Skip to main content
_FB_2018-Icons-finalized-cleaned-up_new_FB_2018-Icons-finalized-cleaned-up_newGroup 9
Find Your Local Branch
Back
Scroll to top

How to Save for Periods Without a Paycheck

Personal Finances 1 min read

Ready to talk to an expert?

Find A Location Get In Touch

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, a freelance contractor picking up gigs without regular frequency, or going on short-term leave without pay, we know it can be hard to budget when you’re not sure how much or when the next pay check might come in.

How to Save

To help you figure out the best approach to savings during those periods without pay, try the calculator below.

$
$

Now that you know how much to save, you can choose the best account to help support your goal.

How to Budget

Ready to get started with budgeting? We have a number of resources you can try out.

  1. If you’re a First Bank customer, you have free access to MyMoney within digital banking. MyMoney allows you to set a budget, track expenses by category, monitor your accounts from any financial institution, and more.
  2. Not sure where to start with a budget or what you can do with one? That’s okay, we’ve got you covered. Try this free online course: Creating a Budget.
  3. For those ready to take a broader look at their finances and plan accordingly, we also have Financial Basics, which covers everything from checking accounts and smart credit usage to retirement and family financial planning.

Another great tool at your disposal are the alerts you can set on transactions over a certain amount, when you receive deposits, when a transfer is made, and more. This is handy both to keep a closer eye on your finances but also to help stay mindful of each expense and the funds going in or out of your account.

Hands-On Help

If you’re ready to talk options, would like some feedback on your finances and plan, or are just curious about next steps, stop by your local First Bank branch. Our experts can help walk you through it all and create the best path to your goals.

Ready to talk to an expert?

Find A Location Get In Touch
Share:
First Bank’s Good To Know Logo
Sign up for our newsletter and be the first to know about new tips, insights, and products from First Bank.
First Bank may use this email address to contact you about products, services, and promotions.

You may be interested in...

