Love portrait and love the world Getty Images/iStockphoto
Your hopes. Your plans. Your slice of the American Dream. And we understand that the goals you set don’t have to match anyone else’s. This is your life to live. Let us help you live it.
Remember: No matter where you’re starting out, YOU CAN move forward and achieve your financial goals. Our team is here to help you at every step along the way!
Who are you and what is your role? How long have you been with North Shore Bank?
Ray Guardiola from North Shore Bank
My name is Ray Guardiola. I am the branch manager at North Shore Bank’s new North End office, located on the East Side, and I have been with the bank about six years.
What do you think is the first step someone can take toward their financial wellness?
The first step is to understand where you are now. How are you currently spending? Have you been able to save? Then, identify your short term and long term goals. I believe when you can truly define these things, you begin to get serious about making plans to confidently manage your money on your terms.
What is the 50/30/20 rule when it comes to budgeting?
With the 50/30/20 rule, put about 50 percent of your monthly income towards necessities like your home/rent, groceries, medical expenses, daycare, etc. The next 30 percent should go to things you want, like coffee in the morning, eating out for lunch or dinner, or getting new clothes. The final 20 percent is what you should ideally save.
Stay on top of the news of the day
Subscribe to our free, daily e-newsletter to get Milwaukee's latest local news, restaurants, music, arts and entertainment and events delivered right to your inbox every weekday, plus a bonus Week in Review email on Saturdays.
Saving 20 percent can seem like a lot, but it’s manageable by taking it little by little – and often people are already starting off on the right foot by putting money into their retirement accounts through their employer.
How much would you recommend someone have in their emergency savings fund?
When I meet with customers, I typically recommend saving for six months’ worth of expenses. I like to highlight that six months’ worth of expenses covers you if you were to temporarily lose your income or need to make an unexpected repair to your home or car. Of course, more is great, but maintaining six months’ worth will serve you well.
How can someone start building their credit?
If someone is brand new to building credit, and has never had anything in their name, I normally recommend a secured credit card. With this type of card, we take a deposit and issue a credit card with a credit limit that matches your deposited amount. This still undergoes a credit inquiry, and it is a very good option to help introduce you to credit card use because of the lower limit associated with the card.
What are some tips for using credit cards wisely?
The first thing I recommend is picking how you are going to use your credit card, and sticking to it. If you are getting a rewards card to earn points, ensure that you keep up with paying it off to avoid late payments and accruing more interest than what you can handle. If you are picking a card to pay down debt or make a big purchase, use the card for that and don’t utilize it again until you have this goal accomplished.
If someone is struggling with debt, what should they do and how can they get help?
When someone is struggling with debt, the first thing I recommend they do is understand where they are spending money each month and what things could be limited. I also recommend people look at their debt and see if they have an option to consolidate anything for a lower interest rate. We’re happy to help them develop a plan that can get them where they want to be.
A lot of people are interested in investing but don't know where to start. Do you have any advice to help them get started?
I’d ask those people if they are already taking advantage of employer programs like a 401k and, if so, help them to realize that they are already investing. If not, I’d encourage them to ask their employer about their options. Then, I would remind them we are here to help and that North Shore Bank has the resources to get them started.
