Posted on 9/28/2018 10:25 AM By First Bank
How to Talk to Your Kids About Money and Savings
How soon is too soon to talk to your kids or grandkids about money?
If they are old enough to ask for a toy or a bike, they are old enough to start learning financial lessons that will last a lifetime. The best financial lessons are part of everyday experience. Look for opportunities to talk about money, read books aloud, and play games that center around spending money wisely. Be open and honest when you discuss your financial experiences—good or bad.
Here are some examples of teachable moments to help you get started:
At the bank
When you go to a bank, like First Bank, bring your children with you and show them how transactions work. Get the manager to explain how the bank operates, how money generates interest, and how an ATM works.
Discuss how your pay is budgeted to pay for housing, food and clothing, and how a portion is saved for future expenses, such as college tuition and retirement.
At the market
It’s eas ...
Posted on 9/17/2018 11:29 AM By First Bank
Let’s do more of what you love.At First Bank, we’re more than just a lender [or bank]. We’re also an integral part of your trusted team of advisors, offering an array of products and services to help you along life’s financial journey. From a variety of insurance offerings to help you through life’s transitions to a suite of financial management products to navigate the banking side of business, First Bank is here to save you both time and money, allowing you to get back to what you love doing.Security for the Future—Are you prepared for the unexpected? Don’t let an unfortunate or unplanned life event derail your long-term financial security. First Bank’s insurance solutions are here to help protect you, your family, and your business. Life happens, so ask us about our cost-efficient life, disability, and long-term care insurance products today!Fast Access to your Hard-Earned Money—If increased productivity is important to you, then consider First Bank’s Treasury Management solutions. As you know, consistent, ...
Posted on 8/14/2018 12:41 PM By First Bank
The rising cost of college is one of the most critical financial concerns that both parents and college students face today. The average annual cost for an in-state, public four-year college is $20,770 (total tuition, fees, room and board charges). If the student would like to attend college out-of-state or at a private college or university, that average may balloon to over $46,000 annually. Though tuition and housing are the biggest expenses when heading off to college, it’s important to remember those smaller expenses that also add up; including books, travel (especially if attending college out-of-state), transportation, clothing, and more. When adding college expenses to your already long list of other financial responsibilities, you may find yourself questioning how you can afford to pay for a college education. As you prepare to send your student off to school and you check the essentials off every list, don’t forget to research the various ways to pay for this life-changing journey. Consi ...
Posted on 8/13/2018 10:12 AM By First Bank
Summer is winding down and everywhere you look there’s a reminder it’s back to school time. Although it’s very exciting, it can also be a time of anxiousness for many parents finding themselves with a college freshman who will be moving away soon.
We realize preparation for this day started many years ago, but that day is finally here. As final preparation is underway, remember to check everything off your list, like laptops, dorm room essentials, and storage organizers. Don’t forget to include essentials like money management tools and accessibility to needed cash for your new college student.
To get your student started on the path to a bright financial future, open a First Bank Student Checking account. Open to clients 16-24, this account features FREE access to eBanking, mobile banking, and bill pay plus FREE eStatements. There’s no monthly fee and no minimum balance requirement, plus we’ll even provide a discount on their first box of chec ...
Posted on 6/20/2018 1:13 PM By First Bank
As we honor our nation’s Independence Day, we are reminded of the many sacrifices service members and their families make to protect it. First Bank has highlighted seven financial tips to help make the lives of military families a little easier.
Military families do an incredible service for this country. The nature of their jobs is inherently stressful – but financial stress shouldn’t be part of it. First Bank would like to offer the following tips to help service members pave the way toward a strong financial future:
Contribute to a Thrift Savings Plan. Military members have access to the Federal Thrift Savings Program, which offers the lowest-cost retirement-savings plan available. Have automatic contributions withdrawn from your paycheck.
Plan for deployment. Before deploying, have a conversation with your family about managing the household budget. Consider granting power of attorney to your spouse, should they need to make any urgent financial decisions while you are gon ...
