Freedom First Advice Center

Interest rates across the board continue to rise. It’s a wonderful scenario for savers with Money Market Accounts and Certificates of Deposit. Higher saving yields provide greater earning potential.

However, it’s an entirely different story when loan rates are also increasing – especially if the interest rates on your loans are variable. Sudden jumps can derail your budget instantly if you’re not prepared.

Managing existing debt and finding ways to preserve cash in a rising rate environment is crucial. The best place to start is by understanding the different types of loan rates and how the economy can impact your outstanding balances.

As you scroll through the news headlines, predictions of a looming recession are becoming more frequent. If you were in the workforce during the Great Recession of ’08, you know the one word that usually follows “recession” is “layoffs.” Add in the rising interest rates caused by inflation, and many debt-heavy businesses are likely already looking at staff reductions.

Even if you feel secure in your job, crafting a strategy to deal with a hypothetical layoff never hurts. Doing so will help familiarize you with the steps to take, and you could assist friends and family members who aren’t so lucky.

The following guide will walk you through steps you should take if you face an unexpected job loss.

If you’re preparing to purchase your first home, you’re probably scratching your head more than you anticipated. Between the complex terminology and variety of home loan options, the home-buying process can become confusing rather quickly.

One area that first-time homebuyers struggle the most to understand is their monthly mortgage payment. Unlike a car loan, it’s not as clear-cut. And most real estate websites and financial calculators only focus on the principal and interest portion of your payment – which can be very misleading.

Before you get your hopes up and realize that the house you’ve been eyeing is out of your price range, take a moment to familiarize yourself with the components of a mortgage payment.

Homeownership offers a multitude of fiscal benefits. Aside from the obvious, a place to live, you can build equity in the property and eventually live rent-free. But owning a home is also a significant investment that can last for decades.

Today, most mortgages have terms that extend up to 30 years or more. While this makes the monthly payments affordable, decades of interest payments can add up to a substantial sum. 

After a year of surging prices, members are still grappling with the effects of rising inflation. Add in the rocky performance of Wall Street, and people are looking for a silver lining. One such opportunity is beginning to shine as savings rates also start to climb – it’s called a certificate of deposit (CD).

Certificates of deposit, also known as share certificate accounts among many credit unions, are investment accounts that yield higher returns than traditional savings accounts. They offer a spectrum of financial perks with very little downside. Keep reading to find out if adding a CD to your savings plan is right for you.

It’s never fun when life throws you a sudden, unexpected financial curveball. And unfortunately, these challenges always seem to pop up when you least expect them. Ideally, the hurdle isn’t too tall, and you can cover the costs with your emergency fund. But these challenges are often more severe – and usually no fault of your own. Instances might include unplanned medical expenses, a sudden job loss, or a significant home repair. The good news is there are solutions available to help you get back on financial track. But they will require you to be proactive and address the challenges head-on. The following steps provide a roadmap for dealing with significant financial obstacles.

A question that lurks in everyone’s mind is, “How much money do I need to retire?” While it’s a simple question, the answer is anything but that. Unfortunately, there is no magic number or one-size-fits-all solution. Everyone’s number will vary due to a multitude of factors. So, while one person might need $2 million to retire, another may only require $750,000.

Working with a financial advisor is generally the best way to ensure you don’t outlive your money in retirement. But several methodologies can help you determine a ballpark figure to assist with planning.

The following guide will reveal ways to estimate your retirement number and identify crucial factors often overlooked by future retirees.

As the busy holiday season comes to an end, people around the world use New Year’s Day as a launching pad to improve themselves. Consistently among the top resolutions is bettering one’s financial position.

However, while you have the best intentions, many find financial resolutions more challenging to keep. Last year’s spending and financial decisions don’t simply disappear because it’s a new year. Instead, if you’re like most, you probably have a heaping credit card bill from the holidays staring back at you.

The trick with setting and keeping financial resolutions is preparation. The following guide will detail the framework you can follow to ensure you’re ready to start financially fresh in the new year.

It’s a time to change behaviors and create resolutions with the hope of bettering themselves in the coming year.

Consistently among the top resolutions are living healthier, spending more time with family and friends, and bettering one’s financial position. However, while you may have the best intentions, keeping resolutions throughout the year can be challenging – especially regarding financial goals.

Accomplishing your goals becomes much easier when you work with your partner. Setting goals as a couple allows you to work as a team toward your targets – holding each other accountable along the way. The following five steps will assist you and your spouse in creating a plan to achieve your New Year’s resolutions together.

December is, without a doubt, one of the busiest months of the year. Your schedule is likely packed to the brim between the holiday festivities and year-end work goals. But did you know it’s also a crucial time for managing your finances?

Starting the new year off on the right financial track is a wonderful feeling. But to get there, you’ll need to put aside a little time to wrap up the current year and start preparing for the next. Here’s a checklist of ten items you should review as the year comes to an end. Some moves are time-sensitive – so you’ll want to get started soon.