Tough times? Buckle down.

WHAT CAN WE DO?

Mortgage, Banking and Real Estate Industries are all being hit hard. Home prices are down. Retailers are down. Gas and Food prices are up. What can we do? Now more than ever, we need to revise our Monthly Budget and cut where we can.

If you have a property value that is increasing and have a nest egg that is not shrinking, I applaud you for wise investment and money management. If you are like most people, with bills piling up, declining property values and minimal or no nest egg or emergency funds, there is still time to get out of this situation.

Here’s how: most importantly, pay yourself first! Set aside a comfortable amount from each check, say 10%. These funds are to be for emergency only! Keep your Mortgage payments on time. Make sure you are paying your credit cards and car loans on time too. If you are able to pay them off, you will be saving on future interest charges to these creditors. By paying them off you can keep the additional interest yourself. Once the bill is paid in full, set aside the same amount for that bill in your savings, you will be amazed how quickly it adds up! (also giving you more financial security).

Cut out the frivolous spending. Buy only what is necessary. We all like to eat out, but cooking at home brings the family together (and food always tastes better when its made with love!) Have friends over and pot luck. It’s amazing what one night of fun with friends can do for your spirits.

The economy will improve, housing prices will rise and we will be able to save more money for future needs! We have all been in situations that seem hopeless, but a ray of sun comes out and all begins to get better. Careful spending, continuous savings and smart money management will help us all make it through these tough times.

Look at refinancing to lower your monthly payments, get out of an Adjustable Mortgage Loan, or use available equity to consolidate bills to put yourself in an overall better financial position.
If you or anyone you know is interested in refinancing, please call me at 763-557-5608, or stop in to the Bremer Bank Plymouth Branch.

Referrals to family, friends, neighbors and business associates are always welcome!

Spring is here!
Regards,
Steven