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Personal Finances Articles

From personal finance to paying off debt, credit score insights, and more — you’ll find everyday financing basics here.

Learn About Everyday Finances

Understanding how to manage your money is the first step to financial health. To help our communities, we’ve compiled articles with helpful tips for stretching your hard-earned dollars further. For a deeper dive on financial topics below, you can also check out our financial wellness courses.

All Budgeting and Goals Credit: Score and More Family Finances Fending Off Fraud Paying Off Debt Personal Finance 101 Homeownership Retirement Student Loans
3 Tips for Saving Money in Your 20s Saving money in your 20s may seem like an impossible task, but did you know that your 20s is actually prime time to start setting money aside for you future? If you’re wondering how to save money in your 20s, follow these three simple tips for managing your funds and setting yourself up for a financially successful future. 3 Important Money Saving Tips for Young Adults 1. Start an emergency fund. An emergency fund is one of the most important things you can establish in your twenties. Should you experience any financial hardships, such as unemployment, unexpected medical expenses, or an expensive car repair, your emergency fund will be there to cover you. But how much money should you save? That depends on how much you spend each month. Money Under 30 suggests having at least three months of expenses saved up. You can use their Emergency Fund Calculator to get a better idea of how much you should be putting away. 2. Mange your budget. Take a close look at your budget—especially your entertainment budget—to see where you can cut back. Adults in their twenties often spend money on entertainment, like concerts with friends and weekend travel plans, and these areas are often where you can cut back the most. The Penny Hoarder suggests taking charge in your group of friends and making sure your plans are reasonably priced. 3. Pay down your debt. Paying down your loans now will save you money in the future. Forbes recommends focusing on your emergency fund and retirement savings first, then paying off any debt with interest rates over 7%. For interest rates over 7%, you’re likely save more on interest than you would earn by investing that money. Always consult a financial advisor or debt expert before making decisions on consolidation or pay off. Save Money with First Bank Following these three simple money management tips is a great way to reach your savings goals. For more money management tips, check out First Bank’s Financial Education Center or contact us to learn more about our savings accounts. ——— Sources: Betterment: https://www.betterment.com/resources/investment-strategy/strategy-investing-in-your-20s/ Money Under 30: http://www.moneyunder30.com/emergency-fund-calculator PennyHoarder: http://www.thepennyhoarder.com/managing-money-in-your-early-20s/ Forbes: http://www.forbes.com/sites/financialfinesse/2014/03/06/should-you-increase-savings-first-or-pay-down-debt/#7ae4e10b33e6 2 min read
Learn Where to Get Short-Term Personal Loans Today Wondering where to get a short-term personal loan? At First Bank, we offer a selection of loan products that can help you conveniently pay off unexpected expenses or large investments in a shorter period of time. Visit your nearest First Bank branch today to get started. Personal Lending Options at First Bank First Bank offers several personal lending options and lines of credit to help customers pay off big expenses, such as car repairs, doctor’s bills, or unexpected expenses. There are loan officers available at all our branch locations to help you find the right option for your financing needs. In addition, the First Bank Platinum Credit Card with Rewards not only helps you finance your large expenses, but you can also earn rewards.* Benefits include: Every $1 spent on qualified purchases earns 1 point towards your rewards. 24-hour convenient access to your account. Online tools to help you manage your account. Credit card statements are available to download. Easily pay your bills online. Customer service available online. Zero liability for unauthorized purchases. Protection from fraudulent use with MasterCard SecureCode. 26-day grace period for no interest fee. Apply for a Short-Term Personal Loan at First Bank Since 1935, First Bank has worked with communities in North Carolina and South Carolina to lend a helping hand when it comes to financing. With our wide selection of personal and business products, we work to meet the needs of our neighbors with the selection of products you expect from a national bank at the convenience of your local community. For more information on where to get short-term personal loans, visit your nearest First Bank branch today. *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. ——— Source: About: http://credit.about.com/od/avoidingdebt/a/basics-of-personal-loans.htm 2 min read