Banks Near Me When you are trying to find banks near you, there are many options. With so many choices, it can be hard to be sure you’re choosing the right bank for you. At First Bank, we care about the needs of our customers. That is why our banking options are designed to meet the unique needs of our customers. First Bank’s first branch opened in Troy, North Carolina, where we were known for helping local businesses and farmers manage their finances throughout the 40s, 50s, and 60s. Today, we’re still known for our community values, and we serve businesses, families, and customers in North Carolina and South Carolina. There’s a First Bank Near You Chances are if you’re in one of the states we service, there’s a First Bank near you. And it offers a range of services from personal banking to wealth management. Some services we offer include: Personal checking accounts, savings accounts, and credit cards with benefits* Personal loans and lines of credit* Business checking accounts, savings accounts, debit cards, and group banking Business loans and credit cards* Merchant services like payment processing, reconciliation and reporting, and check collection Treasury services, such as payroll direct deposit and deposit services Wealth management services* Insurance for individuals and businesses We want to make the needs of our customers are met. Whether you need a savings account, a business loan, or auto insurance. We strive to be a bank near you that is worth more to you. The Best Banks Nearby Visit our website to discover more about First Bank. Our team of banking experts are ready to answer any questions you have about First Bank and the services we offer. *Investment and Insurance Products are NOT Bank Deposits, NOT FDIC-Insured, HAVE NO Bank Guarantee, NOT Insured by any Federal Government Agency, May Go Down in Value. Loans subject to credit approval. See our Terms and Conditions for complete details on our MasterCard® programs. ©2013 MasterCard. MasterCard, Debit MasterCard and the MasterCard brand marks are trademarks of MasterCard International Incorporated. ——— Sources: Investopedia: http://www.investopedia.com/terms/h/homeequityloan.asp Investopedia: http://www.investopedia.com/terms/l/lineofcredit.asp Investopedia: http://www.investopedia.com/terms/r/reconciliation.asp 2 min read
Learn Where to Get Short-Term Personal Loans Today Wondering where to get a short-term personal loan? At First Bank, we offer a selection of loan products that can help you conveniently pay off unexpected expenses or large investments in a shorter period of time. Visit your nearest First Bank branch today to get started. Personal Lending Options at First Bank First Bank offers several personal lending options and lines of credit to help customers pay off big expenses, such as car repairs, doctor’s bills, or unexpected expenses. There are loan officers available at all our branch locations to help you find the right option for your financing needs. In addition, the First Bank Platinum Credit Card with Rewards not only helps you finance your large expenses, but you can also earn rewards.* Benefits include: Every $1 spent on qualified purchases earns 1 point towards your rewards. 24-hour convenient access to your account. Online tools to help you manage your account. Credit card statements are available to download. Easily pay your bills online. Customer service available online. Zero liability for unauthorized purchases. Protection from fraudulent use with MasterCard SecureCode. 26-day grace period for no interest fee. Apply for a Short-Term Personal Loan at First Bank Since 1935, First Bank has worked with communities in North Carolina and South Carolina to lend a helping hand when it comes to financing. With our wide selection of personal and business products, we work to meet the needs of our neighbors with the selection of products you expect from a national bank at the convenience of your local community. For more information on where to get short-term personal loans, visit your nearest First Bank branch today. *Loans subject to credit approval. See our Terms and Conditions for complete details on our One Rewards Program. MasterCard, Debit MasterCard and the MasterCard brand marks are trademarks of MasterCard International Incorporated. ——— Source: About: http://credit.about.com/od/avoidingdebt/a/basics-of-personal-loans.htm 2 min read
3 Tips for Saving Money in Your 20s Saving money in your 20s may seem like an impossible task, but did you know that your 20s is actually prime time to start setting money aside for you future? If you’re wondering how to save money in your 20s, follow these three simple tips for managing your funds and setting yourself up for a financially successful future. 3 Important Money Saving Tips for Young Adults 1. Start an emergency fund. An emergency fund is one of the most important things you can establish in your twenties. Should you experience any financial hardships, such as unemployment, unexpected medical expenses, or an expensive car repair, your emergency fund will be there to cover you. But how much money should you save? That depends on how much you spend each month. Money Under 30 suggests having at least three months of expenses saved up. You can use their Emergency Fund Calculator to get a better idea of how much you should be putting away. 2. Mange your budget. Take a close look at your budget—especially your entertainment budget—to see where you can cut back. Adults in their twenties often spend money on entertainment, like concerts with friends and weekend travel plans, and these areas are often where you can cut back the most. The Penny Hoarder suggests taking charge in your group of friends and making sure your plans are reasonably priced. 3. Pay down your debt. Paying down your loans now will save you money in the future. Forbes recommends focusing on your emergency fund and retirement savings first, then paying off any debt with interest rates over 7%. For interest rates over 7%, you’re likely save more on interest than you would earn by investing that money. Always consult a financial advisor or debt expert before making decisions on consolidation or pay off. Save Money with First Bank Following these three simple money management tips is a great way to reach your savings goals. For more money management tips, check out First Bank’s Financial Education Center or contact us to learn more about our savings accounts. ——— Sources: Betterment: https://www.betterment.com/resources/investment-strategy/strategy-investing-in-your-20s/ Money Under 30: http://www.moneyunder30.com/emergency-fund-calculator PennyHoarder: http://www.thepennyhoarder.com/managing-money-in-your-early-20s/ Forbes: http://www.forbes.com/sites/financialfinesse/2014/03/06/should-you-increase-savings-first-or-pay-down-debt/#7ae4e10b33e6 2 min read
Couch and coffee table with vase on top 5 Reasons to Consider a Home Equity Line of Credit (HELOC) Your home is your most valuable asset and investment. A home equity line of credit can provide many benefits for those with good credit and a chunk of their mortgage paid off. 2 min read