First Columbia Bank Lifestage Strategies
Financial advice for young adults entering the work force
Laying the right financial foundation as you start your career is the key to future financial success. The most important thing early on in your career is to just start saving, even if it is just a little. Consider that each dollar you save in your 20s can be worth ten times as much as one saved in your 40s. Through the power of compounding (meaning that as your savings grow, you earn interest on a larger and larger pool of money), the beginning of your working life is the prime time to start saving towards retirement.
During this time, young adults have the sometimes daunting and difficult task of figuring out how to manage spending and saving money within the constraints of their income. Here are some steps to take now to put your financial future on track:
Your short term goals of less than five years might encompass a wedding, honeymoon, furniture or a new car. Medium term goals could include the purchase of a home and financing your future children's college education, followed by long-term retirement goals. Thinking about these goals will help you determine how to spend and save your money now.
Click here to learn more about our personal savings products designed to help you meet your short and long term goals.
First Columbia Bank provides our customers with many convenient online options to help you streamline and simplify.
Sign up for Online Banking
You’ll reduce the time and effort it takes to pay your bills—and help the environment as well. Transfer funds, view balances, pay bills, sign up for paperless e-statements, and more whenever you want and wherever you are with this helpful feature.
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No matter where life takes you, you can rely on your hometown bank to be there with you every step of the way.
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Our mobile banking services allow you to bank right from your mobile phone.
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We bring you Fee Free ATM access at over 55,000 locations worldwide–in your town, where you shop and when you travel. It's one of the many ways First Columbia is working to make banking better for our customers.
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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:
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.
Financial Calculators for those Getting Started...
These calculators can help you determine what you need to achieve your goals and stay on budget.
|Compound Interest Calculator||Cool Million Calculator|
For help determining the best accounts and products for sound and productive money management as your are getting started on your financial journey, please contact us at 570.784.1660 or email us.