Posted on 9/28/2017 3:42 PM By First Bank
Fall is here which means the holidays aren’t too far away. Is it time to consider ways to help you save money each month? While we should all be saving all year, the change of seasons is always a good time to assess where our hard-earned money is going, while also ensuring it’s going where it should be. With a thorough review, perhaps you’ll find there are ways to shave money off of your monthly bills or expenses each month.
We’d like to offer a few suggestions while you’re creating your budget for the remainder of the year:
1. Use online and mobile banking to stay on top of your accounts. Set up alerts to notify you if your balance becomes too low or a deposit is made. This will help you to better manage your money. Be sure to set up direct deposit into your savings account(s) to help you gradually build your savings over time.
2. Depending on where you live, Autumn may mean cooler temperatures than what’s typically enjoyed during the summer months. This can t ...
Posted on 9/26/2017 10:59 AM By First Bank
As you know, diversifying assets is always a wise financial decision. It’s also important to make your savings an important part of your overall financial strategy. Whether you're putting a percentage of your income toward retirement or saving for a rainy day, it’s vital to continue building your savings with each paycheck. Whether it’s saving for college, retirement, a house, or just an unexpected car repair, saving is critical for your financial future.
Starting with your first paycheck, a set percentage of your income should be direct deposited into your savings account. That way, if it isn’t part of your checking account that you normally make purchases from, you won’t miss it. In addition to traditional savings accounts, it’s also a good idea to consider a CD (Certificate of Deposit) as part of your savings strategy. CD rates stay consistent so you can have the peace-of-mind that comes from locking into a stable, longer-term rate. Once you’ve locked into a ...
Posted on 8/11/2017 4:00 PM By First Bank
First Bank offers tips for managing money together.
The summer and early fall wedding seasons are in full swing and newlyweds will soon be managing their finances as a pair. First Bank is encouraging couples to waste no time addressing how they will handle money issues as both spouses and financial partners.
Although developing a financial plan can often take a backseat to the excitement of a wedding, it’s important to remember this is not only a marriage of hearts but also a marriage of finances.
To help couples start their journey on strong financial footing, we’d like to caution consumers on these post-wedding money mistakes:
Avoiding the money talk. Discussing your finances can be a bit uncomfortable for many couples, but those who tackle it head on will be better for it. Understand your partner’s financial goals and spending habits. While you may have different answers, this conversation can help you develop an approach to money management that works for bo ...
Posted on 8/3/2017 12:12 PM By First Bank
“As a parent of a graduating high school senior, I can tell you first-hand that this day comes much sooner than you anticipate or expect. I remember thinking this day would come ‘some day’ and that we had plenty of time to save for the college price tag as it was very far into the future. Now, that ‘some day in the future’ has suddenly arrived. After multiple proms, many high school sporting events, finals, and end-of-the high school career activities, I began seriously contemplating the college price tag that’s now right upon us. Although I had opened a college savings account for our son as a toddler, and encouraged him to excel at school, organizations, and sports with high hopes of potential scholarships, I can tell you it was no match for the costs we’re faced with for the next four years. Although we’re a double-income family, we still have other children and other expenses. The question rings in my mind, as I’m sure it does many families, “How ...
Posted on 8/2/2017 12:58 PM By First Bank
Though rising higher education costs don’t appear to be letting up any time soon, grants, scholarships and loans can all help make college more affordable—or even free.
Applying for grants and scholarships should be prioritized above applying for loans, since these funding options offer “free money,” while loans have to be paid back.
In most cases, grants are distributed by the government and other nonprofit organizations. Eligibility and amount are usually determined according to the distributor’s assessment of an applicant’s financial need. There are several well-known federal grants available to students:
Federal Pell Grant –Pell Grants are awarded based on your level of financial need, status as a full- or part-time student and the cost of your school’s attendance. Applicants are automatically considered for Pell Grants when they submit their Free Application for Federal Student Aid (FAFSA). For the 2016-2017 school year, the ...
