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Family 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 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 your financial goals 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, which determines what and how you spend, contributes to your future financial success.  Here are some tips PCB recommends for sound financial management during this demanding time of your life. 

  1. Shop for the best mortgage and consumer loans:  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, a refinance or a home equity loan, is a product and terms may be negotiable.  You will want to compare all the costs involved in obtaining a mortgage including interest rates, points, fees, 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 an array of products, competitive rates and experienced lending professionals, PCB has a loan to fit your needs.  Apply online for a mortgage loan or a personal loan

Mortgage Loans

Personal Loans

  1. 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 if you pay your bills on time is information included in your credit report.  Your credit report also contains your credit score ranked between 300 and 850.  Lenders use your credit report and/or credit score to help them 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.  You can obtain your credit report from the three credit reporting agencies below: 
  1. 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.  Through PCB, you can access products designed to help you fund your child’s higher education.       

Education IRA Account - This product allows tax-free withdrawals for the specific purpose of a child's higher education expenses.

529 Eductional Savings Plan - Contact our Financial Advisor, Verna Brand, for information on this product.

  1. Conserve time, money and paper with PCB's checking accounts which offer FREE Internet Banking, FREE Bill Pay and no-charge ATM services:  You will reduce the time it takes to pay your bills and save on  the expense of printed paper checks and postage while helping the environment.

Totally FREE Checking - Looking for a checking account with no service charges and fast, convenient access to your money? This is the account for you.  Totally FREE Checking was created for people who want a basic checking account and the tools to make their life easy.  

VIP FREE Interest Checking - Receive competitive interest with no minimum balance and the convenience of direct deposit or automatic payments.

Ultimate Checking - It is time you got rewarded - just for living your life.

  1. Save for Retirement:  Many people underestimate the amount of money they will need in retirement.  Be realistic about major expenditures, e.g., will your mortgage be paid off by retirement?  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 PCB to learn about the products we offer that can help you meet your retirement goals. 

IRA - This is a tax advantaged, FDIC insured individual retirement account.

Investment Services - Offered by our Financial Advisor, Verna Brand 
 


Tips for Effective Financial Management
  • Make sure your mortgage payment, including taxes and insurance, represents no more than 25 percent 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.


For help determining the best accounts and products for sound and productive money management during your Family On the Go lifestage, please contact us.