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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 Invest, Invest, Invest Paying Off Debt Personal Finance 101 Homeownership Retirement Filing Your Taxes For Teens
How To Make A Budget The best way to save money and gain control over your finances is to make a budget. Follow these simple steps to make a budget that will save you money and bring you peace of mind about your spending. Making a Budget People often set their budgets according to a monthly schedule because most living expenses are based on monthly billing cycles. As such, it won’t hurt to spend one full month making your budget. That way you’ll come up with the most accurate data possible. Record All Your Expenses Keep track of everything you pay each month. This includes: Rent/mortgage Car payments Car warranty Utility bills Student loans Cell phone bill Gas Groceries Insurance (car, health, or any other type) Home warranty Memberships to gyms or clubs Charitable donations Many of your monthly expenses are fixed amounts. But others, such as gas and groceries, will fluctuate from one month to the next. Round slightly up for these as it’s better to come up a little short of the intended number than to go over it. Also, some payments such as car insurance might be quarterly or yearly. Figure out how much it equates to per month and factor the payment in that way. Record Your Income The next step is to tally up how much money you’re bringing in each month. If you have a job that pays hourly or by commission and each paycheck varies a little, round slightly down. It’s better to bring in a little more money than what you intended as opposed to coming up short. Do the Math Now that you know what’s going out and what’s coming in, do the math to determine how much is left over. If the difference is positive (you’re making more than you spend): Great! You have extra money that can be put in a savings account, vacation account, or to be used for fun spending money. Or, use it to chip away at those student loans or car payments. Remember, the faster you pay those off, the less you’ll spend in interest in the long run. If the difference is negative (you’re spending more than you make): You’re operating in debt and the sooner you can curb the momentum, 4 min read
How Much Money Should I Have Saved by the Time I am 30? Are you approaching 30? How much money do you have saved? According to CNN Money, someone between the ages of 25 and 30, who makes around $40,000 a year, should have at least $4,000 saved. However, because everyone’s financial situations are unique and are influenced by their spending habits, income, debt and overall lifestyle, not every 30-year-old will have the same amount of money tucked away — and that’s okay! Rather than tell you a precise amount that you should have saved by the time you are 30, we will provide you with savings tips to help you reach your specific financial goals, whatever they may be. 3 Financial Goals for People Under 30 By now, you know that the most effective way to save money is to set a monthly budget for yourself and stick to it. Some tips for setting a realistic and effective budget include: Recording your daily spending Tracking your spending habits for at least a month Still budgeting for fun and entertainment Making automatic savings contributions Clearly defining spending priorities But what else can you do to ensure you have a healthy chunk of change stashed away by the time you hit the big 3-0? 1. Have no consumer debt. By the time you are 30 years old, you should have auto loans, credit cards and other consumer debt paid off. Remember, it’s better to have $500 in the bank with no debt than to have $5,000 in the bank with significant debt. 2. Make at least one (smart) investment. According to Investopedia, “A mutual fund is an investment vehicle that is made up of a pool of funds collected from many investors for the purpose of investing in securities such as stocks, bonds, money market instruments and similar assets.” Mutual funds are the largest and most popular investment vehicle for the retail buyer, making them a great investment option for young people with limited investing experience. 3. Have at least three months of living expenses saved. Everyone should have an emergency fund to better prepare for unexpected events, such as an expensive auto breakdown or unemployment. When saving money for your emergency fund, make sure you are putting money in a savings account (separate from your checking account). First Bank* Helps You Save No matter your age, 3 min read
How Much Savings Should I Have At Age 30? Do you know how much savings you should have at age 30? Unfortunately, there is no exact answer. Expert advice conflicts between encouraging 30-year-olds to save more and investing their already saved money into assets. However, if you’ve been saving the recommended 10-25% of your income in your 20s, then you’re already off to a great start! Estimated Amount of Savings by Age 30 How much savings you have, or should have, depends on your income. CNN Money provides the following estimates for people in their 30s to use as a guide to retirement savings. Income Estimated Savings Amount $40,000 $60,000 $65,000 $97,500 $90,000 $135,000 $115,000 $172,500 If these aren’t the numbers reflected in your savings account balance, don’t panic! This can easily be an over- or under-estimation for many, especially depending on when in your 