Families

Manage Your Family's Financial Future

If you have a family of your own, there are a lot of things to consider saving for, 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 First Community National Bank recommends for sound financial management during this demanding time of your life.

How do I manage my financial future?

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. 

Real Life Checking

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. Apply online at www.fcnbmortgage.com.
  • 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.

For help determining the best accounts and products for sound and productive money management during your specific Lifestage, please contact us or a friendly personal banker at any of our locations.

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.

Many helpful government agencies or your local financial aids office at your enrolled College or University can access products designed to help you fund your child's higher education.

FCNB offers several different ways to save for your child's future education. Click on the below links for more information:

FCNB Kids Club Savings Account

FCNB Certificates of Deposits (CDs)

FCNB Financial - 529 Educational Savings Plan

Conserve time, money and paper with Electronic 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

  • Make sure your mortgage payment, including taxes and insurance, represents no more than 30 percent of your gross monthly income or a more conservative view would be 25 percent.
  • Review the cost of your health care insurance and make sure you are getting adequate coverage at the best price. For a free no-obligation quote on your insurance, contact FCNB Insurance.
  • 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.   
  • Guard against impulse shopping, especially for costly purchases such as vehicles, major appliances, furniture, jewelry and the like.

For help determining the best accounts and products for sound and productive money management during your families life stage, please contact us or visit us at one of our branch locations.