Families on the Go
Families on the Go
Managing the financial responsibilities of family life
By the time you have a family of your own, there will be accompanying expenses such as fees for various activities and lessons for your children, family vacations, saving for college educations or buying a new home. Throughout this time, you should regularly evaluate your progress towards achieving the financial goals you set earlier in your life and adjust your spending, budgeting and saving to make sure you stay on track. With all the demands a family places on your income, it is still important to build your long-term investments.
Planning and discipline that determines what and how you spend contributes to your future financial success. Here are some tips Community First Bank recommends for sound financial management during this demanding time of your life.
1. Shop for the best mortgage and consumer loans
Seeking the best mortgage or consumer loan by shopping, comparing and negotiating may save you thousands of dollars. A mortgage—whether for a home purchase, refinancing or a home equity loan—is a product, just like a car, so terms may be negotiable. You’ll want to compare all the costs involved in obtaining a mortgage including interest rates, points, fees and down payment and private mortgage insurance requirements. Home equity loans and lines of credit can be helpful when extra cash is needed to reduce significant credit card debt—but be cautious about re-building credit card debt once it is paid.
With competitive rates, experienced lending professionals and local decision-making, you’ll be sure to find a loan at Community First Bank that meets your needs. We offer a variety of terms and loans enabling us to uniquely design a mortgage loan for your specific circumstance.
Learn more about our Loans and Mortgages here.
2. Understand your credit report
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 you'll 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:
3. Start Saving for College
By starting early, when your child is in preschool or before, you can build a realistic fund through the power of compounding over many years. The earlier you start, the less you’ll have to save per month.
Through Community First Bank, you can access products designed to help you fund your child’s higher education. To learn more, or set up an educational account, please see below.
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24 Month Education CD - Please call 337-365-6677 for more information
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US Government EE Savings Bonds EE Bonds are reliable, low-risk government-backed savings products that you can use toward financing education and other special events. These may be purchased online at www.treasurydirect.gov.
4. Conserve time, money and paper with Community First Bank's convenient checking accounts with online banking and bill pay and no-charge ATM services
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.
Personal Checking Accounts
5. Save for Retirement
Many people underestimate the amount of money they’ll need in retirement. Be realistic about major expenditures, e.g., will your mortgage be paid off by retirement? If so, you may need less income than you do now. Do you plan to buy a vacation home or travel extensively? Will you have to pay for your own health insurance? These and other financial considerations all come into play.
Now is a good time to up your contributions to your retirement savings accounts. Talk with one of our banker's to learn about the products we offer that can help you meet your retirement goals.
Personal Savings Account
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Minimum to open $100.00
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$200 minimum balance to avoid service charge of $2 per month
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Excessive transaction fee may apply
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Interest compounded daily
Individual Retirement Account – 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.
Tips for Effective Financial Management:
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Make sure your mortgage payment, including taxes and insurance, represents no more than XX percent of your gross monthly income.
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Review the cost of your health care insurance and make sure you are getting adequate coverage at the best price.
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Make wise purchasing decisions by determining what you “need” compared to what you “want.” This will help you make ongoing decisions to keep your finances in check.
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Guard against impulse shopping, especially for costly purchases such as vehicles, major appliances, furniture, jewelry and the like.
Some Financial Calculators for the Family on the Go..
Our calculators can help you determine what you need to achieve your goals and stay on budget.
For help determining the best solutions for sound and productive money management during your particular life stage, please contact us at 337-365-6677 or info@cfirstbank.com. We’re here for you!
