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Posts Tagged ' 2017'

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

The “Paying for College” Conversation

It’s easy to get caught up in filling out FAFSA and loan applications, evaluating your 529 plan performance and planning a budget for college expenses, and forget one very important step of the paying for college process: having an open, honest conversation with your child about how you will handle the cost of college.  According to the College Savings Foundation 2013 Survey of Parents, 75 percent of parents expect their children to contribute to college costs. If you’re among this number, do your children know that these are the expectations? It’s important to have “the college conversation” well in advance of the first tuition bill so that there aren’t any surprises or arguments over who will be paying when the time comes. These tips can help you maneuver this tricky conversation with ease. Before you talk Do your calculations As accurately as you can, estimate how much you would be able to contribute to each school that your child has received an aid off ...

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Time for Graduation Season: Time to Talk Money

It's May, also known as graduation season. Do you know of a graduating senior or do you have one in your household? Many new graduates find themselves in a new, more independent role, along with the financial independence that often comes along with living on their own. Although this is an exciting time, it can also be intimidating as money management is a big part of adulthood. In order to help get students started on the path to financial independence, we wanted to offer the following tips:   Help your student learn the importance of creating a budget. The first step in managing your own finances is to create a realistic budget and sticking to it. Watch spending. Keep all receipts and track spending. Pace all spending (even minor purchases) and increase saving by cutting unnecessary expenses, like eating out or shopping for new clothes, so that your money can last longer.  Use credit wisely. Understand the responsibilities that come with using cred ...

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Tax Facts: Charitable Deductions

This year the deadline for individuals to file or request an extension is April 18 th. If you owe taxes, filing an extension does not mean you get an extension to pay. With the tax deadline looming, individuals who gifted cash or goods to charity in 2016 may be able to claim a deduction on their federal return. Before you do there are some important facts to know before taking the deduction: Qualified Charity - The donation must be made to a qualified charitable organization. Gifts to specific individuals, political organizations, social clubs and foreign organizations (certain Canadian, Israeli or Mexican charitable organizations allowed) are not deductible. Confirm with the organization their status. Beware of fake charities set up by scam artists. Itemize Deductions - In order to deduct charitable contributions the taxpayer must itemize deductions. Benefit in Return - If you get something in return for the donation, this may reduce the amount you are able to deduct. Taxpaye ...

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We have a heart for our Clients, Community, and History

If you’ve watched any news programs or viewed any popular social feeds lately, you know there’s certainly no shortage of commentary regarding presidential topics from both sides of the platform. While I’m not here to voice opinions or raise discussions on debatable issues, I do wish to commemorate our proud American heritage and democracy. Since President’s Day is tomorrow, I felt it would be a good time to reflect–not on policies or viewpoints –but, simple reflections on what a blessing it is to live in a nation that’s afforded us the right to peacefully choose our voice in government. Of course, history tells us this freedom, along with countless others, has come only from the bravery and sacrifice of our military men and women–past and present. For this, we truly thank you. I’ve mentioned previously that First Bank originated its humble roots as a small, family-owned bank in Creve Coeur, right at the time of William Howard Taft’s presidency. ...

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Is Saving Time One of Your New Years Resolutions?

We’re just a couple of weeks into 2017 – time to begin (or maybe make) those New Year’s resolutions. Mine happen to include a few healthful goals, devoting more of my personal time to charitable organizations with causes I hold dear, and, like so many others, to simply find more time in my day. Do these mirror any of your resolutions? Time and time again, my colleagues and I hear from our clients one resounding request, “How can you save me time?” Similar sentiments from leaders at all levels of organizations always include “the need for more time.” If this is also on your list of to-do’s this year, take comfort in knowing you are certainly not alone. Whether it’s time to implement new career goals, time to build or explore business expansion, more time for the things we enjoy, some time for quiet tranquility, or more time for family, there’s one thing we all want more of–time. I’ve heard it said, time management is life management; ma ...

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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.