Checking Account Offers in South Carolina If you live in South Carolina and you’re looking for some of the best checking account offers, your local First Bank can help. We offer a variety of checking account options—from basic accounts to accounts with tons of features to premium accounts that earn interest. Checking Accounts at First Bank First Bank is one of the best banks for checking accounts in South Carolina. Each of our checking accounts comes with free online and mobile banking,* online bill pay, and free eStatements or paper statements. Our checking account offers include: Everywhere Checking — our most basic account. Everywhere Plus — an account that has all the benefits of Everywhere Checking, plus the chance to earn interest on your balance. Everywhere Premium — an account that has all the basics of Everywhere Plus, plus additional complimentary services. Campus Checking — an account designed for students between ages of 16 and 25. Senior Checking — an account designed specifically for seniors over 55. Compare our checking account offers to see which one is the right fit for you. Find a First Bank Near You Find a South Carolina First Bank location near you to learn more about our account offers or click here to open an account online today. While First Bank does not charge for mobile banking, your mobile carrier’s message and data rates may apply. 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. Must enroll in First Bank Online Banking and download the First Bank Digital Banking App from the App Store or Google Play. Apple, the Apple logo, and iPhone are trademarks of Apple, Inc., registered in the U.S. and other countries. App Store is a service mark of Apple, Inc. Android and Google Play are trademarks of Google Inc. Out of network terminal owners may charge a service fee. 2 min read
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: Buying Your First New Car: What to Know Simplifying the Home Buying Process How to Avoid Paying Too Much for a House 10 “Life Hacks” That Will Save You Money 5 Tips for Safely Managing Your Finances Online Source: Investopedia: http://www.investopedia.com/terms/p/personalfinance.asp#ixzz40uIYOSwU 2 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
Get Stress-Free Banking in NC with a Savings Account at First Bank We can likely agree that complicated savings accounts aren’t fun to deal with. Hidden costs and technicalities can cause unwanted anxiety and stress. That’s why First Bank has a number of stress-free savings accounts in North Carolina. Open a Stress-Free Savings Account with First Bank While other banks cause headaches for their customers, here’s how First Bank provides a breath of fresh air with Everywhere Savings, our most basic and stress-free savings account: Ability to avoid monthly maintenance fees. By simply maintaining at least a $300 daily balance you can avoid any monthly maintenance fees.* No minimum balance to earn interest. Accumulate interest so if your balance takes a dip, your future doesn’t have to. Free online and mobile banking. You won’t accrue any First Bank fees for accessing your account from a smartphone or tablet.** Free monthly statements. Receive paper or emailed statements each month free of charge. Free account alerts. First Bank won’t charge you for phone call, text message or email notifications alerting you of your account activity. Free withdrawals. Utilize two free withdrawals per month from your Everywhere Savings account.*** The Convenience of a Stress-Free Savings Account Charges and fees are just one way of depositing stress into a savings account. At First Bank, we eliminate stress through our convenience. With over 100 locations in North Carolina and South Carolina, we provide the knowledge and resources you need to make big financial decisions. Open a savings account today by visiting one of our North Carolina locations. *Account holders may avoid the Monthly Maintenance Fee by meeting any of the requirements listed in the Keep it Fee FreeTM section of the account summary table for their account type. Other account service fees may apply as described in the Account Services Fee Schedule available on our website at fees or at your local branch. **While First Bank does not charge for mobile banking, your mobile carrier’s message and data rates may apply. ——— Sources: Investopedia: http://www.investopedia.com/terms/i/interest.asp?ad=dirN&qo=investopediaSiteSearch&qsrc=0&o=40186 ***Federal regulations limit withdrawals or preauthorized transfers to six (6) per month, including checks, drafts, online transfers, telephone transfers and debit card purchases. You may conduct an unlimited number of withdrawals at the ATM, in person at a branch, or by mail when the check 3 min read
