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LIFE STAGES

Ready for the Work Force

Utilize the Power of Time.

Laying the right foundation as you start your career is the key to future financial success, and at this life stage, time is your greatest asset. Consider that each dollar you save in your 20s can be worth 10 times as much as one saved in your 40s.  Through the power of compounding, the beginning of your working life is the prime time to start saving.

Key Strategy: Budget to live within your means – we can help!

1. Identify your medium- and long-term goals and budget your money accordingly – 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. These goals will help you determine how to spend and save your money.

2. Build assets through saving – It may be wise to invest in CDs or money market funds for your short-term goals.   And, if your employer offers a retirement account, jump in, particularly if they match contributions.

First National Bank & Trust can help compound your savings with an account that’s right for you:
 

Certificates of Deposit

Open a CD for only $1,000.  And, of course, with our CD you’ll enjoy FDIC-insured safety. 
 

Money Market

 Enjoy tiered and higher interest on larger balances.
 

IRAs

Through a Traditional or Roth IRA, First National Bank & Trust offers multiple options to help reach retirement or savings goals. Our IRAs are only $1000  to open, interest accrues daily and is credited quarterly.

3.  Establish an emergency fund – If possible, save three to six months' worth of living expenses to cover rent or house payments, utilities, car payments, food, transportation and insurance into a separate bank account that could be easily accessed  in the case of job loss or unexpected expenses.

We offer a number of vehicles for savings, but the liquidity being key in an emergency, consider options like our Statement Savings or Money Market.

4. Conserve time, money and paper with First National Bank & Trust’s convenient checking accounts with online banking and bill pay and Debit Card Rewards – You’ll reduce the time it takes to pay your bills and save on the expense of printed paper checks and postage while helping the environment as well.

Whether it's a free, no-frills account, an interest-bearing option, or maximum convenience, we have what you're looking for. Compare and Choose!

5. Borrow wisely – Avoid high-interest credit cards and pay off your credit card balances monthly. For your major lending needs, including personal and vehicle loans, home mortgages and home equity lines of credit, talk to an experienced First National Bank & Trust lender.

Real Estate Loans  –  We make the process of securing a real estate loan simple and straightforward by offering time-saving application tools and a real estate loan team that’s with you every step of the way.

Loans and Lines – First National Bank & Trust offers loan options with flexible rates and terms. First National Bank & Trust also offers home equity line of credit options. 

Personal Loans –  Whether it’s extra cash to fund a well-deserved vacation, make home improvements, or purchase a vehicle, we’ve got fast answers and affordable monthly payments. First National Bank & Trust can make your loan application process hassle-free.

6. 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. 

Equifax –  www.equifax.com
TransUnion –  www.transunion.com
Experian – www.experian.com

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.