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 First NBC Bank recommends for sound financial management during this demanding time of your life.
1. Understand which loan product is right for youmore
Work with First NBC Bank for all of your lending needs. Finding the right mortgage or consumer loan may save you thousands of dollars. We can help you compare the various products available to you and explain all the factors involved in obtaining a loan including interest rates, fees, down payment requirements, etc.
With competitive rates, experienced lending professionals and local decision-making, you’ll be sure to find a loan at First NBC Bank that meets your needs. For more information select one of the links below, or contact one of our lending officers.
Mortgage loans – Our experienced lenders are ready to answer your questions and guide you on the path to home ownership.
Consumer loans – Whether you’re purchasing a vehicle, need to consolidate debt, or want to access the equity in your home First NBC Bank’s experienced Relationship Bankers can help you select the loan that fits your individual needs.
2. Understand your credit reportmore
Your financial behavior, 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:
Equifax – www.equifax.com
TransUnion – www.transunion.com
Experian – www.experian.com
AnnualCreditReport.com allows you to request one free credit report annually in accordance with the Fair and Accurate Credit Transactions Act (FACT Act). AnnualCreditReport.com is a secure way to obtain your credit report which is generated by the three nationwide consumer credit reporting agencies. Request your free annual credit report today at https://www.annualcreditreport.com.
3. Start Saving for Collegemore
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 First NBC, you can access products designed to help you fund your child’s higher education.
Certificates of Deposit – A proven investment that earns a higher interest yield.
Savings Account – Allows you to save and earn interest, and give you the flexibility of making deposits at any time to help your savings grow faster.
Money Market Account – Tiered account with interest rate levels that allow you to earn more on higher balances and gives you the flexibility of making deposits at any time to help your balances grow faster.
4. Conserve time, money and paper with First NBC Bank's convenient checking accounts with online banking and bill pay and no-annual-fee debit card.more
Prime Checking – An account designed to make banking easy and convenient.
Premier Checking Now – A full service account that offers the added benefit of earning interest and has the advantage of relationship pricing.
Convenience Services – Our Convenience Services will reduce the time it takes to balance your checkbook, pay your bills, and make purchases, and you’ll save on the expense of printed paper checks and postage while helping the environment as well.
5. Save for Retirementmore
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 First NBC Bank’s Relationship Bankers to learn about the products we offer that can help you meet your retirement goals.
Individual Retirement Account (IRA) – Saving for retirement is easy with a First NBC Bank IRA. IRA contributions may qualify as a federal income tax deduction if tax code requirements are met.
6. Rent a safe deposit boxmore
A convenient place to safeguard important assets that would be difficult or impossible to replace. Safe deposit boxes offer privacy, and in most cases greater security than keeping your valuables and important documents elsewhere.
First NBC Bank Safe Deposit Boxes – Boxes are offered in a variety of sizes with special relationship pricing for Premier checking account holders. Contact a Relationship Banker for details.
Tips for Effective Financial Management:
- Make sure your mortgage payment, including taxes and insurance, represents no more than 30% of your gross monthly income.
- Review the cost of your health care insurance and make sure you are getting adequate coverage at the best price.
- 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.
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 accounts and products for sound and productive money management during your Active Families Lifestage, contact a First NBC Bank Relationship Banker.