It’s Never Too Late to Start Your Financial Journey

A little financial education can go a long way to help your employees manage their money and plan for the future. In the infographic below, we lay out some startling facts like how daycare expenses are driving families into debt and that the annual total of dollars lost to fraud is in the 8 figures.

Imagine the stress that money issues like those might cause, and what that stress can do to employee productivity.

It doesn’t have to be that way. We hope you’ll take advantage of all the great, free resources we offer through our First@Work program (onsite and online seminars, online budgeting tools, and more) to empower your employees and get them on the road to financial wellness.

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How Much Should You Have In Savings at Age 25? If you’re wondering how much you should have in savings by the time you’re 25, you’re already on the right track. At an age where financial independence becomes increasingly more important, how much you can save depends on a number of factors, including income and debt. Savings at Age 25 Many experts agree that most young adults in their 20s should allocate 10% of their income to savings. One of the worst pitfalls for young adults is to push off saving money until they’re older. If you begin at 10% and find that you still have money left over by the time you receive your next paycheck, you may be able to comfortably increase the amount you’re saving per month. You should also consider saving for retirement. CNN Money offers retirement savings suggestions based on your income level: Income Amount Saved Per Year $40,000 $4,000 $65,000 $6,500 $90,000 $9,000 $115,000 $11,500 Financial Goals to Make Saving Easier As nice as saving 10% may sound, there are other factors that can impact to how much you may actually be able to save, including necessary expenses and debt. Here are some milestones that can help you save money each month and help your credit and future purchases: Pay off auto loans, credit card debts and other consumer debts as soon as possible. This does not include student loans and mortgages. You’ll want to focus on the higher interest debt first. Save three months’ worth of living expenses in case of job loss or emergencies. This will allow you to create an emergency fund in case you encounter unexpected financial hardships. Start investing your money in stocks, real estate or bonds. One of the easiest ways to do this is to take advantage of a 401(k) or other retirement fund offered by your employer. Often, employers will match your contribution, so this is a good way to maximize your investment and make it grow quickly. Visit a First Bank Location Today Regardless of your age, it’s important to make savings a priority. If you’re in your 20s and getting started, it can help to have some professional advice. To learn more, turn to the financial advisors at your local First Bank.* We help 3 min read

How Your Healthy-Eating Resolution Saves Calories and Money To get tips on mindful eating and spending, we talked with Jessica Thiefels, a full-time blogger and ACE Certified Personal Trainer, as well as an NASM Certified Fitness Nutrition specialist and the owner of her own personal training business, Honest Body Fitness in San Diego. If you made a resolution to eat healthier this year and need a boost to keep going, get excited because it turns out you’ll save a lot more than a few extra calories. You Eat Out Less Often The top expense for most people is eating out. In fact, 2014 data reveals the average American spends $232 per month eating food prepared outside the house. When eating healthy, however, a restaurant is the worst place to be. With no idea of how much salt, butter, dairy, and oil goes into a dish, you could be eating double or triple the amount of fat you should have in one day. You soon come to realize that eating in is not only less stressful because you control the ingredients and portions, but that it’s saving you hundreds of dollars a month. Planned Eating Cuts Down on Food Expenses When eating healthy, it’s important to plan your meals and snacks in advance so that when your 3 pm craving rolls around, you can reach into your trusty stash of almonds nearby to avoid hunting for sweets instead. This healthy eating strategy helps you save at the grocery store. When you know what you need, you can buy just that. All too often we buy more than is necessary and end up tossing it. This is a nationwide problem, with 40% of food in the United States going uneaten. This means we throw away the equivalent of $165 billion dollars each year, according to the National Resources Defense Council. By planning your healthy meals for the week, you waste less and save more. Vegetables Are Versatile Vegetables are not only some of the cheapest items in the grocery store, but they can be used in so many ways. Save money and time by buying them when they’re fresh and freezing some for future meals, or by simply buying them frozen to begin with. “Frozen vegetables are a lifesaver and can 4 min read

Personal Loan Rates in South Carolina If you live in South Carolina and are looking for competitive personal loan rates,* visit a local First Bank for highly competitive rates and flexible terms. We’re dedicated to serving our customers and providing a variety of loan options—from personal lines of credit to home equity lines of credit. Our loan experts will help determine which option is best for you. Personal Loans from First Bank Personal loans can be helpful when you have a medical emergency, home expenses, or other unexpected costs. Take a look at the personal loan options offered by First Bank: Personal Line of Credit—This personal loan grants you with instant borrowing power. Ready Reserve: Overdraft Protection—To avoid accidental account overdrafts, think about getting overdraft protection. First Bank will automatically transfer funds into your First Bank checking account from your overdraft line of credit to prevent costly fees. If you need a larger loan for bigger purchases, think about applying for a home equity line of credit. A First Bank home equity line of credit (HELOC) offers low interest rates and flexibility in funding larger expenses like debt consolidation, medical bills, and other costs. Tips to Consider Before Getting a Personal Loan Before applying for a personal loan, consider these tips to get the best interest rate: Compare Your Options—Consider whether a personal loan would be cheaper than a low-interest credit card. The experts at First Bank can help you compare these options and determine which you could pay back faster. Find a Cosigner—If you have a low credit score, a cosigner with a high credit score could help you qualify and get you better rates. Consider a Secured Loan—Secured loans, also known as collateral loans, allow you to pledge the title to one of your assets, like a car or home, in return for a larger loan. Pay Off Credit Cards—Any balance you have on a credit card could count against you when applying for a loan. Visit Your Local First Bank Today Visit one of our fifteen South Carolina First Bank locations to start an application. ——— Sources: Bank Rate: http://www.bankrate.com/finance/topic/heloc.aspx *Loans subject to credit approval. 2 min read

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It's Never Too Late to Start Your Financial Journey

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