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Family Finances Articles

Bring your family together to create a financial plan.

Learn About Family Finances

Get the conversation about family finances started with these helpful articles about budgeting, financial caregiving, debt management tips, credit scores and reports, mortgages, insurance, and more.

All Budgeting and Goals Credit: Score and More Family Finances Fending Off Fraud Paying Off Debt Personal Finance 101 Homeownership Retirement
Image for tile. What is Financial Abuse? Key Aspects of Financial Abuse Financial abuse is a hidden but devastating form of control that often leaves victims economically trapped and vulnerable. It can happen in any type of relationship, whether it’s between partners, family members, or caregivers and their dependents. By understanding the tactics used by abusers and the steps to regain financial independence, victims and their supporters can take meaningful action to break free and rebuild their lives. Control and Restriction One of the primary tactics of financial abuse is restricting the victim’s access to financial resources. The abuser may withhold money or enforce a strict allowance, limiting the victim’s ability to spend freely. They might restrict access to bank accounts, credit cards, or cash, ensuring complete financial dependency. In many cases, victims are required to justify every expense, creating a climate of fear and uncertainty around financial decisions. Additionally, abusers may steal or control their victim’s identification documents like their driver’s license and social security card as well as important papers like marriage and divorce documents, birth certificates, and mortgage or property documents—with the goal of opening accounts in the victims name without their knowledge. By controlling their victim’s financial access and identification, the abuser reinforces their dominance, making it increasingly difficult for the victim to assert independence. This lack of financial freedom can leave victims feeling trapped, with few options to break free from the abuse. Exploitation of Resources Financial abuse often involves the direct exploitation of their victim’s financial resources for the abuser’s personal gain. This can include unauthorized use of the victim’s credit cards or assets, leading to mounting debt in their name. Some abusers force their partners to cover all household expenses while contributing little or nothing themselves. In more severe cases, victims may be coerced into accumulating debt under their own name, leaving them financially burdened long after the relationship ends. These tactics create significant financial hardship, making it even more difficult for victims to escape the abusive situation. Sabotage of Economic Independence Many abusers deliberately work to prevent their victims from achieving financial independence. They may prohibit them from working or pursuing educational opportunities, limiting career advancement and personal growth. Even when victims manage to secure employment, abusers often sabotage their job performance by causing disruptions, harassing them at work, or withholding essential resources such as transportation or childcare. In some cases, abusers also hide or misrepresent joint assets, ensuring that their victims remain unaware of their true financial standing. By keeping their victim economically dependent, the abuser strengthens their control, reducing the victim’s ability to leave the relationship and start anew. Financial Secrecy and Isolation Secrecy and economic isolation are also common tactics in financial abuse. Abusers may conceal important financial information, such as income, debts, or household expenses, leaving the victim completely in the dark about their financial situation. In addition to withholding financial knowledge, abusers often restrict interactions with family and friends who could provide financial assistance or guidance. This isolation ensures that the victim has no financial safety net, making it even harder to seek help or escape the abusive situation. Post-Separation Abuse In relationships, financial abuse does not always end when the relationship does. Many abusers continue using financial tactics to exert control over their victims even after separation. They may prolong divorce proceedings to increase legal costs and drain the victim’s resources. Refusing to pay child support or alimony is another way abusers cause financial distress, making it difficult for survivors to maintain stability. Some even manipulate shared assets or debts to create ongoing financial hardship. These post-separation struggles can make it incredibly challenging for survivors to rebuild their lives. Recognizing and Addressing Financial Abuse Financial abuse is often an invisible form of control that can have long-term effects on a victim’s financial stability and emotional well-being. Recognizing the signs and taking action is essential. Here are some steps that can help: Educate yourself and others: Awareness is the first step toward addressing financial abuse. Learning about its signs can help victims recognize when they are being manipulated. Reach out for support: Support networks, including friends, family, and domestic violence organizations, can offer critical assistance in navigating financial abuse. The National Domestic Violence Hotline is a free, confidential and 24/7 resource that offers tools and support to help survivors