Calculate Your Monthly Mortgage Loan Payment (with Taxes and Insurance) A mortgage loan calculator with taxes and insurance can help prospective homeowners prepare for the financial responsibility of owning a home. Purchasing a home may be one of the biggest decisions you ever make, so it is important to know how much your mortgage payment will be each month after taxes and insurance are added, so you can know how much house you can afford. How Much House Can I Afford? First Bank* provides a mortgage loan calculator with taxes and insurance for potential homebuyers who want to estimate their monthly payments before applying for a loan. Before you use the calculator, you will need to gather the following information: Loan term in years Purchase price Percentage down Interest rate Annual tax Annual insurance Once you have all of the necessary information, you can click here to calculate your potential monthly mortgage payment.** Applying for a Home Loan Now that you’ve calculated how much house you can afford, you may be ready to apply for a mortgage loan. You can get the homebuying process started by visiting First Bank’s online Mortgage Center. Our Mortgage Center provides you with tools, tips, and tricks to help you find a loan that meets all of your needs. Whether you are a first-time home buyer or ready to build your vacation home, we can structure a loan to meet your needs. First Bank offers a variety of home loan options*** with competitive interest rates, including : Conventional loans Government loans Professional loans Jumbo loans Construction loans Dream It, Own It loans The path to quickly finding an affordable home loan starts at First Bank. When you’re ready to apply, all you have to do is start an online application or visit your local branch to speak with one of  our home loan experts. *Member FDIC. Equal Housing Lender. NMLS #474504. **Determining exact rates and payments can be a complex process. Your exact rates and payment amounts will depend on a number of factors including geographical location and personal financial information. This tool provides you with an estimate of payments based on the information you put in but does not guarantee them. Loans are subject to credit and collateral approval. ***Loans subject to credit approval. 2 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
How to Open a Checking Account – South Carolina If you are wondering how to open a checking account in South Carolina, your local First Bank can help. The first step is deciding what type of checking account is best for you. After choosing an account that fits your needs, you will need to visit one of our branches to fill out an application. Open a Checking Account at First Bank in South Carolina With several convenient locations in South Carolina, it is easy to choose a plan that works best for you. First Bank offers three comprehensive checking accounts, each with unique benefits. Everywhere Checking Free online and mobile banking, free online bill pay, and free eStatements or paper statements.* Open an account. Everywhere Plus Interest at a minimal balance requirement. Free online and mobile banking, free online bill pay, and free eStatements or paper statements.* Everywhere Premium No First Bank transaction fees on out-of-network ATM withdrawals. Free member checks or 50% off other check designs, plus 4 free official checks per statement cycle. Interest at a minimal balance requirement. Free online and mobile banking, free online bill pay, and free eStatements or paper statements.* Students and seniors (55+) can also enjoy the benefits of checking accounts designed to meet their specific needs with Campus Checking and Senior Checking, respectively. First Bank also has options for South Carolina businesses looking to open a checking account. Business owners can choose from three accounts that range from basic to premium. We also offer a Commercial Analysis account that is designed for large business that want a custom checking service. Open a First Bank Checking Account Today If you’re ready to open a personal checking account in one of our South Carolina branches visit a visit a local branch to take the next step. Our established team of professionals in South Carolina are ready to help you choose the best account for you. For more information about First Bank, check out our related articles: Best Bank for Checking Account – South Carolina, Checking Account Comparison, or What Do I Need to Open a Checking Account. *While First Bank does not charge for mobile banking, your mobile carrier’s message and data rates may apply. The First Bank Digital Banking Apps are available for select mobile 3 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 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 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 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 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 message and data rates may apply. 2 min read
