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Online Money Hacks – First Bank If you are active on social media, you’ve probably tried a “life hack” at some point. Life hacks are little things you can do to make your life easier. For example, tying a small piece of bright colored fabric to your luggage makes it easier to tell which bag at the airport. Life hacks are great, but do you know what’s even better? Money hacks! Money hacks not only make your life easier, they help you save your hard earned cash. Money Hacks Worth Trying Money hacks can be anything from saving your spare change in a piggy bank to skipping your morning Starbucks run and making coffee at home. Small money hacks will help you save a little bit of money, but if you’re looking to save in a big way, try these money hacks from Forbes and from your very own First Bank. Borrow against your home’s equity. This money hack is specifically for homeowners, but it’s useful to know if you are ever planning on buying a home. If you find yourself needing a personal loan for a large amount of money, it might be better to borrow money against your home’s equity. Since you already have been approved for a mortgage the loan application process will typically be easier. Another benefit is that interest payments on home equity lines of credit are typically tax-deductible, unlike interest paid on personal loans. Consult your tax advisor for details on the deductibility of interest. Pay insurance premiums once a year. You’re probably currently making monthly payments for policies like life insurance and auto insurance, but it isn’t required that you make your payments that way. You can opt to pay your insurance policy in one lump sum, which can save you money in the long run. Paying by the month may be convenient, but insurance companies typically charge a courtesy fee. Fun Tips to Save More Money Try a service contract. Instead of shelling out hundreds of dollars for a car or home repair, offset the costs by considering monthly payments for an auto warranty or home protection plan. Stay cool. Preserve the longevity of your batteries, hosiery, and candles by storing them in your freezer. Raise a glass to 3 min read

How to Save for Periods Without a Paycheck Did you know that two out of five wage and salary earners over the age of 15 know their schedule less than one month in advance? If that sounds like you, or if you're a teacher on a 10-month pay cycle, try this calculator to help you figure out the best approach to savings during those periods without pay. 1 min read

How To Make A Budget The best way to save money and gain control over your finances is to make a budget. Follow these simple steps to make a budget that will save you money and bring you peace of mind about your spending. Making a Budget People often set their budgets according to a monthly schedule because most living expenses are based on monthly billing cycles. As such, it won’t hurt to spend one full month making your budget. That way you’ll come up with the most accurate data possible. Record All Your Expenses Keep track of everything you pay each month. This includes: Rent/mortgage Car payments Car warranty Utility bills Student loans Cell phone bill Gas Groceries Insurance (car, health, or any other type) Home warranty Memberships to gyms or clubs Charitable donations Many of your monthly expenses are fixed amounts. But others, such as gas and groceries, will fluctuate from one month to the next. Round slightly up for these as it’s better to come up a little short of the intended number than to go over it. Also, some payments such as car insurance might be quarterly or yearly. Figure out how much it equates to per month and factor the payment in that way. Record Your Income The next step is to tally up how much money you’re bringing in each month. If you have a job that pays hourly or by commission and each paycheck varies a little, round slightly down. It’s better to bring in a little more money than what you intended as opposed to coming up short. Do the Math Now that you know what’s going out and what’s coming in, do the math to determine how much is left over. If the difference is positive (you’re making more than you spend): Great! You have extra money that can be put in a savings account, vacation account, or to be used for fun spending money. Or, use it to chip away at those student loans or car payments. Remember, the faster you pay those off, the less you’ll spend in interest in the long run. If the difference is negative (you’re spending more than you make): You’re operating in debt and the sooner you can curb the momentum, 4 min read

Finance 101: Banking Basics Finance 101: Investing in your financial future is one of the smartest things you can do. But there is more to building healthy finances than simply stashing away extra cash in your piggy bank. In this article, we cover a wide range of topics to help you learn the basics of finance and help you make educated decisions regarding your financial future. Checking Accounts For those new to finance, opening a checking account is a great first step. A checking account enables you to deposit money into an account that can be accessed by writing a check, using your debit card, or withdrawing money from your bank’s automated teller machine (ATM). The biggest advantage to having a checking account is that it keeps your money safe while allowing you to access it when needed. Unlike cash, if your debit card becomes lost or stolen your bank can put a stop on your account, prohibiting unauthorized users to access your money. Tips for using a checking account: Keep a running balance of your account to avoid overdrawing your account. Most banks charge an overdraft fee for purchases that are made with insufficient funds. Consider overdraft protection if your bank offers it to you. Familiarize yourself with your account’s minimum balance requirements. Savings Accounts A savings account is less accessible than a checking account, as the Federal Reserve limits the number of free transfers or withdrawals you can make from a savings account. According to Investopedia, “A regular savings account is easy to set up and maintain. You can usually link this type of savings account directly to your checking account at the same bank and quickly and easily move money between the two accounts. Having these two accounts linked can sometimes help you avoid overdraft charges and/or under-the-minimum-balance fees from your checking account.” Having a savings account can help you set aside money for emergencies and help you save for large purchases, all while earning interest. Credit Building and maintaining good credit will provide several advantages to you, including: Lower financing rates More negotiating power Attractive mortgage and refinancing rates Higher credit card limits and rewards While getting a credit card is a great first step to building your credit, maxing out your credit card, failing to pay your credit card bill 4 min read

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