of domestic violence. Seek professional advice: Financial counselors, domestic violence advocates, and legal professionals can provide guidance on regaining financial control. Open a separate bank account: If possible, setting up an independent bank account can help create a financial escape plan. Document financial abuse: Keeping records of financial transactions, unauthorized debts, and hidden assets can be valuable in legal proceedings. Breaking the Cycle of Financial Abuse By understanding its various forms, recognizing its signs, and taking proactive steps, survivors of financial abuse can regain financial independence and break free from abusive relationships. It is essential to continue raising awareness and advocating for stronger protections against financial abuse to support those affected and prevent further harm. 5 min read
Image for tile. How to Save for Periods Without a Paycheck 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, try this calculator to help you figure out the best approach to savings during those periods without pay. 1 min read
Image for tile. 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
Financial tips for teens 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. 1 min read
What Is a Child Savings Account? “What is a child savings account?” In a child savings account, you can deposit spare change, birthday money and other loose funds to accrue some interest throughout their childhood. This teaches children the lesson of “a penny saved, is a penny earned.” Read on to learn more about a child savings account and how you can set one up with First Bank. What Is a Child Savings Account? A gateway to education. Research suggests that a child savings account greatly increases the odds that a child from lower to middle income will attend—and even graduate—from college. The research, conducted by Prosperity Now in Washington, DC, shows that children with savings accounts are more likely to start planning for college early and consider themselves college bound. A pathway to financial independence. Additional research conducted by the University of Kansas finds that children with savings accounts are four times more likely to invest in the stock market in adulthood. So, while the return on a child savings account might seem minimal on the surface, the benefits can pay big dividends in the long run. A child savings account is a great way to teach your son or daughter financial literacy and responsibility. Open a Child Savings Account with First Bank With just a $10 initial deposit, customers under the age of 18 can open a MyFirst Savings account and get started on a lesson with a lifelong payoff. A MyFirst Savings account comes with no monthly maintenance charge and no minimum balance needed. Interest is earned as long as certain requirements are met. Our account also comes with eStatements or paper statements, online and mobile banking* and two withdrawals per month free of First Bank fees. Learn more about our child savings account and guide your child to a brighter future with First Bank. *While First Bank does not charge for mobile banking, your mobile carrier’s message and data rates may apply. 2. Withdrawal fee of $2 each after the first two during the month. Federal regulations limit withdrawals of preauthorized transfers to two (2) per month, including checks, drafts, online transfers, telephone transfers and debit card purchases. ——— Prosperity Now: https://prosperitynow.org/blog/empirical-evidence-support-childrens-savings-accounts 2 min read
Do You Need Help Financing Your Wedding? First Bank Can Help! A wedding is a beautiful day filled with love and commitment. Many consider it the biggest day of their lives. It’s a day you’ll spend months planning for and the rest of your life remembering. It’s also a day you could spend years paying for. While most couples spend less than $15,000, the average cost of an American wedding is over $25,000. Most couples need help financing a wedding and First Bank can help you take the first step down the aisle. With First Bank, tying the knot doesn’t have to mean tying up your finances. Types of Personalized Financial Options Here are some ways First Bank can help you finance your wedding. Take out a loan. Our personal loans offer competitive rates and flexible terms and won’t burden you with debt.* Open a First Bank credit card. Our rewards-earning credit card** allows you to buy what you need for your big day and then earn rewards. Take out a home equity line of credit. These can be used to make the large purchases required for the wedding of your dreams. Get Financial Help Beyond the Wedding In addition to helping couples finance a wedding, First Bank can provide financial support for the ensuing marriage through services such as savings accounts, life insurance, IRAs, health savings accounts, CDs***, home mortgages, homeowner’s insurance, estate services and more. First Bank has more than 100 locations in the Carolinas to help couples achieve their dream. If you need help financing a wedding, First Bank can be your best man or maid of honor. *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. **See our Terms and Conditions for complete details on our One Rewards Program. Loans subject to credit approval. ***CDs are subject to penalty for early withdrawals prior to maturity date. Penalty will reduce earnings. 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 ——— Sources: Cost of Wedding: http://www.costofwedding.com/ 2 min read
