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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
Image for tile. 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
Personal Loan Application – Apply for a Personal Loan When you need to apply for a personal loan, the application process shouldn’t be complicated. Avoid confusing and complicated personal loan applications at First Bank. Our application process is easy and simple. We have more than 100 locations in North Carolina and South Carolina, where you can apply for a personal loan that meets your needs. Applying For a Personal Loan is Easy at First Bank At First Bank, there are several personal loans you can apply for: A personal line of credit provides you with instant borrowing power. If you need to request cash, all you have to do is write a check. First Line is an unsecured personal loan, but in some cases qualified collateral may be required to secure your personal or commercial line. Home Equity Lines of Credit (HELOCs) are flexible options where you take out a loan using your accrued home equity as collateral. Auto loans from First Bank are offered at competitive rates. Get access to funds in as little as 24 hours and purchase the new car you’ve been wanting.  Boat loans can take you one step closer to your next dream vacation. We provide loans with competitive, fixed rates and no prepayment penalty. First Bank Credit Card with Rewards First Bank also offers a Platinum Credit Card with Rewards that allows you to make everyday and monthly purchases in a convenient and secure way. With our credit card rewards program, you can earn points on every qualified purchase. Other benefits include: Online customer service 24-hour access Zero liability ID theft resolution Price protection MasterCard Global Service® Visit a First Bank Today To fill out a First Bank credit card or personal loan application, visit a branch near you. *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: Investopedia: http://www.investopedia.com/terms/z/zero-liability-policy.asp Investopedia: http://www.investopedia.com/terms/o/overdraft-protection.asp?ad=dirN&qo=investopediaSiteSearch&qsrc=0&o=40186 2 min read
Banks That Offer Personal Loans There are hundreds of banks that offer personal loans, but sometimes choosing a bank that is the right fit you can be difficult. That’s where First Bank comes in. At First Bank, we want to make finding a personal loan as easy as possible, which is why we offer some of the best personal loans in North Carolina and South Carolina. First Bank Offers Personal Loans to Meet a Variety Of Needs Now that you’ve found First Bank, you don’t have to choose between banks that offer personal loans any more. Our personal loan options can be customized to meet your needs, and each is offered with flexible terms and highly competitive rates. Our personal loan options* include: Personal Line of Credit — This line of credit allows you to borrow money as soon as you need. You can even write a check to request cash. You may be required to provide qualified collateral to secure your personal or commercial line. Credit Card with Rewards — Enjoy the freedom to make everyday and monthly purchases in a convenient and secure way with a First Bank credit card*. Plus, earn rewards points on purchases when you use your eligible card. Home equity lines of credit — Take out a loan using your accrued home equity as collateral and fund a large project like medical bills or college tuition. Auto loans — Purchase your ideal car with the help of an auto loan from First Bank, offering competitive rates, a fast, secure application, and approval rates that last 30 days. Boat loans — We provide competitive rates and flexible terms with no prepayment penalty for our boat so you can take the plunge on your next adventure. Visit Your Local First Bank Today If a personal loan isn’t what you need, don’t worry. First Bank offers other loan options such as credit cards and business loans. To begin an application or to learn more about our loan options, visit your local branch. *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: Investopedia: http://www.investopedia.com/terms/o/overdraft.asp 2 min read
Best Checking Accounts – North Carolina First Bank strives to provide our customers with the best checking accounts in North Carolina. That is why each of our checking accounts comes with unique benefits such as free online and mobile banking and free online bill pay. Compare Checking Accounts from First Bank in North Carolina First Bank strives to provide our customers with the best checking account options. That is why each of our checking accounts comes with unique benefits and features. Our checking account options include: Everywhere Checking — our most basic account. Free online and mobile banking* Free online bill pay Free eStatements or paper statements Earn rewards points when use your eligible First Bank credit card* Everywhere Plus — earn interest on the money you save. Free online and mobile banking* Free online bill pay Free eStatements or paper statements Earn rewards points when use your eligible First Bank credit card* Interest at a minimal balance requirement* Everywhere Premium — enjoy premium benefits. Free online and mobile banking* Free online bill pay Free eStatements or paper statements No transaction fees on out-of-network ATM withdrawals Earn rewards points when use your eligible First Bank credit card* Free member checks or 50% discount on alternate check designs 4 free official checks per statement cycle Interest at a minimal balance requirement Campus Checking — an account specifically for students under 25. 