20s you began saving. Focus on Investing Over Saving Rather than focusing on the number you should or should not have by the time you’re 30, you should instead focus on investing and paying off your debt. You have plenty of time to save up for that trip to Bermuda, but that shouldn’t be done while you’re carrying credit card debt. Money Under 30 recommends three financial goals that you should hit by the age of 30: Pay off consumer debt as soon as you can, including credit card debt and auto loans. Save an emergency fund of at least three months’ (or more!) worth of living expenses in case you are suddenly unemployed or have to foot a pricey car repair bill. Begin investing, as that adds to your net worth more than how much you’ve set aside in savings thus far. Consult with an investment advisor before making any investments. For more advice and guidance on savings, investing and retirement, contact your local First Bank* branch today. ——— Sources: Financial Samurai: http://www.financialsamurai.com/how-much-savings-should-i-have-accumulated-by-age/ CNN Money: http://money.cnn.com/gallery/retirement/2015/09/01/how-much-do-i-need-for-retirement/2.html Money Under 30: http://www.moneyunder30.com/how-much-money-saved-30 Investment and insurance products and services are offered through Osaic Institutions, Inc., Member FINRA/SIPC. Osaic Institutions and FB Wealth Management, a division of First Bank, are not affiliated. We do not provide tax advice. Consult your tax advisor. Investment and Insurance Products are: Not Guaranteed by the Bank Not FDIC Insured Not a Deposit Not Insured by Any Federal Government Agency May Lose Value including Loss of 2 min read
Personal Finance Tips for Beginners Reading personal finance tips is a great way to start thinking about your budget and saving for the future. If you’re just beginning to think about your financial future and retirement, there are a number of things you should consider. Check out these tips and start saving today! Money-Saving Tips from the Experts Not sure where to start? Here are some personal finance tips for beginners: Pay Attention to Interest Rates — Pay off high-interest loans first, so that you’re not paying more than necessary in the long run. Also, open a savings account with the best interest rate, and make your money work for you. Create a Budget — Look at all your monthly expenses and divide them into needs vs. wants. Determine what you can do without, but don’t cut out all of the fun things you enjoy. It’s important to leave yourself some room for a concert or dinner out every now and then. However, you can probably cut out recurring things that aren’t essential and can be quite expensive, such as cable or a gym membership. Set Aside a Reasonable Percentage for Savings — Financial experts recommend allocating 20% of your income towards savings. You can do this by following the famous 50/20/30 rule of budgeting. If you can follow this rule, you’ll be able to build an emergency fund, pay off your consumer debts, and kickstart a retirement savings. Create Financial Goals — When do you want to have your credit card debt paid off? How much will you need to pay per month to reach that goal? Having clear financial goals will keep you motivated and hold you accountable to proactively paying off your debts. This also applies to saving a certain amount each month towards your retirement goal. Always Match Your Company’s Contribution to Your 401k/IRA — If your company is willing to match your contribution, take full advantage of it. You’ll thank yourself when you’re able to retire later in life. Need Help Managing Your Personal Finances? For more information and tips on managing your personal finances, contact an advisor at your local First Bank* branch. Together, we’ll help you reach your financial goals. 2 min read
Read These Articles on Personal Financing Knowing your finances is the first step to properly managing them and to ensuring you are in good financial standing. But how do you get started? Reading personal financing articles can be a huge help when it comes to understanding financial management. That is why First Bank offers a Financial Education Center full of articles with advice on everything from buying your first home to making your first investment. Personal Financing Articles Check out the following articles on managing your personal finances: Articles on Buying a Home Simplifying the Homebuying Process: This infographic offers tips and tricks on how to make the homebuying process as easy as possible. Should I Buy an Older Home?: This article weighs the pros and cons of buying an older home. How to Shop Bank-Owned Homes: This article provides insight into buying a bank-owned home and how to get the process started. The Right Age to Buy a House: Is it in your 20s, your 30s, or is age only a number? Saving Money 10 Easy Ways to Save On Home Energy Costs: Learn 10 quick and easy ways to cut down your energy bill and save money each month. Planning the Right Mix for Retirement: This article offers help with choosing the retirement savings plans that work best for you. 10 “Life Hacks” That Will Save You Money: The little things can add up! Use these life hacks to cut costs and get the most out of your purchases. How to Get Help Paying for College: Check out this list of student aid programs that can help you pay for college. Investing 5 Tips for Safely Managing Your Finances Online: Keep your finances safe and secure with these tips on online security. 5 Things You Need to Know Before You Become a Landlord: Take these considerations in mind before diving headfirst into property management. When browsing personal financing articles, remember that your financial situation is unique. You should always discuss your financial and investment opportunities with an experienced banking professional before making significant financial decisions. First Bank* is a local community bank with banking professionals who can help you make sound decisions. Contact your local branch for personal financing advice today. 2 min read