Find the Best Bank for a Student Checking Account Student checking accounts are a great way for college students to get their finances in order and prepare for the future. But finding the right checking account at the best bank takes some research. Deciding which bank offers the best student checking account comes down to finding one that offers the best benefits and features. Use this guide to determine what features are important to you, then learn how to open a student checking account online today. Guide to Choosing a Student Checking Account When comparing student bank accounts, the Simple Dollar suggests making these four factors top priority: Fees — Checking accounts often have monthly fees, but a lot of banks offer accounts without them. As a college student, you shouldn’t have to worry about wasting your money on monthly maintenance fees. When choosing a checking account, go for the bank that offers no monthly fees for students. Location — When it comes to student banking, location is important. You probably don’t want to travel too far off campus to find an ATM or local branch, so look for banks with locations near you. If you like a bank, but their ATMs are located too far away, ask about their fees on out-of-network ATM transactions. A lot of banks will allow you to make a certain number of ATM transactions per month, fee free. But be careful, although your bank might not charge you a fee, the ATM itself could. Linked savings account — College is a great time to start putting money away for your future. When choosing a bank to open a student checking account, consider a bank that offers a linked savings account. With a linked account you will be able to transfer money easily between accounts, allowing you to save as much or as little as you want each month, and withdraw from your savings whenever you want. Perks — Any good student bank account should come with perks. Decide what features and benefits are important to you, such as mobile banking, mobile check deposit and online bill pay, then look for a bank that offers those perks. Campus Checking from First Bank You know that fees, location, savings and perks are all important in a student checking account, but where can you find 3 min read
Shot of an attractive young couple moving house Budgeting Tips for Newlyweds Work together to spend less, save more, and secure your financial future. 2 min read
Open a Free Student Checking Account with First Bank If you are thinking about opening a checking account while in college, you may be wondering what a no fee student checking account is, and where you can get one. Unexpected expenses can put stress on you financially and mentally, and the last thing you should have to worry about in college is paying extra fees to have a checking account. It probably doesn’t come as a surprise that the costs of college have risen substantially in the past few years. But you may be surprised to find out just how many more unexpected costs there are once you get there. Most colleges provide you with a list of expenses based on their tuition fees, cost of room and board, and loose estimates on other essentials such as transportation and textbooks. Often these estimates are way off, and you get stuck coming up with extra money for things you didn’t realize you would need. Avoid Surprise Fees With A Student Checking Account at First Bank A no fee student checking account is a checking account designed specifically for college students that doesn’t charge monthly maintenance fees as long as you meet certain monthly requirements. First Bank’s no fee student checking account is called Campus Checking, and it is specifically designed for students between ages of 16 and 25. Campus Checking features: No monthly maintenance fees Free online and mobile banking* Free online bill pay Free eStatements or paper statements No First Bank transaction fees on 8 out-of-network ATM withdrawals per month Earn cash back at hundreds of online retailers when you use your First Bank credit card with One Rewards Opening a no fee student checking account at First Bank is quick and easy. You can visit a branch near you, or open an account online safely and securely in just 10 minutes. If you have questions about our student checking account, or want to learn more about our other banking services, call or visit us today. To learn even more about First Bank, see our articles on different types of banking services, personal budget categories, community banks near me, banks headquartered in North Carolina, mortgage basics, and mobile merchant services. While First Bank does not charge for mobile banking, your mobile carrier’s 2 min read