Posted on 8/2/2017 12:43 PM By First Bank
More than 70 percent of college graduates began their career owing more than $37,000 in student loans in 2016. Considering this debt load and other living expenses, young adults are delaying major life events like getting married or buying a home. It’s critical for new college graduates to focus on their financial future as they receive their diploma, says the American Bankers Association. ABA has highlighted six traps new college graduates should avoid to position themselves for financial success as they transition from the dorm room to the office.
“Student loans, housing costs and plenty of other living expenses come fast and furious after graduation, so it’s extremely important to start off on the right track with positive financial habits,” said Corey Carlisle, executive director of the ABA Foundation. “We can’t stress enough how vital it is to plan for the future.”
New college graduates should avoid the following six financial traps:
Posted on 6/15/2017 8:21 AM By First Bank
14 Tips for Stopping Elder Financial Abuse in its Tracks
Every year, millions of seniors fall victim to financial fraud. Studies show elder financial abuse costs seniors approximately $2.9 billion each year. In recognition of World Elder Abuse Awareness Day on June 15, First Bank is urging older clients and their trusted caregivers to safeguard all personal information and stay alert to the common signs of financial abuse.
“Fraudsters often prey on seniors experiencing cognitive decline, limited mobility and other disabilities that require them to rely more heavily on others for help,” said Kelly Wiese, Senior Vice President/Director of Marketing. “Appointing someone you know and trust to handle your financial matters aids tremendously in the fight against these crimes.”
First Bank is offering the following tips:
Plan ahead to protect your assets and to ensure your wishes are followed. Talk to someone at your financial institution, an attorney, or financial ad ...
Posted on 6/7/2017 9:44 AM By First Bank
Summer vacation plans for many travelers have already begun. For many, this is the one week (or two) each year where everyone in the family is off from school, work, and team sports, so the desire to splurge is certainly understandable. Although enjoying your well-deserved vacation should be the primary goal, it’s also necessary to keep over-spending in check by having a reasonable budget in mind. Vacations can be expensive—the average American household spent approximately $1,800 per person on summer vacations last year, and that cost continues to rise in 2017. With over 44% of that budget going toward transportation, establishing an overall vacation budget is better done BEFORE the trip, not after the excitement has already begun. Not sure where to begin? Let’s get started!
1) Check with a trusted travel agent. Although there are many resources available online, checking with a travel agent before your trip may prove to be helpful. Often, agents have access to special offers and res ...
Posted on 6/1/2017 12:03 PM By First Bank
Though the internet has countless uses and advantages in our daily lives, it can also make users vulnerable to fraud, identity theft, and other scams. According to a recent survey, a staggering 12 adults become a victim of cybercrime every second.
We’d like to recommend the following tips to keep you safe online:
1. Keep your computers and mobile devices up to date. Having the latest security software, web browser, and operating system are the best defenses against viruses, malware, and other online threats. Turn on automatic updates so you receive up-to-date fixes as they become available.
2. Set strong passwords. A strong password is at least eight characters in length and includes a mix of upper and lowercase letters, numbers, and special characters.
3. Watch out for phishing scams. Phishing scams use fraudulent emails and websites to trick users into disclosing private account ...
Posted on 5/25/2017 12:46 PM By First Bank
The U.S. Department of Education provides more than $150 billion in financial assistance for education each year. However, if you want your child to have a chance at receiving any of this aid, you’ll have to fill out FAFSA. FAFSA, or the Free Application for Federal Student Aid, is one of the most significant determinants of how your child’s higher education will be funded. Administered by the Department of Education, FAFSA analyzes your income and other household financial information to determine your Expected Family Contribution (EFC), which in turn determines how much financial aid your child is eligible to receive. Learn why it’s important to submit FAFSA and what you’ll need to do during the submission process.
Who should fill out FAFSA?
The short answer to this question is everyone that wants to pursue higher education. There is technically no income limit for who can receive federal aid, and FAFSA also makes you eligible for non-need-based aid, such as federal loans. There ...