Maximize Your Money
Maximizing your paycheck in your 30s and 40s is a priority during this time when your income tends to rise. You may have discretionary income for travel and hobbies, and the challenge is to find the right balance between spending and saving. The financial decisions you make now will have the greatest impact on the lifestyle you will enjoy during retirement. It’s important to note that people are retiring earlier and living longer, and you may need more money in the future than you think.
How do I keep my finances on track?
Take Advantage of Real Life Checking
Now is the time to maximize your earnings. FCNB offers the Real Life Checking accounts, which give you the freedom to earn rewards your way. If you are age 50 and above, FCNB offers the Prestige Club. Take advantage of the many benefits, including classes and seminars specific to your interests.
Shop for the best lending options
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 First Community National Bank that meets your needs.
- Home Mortgages - FCNB Mortgage offers fixed-rate home loans. With a variety of terms, payments and options, you can find the perfect loan for your family.
- Personal Loans - FCNB makes it easy to purchase an auto or a recreational vechile. With competitive rates and terms, we can lend you the money you need. Contact us today.
To apply for a mortgage or consumer loan, stop by and talk with one of our Loan Professionals!
Understand your credit report
Your financial behavior over the past seven years, including how much credit you have, how long you have had it and whether you pay your bills on time is information included in your credit report. Three credit reporting agencies - Equifax, Trans Union 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 360 and 840 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.
Sign up for the Real Extras plan and receive 24-hour Credit File Monitoring through Equifax. Plus, you can pull your credit report anytime at no additional cost. Sign up today!
TIPS FOR EFFECTIVE FINANCIAL MANAGEMENT
- Pay off your credit card debt. It is senseless to pay 13-20 percent interest on credit card payments while your savings accounts earn one or two percent.
- If you cannot pay off your credit card debt, pay more than the minimum payment each month which in some cases will only cover the interest charges.
- Don't worry too much about paying off student loans early. These normally have a much lower interest rate than credit cards. By making low payments on student loans, you'll have more money to reduce high-interest credit card debt.
Conserve time, money and paper with Electroinic Banking
With FCNB's electronic banking features, you'll reduce the time it takes to manage your accounts, pay your bills and budget your expenses. Plus, you can go green with e-Statements and save the expense of printed statements while helping the environment. We offer an abundance of products to help you bank on the go!
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 FCNB Financial's Wealth Managers to learn about the products we offer that can help you meet your retirement goals.
TIPS FOR EFFECTIVE FINANCIAL MANAGEMENT
- Understand what your credit report score means and take a pro-active role in monitoring it.
- Resist the urge to cut back on savings to meet rising expenses or accommodate other goals.
- Make sure your mortgage payment, including taxes and insurance, represents no more than 33 percent of your gross monthly income or conservative 25 percent.
- Spend less than you earn - it is the simplest way to stay free from all-consuming debt.