal Agency, Not Guaranteed by Bank, May go down in value.