Making the decision to become a homeowner is emotionally and financially complex. Here are some key things to ask yourself if you’re considering whether buying is right for you. Do you have a good reason to buy? Sometimes switching from renting to buying is a no-brainer. Maybe you live in a modern one-bedroom apartment in… Read the Rest »
Summertime brings more than sunburns and barbecues — it can also send your monthly expenses through the roof. But with a little work now, you can enjoy the hot season and avoid pinching pennies in the fall. “Ideally, one saves a little bit of money in each of the cooler months and then spends down… Read the Rest »
Bob Mahoney, President and CEO of Belmont Savings Bank, discusses his opinion on when to use a travel agent.
You created an emergency fund, and built it up so it covers three months of living expenses. You paid off your high-interest debt. You funnel 15% of your income to retirement. That’s good work. But, um — now what? Push yourself beyond basic savings goals by taking on these steps. Check your budget If you used a… Read the Rest »
Whether you’re dreaming of an hour-long massage or lazy days lounging under the summer sun, you’ll want to budget wisely for your staycation. After all, you’ve worked hard for this well-deserved treat, and the last thing you want is for your savings account to plummet just when you’ve begun to relax. (Overspending can also tank your credit if you… Read the Rest »
Summer’s almost here, and with it will come rising electric bills as you fight to keep your home cool and take refuge from the sweltering heat. Luckily, there are many ways to fight astronomical air conditioning costs — here are 11. Upgrade Your Windows If your home has old windows, they might not be energy efficient. You… Read the Rest »
More than 70 percent of college graduates began their career owing more than $37,000 in student loans in 2016. Considering this debt load and other living expenses that lead young adults to delay major life events like getting married or buying a home, it’s critical for new college graduates to focus on their financial future… Read the Rest »
Bob Mahoney, President and CEO of Belmont Savings Bank, discusses his opinion on the mortgage rate market.
Certificates of deposit, or CDs, are not the most exciting investments, but they are among the safest. They make perfect sense for the risk-averse or for people just looking to park some cash over a specific period of time. The ABCs of CDs CDs differ from traditional savings accounts in that you are committing to… Read the Rest »
When you take out a second mortgage, a name for a home equity line of credit, you’re offering your house as collateral to secure another loan. The upside: You can gain access to up to 85% of your home’s value, minus your current mortgage balance and adjusted based on your creditworthiness. The downside? If you… Read the Rest »