Realtor vs. For Sale by Owner [INFOGRAPHIC]

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How Much Money Should I Have Saved by the Time I am 30? Are you approaching 30? How much money do you have saved? According to CNN Money, someone between the ages of 25 and 30, who makes around $40,000 a year, should have at least $4,000 saved. However, because everyone’s financial situations are unique and are influenced by their spending habits, income, debt and overall lifestyle, not every 30-year-old will have the same amount of money tucked away — and that’s okay! Rather than tell you a precise amount that you should have saved by the time you are 30, we will provide you with savings tips to help you reach your specific financial goals, whatever they may be. 3 Financial Goals for People Under 30 By now, you know that the most effective way to save money is to set a monthly budget for yourself and stick to it. Some tips for setting a realistic and effective budget include: Recording your daily spending Tracking your spending habits for at least a month Still budgeting for fun and entertainment Making automatic savings contributions Clearly defining spending priorities But what else can you do to ensure you have a healthy chunk of change stashed away by the time you hit the big 3-0? 1. Have no consumer debt. By the time you are 30 years old, you should have auto loans, credit cards and other consumer debt paid off. Remember, it’s better to have $500 in the bank with no debt than to have $5,000 in the bank with significant debt. 2. Make at least one (smart) investment. According to Investopedia, “A mutual fund is an investment vehicle that is made up of a pool of funds collected from many investors for the purpose of investing in securities such as stocks, bonds, money market instruments and similar assets.” Mutual funds are the largest and most popular investment vehicle for the retail buyer, making them a great investment option for young people with limited investing experience. 3. Have at least three months of living expenses saved. Everyone should have an emergency fund to better prepare for unexpected events, such as an expensive auto breakdown or unemployment. When saving money for your emergency fund, make sure you are putting money in a savings account (separate from your checking account). First Bank* Helps You Save No matter your age, 3 min read

Planning the Right Mix for Retirement As you enter this important stage in your financial well-being, are you setup to leave the workplace one day financially empowered? 3 min read

How Much Should a 40-Year-Old Have Saved for Retirement? Are you 40 years old and concerned about your savings? Just how much should you have saved for your retirement by now? There’s no precise answer to give you, but there are some savings recommendations based on income. If you don’t meet these suggestions just yet, don’t panic. The key is to get on the right track right away, and these guidelines can help you do exactly that. Income-Based Savings for a 40 Year Old While some financial advisors suggest having your savings match your annual income, others suggest a more ambitious goal of having three times your salary in savings. That means an estimated savings range of: Income Estimated Range in Savings $50,000 $50,000 — $150,000 $75,000 $75,000 — $225,000 $100,000 $100,000 — $300,000 $150,000 $150,000 — $450,000 $200,000 $200,000 — $600,000 Financial Goals for Your 40s By your 40s, you should focus on these three financial goals if you don’t already have them in order: Pay off as much of your credit card and consumer debt as possible Ensure your emergency fund is ready and available if and when you need it Grow your retirement account, even on its own Are you struggling to make these things happen? You might consider the tips below to help you get on the right track. Create a budget. By knowing how much you spend each month, whether on eating out, fixing home repairs or car problems, or paying phone bills, you can more easily visualize how much you need to save. Take advantage of employer-matched retirement. Whether it’s a 401(k) or an IRA plan, or something entirely different, make the most of what your employer is offering you. It’s the easiest and least painful way to save money for retirement. Learn what counts as a true emergency. Differentiate between what should require you to dip into your savings and what isn’t a true necessity. If you need assistance planning for your future and creating a solid savings, First Bank* can help. First Bank is a community bank and has been helping residents of North Carolina and South Carolina reach their financial goals since 1935. Find a branch near you to speak with a financial advisor today. ——— Sources: Time: http://business.time.com/2012/09/21/what-you-should-save-by-35-45-and-55-to-be-on-target/ Forbes: http://www.forbes.com/sites/learnvest/2013/10/24/40-money-things-you-need-to-know-by-40/#4c620e126cb4 Investment and insurance products and services are offered through Osaic Institutions, 3 min read

Tips to Freshen up Your Budget First Bank Clients: Are you using your MyMoney tools in online banking? MyMoney Manage your budget, track your spending, and modify your debt payback plan - all from your First Bank online banking account. Learn how Start with your (e)mail. Do you have a system for keeping your mail organized and sorted? Credit card and loan statements, bank statements, bills, and receipts can pile up quickly. An organized mail area in your home is the first step in keeping track of your bills and expenses. Bring that cleaning momentum into your email inbox and organize your e-statements too. If your email inbox is piling up, it might be time to clean it out. Here are a few email cleaning suggestions. Tally up your monthly expenses. You can use paper and a pencil, a spreadsheet, or budgeting software. Choose a method you are most comfortable with and get started. If you search for budgeting templates in Google, you’ll find a seemingly endless number of options. A template similar to this option from Microsoft is a good starting point for logging your expenses in a spreadsheet. Check in with your automatic and recurring transactions. Many utility providers, subscription services, and credit cards offer automatic payment options. Autopay enrollment is a great way to ensure you won’t miss a payment, but it can become easy to lose track of where your money is being spent. If you like the convenience of automatic payments but want to keep a better eye on those transactions, consider enrolling in Bill Pay. At First Bank, our Bill Pay system allows you to manage all of your payments from one place. Learn more about First Bank Bill Pay here. Predict your variable expenses. Examples of variable expenses are food, gas, clothing, pet care, prescriptions, etc. that change each month. These are more difficult to pin down, but there are a number of ways to do it. You can either look into the past and add up expenses from each spending category, or you can track those expenses moving forward in real time. Whichever your preference, having a strong understanding of how much you should be spending on non-fixed expenses each month will give you a more accurate picture of your discretionary spending. For a list of common personal budgeting categories, click here. Refine your debt repayment and savings goals. It’s hard to choose between prioritizing debt repayment or saving for the future. While you want to avoid paying unnecessary interest and penalties on your debts, it’s also important to have an emergency savings fund so that you’re less likely to incur more debt when unexpected expenses arise. Many experts recommend having enough saved to cover 3-6 months of expenses. First Bank offers a number of savings account options so that you can keep that money separate from your checking account. Did you know that First Bank credit cards offer $0 balance transfer fees? Here is a helpful calculator to see if a First Bank credit card is right for you. If you’re struggling with making your debt payments, you’re not alone. Our bankers understand that circumstances can be tough and everyone has a different financial story. We want you to feel comfortable talking about you finances and confident in creating a successful path forward. Please reach out to your local First Bank and we’ll do what we can to help you get back on track. Use your discretion. With recent cost of living increases, your typical discretionary expenses are most likely also increasing and could be throwing off your budget. Depending on your debt and savings goals, you might want to readjust your discretionary spending to allocate more for debt payments and savings deposits. MyMoney: Your First Bank Advantage If you’re a First Bank client, log in to your online banking account and explore the Financial Tools section (also known as MyMoney). This service will create a budget snapshot for you. To ensure accuracy, you’ll want to link all of your active banking accounts and customize your spending categories. Find MyMoney instructions here. One of our favorite ways to use MyMoney is to select the ‘Trends’ tab and view your monthly trends by category. You’ll have a nice breakdown of each expense category with the amount spent shown per month. 4 min read

Realtor vs. For Sale by Owner [INFOGRAPHIC]

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