Live Well Estes: Summer 2020

Page 8

HANDLING FINANCES WELL

Financial wellness in uncertain times

By Ryan Bross, Bank of Colorado Vice President For the Trail-Gazette

may make sense to refinance and reduce your interest rate, and potentially consolidate other debt. If you do, don’t go out and re-leverage, “If you want to be rich, learn put the savings aside. not only to earn but also to fill out a personal financial Or it might make sense to save money.” – Benjamin statement. Your budget will reach out to your current Franklin tell you what income you lender (if they haven’t We can always count on Mr. have coming in and what already reached out to you) Franklin to make things expenses you have going to discuss a modification or sound easy. Even in the best out. The financial statement deferral. Many lenders have of times, most of us could Ryan Bross will show you what you own put programs in place to find a place to put “extra” (your assets), what you owe assist customers during the money. The current econom- that I think always make (your liabilities), and the dif- current environment, and if sense but may be more ic uncertainty makes knowference between the two your account is in good important now than ever. ing and understanding your (your net worth). standing, they would most First, if you don’t already finances even more necesFor most of us, spending likely be happy to assist you. have one, make a budget and sary. Below are some ideas less than you earn and living Make sure that you are below your means is a neces- aware of how any modificasary part of life. Easily acces- tion or deferral will affect CBDepot is your partner in sible cash on hand helps you your future terms, you don’t wellness for you, your family, and absorb unexpected expenses want to be surprised later. pets. With convenient locations and gives you some security I am a big believer in savin Fort Collins, Loveland, and in the event of a loss of ing for retirement, so if you Estes Park as well as a income. Conventional wisare currently contributing to streamlined online shopping dom usually recommends an a 401K, IRA or other type of experience, our goal is to provide emergency fund of 3-6 retirement account, it makes you the highest quality, and most months of expenses. That is sense to continue if you can SAFE, AFFORDABLE, diverse options of hemp derived a big hurdle for many, but afford to do so. These any balance is a start. The shouldn’t be used as your products in a comfortable setting. right number is one that lets emergency fund, but as an you sleep at night. additional savings vehicle While you are at it, look at once your emergency fund is the expenses on your budget established. to see where your money Money is always an emogoes. Some expenses that we tional topic, and unless you tend to think of as necessary happen to be a banker, peoare optional, and if reduced ple tend to avoid it. But like or eliminated would free up most things in life, a little funds for a rainy day. time and a little effort go a What kind of debt do you long way. Progress, not perhave? Credit cards, auto fection, is the goal. If you loans, a mortgage? Would it have questions, go in and be beneficial to consolidate? talk to your local banker. Credit cards are never a Chances are they have nothOrder Online - Ship to Home or Consult with our Helpful staff in-store good source of long-term ing more important to do 137 W Elkhorn Ave, Estes Park, Co Now Open until 8 p.m. on Friday, Saturday, and Sunday! funds, as the rates tend to be than to talk to a customer. CBDepotCo.com | 970-586-4780 higher than other types of I hope that this is helpful Instagram @cbdepotco Facebook @cbdepotfoco debt. If you own a home, it and finds you well.

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8 • live Well estes: reader's choice edition


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