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.