First Bank Card With a First Bank card, you can feel confident that you are obtaining a bank card that is secure and convenient. Are you one of the 194 million people who already have a debit card? Get the most out of your card today with First Bank. Many Benefits of a First Bank Debit Card When you open a First Bank checking account, you can receive our First Bank MasterCard® personal debit card. It is accepted at millions of locations worldwide and thousands of ATMs across the country, and comes with free online banking, making it easy to view and track your purchases whenever you want. In addition, you get: Credit card access benefits — Enjoy 24-hour access to your account and the ability to manage your account online, download credit statements, and pay your bill online**. Security Benefits — Enjoy security benefits such as: Zero liability: Pay only for authorized purchases. MasterCard SecureCode: Enjoy protection from fraudulent use of your card information online. ID theft alerts: Reduce your risk of identity theft with this service that constantly monitors websites and chatrooms. You’ll be alerted immediately should we detect any evidence of your information being traded or sold online. Convenience Benefits — Enjoy convenience benefits such as: MasterCard Global Service®: This benefit provides you with 24-hour service for lost or stolen cards, account information, emergency cash advances, and more 365 days a year. Mobile Wallet: A quick and easy way to use your First Bank debit card on the go with most smartphones. Shopping Benefits — Enjoy shopping benefits like: Price protection: If you find an item that was recently purchased with your eligible MasterCard® for a lower price, you may be reimbursed for the price difference. Extended warranty: Most manufacturer’s warranties are doubled up to one year when you pay with your eligible MasterCard®. First Bank has over 100 locations in NC and SC so head to a location near you and open an account today. *Loans subject to credit approval. MasterCard, Debit MasterCard and the MasterCard brand marks are trademarks of MasterCard International Incorporated.  **While First Bank does not charge for mobile banking, your mobile carrier’s message and data rates may apply. The First Bank Digital Banking Apps are available for select mobile and tablet devices. There 3 min read
Get a Hassle-Free Checking Account with First Bank Figuring out where to get a hassle-free checking account doesn’t have to be hard. First Bank offers five different types of hassle-free checking accounts that don’t have monthly maintenance fees as long as minimum requirements are met. Types of Hassle-Free Checking Accounts at First Bank All of our personal checking accounts feature free online and mobile banking, free online bill pay, and free eStatements or paper statements. Everywhere Checking: Rewards benefits when you use your eligible First Bank credit card. How to Keep It Fee Free™ Maintain a $600 minimum balance, or Maintain an average collected balance of $1,200, or Receive a direct deposit of any amount during the monthly statement cycle Everywhere Plus: All the benefits of Everywhere Checking, plus the chance to earn interest at a minimal balance requirement. How to Keep It Fee Free™ Maintain a $1,200 minimum balance, or Maintain an average collected balance of $2,400 Everywhere Premium: All the benefits of Everywhere Plus, plus no First Bank transaction fees on out-of-network ATM withdrawals, rewards benefits with eligible credit cards, and free member checks. How to Keep It Fee Free™ Maintain a $5,000 minimum balance, or Maintain an average collected balance of $10,000, or Maintain $20,000 in personal deposits (Checking, Savings, Money Market, CD, IRA), or $20,000 in outstanding personal loan or HELOC balances Campus Checking: No monthly maintenance fees and no First Bank transaction fees on eight out-of-network ATM withdrawals per month. Earn cash back at hundreds of online retailers. Available to students ages 16-25. How to Keep It Fee Free™ Typically free for enrolled college or graduate students under the age of 25 Senior Checking: For seniors 55 and older. Rewards benefits when you use your eligible First Bank credit card. Free basic checks or 50% off other check designs. How to Keep It Fee Free™ Maintain a $600 minimum or $1,200 average balance, or Make a monthly direct deposit of $250 or more* Contact a First Bank Specialist Today Now that you know where to get a hassle-free checking account, Visit a First Bank branch to speak with one of our experts today and start saving. *Account holders may avoid the Monthly Maintenance Fee by meeting any of the requirements listed in the Keep it Fee 3 min read

Explore Courses to Grow Your Personal Finances

Illustration of clipboard with charts, a credit card, and a calculator. Family Financial Planning Bring the family together to talk about a financial plan. 7 Topics
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Illustration of password field, lock, and fingerprint. Fraud & Identity Protection Safeguard your money, identity, and your financial future. 7 Topics
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