Teach Teens to Save: Banking Tips For A Financial Future

We know learning may look a little different these days, so we’ve put together a guide to help boost your teen’s knowledge of banking.

In this guide, you and your teen will find information on:

Working their way around a check – Yes, they still exist!
Setting up a financial future – Start sooner than later.
Life hacks on saving time and money – Who wouldn’t want that?

Get your teen thinking about their financial future, and download this free guide today!

For additional resources, check out these interactive courses on Starting Out, Financial Basics, and Paying for College.

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Learn How Much You Should Be Saving Each Year Wondering how much you should be saving each year? Many specialists believe in the 50/20/30 budget: 50% is spent on necessary expenses (e.g. credit card bills, rent), 20% of your income is put into savings, and 30% is left for your luxury expenses (e.g. a new TV, restaurants). By following this rule, you can comfortably begin saving for retirement or an emergency fund while having enough to make ends meet. How Much Should I Be Saving? While there’s no one-size-fits-all answer to how much you should have saved, there are some goals you should focus on during your 20s, 30s, 40s and beyond. Here’s a recommended savings road map to guide you at any age: 20s: Focus on building your credit, paying off loans and save something each month. Even if you’re not able to save quite up to 20% of your income, try starting at 10%. 30s: Allocate more money into savings, especially if you’re thinking about starting a family, buying a new home, or taking on a few home repairs soon. You should be putting at least 15% of your income into savings, if not more. Additionally, you should continue to pay off all non-mortgage debt. 40s: Get your credit card debt under control and up the amount you’re putting away into savings again. By this time, you should aim to have more than your current salary put away in savings. 50s: Max out your retirement contributions and pay off your mortgage. You should aim to have as much of your income and investments working towards your retirement goals as possible. Ideally, you have more than two times your current salary set aside in savings. Start Saving for Your Future Today Changing the way you spend can feel overwhelming at first and requires discipline. However, in time, you’ll get used to what is necessary and how much of your luxury expenses can be cut or limited. Take charge of your finances and invest in your future. For more questions about how much you should be saving each year, or how to get started, contact your local First Bank branch today! ——— Sources: Experian: https://www.experian.com/blogs/ask-experian/how-much-should-you-save-each-month/ Huffington Post: http://www.huffingtonpost.com/simple-thrifty-living/in-your-20s-40s-60s-the-b_b_5686551.html Money Under 30: http://www.moneyunder30.com/how-much-do-you-need-to-have-saved-for-retirement 2 min read

High Interest Checking Accounts – North Carolina A high interest checking account in North Carolina can offer a safe, steady solution for those who want to grow their money without much risk. At First Bank, we have several branches conveniently located across the state to help make high-interest checking accounts more accessible. Our Everywhere Plus account allows you to build interest on a minimal balance requirement and comes complete with: Free online and mobile banking. Free automated online bill payments. Free monthly statements delivered by paper or electronically. Free email, phone call or text message alerts to notify you of any account activity. The ability to avoid monthly maintenance fees by keeping a minimum or average collected balance. Looking for a High Interest Account with Benefits in North Carolina? If you’re looking for a high-interest checking account that offers even a little bit more, our Everywhere Premium account might be for you. With Everywhere Premium you’ll earn interest with a minimum balance requirement and benefit from all the perks of Everywhere Plus in addition to: No First Bank transaction fees at non-First Bank ATMs. Free member checks or 50% off of alternate designs and four free official checks per month. The ability to avoid monthly maintenance fees by maintaining certain monthly requirements. If you run a North Carolina business and you’re looking to build interest on your business funds, First Bank also has an interest-bearing business checking account. The account comes with all the features of Everywhere Plus and includes such business-friendly benefits as 250 free transactions per month and up to $10,000 in cash or coin deposits per month at no charge. High Interest Checking Accounts for NC Businesses First Bank also offers high-interest checking accounts for businesses. With our Business Interest account, you can make 250 transactions per month, earn rewards benefits with a First Bank credit card and enjoy free 24-hour telephone banking. With our Business Advantage Plus account, you get all of the benefits of Business Interest, as well as 500 free transactions per month and cash or coin deposits of up to $25,000 every month at no charge. Open a First Bank Checking Account Today To open a high interest checking account at First Bank, all you have to do is visit your nearest North 3 min read

Three Tips to Building Your Emergency Savings Trying to stay on top of your finances and budgeting for monthly expenses can be stressful, especially when unexpected car repairs, job related issues, or natural disasters occur. We want to make sure that you are fully prepared in case any unexpected life altering events happen and fortunately there’s a way you can do so. Starting to build your emergency savings can help you when you find yourself in a bind. Emergency savings, or an emergency fund, allows you to build a savings buffer, so that you do not have to worry about how to pay for unforeseen financial emergencies. If you don’t know where to start with saving for emergencies, here are a few tips to help get you started. Create a budget. Creating a budget helps you estimate how much you are spending. You can adjust a budget to show how much you are spending on a monthly or weekly basis. This helps you visualize where your money is going and how much of your income you have left over after paying bills. Having a budget can also help you determine wants vs. needs. Determining needs over wants can free up more money from things that aren’t necessities. Determine how much to put into your emergency savings. Money experts recommend having three to six months’ worth of expenses saved in your emergency savings. However, once a budget has been created and you see how much extra income you have, you can decide how much is reasonable to put into an emergency fund. Don’t be discouraged if it seems like you aren’t saving enough initially. Everyone’s situation may vary and as you become more comfortable saving, adjustments can be made. Determine where to keep your emergency fund. Figuring out where to keep your emergency savings is completely up to you, but make sure to keep it in a place that is easily accessible. A few options for savings are a savings account, checking account, or certificate of deposit. No matter which option you choose, we have associates ready and available to help get you started. Find your local branch today and start getting your savings in order. Want to continue learning how to make your money go further? Take 3 min read

Savings Account – South Carolina If you live in South Carolina and are looking for a savings account, your local First Bank can help. We offer savings accounts to meet a variety of needs, and we are dedicated to helping you find the best way to save. Savings Accounts from First Bank in South Carolina First Bank offers a variety of savings accounts, including: Everywhere Savings MyFirst Savings Money Market CDs IRAs Health Savings Accounts Use our Savings Account Comparison Tool to compare accounts and see which one is right for you. Looking for a business savings account? First Bank can help with that too. Learn more about our Business Savings accounts. Tips for Growing Your Savings Savings accounts are a great way to cover unexpected costs in the future, or just have a little extra money when you need it. If you have a hard time saving, consider these money saving tips from Practicalmoneyskills.com. Make Saving a Priority – It is easy to lose track of resolutions, but if you make a plan, you can avoid falling behind. Determine what you want to save for, and be as vigilant about it as you are about paying rent or buying groceries. Find Money to Save – After paying the bills and buying what you need it might seem like you don’t have any money left to save. Chances are you can find extra money you didn’t even know you had just by keeping track of your spending and cutting back on buying things you don’t need. Get a jumpstart on saving by opening a savings account at First Bank in South Carolina. We have 6 savings account options that are designed to meet the needs of our individual customers. To open an account or learn more about our savings account options, visit one of our South Carolina branches today. 2 min read

Teach Teens to Save: Banking Tips For A Financial Future

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