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 Rewards Points at hundreds of online retailers when you use your eligible First Bank credit card Senior Checking — for customers over 55. Free online and mobile banking* Free online bill pay Free eStatements or paper statements Earn rewards points when use your eligible First Bank credit card* Free basic checks or 50% off other designs Checking Account Comparison Chart We have an easy-to-scan checking account comparison chart to help you find the right fit account. Why First Bank? First Bank has evolved to meet the needs of our customers. We started out as a small bank in a small North Carolina town, helping local farmers and businessmen manage their finances. Since then we have expanded our services and clientele over three states, and we 4 min read
Find the Best Savings Account Rates at First Bank in North Carolina Finding the best savings account rates in North Carolina can be beneficial for many reasons. Whether you want to save money in the case of an emergency or start a fund for your child’s education, having the right savings account can help you reach your goals. At First Bank, we are confident you can find what you need with one of our many savings account options. Compare NC Savings Account Rates at First Bank When you’re looking to compare rates, it’s important to know what you’re getting from a savings account. At First Bank, we have six types of savings accounts at competitive rates that can fit your financial goals: Everywhere Savings The Everywhere Savings is First Bank’s signature savings account that can be tailored to meet your financial needs. With a minimum of $50 to open, our savings benefits include: 2 free withdrawals per month* No minimum balance to earn interest Free online and mobile banking* Free online bill pay Free eStatements or paper statements MyFirst Savings If you’re under 18 years old and you’re ready to start saving, the MyFirst Savings account is a great way to teach your kids the value of money at an early age. With only a $10 deposit to open, our savings benefits include: 2 free withdrawals per month* No minimum balance to earn interest Free online and mobile banking* Free online bill pay Free eStatements or paper statements Money Market For higher rates and access to your funds when you need it, the Money Market savings account can help you stretch your dollar. A $1,000 minimum is required to open this account to access benefits, including: 6 free withdrawals per month* Free online and mobile banking* Free online bill pay Free eStatements or paper statements More Savings Account Options If you do not need immediate access to your funds, Certificates of Deposit (CDs) typically offer higher rates than other savings accounts. A First Bank CD is a safe, FDIC-insured investment, and requires minimum deposit of $1,000 is required to open.* In addition to these accounts, we also offer Individual Retirement Accounts (IRAs) and Health Savings Accounts (HSAs) to accommodate your specific savings needs.* How Savings Account Rates in North Carolina are Calculated 6 min read
Get a Convenient Student Checking Account Today Wondering where to get a student checking account? At First Bank, we know that the last thing students need to worry about as they continue their education is managing their money alone. With our Campus Checking account, we make it easy to handle transactions and protect your money easily and securely. 4 min read
Best Business Checking Account – Jacksonville NC Running the best business in Jacksonville, North Carolina starts with having the best business checking account in Jacksonville, NC. And, opening the best business checking account in Jacksonville starts with a trip to one of our First Bank locations in Jacksonville. First Bank actually offers not just one, but five, of the best business checking accounts in town. Here’s a breakdown of them all: Business Essentials Perfect for small businesses, this account was named one of 2019’s “Best Bank Accounts for Small Businesses – Rewards” by Wallet Hub. Business Interest Accumulate interest on your earnings to get more bang for your buck. Business Advantage Make up to 500 transactions and $25,000 per month and up to $25,000 of cash deposits each month* Community Checking Best for small nonprofits and community organizations, this account is flexible and has minimal requirements. Commercial Analysis A more customized account for large businesses with big needs. Earn credits to offset fees and gain comprehensive treasury management services. Simply the Best The best business checking accounts in Jacksonville, NC don’t come without perks. Business Essentials, Business Interest, Business Advantage and Business Advantage Plus all come complete with online and mobile banking, online bill pay, 24-hour telephone banking, account alerts via phone, text or email and paper or electronic statements. First Bank’s business services don’t end with checking accounts either. We offer business savings accounts, loans, commercial mortgages, merchant services, business insurance and more. Use our business account comparison chart to find the appropriate account or stop by your nearest Jacksonville First Bank today. A transaction is defined as any checks paid, deposits, each deposited item, ATM withdrawals, debit card transactions, online and telephone funds transfers, and ACH debits and credits. There is a fee of $0.35 per item for each item in excess of 250 per statement cycle (or month).  