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Greetings!
It is hard to believe that a year has gone by since we kicked-off our 140th anniversary celebration. It has been a rewarding year and we've enjoyed our birthday celebrations in each community where our branches are located. If you want to see photos from all these events, please check out our online photo galleries and thanks to everyone who came out to celebrate with us.
Although we introduced the Integrity. Trust. Community. tagline in 2009, we have been living by these words since 1869. As we look to the future, we've never been more committed to delivering services with integrity, trust, and with a commitment to investing in our communities. It is this commitment that led to the introduction of Skowhegan Financial Services earlier this year. Skowhegan Financial Services, a service of PRIMEVEST ® Financial Services, Inc.¹, a full service securities brokerage firm, led by Norm Hart, Financial Advisor, CRPC, provides financial planning services focused on the needs of individuals and businesses. If you would like to meet Norm, you can do so by contacting any one of our branches, or by calling him directly at 207.858.2674.
In this month's edition of the eNews, we're featuring the second piece in our series geared towards young adults on smart money management - good tips for everyone at any age. And if you've been putting off some home repairs or need a little extra cash for some larger projects, check out Nanook's piece on the benefits of a home equity line of credit.
Get out and enjoy the fall foliage!
Sincerely,
John Witherspoon
President & CEO
1 PRIMEVEST® Financial Services, Inc. is an independent, registered broker-dealer and a registered investment adviser, member FINRA/ SIPC. Securities and insurance products offered by PRIMEVEST: Not FDIC/NCUSIF insured · May go down in value · Not financial institution guaranteed · Not a deposit · Not insured by any federal government agency
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Starting Out on Your Own, Part II: Regular Maintenance
~Adapted from FDIC Consumer News~
 Smart money management isn't difficult, but does require regular upkeep. We all have basic expenses - food, shelter, utilities, etc. and bank accounts that help house our funds as they come in and then inevitably go out to pay the bills. There are two key ways you can keep these expenses down and keep your finances on track.
1) Shop around. Comparison shopping for financial services can save you from paying unnecessary fees. A good strategy is to open a basic, low-cost checking account. Integrity Checking from Skowhegan Savings is a free account that offers unlimited check writing, free online banking, free ATM use at over 200 locations in Maine and requires only $50 to open. With any account, be sure to track your check and ATM withdrawals and account balance regularly to avoid any fees for bounced checks. With the free Online Banking feature that comes with Integrity Checking, you can check your balance and account transactions 24-hours a day, 7-days a week securely from anywhere with an Internet connection and keep an eye on the bottom line. Also look for good deals on your monthly expenses including cable, phone and utilities to keep costs down.
2) Build a good credit record. As you pay your own bills and debts, you are building a credit record. Credit reporting companies collect information on your history of paying debts, which is used to prepare credit reports and credit scores that reflect your credit worthiness. Credit scores are used to determine what rates you can borrow money at, if you are qualified to rent or buy a home or car, and even sometimes to evaluate you for a new job. Goods scores are easy to maintain by paying your bills on time and not charging more on credit cards than you are able to pay off within a month's time.
These two practices can get you started on the right path to a sound financial footing. Choosing the right bank account, shopping for deals and keeping on top of regular expenses and paying bills on time are good money-management habits that will serve you well now and into the future.
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Home Equity - What Are You Waiting For?
By Nanook Tuefferd, Bingham and Jackman Branch Manager
Consider a Home Equity Line of Credit this Fall - just in time for those last minute projects before the snow flies, or plan ahead for the upcoming New Year.
| Branch Manager
Nanook Tuefferd |
A Home Equity Line of Credit is perfect for home improvements and the timing couldn't be better. The weather has cooled off, the hustle and bustle of summer is over, and the kids are away to school...take out a line of credit on your home, and use only what you need for each project. When you are done, enjoy interest only payments for the first five years of credit line access, then pay it down or off whenever you like with no penalty!
Speaking of kids away to school, how about their expenses? Be ready to say yes when they come back for break and need help with next semester's tuition, living expenses and textbooks. Have you had a delay in receiving your financial aid package? Cover those in-between times with funds from your line of credit, with low monthly payments and then pay it off on a schedule that makes sense for your budget.
The home equity line is also a great way to plan ahead for unforeseen emergency costs, or that furnace that decides to blow unexpectedly. Don't be caught without having access to funds when you need them the most.
What about yourself? Remember the vacation you want to take in the winter to warm up? You can use your home equity line for that as well. It's easy to open your line, and get ready to book the cruise or winter getaway you have been dreaming of!
Obtaining a Home Equity Line of Credit is a simple process at Skowhegan Savings. Contact a Loan Officer for more information or download an application today! |
Skowhegan Savings, founded in 1869, is an independent mutual savings bank dedicated to strengthening the Maine families, businesses and communities it serves. Named as one of Maine's Best Places to Work in 2009 and 2010, Skowhegan Savings' team of friendly, committed employees takes pride in delivering personalized, competitive banking services with integrity and putting the needs of their customers first. An innovative and progressive approach to banking ensures their customers enjoy a banking experience that is quick, easy and convenient. Skowhegan Savings' ten Maine branches include two locations in Skowhegan, as well as locations in Belgrade, Bingham, Dexter, Fairfield, Jackman, Madison, Norridgewock, and Pittsfield. For more information, visit www.skowsavings.com or contact Customer Service at 800.303.9511. |
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