What Is the Best Savings Account for Kids The success of child savings accounts has been well documented. We can probably all agree that a savings account for kids is a good decision, but what is the best savings account for kids? First Bank offers a savings account called MyFirst Savings and it’s not hard to argue that it might just be the best savings account for kids. Here’s why: It’s just for kids. MyFirst Savings is exclusively for children under the age of 18. It’s easy and affordable to open. There’s only a $10 initial deposit required to open the account and it can be done simply by visiting one of First Bank’s 100+ locations throughout the Carolinas. The money will grow. There’s no minimum balance to earn interest so your child’s money will start growing from the day the account is opened. You’ll have access to the money. You can make two withdrawals per month with no First Bank fees and with our online and mobile banking you’ll be able to always keep an eye on your money.* You’ll be kept in the know. Free monthly paper or electronic statements provide you a record of the account history and our email, phone call or text message activity alerts notify you of each transaction that happens in the account. Opening a savings account for children is one of the best things a parent can do. And in order to open the very best savings account for kids, simply visit your nearest First Bank today. Or to simply learn more about the account, visit the MyFirst Savings page and download a free coloring book for your child featuring Troy the Plott Hound! 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. You may conduct an unlimited number of withdrawals at the ATM, in person at a branch, or by mail when the check is mailed to you. 2 min read
Bank Rewards What if you had a card that gave you the ability to redeem points for what you want when you want it? How would you feel if those points could be redeemed for travel, experiences, gift cards to restaurants, retail and merchandise stores, donations, or even for cash back? 2 min read
High Yield Savings Accounts in South Carolina It’s no secret that travel can make you happier, but did you know that it can also improve your social skills, help you accomplish goals, make you more patient, and improve the quality of your relationships? If you want to travel but aren’t sure how you’re going to pay for it, consider a high-yield savings account with First Bank in South Carolina. A high-yield savings account can help you save up money for a weekend getaway, and earn interest while doing it. Save for a Vacation with our High-Yield Savings Account Do you want to go on a vacation, but aren’t sure where you would go? Here are five popular cities to travel to: New York – What would a trip to New York be without seeing the Statue of Liberty, making your way to the top of the Empire State Building, walking through Central Park, or visiting Times Square? Philly – Don’t miss your chance to visit art museums, historical monuments, and places like the Liberty Bell, the Franklin Institute, the Eastern State Penitentiary, and the Reading Terminal Market. Washington, DC – Take a weekend to travel to our nation’s capital and learn more about U.S. history at the Smithsonian, the Washington Monument, the Lincoln Memorial, and the Museum of Natural History. Chicago – Visit Willis Tower, catch a game at Wrigley Field, or take classic picture by The Bean (Cloud Gate) in Millennium Park. Dallas – If you end up visiting Texas, make sure you spend a day at the Houston Space center and Houston Museum of Natural Science. Don’t forget to spend some time eating great Texan cuisine, like the famous barbecue. Visit First Bank Today A First Bank high-yield savings account can help you save money to get to any of these destinations. Stop by your local South Carolina branch to open an account today. ———- Sources: Travel Triangle: https://traveltriangle.com/blog/traveling-makes-you-happy/ 2 min read
Refinance Your Mortgage with These 5 Tips Over time, the mortgage market fluctuates and creates new opportunities for homeowners to revise the terms of their mortgage. This is known as refinancing. When refinanced, a mortgage can include lower interest rates, home equity credit, and a restructured loan duration. Homeowners will refinance for many reasons: to get a cash out, to buy out someone on the title, to consolidate their debt, for a low-rate bridge loan, and more. Test out this Refinance Mortgage Calculator, and then see if the following tips can save you time and money in your search for the perfect home loan. 5 Tips to Refinance Your Mortgage Lock in a Cost-Efficient Rate. Ultimately, it is a good idea to lower your monthly payment and re-structure the length of time it will take to pay off your loan. If you are purely looking for a lower rate, according to the Federal Reserve