Posted on 5/29/2018 1:24 PM By First Bank
While you’re enjoying your travels this summer, be sure to take First Bank’s mobile banking options with you. As mobile devices become more and more popular, hackers are finding savvy ways to steal information. We’d like to urge clients to be extra cautious when using mobile devices to do their banking while on vacation. It’s important to always take a common sense approach to mobile banking, especially when traveling. Use caution on your phone, just like you would a laptop or tablet. First Bank is offering the following tips to help you further protect your information: Avoid storing sensitive information like passwords and social security numbers on your mobile device. Password protect your mobile device and lock it when you’re not using it. Be aware of your surroundings. Do not type any sensitive information if others around you can see. Log out completely when you finalize a mobile banking session. Protect your phone from viruses and malware just like you do for your compute ...
Posted on 5/22/2018 9:58 AM By First Bank
More than 70 percent of college graduates began their career owing more than $37,000 in student loans last year. Considering the additional living expenses they’ll soon face, new college graduates would be wise to focus on their financial future right now. First Bank has highlighted six smart financial decisions college graduates should consider to position themselves for financial success as they embark on their next phase of life. The habits new graduates develop right now will have a big effect on their financial future. Living expenses add up quickly once you’re out on your own, and many young adults who didn’t plan ahead are delaying major milestones, like getting married or buying a home, because of their financial situation. The good news is that you can have a bright financial future if you think strategically about money right out of the gate. First Bank recommends the following financial tips for new college graduates: Create a budget. Supporting yourself can be expensive, and you ...
Posted on 4/10/2018 10:51 AM By First Bank
According to the Internal Revenue Service, more than 70 percent of the nation’s taxpayers received a tax refund averaging nearly $3,000 in 2017 and could potentially get a similar amount this year. As Americans receive their refunds along with additional benefits coming from the Tax Cuts and Jobs Act passed in December, here are seven tips to help tax refund recipients efficiently utilize those tax refunds.
Tax season is the perfect time to hit the reset button on your finances. Your refund can help put you on the right path toward reaching your financial goals. Consider using it to pay off debts, creating an emergency fund, or saving for the future.
Save for emergencies. More than 60 percent of Americans are not prepared for unexpected expenses. You can prepare by opening or adding to a savings account that serves as an “emergency fund.” Ideally, it should hold about three-to-six months of living expenses in case of sudden financial hardships, like losing your job or having to repl ...
Posted on 4/9/2018 12:10 PM By First Bank
As we kick off the spring months by cleaning, sorting, and tidying up around the house, don’t forget to add financial organization to your spring cleaning to-do list. To help, we’ve highlighted six tips for organizing your ‘financial house’.
People are motivated to get things done when the weather warms up and the flowers bloom, which makes it an ideal time to look closely at your savings and spending habits. After all, putting in the work now will help you live your best life in the months ahead.
These six tips can help consumers get started organizing their finances:
Review your budget. A lot can change in a year. If you’ve been promoted, had a child, or become a new homeowner or renter, be sure to update your budget. Determine what expenses demand the most money and identify areas where you can realistically cut back. Develop a strategy for spending and saving – and stick to it.
Evaluate and pay down debt. Take a look at how much you owe and what you are pa ...
Posted on 3/14/2018 9:39 AM By First Bank
The spring season is always a great time to get started on those long overdue home improvement projects in order to get prepared for all of the upcoming summer activities. Perhaps, you’ve decided you’d like to create an outdoor living space, add a gazebo, or install a stone patio? Or, maybe your home improvement projects are more like home maintenance projects that you just haven’t gotten to tackle?
If you’ve made the decision to get started, then you may want to consider the projects and their return on your investment (ROI). According to a recent study, the following six home improvement projects returned the highest investment on your home’s resale value:
Attic insulation—107.7% (ROI)
New Entry Door—90.7% (ROI)
Siding Replacement—76.4% (ROI)
Deck Addition (wood)—71.5% (ROI)
Deck Addition (composite)—65.2%
Backyard Patio—54.9% (ROI)
Although you may not plan to sell your home soon, your ROI is important before determin ...