What to Know About Joint Checking Accounts Some of the biggest causes of stress in a relationship stem from finances. If you’re considering opening a joint checking account, there are some things you should know. Here are some common questions surrounding this type of bank account. Managing a Joint Checking Account Questions about joint checking accounts often include: Q: What exactly is a joint checking account? A: A joint account is a checking account shared by more than one person. Each person on the account may add, withdraw or transfer money and has access to account records. Q: Who uses joint checking accounts? A: Joint checking accounts are common among married couples. Adults also sometimes share a joint checking account with an elderly parent or adolescent child as a way of monitoring and managing expenses. Q: What are the advantages of opening one? A: Bills and expenses become easier to manage as the two people involved no longer have to determine “their share” of a utility bill, groceries, rent, mortgage or any other expense. With a joint account, any money spent is coming out of the same pile. Because the income from both parties is combined, the balance on a joint checking account will be higher than it would be for two individual accounts. This increased balance creates less likelihood that checks will bounce and can keep account fees to a minimum. A joint checking account provides greater transparency of all the finances involved in the relationship and harbors trust and communication. Q: What should we be careful about? A: A joint checking account doesn’t offer any financial privacy between partners, as both parties are able to see every transaction that occurs. Additionally, either person has the ability to take all of the money from the account without consulting the other, which can be a problem if a relationship sours. Checking Accounts at First Bank* Whether you’re considering a joint account or separate bank accounts, First Bank can help. We have a number of checking accounts designed for different needs that can put you and your partner on your way to financial happiness. Source: Investopedia: http://www.investopedia.com/articles/pf/09/marriage-killing-money-issues.asp 2 min read
Need Help Financing a Wedding in North Carolina? If you need help financing a wedding in North Carolina, just seek out one of 100+ First Bank locations scattered from Asheville to Kill Devil Hills. We offer a variety of loans that can help you finance the wedding of your dreams. Wedding Financing Options at First Bank First Bank has a number of options for anyone needing help financing a wedding in North Carolina. Personal loans — First Bank offers personal loans with highly competitive rates and flexible terms. Home equity line of credit (HELOC) —  First Bank home equity lines of credit are similarly to home equity loans in that they allow you to borrow money using your home’s equity as collateral. But unlike a home equity loan, a home equity line of credit allows you to borrow money as you need it, not in one lump-sum. Benefits include: Low interest rates Can be secured by equity in your primary or secondary residence Interest may be up to 100% tax deductible (consult with a tax professional for details) Credit lines available from $15,000 First Bank credit card* — First Bank’s Platinum Credit Card with Rewards gives you the financial freedom to make purchases in a convenient and secure way. Plus, you earn rewards points when you use your card. Other features include: $0 balance transfer fee Security benefits Shopping benefits Convenience benefits Contact a First Bank Specialist Today So if you need help financing a wedding, visit your nearest North Carolina First Bank and speak with one of our friendly associates. *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. ——— Sources: Mortgage Professor: https://www.mtgprofessor.com/A%20-%20Second%20Mortgages/what_is_a_heloc.htm 2 min read
Best Savings Account For Kids Finding the best savings account for kids doesn’t have to be complicated. Savings accounts can foster good saving and spending habits, and your child will probably enjoy watching their savings grow. First Bank offers the best savings account for kids in North Carolina and South Carolina. First Bank makes saving easy with our MyFirst Savings account. With this account, your child (under 18 years of age) can save money and earn interest. MyFirst Savings includes: 2 free withdrawals per month* No minimum balance to earn interest Interest-earning account $10 minimum required to open account Free online and mobile banking* Free online bill pay Free eStatements or paper statements The best part? There is no monthly service charge for this account. So you won’t have to worry about your kids’ savings being cut into by costly fees. Best Savings Accounts for Any Age Lead by example with one of First Bank’s five other savings account options. We offer savings plans for adults that range from basic savings accounts to accounts that can help you save for anything—from college to retirement. They are: Everywhere Savings—a simple savings account with a competitive rate Money Market—offers higher rates and access to your funds Certificates of Deposit—enjoy a guaranteed return with a fixed rate and choice of terms IRAs—a long-term savings strategy with tax advantages Health Savings Accounts (HSAs)—a way to save for current and future healthcare expenses To learn more about First Bank’s savings accounts and why we offer the best savings accounts for kids, visit a branch near you. Teaching Your Kids to Save Children often learn their saving and spending habits from their parents, so teaching your children how to save money can be essential to their future. Children who grow up without knowing how to save money, budget, or pay bills often make poor financial decisions in the future. Follow these tips to teach your children the importance of saving money: Allow your child to earn money — try assigning your child age-appropriate chores then give him or her a weekly allowance when they are completed. Let your child spend money — allowing your children to purchase things they want with their own money will encourage them to earn money. Help your child save 4 min read

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