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Waltham financial planners are not just for planning for taxes or retirement. They can also help Waltham residents make sense of their Massachusetts financial health and understand how to improve and maintain it. There are three basic types of accounts that you will need to keep in good standing to maintain good financial health- credit, checking and savings accounts.

Credit for Waltham Residents

Most Waltham financial planners will tell you that credit is relatively easy to obtain and even easier to mess up. Essentially, credit is a loan that acts as a representation of how you borrow and repay money. You can use credit to make small purchases, like clothing, or large purchases like a home in MA or a car. Having good credit will allow you more financial freedom than someone with bad credit.

Using credit wisely is essential to maintaining good financial health. When in doubt, don't use credit and get in the habit of paying with cash. For help maintaining good credit habits, make an appointment with a Waltham financial planner. Waltham financial planners can help clients understand the ramifications of mismanaging and abusing credit.

To maintain good credit, you must make your payments without fail every month. Keep your credit in good standing by at least making your minimum payments on time. This doesn't just apply to credit cards but also to the mortgage on your home in MA, your

Waltham utility bills or car loan payments.

Planners will warm that getting into trouble with credit is pretty easy to do. Miss a few payments on your MA mortgage or your credit card bill and your credit score will take a hit. Fortunately, with some hard work, you can rebuild your credit. Speaking to a Waltham financial planner to develop a plan for rebuilding your credit score is a smart first step.

You can request a free copy of your credit report under the Fair Credit Reporting Act, or FCRA, once a year. If you have any questions about how to read your credit report, consult a Waltham financial planner. It is important to review your credit report annually to check for any irregularities or areas where you can improve.

If you need to improve your score or rebuild your credit, fear not. Talk to a Waltham financial planner for assistance in developing a plan to improve the health of your credit. There are financial planners in Waltham that specialize in working with clients with bad credit.

To begin improving your credit in Waltham, you must first get the outstanding balances paid down. Bring a list of outstanding debts to your Waltham financial planner. Developing a plan to tackle these issues on your own can be scary, frustrating and seem impossible. With the help of certified financial planners, it is attainable.

Bank Accounts for Residents

As soon as you get your first pay check in Massachusetts, you should go to the bank and open a checking and a savings account. A checking account will give you a place to keep your money. Many checking accounts come with a debit card, similar to a credit card except that you are paying with your cash. Mismanaging your checking account can be just as bad as mismanaging your credit.

In order to rent or own a home in Massachusetts, you must have a checking account. Having and maintaining a checking account proves that you can manage your money. If you spend more than is available in your checking account, your account will become overdrawn. Overdrawing your account will result in charges from your bank and returned check fees. These fees add up quickly.

Waltham planners will also urge you to open a savings account. Having a reserve of cash in case of emergencies will keep you from overdrawing your checking account or maxing out your credit cards. Having savings is also essential if you want to own your own home in the future.

If your credit score is not where you want it or your bank accounts are not in the best standing, you can change your fiscal future. Enlisting the expertise of fiscal planners to teach you some new money management skills. Learning to practice self discipline, vanquishing former bad spending habits and changing your attitude toward money and credit will allow you to work toward a different fate.

Having poor credit or being in debt can feel like the end of the world but its not. Waltham financial planners can help their clients focus on rebuilding their credit and building up their cash reserves, both in savings and in their checking accounts. Getting used to living within your means can be tough but is essential to do to live a financially healthy life. Planners can help you turn your life around.

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Financial Planners in Waltham

Christopher Grande, MSIM, RMA
Christopher Grande, MSIM, RMA
90 Concord Ave
3rd Floor
Belmont, MA 02478

Julian Morris, CFP, ChFC, AAMS , CRPC , CFS
Julian Morris, CFP, ChFC, AAMS , CRPC , CFS
346 Commercial Street
Boston, MA 02109

Fredric Weldon, CFA
Fredric Weldon, CFA
550 Cochituate Road
East Wing, Floor 4, Suite 25
Framingham, MA 01701

Bill Hayes, CFP
Bill Hayes, CFP
374 Court Street
Plymouth, MA 02043

Christian Grundel
Christian Grundel
1000 Bald Hill Rd
Suite 5
Warwick, RI 02886

Christian Grundel
Christian Grundel
1000 Bald Hill Road
Suite 5
Warwick, RI 02886

This website provides information related to the subjects covered. Before making any financial or legal decisions, a professional should be consulted.