Laying the right foundation as you start your career is the key to future financial success, and at this lifestage, TIME is your greatest asset. Consider that each dollar you save in your 20s can be worth ten times as much as one saved in your 40s. Through the magical power of compounding, the beginning of your working life is the prime time to start saving towards retirement—even though many people don’t want to think about, or worse yet, act on this principle.
During this time, young adults have the exciting task of learning how to manage the spending and saving of their money within the constraints of their income. Here are some steps to take now to put your financial future on track:
It may be wise to invest in CDs or money market funds for your short term goals and the stock market for your longer term goals. Historically, the stock market has outperformed other types of investments over comparable time periods, but it’s not for the faint of heart. You may also want to join a 401K plan if available from your employer or open up an IRA account.
Community First Bank can help compound your savings with an account that’s right for you:
Certificates of Deposit – We offer certificates of deposit with competitive rates and terms ranging from 90 days to 5 years. We also offer an 18 month add on certificate deposit and a 24 month education cd.
Personal Money Market Account – If you are interested in smart investing, our personal money market account enables you to increase your earnings on idle funds.
Individual Retirement Accounts – Planning for your personal retirement is not only wise but easy. We at CFB offer certificates of deposit ranging from a 30 day certificate to a 5 year certificate. We also have a 24 month add-on certificate of deposit if you would like to make periodic deposits prior to maturity.
A good guide is to save three to six months’ worth of living expenses to cover rent or house payments, utilities, car payments, food, transportation and insurance into a separate bank account that could be easily accessed in the case of job loss or uncovered medical expenses. Don’t use the money for anything else.
Community First Bank recommends these accounts for the establishment of your emergency fund:
Personal Savings Account –
You’ll reduce the time it takes to pay your bills and save on the expense of printed paper checks and postage while helping the environment as well.
Internet Banking –
Mobile Banking – Visit iTunes for iPhone or iPad app and visit Google Play for Android app
Avoid high-interest credit cards and pay off your credit card debit monthly. Work with Community First Bank for your major lending needs including personal and vehicle loans, home mortgages and home equity lines of credit.
Mortgage Loans – We offer over 150 different programs, including Conventional, FHA, VA, Jumbo, and more.
Consumer/Installment Loans – Whatever your dream may be…a well deserved vacation, that new boat, or maybe help with wedding expenses, let one of our personal loan officers help make it a reality.
Other Bank Loans
Your financial behavior over the past seven years, including how much credit you have, how long you've had it and whether you pay your bills on time is information included in your credit report. Three credit reporting agencies — Equifax, TransUnion and Experian — maintain these reports, and lenders buy them to help them decide whether to offer you a prequalification. Your credit report also carries your credit score ranked between 300 and 850 that many lenders use to decide whether you are creditworthy and will repay a loan. Your credit score can also influence the interest rate you pay. In many cases, the higher your score, the lower your interest rate. Your credit score is available from the three credit reporting agencies:
Our calculators can help you determine what you need to achieve your goals and stay on budget.
For help determining the best accounts and products for sound and productive money management during your Getting Started Lifestage, please contact us at 337-365-6677 or firstname.lastname@example.org. We're here for you!
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