Financial Tips for the New Year: Navigating Loans, Deposits and Insurance

Published Friday, January 5, 2024

Financial Tips for the New Year: Navigating Loans, Deposits and Insurance

As we welcome the new year, it’s the perfect time to reflect on your financial goals and aspirations. At Midwest Heritage, we understand the importance of starting the year on the right financial footing. As your full-service financial center, we are committed to helping you achieve your financial goals. Below are some tips from our experts in banking and insurance to guide you towards a prosperous new year.

EVALUATE AND SET FINANCIAL GOALS:

The first step towards financial success is understanding where you stand and where you want to go. Review your current financial situation, including income, expenses, and debts. Set realistic and achievable goals for the year, such as saving for a major purchase, paying down debt or boosting your retirement savings.

LOANS: SEIZING OPPORTUNITIES IN THE MARKET

Interest rates recently started a downward trend, which typically helps the housing market inventory. Now is a great time to consult with a loan officer to determine what your next housing budget might look like and prepare you for your home purchase when the time is right for you. If you’re currently renting, use a renting vs. buying calculator to help you break down the cost of each and figure out which option is best for you.

If you are interested in making home improvements or restructuring existing debt, a home equity loan could be a great way to tap into the equity in your home and consolidate monthly payments.

SAVINGS AND DEPOSITS: MAXIMIZING RETURNS*

If you are aiming to save, now is an ideal time to explore Certificate of Deposit (CD) options. Whether you prefer short-term or long-term CDs, our CD specials cater to diverse saving needs. Deciding when to open a CD requires consideration of your financial goals, circumstances and market conditions.

To help you save, we also offer a variety of checking and savings accounts to fit your needs. Whether you’re looking for $0 minimum daily balance or deposit accounts with interest, we have options to help you. Plus with our online banking, you can view your accounts, keep track of balances and monitor activity.

INSURANCE INSIGHTS: RISING PREMIUMS AND MONEY-SAVING STRATEGIES

Why are insurance premiums rising in 2024? Various factors, such as increased claims frequency due to distracted driving and speeding, rising claims severity driven by inflation, and supply chain issues, are contributing to higher settlements and subsequently, higher premiums. Additionally, the surge in catastrophic weather events is further impacting insurance costs.

How can you save money on insurance premiums? Consider the following strategies:

  1. BUNDLE POLICIES: Combine your auto and home insurance for a multi-policy discount. Get a FREE online quote!
  2. CHOOSE AN INDEPENDENT INSURANCE AGENCY: Partner with Midwest Heritage to access multiple carriers for the best rates. View all our partners.
  3. POLICY REVIEW: Regularly review your policies for optimal coverage and pricing, potentially saving up to $563/year.**
  4. ADJUST COVERAGE FOR OLDER VEHICLES: Align coverage with the depreciated value of older vehicles.
  5. ROUTINE HOUSE MAINTENANCE: Minimize risks and potential premium increases through regular property maintenance.

By adopting these measures, you can proactively manage and potentially reduce the impact of rising insurance premiums while ensuring optimal coverage.

As you embark on a new financial journey in the coming year, trust Midwest Heritage to be your reliable partner. Our full-service approach covering banking, investments, and insurance is designed to help you achieve financial success. Take proactive steps, stay informed, and leverage our comprehensive suite of financial services to make 2024 a year of financial prosperity.

 

*Deposit products, including certificate of deposits and checking and savings accounts, are FDIC insured. Member FDIC

**Insurance products offered by Midwest Heritage Insurance Services are not insured by the FDIC or any other Federal Government Agency, are not a deposit or obligation of, or guaranteed by Midwest Heritage, may involve investment risks, including possible loss of principal amount invested, and may lose value.