Board, the interest on the mortgage needs to be 1-2% lower than their current mortgage loan rate. Keep in mind that a lower rate isn’t always possible during a refinance, depending on your reason for doing the new loan. Evaluate the Terms. When it comes to mortgage refinancing, you should always read the fine print. Some lenders may offer lower rates, but with much longer terms. To determine if a loan is worthwhile compared to your current mortgage, multiply what you are currently paying (principle with interest, but not escrow) by the number of months left. Do the same for the refinance option and compare to determine if it is a good fit. Consider the Benefits of a New Type of Mortgage. If you are looking to refinance your mortgage, a great tip is to check out the variety of loan types lenders offer. Each may have advantages and disadvantages, and one may be a better fit for your situation. For example, if your financial assets have grown or changed, you may benefit from switching to an adjustable-rate mortgage (ARM) or a fixed-rate mortgage (FRM), depending on your unique needs. Don’t forget about property taxes and escrow accounts, which can also significantly impact your monthly payment amount. Shop Around. The financially savvy homeowner is aware of the many options available for mortgage refinancing. Ask a lot of questions. 3 min read
Five Reasons to Refinance Your Mortgage Banking professionals suggest mortgage refinancing when homeowners want to replace their current loan with a new one, often to reduce monthly payments or lower interest rates. With a mortgage refinance, your current loan is paid off and replaced with a new one. This can be a great option for borrowers with good credit who want to alter their current loan. But refinancing could be risky for borrowers with less than perfect credit. Check out our list of reasons to refinance and see if you could benefit from refinancing your current mortgage. 5 Reasons to Refinance Lower interest rates—If mortgage rates have dropped since you first took out your loan, you could secure a lower rate by refinancing. Lower monthly payment—Lowering your interest rate could have a dramatic impact on your monthly payment. If you intend on staying in your home for several years, lowering your payment could help you save. Shorten loan term—When interest rates fall, homeowners can often significantly shorten their loan term by refinancing without much increase in their monthly payment. Convert between adjustable-rate and fixed-rate—With adjustable-rate mortgages, your initial interest rate may be low and and then increase over a period of time. Refinancing to a fixed-rate mortgage could allow you to avoid an increase in rate. Cash out to make a large purchase—If you have equity in your home, refinancing enables you to cash out on that equity without taking out a loan, such as a home equity loan. A lot of people will use this cash to pay for home repairs, college tuition, or make a large purchase, such as a car. These types of refinances are typically easy to complete and may even be tax deductible. If you still aren’t sure if a mortgage refinance is right for you, visit our online refinance calculator to see how much you could save, or visit your local First Bank branch to speak with a mortgage specialist. Loans subject to credit approval. ——— Sources: https://www.investopedia.com/mortgage/refinance/when-and-when-not-to-refinance-mortgage/ 2 min read
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
Savings Account Interest Rates in South Carolina Whether you’re searching for savings account interest rates in South Carolina, looking for an account with a higher rate of return, in the market for a long-term savings strategy with tax advantages, or looking to open your very first savings account, First Bank in South Carolina can help. With First Bank’s savings accounts, you can grow your money the smart way. We offer various levels of interest rates on a number of both personal and business savings accounts, some of which accrue interest on any amount of money. Save conservatively in a basic savings account or water your money more aggressively in a Money Market account. The choice is up to you. First Bank offers a number of savings account options: Everywhere Savings MyFirst Savings Money Market CDs IRAs Health Savings Accounts Interested in More Than Just Rates? Our savings account interest rates aren’t the only benefit of trusting First Bank with your money. Our savings accounts also offer perks, such as: Withdrawal capabilities* Online and mobile banking so you can watch your money grow from home or on the go* Monthly statements that provide a detailed history of growth and transactions Account activity alerts to notify you of any action in your account Opportunities to avoid First Bank monthly maintenance fees* Reach out to First Bank or visit a local First Bank branch to learn more about savings account interest rates in South Carolina. We’re happy to answer all of your financial questions and help you find the best type of savings account for you. Plant your money at one of South Carolina’s First Bank locations and use our savings account interest rates. While First Bank does not charge for mobile banking, your mobile carrier’s message and data rates may apply. 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, which is also available at your local branch. 2 min read

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