“I don’t need to save for retirement – I am only 25 years old.”

Well, I have news for you.  You DO need to save for retirement and if you are 25 and haven’t started you are already behind!

In my mind, saving for retirement is simple but not easy.  It is simple because “all” you need to do is begin saving regularly and keep saving regularly until you retire.  It isn’t easy because money always seems to be tight; student loans give way to mortgage payments, give way to educating children, give way to… you get the idea.

I like the way a former co-worker of mine looked at it – she always put a part of her check into savings and said she was simply paying herself first.  Getting into the habit is the key.  You may need to start small but getting started will pay big dividends down the road.

I saw an article on Yahoo Finance recently that looked at the real cost of a fancy cup of coffee a day.  By their analysis, over 40 years you could increase your retirement savings by over $450,000 if you brewed your own coffee rather than paying $4 for a cup each day.  That $450,000 would provide $2,000 a month of retirement income.  So, how badly do you really want that latte?

Most of us look forward to July 4^th as a day for family and fireworks.  Recently I was reminded of another aspect of our Independence, the high cost of maintaining it.

About 100 of us were waiting to begin a golf tournament to raise funds in support of a worthy charity.  At the event were three US Navy Officers – a Rear Admiral, the Commander of the USS George HW Bush (an aircraft carrier), and the leader of the aviators who fly from the ship.

The three of them in turn relayed what life is like on a carrier, what it is like to land an airplane on a pitching carrier deck, and the importance of the work our armed forces do around the world.  When they finished their remarks someone suggested we sing God Bless America.  We did, poorly but with spirit.  Everyone present was clearly moved by the moment.  As Americans we owe a great deal to our armed forces, please think of them on the 4^th.

 

Well, just about everything is the short answer.  For starters, you can locate the nearest Biddeford Savings ATM or Branch Office.  But most of all you can do your banking!

• You can deposit a check using Mobile Deposit
• You can pay your bills using Bill Pay
• You can send money to a family member or friend using PopMoney
• You can check your account balance and activity
• You can transfer funds between accounts here at Biddeford Savings

As you can see, you can do just about all your banking through our mobile banking app.  That means you are free to travel around this summer without losing track of your money! Why not sign up today?

Here’s a great mobile banking video tutorial with more details!

 

I hope you get the chance to enjoy some of Maine’s great outdoors during our (all too brief) summer season.  We are blessed to live in a state which offers so many activities – from the ocean to the mountains and with the lakes and ponds in between –there is always something to do.

If you have a smartphone or a tablet you won’t need to worry about your banking while you are enjoying your summer vacation.  You can take Biddeford Savings with you wherever you go.  We offer a mobile app for your smartphone and tablet that allows you to do your banking wherever you are this summer.  Our online banking service gives you another option, as long as you have access to the internet.  And we still offer telephone banking if that is more your style.  Just remember, you can choose how and when you do your banking, even when you are on the road this summer!

Father’s Day comes around on June 21st this year.  Our children were born in 1988 and 1992 so this will be my 27th year as a father on Father’s Day.  If the children cannot be here they will call, or at least text, to let me know they are thinking of me.

Being a father is one of the hardest, most fun and most rewarding things I have experienced.  I am proud of the young adults we raised and I treasure the memories we created as they grew up.  Chances to spend time with them now are fewer and farther in between but no less important.

If you have the opportunity, I hope you will at least check in with your dad on June 21st to say thanks.  We love to hear from you!

 

If you have a debit card and are traveling out of the state or country this summer, please let us know before you go. By telling us when and where you will be traveling, we can do our best to safeguard your account without cramping your style.

For instance, if you let us know you are going to Scotland we won’t be surprised when charges come in from there – making it more likely that you will not encounter any problems on your trip. This is a good practice for your credit cards, too.  A quick call to your credit card company will help make your travel incident free! Safe travels.

Do you like dogs or cats or maybe both?  We currently have a wonderful 13 year old mutt – a pound puppy.  I tell her that she came from the rascal patch at the pound but over the years she has brought great joy to our family.  At least she has most of the time – we won’t talk about messes on carpets or the porcupine incident.

This month Biddeford Savings is holding a Furry Friends Campaign in our branches to benefit the Animal Welfare Society. For the past several years we have given customers the opportunity to donate much needed supplies for homeless pets.  And our customers have always responded generously!  I hope you will join us this year in supporting the AWS and their good work on behalf of deserving pets.

Please visit our Facebook Page for more information on the Furry Friends Campaign!

You’ve made a wish list of what are looking for in your first home and you have an idea of how much you can spend. Now what?

1. Have a Buyer’s Broker – Realtors “work” for the seller in a real estate transaction, that is who pays their commission after all. You can easily have a broker work for you – it is a simple step – and it is worth doing to ensure the broker represents your interest. Share your wish list with the broker and start looking at houses.
2. When you look at houses take a notepad and make notes on each house as you go through it. Trust me, once you have looked at 4 in a day you won’t remember which house had which features.
3. Remember that wish list? Well, you probably won’t find one house with everything you wished for. Be prepared to make trade-offs to get the house that best meets your criteria.
4. Once you have a home under Purchase & Sale get it inspected by a licensed Home Inspector. It is best to attend the inspection as you will learn a great deal about the house you are looking to purchase. If the inspection finds that costly repairs will be necessary you can renegotiate the price or walk away. Whatever you do, do not ignore the inspection report.
5. Have some money in the bank after the closing. Even if you don’t encounter unexpected repairs to the house you will find getting settled in your first house expensive. For instance, do you have a lawnmower, a snow blower, yard tools, or enough furniture for the house? Those things all add up and do so quickly.

If you follow these simple steps you improve your chances of having a smooth transition into home ownership. And be sure to check out Biddeford Savings’ website for our three-part First Time Homebuyer videos to help you on your path to homeownership! Good luck!

Mother’s Day is a very special day.  I am fortunate to have a Mom that raised me well.  On Mother’s Day I am reminded how important it is to say thank you to her.  Whether you send flowers, take her out for a meal, or just stop by to give her a smile and a hug – you will make her day.

Happy Mother’s Day!

Buying your first home is a big financial and emotional decision. If you are looking to buy your first home, make sure you do your homework. Here are some tips to get you started:

1. Go to your local bank or their website (or to Biddeford Savings if you don’t have a local bank) to determine how much money you can afford to spend on a house. Using information such as your income, debts, assets and credit history, a Loan Officer can assist you in doing the calculations or there are also calculators on bank websites that will help.
2. Determine what type of mortgage you wish to apply for – fixed-rate or adjustable rate, 30 years or 15 years. How much money you have been able to save for the down-payment will help determine what type of loan will fit your situation the best. There are many different programs out there – I recommend speaking to a Loan Officer in person to ensure you end up with the right mortgage for your situation.
3. Decide which communities you would consider living in. To help in this process talk with friends, do research online, even drive around to get the feel of the different communities. Consider things like commuting time to work, school quality, taxes, recreational opportunities, and distance to friends and family.
4. Make a wish list of the characteristics you desire in your first house. Things like lot size, design style, number of bedrooms, number of bathrooms, garage space, surroundings. This information will be helpful when you meet with a Realtor to begin looking at houses. In fact, you can now research houses online so start looking from home – that will also help you develop your wish list.

My next post will give you some tips on the rest of the process.