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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.
- 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. - Molly Sanborn – Relationship Banker, Lyme:
If you get a yearly pay increase at work, take this increase, and add it to your retirement account. - 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.* - Kathrin Kaiser – Portfolio Manager, Mascoma Wealth Management:
Treat your savings like any other monthly expense – set up a recurring transfer to a brokerage account.* - 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.* - 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! - 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. - 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.* - 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. - 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. - 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. - 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.