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From monthly archives: August 2017

We are pleased to present below all posts archived in 'August 2017'. If you still can't find what you are looking for, try using the search box.

Six Money Mistakes Newlyweds Should Avoid

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 ...

Are You Saving for the College Price Tag?

“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 ...

Ways to Pay for College: Grants, Scholarships, and Loans

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. Free Money 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. Grants 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 ...

Six Financial Traps New College Graduates Should Avoid

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: No ...

Let’s Face It, Life Happens

Since summer’s winding down and area schools will be back in session soon, you may think I’ll discuss last-minute vacations, home equity projects, and other financial-related topics; however, I want to take this opportunity to discuss something unique–the upcoming solar eclipse that everyone is talking about. I certainly don’t claim to be an astronomer, but this event is really fascinating.  I mean, how often will we have the ability to view what some are calling the Great American Eclipse? If you’re in what’s called the ‘path of totality’ you’ll experience the sun disappearing behind the moon, daylight turning into twilight, and will feel temperatures drop dramatically. I’m certain for sky watchers, this will be an incredible experience. Want to know something else that’s really interesting about this rare occurrence? This event i ...

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All First Bank blog information and content is strictly informational. It is not intended to be specific investment, tax, or legal advice. If you need detailed financial, investment, or tax advice, please contact a First Bank qualified professional. Please note, First Bank occasionally shares third-party content we find to be relevant and helpful to our audiences.