Put Extra Towards Your Mortgage Principal
If you own a house, your mortgage payment probably takes up a good portion of your monthly budget. While applying additional funds to your mortgage payment may not seem particularly desirable, it can be enormously beneficial in the long run. By putting extra towards your principal balance, you can significantly decrease the amount you will pay in interest in the long run. Thus, spending a little bit extra now (even as little as $50 as a month) could save you significantly more in the long run.
Pay Off Debts Faster
Just as applying extra money towards your mortgage principal can be beneficial, putting extra funds towards the principal balances on your other debts (auto loans, credit card debt, student loans, etc) can have a similar effect. Finance guru Dave Ramsey recommends focusing all your attention on your debt with the smallest outstanding balance first. Once that debt has been paid off, you can take the money you were spending on that debt and apply it to the one with the next smallest balance, and so on. He calls this the "Debt Snowball Plan." Again, paying off these debts ahead of schedule can save you a great deal in interest in the long run.
Invest In An Interest-Paying Bank Account
Don't make the mistake of putting your money in a bank account or a pickle jar that doesn't give you anything in return. Our bank at the Lake of the Ozarks offers interest bearing savings accounts and checking accounts in Osage Beach MO. These accounts provide a safe, no-frills way of investing your funds while still keeping them easily accessible for your day-to-day expenses. The only difference is that the money that sits in the account accumulates interest, as opposed to money in other accounts that never grows.
First Bank Of The Lake Is Here To Help
Don't play a passive role in your finances; staying actively involved on a daily basis can help ensure you make wise decisions with your funds. Whether you choose to save money by cutting back on your spending or to stretch your dollars by investing, carefully thinking through your financial decisions is always a good idea.
If you are in need of a financial resource at the Lake of the Ozarks, remember that the team at First Bank of the Lake is always here for you. From interest bearing checking and savings accounts in Osage Beach MO to individual retirement accounts (IRAs), we have a wide variety of services designed to meet your specific needs. As a local institution, we will never try to sell you a service or loan you don't need. On top of that, we make all of our decisions right here at home - and we use judgment and compassion when evaluating customer requests. Visit our website at www.FirstBankLake.com to learn more about how we may be able to help you!
First Bank of the Lake - Striving For Excellence
Member FDIC. Equal Housing Lender.
Located at the entrance to the Osage Beach Premium Outlets!
4558 Osage Beach Parkway
4558 Osage Beach Parkway
Osage Beach, MO 65065