First Columbia Bank Lifestage Strategies

CAREER-FOCUSED ADULTS

Financial guidance for established adults without children

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.

First Columbia Bank can help you stay on track with your long-term financial goals.
 

1. Shop for the best mortgage and consumer loans  

As you consider your financing options, be sure 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 or make home improvements and repairs.

With competitive rates, experienced lending professionals and local decision-making, you'll be sure to find a loan at First Columbia Bank that meets your needs.  To apply for a mortgage or consumer loan now, click on the link below, or stop by and talk with one of our Mortgage Originators.  

Click here to apply for your mortgage online
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 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. Save time and money with First Columbia Bank’s convenient online
    banking, e-statements, online bill pay, and no-charge ATM services

You’ll reduce the time and effort it takes to pay your bills—and help the environment as well.

Click here for more information and to enroll in our FirstLink Online Banking service.

4. Take your hometown bank with you—wherever you go

At home or abroad, further simplify your life with our mobile banking services that allow you to bank right from your mobile phone.

Click here for more information and to enroll in our FirstLink Mobile Banking service.

5. Set up direct deposit

Your paycheck will go straight to your First Columbia Bank account. This will save trips to the bank and help you stick to a budget.  Be sure to split your deposit—put some in checking to cover expenses—then put something into savings. Regardless of how much you can put into savings, at least you’ll be automatically saving every pay day.

6. 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 come into play.  Now is a good time to up your contributions to your retirement savings accounts.

Now is a good time to increase contributions to your retirement savings accounts. Talk with the financial professionals at First Columbia Financial Services to learn about the products we offer that can help you pursue 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, represent a manageable percent of your gross monthly income.
  • Spend less than you earn - it's the simplest way to stay free from all-consuming debt. 

 

Financial Calculators for the Career Focused Adult

Our calculators can help you determine what you need to achieve your goals and stay on budget.

Mortgage Calculator Retirement Calculator

For help determining the best accounts and products for sound and productive money management as you build your career, please contact us at 570.784.1660 or email us. We're here for you!