A fee of $0.15 per $100 on all additional cash deposits. ——— Sources: Wallethub: http://wallethub.com/best-business-bank-accounts/ Investopedia: http://www.investopedia.com/terms/i/interest.asp?ad=dirN&qo=investopediaSiteSearch&qsrc=0&o=40186 2 min read
Banks in North Carolina Did you know there are more than 100 First Bank locations in North Carolina? It’s true. You can find us in over 60 cities, mountains to coast. Did you know we’re one of the oldest banks in North Carolina? Yup, our roots date back to 1935 in the town of Troy, North Carolina. Did you know we’re a full-service bank? We sure are. We have checking and savings accounts for personal and business use, credit cards, loans of all types, business merchant services, insurance, mortgages, wealth management, and more. Of all the banks in North Carolina, we are confident you won’t find the personal level of customer service, complete selection of services, and convenient array of locations that you’ll find with First Bank. We take advantage of technology to bring our customers the added convenience of online, mobile, and digital banking services to enhance the First Bank experience.* We even connect with our customers through our Facebook, Twitter, Instagram and YouTube channels! Not Like the Other Banks in North Carolina You’re likely to find three types of banks in North Carolina. First, you’ll find the large national banks. They don’t have the capacity to get to personally know their customers and specifically cater services to those needs. The second are smaller local banks that aren’t equipped with the selection of services that bigger banks can offer. The third type of bank in North Carolina is First Bank, which offers the best of both worlds. We are small enough to provide the friendly customer service and personal care of a local bank and big enough to provide all the services and products of the bigger banks. So get to know First Bank, and we’ll be pleased to get to know you right back. 2 min read
Conventional Mortgage Loans Applying for a home loan can be a strenuous process, especially if you’re unsure which type of loan is the best fit for your financial situation. Before you apply, it is important to understand the two types of loans available to you: conventional mortgage loans and a government-backed loans. In this article, we’ll break down the basics of conventional loans. What are Conventional Mortgages? Conventional loans can have fixed or variable interest rates, which can be impacted by your credit score. Qualifications for conventional loans are usually stricter than government-backed loans because they carry a higher risk for banks and private lenders. If the borrower defaults on the loan, the banks and private lenders are not protected. These kinds of loans are not insured by the federal government, but they are still required to follow guidelines set by the Federal National Mortgage Association—a.k.a. Fannie Mae and Freddie Mac. A Conventional Loan to Meet Your Needs If you live in North Carolina or South Carolina and are looking for a flexible and affordable conventional loan,* look no further than your local First Bank. We offer both adjustable-rate and fixed-rate mortgages with a range of features and benefits that are sure to fit your specific financial needs. Conventional Adjustable-Rate Mortgages This kind of mortgage loan changes periodically depending on shifts in the corresponding financial index associated with the loan. ARMs generally have a lower initial interest rate than fixed-rate mortgages. Both your interest rate and your P&I (monthly principal and interest) payments will stay the same for an initial period of 3, 5 or 7 years. After that it will adjust periodically. Interest rate caps set a limit on how high your interest rate can go for your P&I payment for each adjustment and over the life of the loan. Loans are available for 30-year amortization schedules. Conventional Fixed-Rate Mortgages Your interest rate and P&I payments stay the same for the life of your loan. That predictability for your monthly P&I payments enables you to budget more easily. This kind of loan is available in a variety of loan term options, and it protects you from rising interest rates no matter how high they fluctuate. This option is good for individuals or 3 min read
First Bank One Rewards Program: Learn More There are a lot of advantages to being a First Bank credit card holder, but the First Bank One Rewards Program is the most beneficial to you. By simply using your Platinum Rewards Mastercard® or Mastercard® Business Card with Rewards, you’ll earn rewards for qualified everyday purchases like groceries, gas, utilities, tuition, and more. 2 min read
