Thoughts from the Team at Level One Bank in Michigan
The world was unprepared for the economic impact of COVID-19. Everything changed. Companies shuttered their doors, staff joined the unemployment roster, and families deferred plans for significant milestones like graduations, new homes, retirement, and even weddings.
When the world reopens, life will be different. Budgets and spending patterns will shift. Some business sectors may take a long time to recover, while others will rebound quickly and grow. Adjusting to life after COVID-19 may require you to revise the timing of your life goals. But take comfort in knowing banks in Michigan are still here to help you achieve your dreams.
Planning for the Big Moments in Life
Finding fulfilling employment, getting married, having children, and buying a house will remain part of life plans for most people. Michigan banks can help you with realistic financial planning, goal setting, and savings tools to gather the funds you need.
- First, assess your current situation. Review your income and expenses, then set a budget to keep your spending in line. Be sure to have a line item with funds for your savings account as well as money for an unexpected car repair or a medical expense, for example.
- Now, start outlining your financial goals, both short and long-term.
- Short-term goals might include paying down credit card debt, saving for a new washing machine, planning a fall weekend getaway, or non-urgent home upgrades like flooring or windows.
- Longer-term plans focus on bigger dreams such as your wedding, college for your children, and your retirement.
- With your plans in place, it’s time to create a saving strategy. Talk with the team at your bank in Michigan. They’ll help you find the right combination of tools and programs to reach your goals, including how much you’ll need to save.
- Take time to research your savings options, such as Money Market accounts, Certificates of Deposit (CDs), and Individual Retirement Accounts (IRAs). Each has unique characteristics and advantages for growing your money. Often, a diverse set of savings tools will help you achieve both your short and long-term financial plans.
- As many of us have recently learned, we need to be ready to adjust as circumstances change. Most banks in Michigan, including Grand Rapids, Detroit and Ann Arbor will recommend an annual review of your savings strategy to ensure you’re keeping pace with market conditions, new tools, and any new personal goals.
By developing an effective plan and implementing it with a bank committed to your success, you’ll feel more in control of your future and have greater financial security.
Partnering with Level One Bank
We’re your community bank, which means we stand with you during times of crisis like COVID-19 and celebrate your resilience as we move forward together. Let’s talk about your dreams and find the right path to help you achieve them. Our teams in Detroit, Ann Arbor, Grand Rapids, and across Southeastern Michigan understand what you’ve experienced and are ready to support your recovery and growth. Contact us to set up a convenient time to meet virtually, by phone or in-person.
“Do not save what is left after spending but spend what is left after saving.” – Warren Buffet