What is Personal Finance?

Are you ready to get a handle on your finances and prepare for your future? The first step is understanding personal finance.

According to Investopedia, “Personal finance defines all financial decisions and activities of an individual or household, including budgeting, insurance, mortgage planning, savings and retirement planning.” Understanding these terms can help you better control your funds and prepare for future financial success.

Important Personal Finance Terms

Budgeting — Establishing a budget is an important part of managing your personal finances. A budget helps you keep track of your spending patterns and plan how you are going to spend your income each month. Start by calculating your total monthly income, then use MyMoney to track all of your expenses each month. This will help you see where your money is going, where you can save and where you can spend a little extra each month.

Insurance — Purchasing insurance is another large part of managing your personal finances. According to Investopedia, by purchasing insurance — like health insurance, life insurance and car insurance and homeowner’s insurance — you are protecting yourself from risk and ensuring the security of your material standing.

Savings — Whether you’re in your 20s and just starting to learn about personal finances, or are in your 30s and looking to better manage your funds, one thing is certain, you should be saving for the future. It is important to establish an emergency savings fund to cover any financial hardships and a retirement savings plan to help you in the future.

Articles on Personal Finance

For more information on personal finances, check out these articles from First Bank’s Financial Education Center:

Source:

Investopedia: http://www.investopedia.com/terms/p/personalfinance.asp#ixzz40uIYOSwU

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NC Bank If you are looking for one of the best North Carolina banks, consider a visit to your local First Bank. First Bank is an NC bank that is small enough to know you by name, but large enough to meet all of your banking needs. We have more than 100 convenient locations throughout the state of North Carolina. Plus, First Bank was recently recognized as one of the by Forbes. Banking Services First Bank offers a variety of banking services for families, individuals, and business owners in North Carolina. Some of our services include: Personal banking: Checking accounts, savings accounts, debit cards, personal loans, and more. Business banking: Checking accounts, savings accounts, loans and credit, merchant services, and more. Mortgages: Conventional loans, jumbo loans, government loans, VA loans, and one-time close construction-to-permanent loans. We also have a Financial Education Center where you can find articles about buying a home, starting a business, our activities in the community, and more! Click here to explore more banking options. First Bank‘s Mission At the beginning of the Great Depression, a small town in North Carolina lost its only bank. That town was Troy, NC, and in 1935 First Bank opened its first branch to help with the loss. At that time, we were called Bank of Montgomery, and we were known for helping farmers and local businesses manage their money for 3 whole decades. In 1985, we changed our name to First Bank, and a lot has changed since then. The manufacturing, industrial, and technology industries have grown, and we’ve continued to evolve to meet the needs of our customers. Our mission is to show that we care about our customers, and to provide them with safe and convenient banking. If you are looking for a North Carolina bank that strives to meet your needs, visit a First Bank branch near you. Loans subject to credit approval. Member FDIC. Sources: NCpedia: http://www.ncpedia.org/history/20th-Century/great-depression 2 min read

What Do I Need to Open a Checking Account? What do you need to open a checking account? It can vary a little from bank to bank but there are typically some fundamental necessities needed to open a checking account. First Bank has five levels of checking accounts, each with varying conditions and capabilities. But let’s start with the basics that hold true for any checking account: What You Need to Open a Checking Account Identification. You will be required to show a picture ID in order to open a checking account such as a driver’s license, passport or military ID card. Personal information. Basic information such as name, address, telephone number, date of birth and social security number. Deposit. You’ll need a small minimum amount of money to make the initial deposit into the account. Clean record. Before opening a new checking account, a most banks will run a consumer report of your previous banking relationships to make sure you don’t have a record of charged-off accounts or fraudulent activity. A bank will sometimes allow you to still open a new account provided you repay the charged off account. Types of Checking Accounts Let’s take a look at First Bank’s five personal checking account options. Everywhere Checking. This is our most fundamental checking account. Everywhere Plus. This option allows you to earn interest on your balance. Everywhere Premium. Earn interest plus enjoy some additional perks such as an unlimited number of out-of-network ATM transactions with no First Bank fee. Campus Checking. Students under the age of 25 get the benefit of a checking account free of a minimum balance requirement and monthly maintenance fees. Senior Checking. Customers age 55 and older can be fee-free with direct deposit and get free checks. Contact First Bank Today Visit your local First Bank and one of our friendly associates will help you with what you need to open a checking account. Or use our Compare Accounts feature to see which checking account is right for you. Read more about this topic: What Is Required to Open a Business Checking Account?, Finance 101: Banking Basics. ——— Sources: Investopedia: http://www.investopedia.com/terms/m/minimum-balance.asp 2 min read

Your Top 5 Tips for Effective Online Money Management Information on the Internet moves quickly. That’s why First Bank* offers streamlined online money management for individuals and small businesses throughout North Carolina and South Carolina. Accounts can easily be linked in our app, which is free to download in the Apple and Android stores.** Download our app today, or contact us to learn how you can benefit from our digital banking services. 5 Online Money Management Tips First Bank’s digital banking services provide tools for you manage your personal money, or your business finances, online. Whether you are already with First Bank, or you’re looking for an online money management solution, consider these tips to make online money management easier and more productive. Enroll in automatic bill pay. Most banks have this feature for online banking customers. Link your bills directly to your checking account to prevent late payments. Set up account alerts. Stay on top of financial issues that matter to you the most with the alert system. You can set up alerts to occur when a withdrawal happens, when you are close to an overdraft, or when a credit card payment is due. Alerts are deliverable via text or email. View statements online. Before digital banking, bank statements were mailed. For a busy account, a single month could amount to pages upon pages of transactions. Online money management allows you to access your statements without wasting paper. Also, you can use the search feature to easily find specific charges. Track spending patterns. With online money management, it’s easy to access your withdrawal history. Use that data to produce a graph or table that tracks your spending habits. By tracking your spending history, you can pinpoint ways to stay on budget. Quick, easy access to money. Easily transfer funds between accounts and view budgets and cash flow. Contact First Bank today and learn more about our digital banking suite of services, including mobile, text, and tablet banking, mobile check deposit, alerts, eStatements, and bill pay. **The First Bank Digital Banking Apps are available for select mobile and tablet devices. There is no charge from First Bank, but message and data rates may apply. Customers must enroll in First Bank Online Banking and download the First Bank Digital Banking App from 2 min read

From One Home to Another: Should You Sell or Buy First? It’s time for an upgrade. You're ready to sell your current home and move into a new one, but you don't know which you should do first, right? 3 min read

What is Personal Finance?

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Important Personal Finance Terms

Articles on Personal Finance

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