Banks With Hassle-Free Checking Accounts If you’re like most people, you probably want a checking account with all the perks but none of the stress. First Bank has more than 100 locations throughout North Carolina and South Carolina that offer banks with hassle-free checking accounts. Checking Accounts at First Bank Here’s a breakdown of First Bank’s five personal checking accounts and what makes them hassle-free: Everywhere Checking What it is: A no-frills account to give you exactly what you need and nothing you don’t. How it’s hassle-free: Maintain either a $600 minimum balance, a $1,200 average monthly balance or make a monthly direct deposit of any amount.* Everywhere Plus What it is: A simple checking account that accumulates interest. How it’s hassle-free: Keep a $1,200 balance or an average monthly balance of $2,400.* Everywhere Premium What it is: An upper-tier account that earns interest and features additional perks. How it’s hassle-free: Maintain either a $5,000 minimum balance, an average monthly balance of $10,000 or maintain $20,000 in personal deposits or outstanding personal loans or HELOC balances.* Campus Checking What it is: A checking account for college students or those about to go to college. How it’s hassle-free: No monthly maintenance fees or minimum balance requirement as long as the customer is under the age of 25. Senior Checking What it is: Checking account for individuals over the age of 55. How it’s hassle-free: Keep a $600 minimum or $1,200 average balance or make a direct deposit of $250 or more.* With our hassle-free checking accounts, you get online and mobile banking, paper or eStatements, online bill pay, and debit cards. You also gain access to account alerts so you can stay on top of your activity. Visit a First Bank Today Find a First Bank with hassle-free checking accounts nearest you and lose the stress today. Account holders may avoid the Monthly Maintenance Fee by meeting any of the requirements listed in the Keep if Fee Free™ section of the account summary table for their account type. Other account service fees may apply as described in the Account Services Fee Schedule, also available at your local branch. Direct deposit defined as external ACH credit. Transfers from other First Bank accounts or deposits made at a 3 min read
Budgeting 101: Personal Budget Categories When it comes to creating a personal budget, it can feel like there are a million financial categories to consider. In order to create a successful budget, everything should be accounted for, from large expenses like your mortgage and car payment to smaller expenses like your gym membership and Netflix subscription. A list of recommended personal budget categories is a great place to start when creating a budget. Here are two ways you can get the most out of the list: Go through the list and check off each category that applies to you, then add those categories/items to your personal budget spreadsheet. Create a comprehensive list of everything you spend each month, then go through the categories list to see if there is anything you might have forgotten and need to add to you personal budget spreadsheet. Recommended Budgeting Categories Consider including these categories when you create your own budget: Housing Mortgage or rent Property taxes Household repairs HOA fees Transportation Car payment Car warranty Gas Tires Maintenance and oil changes Parking fees Repairs Registration and DMV Fees Food Groceries Restaurants Pet food Utilities Electricity Water Garbage Phones Cable Internet Clothing Adults’ clothing Adults’ shoes Children’s clothing Children’s shoes Medical/Healthcare Primary care Dental care Specialty care (dermatologists, orthodontics, optometrists, etc.) Urgent care Medications Medical devices Insurance Health insurance Homeowner’s or renter’s insurance Home warranty or protection plan Auto insurance Life insurance Disability insurance Household Items/Supplies Toiletries Laundry detergent Dishwasher detergent Cleaning supplies Tools Personal Gym memberships Haircuts Salon services Cosmetics (like makeup or services like laser hair removal) Babysitter Subscriptions Debt Personal loans Student loans Credit cards Retirement Financial planning Investing Education Children’s college Your college School supplies Books Savings Emergency fund Big purchases like a new mattress or laptop Other savings Gifts/Donations Birthday Anniversary Wedding Christmas Special occasion Charities Entertainment  Alcohol and/or bars Games Movies Concerts Vacations Subscriptions (Netflix, Amazon, Hulu, etc.) Get Professional Personal Finance Advice Give First Bank’s free MyMoney tool in online and mobile banking a try to get started on your budget or to calculate your net worth. If you need guidance from a professional when creating your budget, find a First Bank near you. You can also learn more about different types of banking services, personal budgeting, saving money, investing and more using First Bank’s online Financial 2 min read

Explore Courses to Grow Your Personal Finances

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