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Sound Advice for Protecting and Managing Your Money

By on February 28, 2015

Beloit, Wisconsin (PRWEB) February 27, 2015

In recognition of National Consumer Protection Week, March 1-7, First National Bank and Trust (FNBT) is partnering with the American Bankers Association to highlight personal finance resources and urge customers to take an active role in managing and protecting their money.    

“We implement numerous safeguards to protect our customers’ money and information, and we also do our best to provide them with Sound Advice and tools to make informed financial decisions,” said Theresa Wendhausen, branding and communications officer for FNBT. “There are many actions customers can take to control their financial future and keep their money safe.”

FNBT recommends that consumers follow these tips to assess their finances, gain control, and stick to a new budget or saving plan:

Create a Budget
Track your income and expenses to see how much money you have coming in and how much you spend. If you have debt, establishing a budget will help you to pay down your debt while saving.

  • Identify how you spend your money.
  • Set realistic goals, especially if you plan to cut some of your expenses.
  • Track your spending and review your budget often.

Reduce Your Debt
Establish a budget to pay down debts while you save. Points to consider when cutting debt:

  • Pay more than the minimum due and pay on time.
  • Pay off debt with higher interest rates first.
  • Transfer high rate debt to credit cards with a lower interest rate.

Save for the Unexpected and Beyond
Pay yourself first. Saving is important; it helps ensure that you can endure financial surprises. No matter how old you are, it is never too late to begin saving.

  • Save at least 10 percent of your income for retirement. Enroll in a retirement plan or consider optimizing an established retirement plan. Contribute at least the maximum amount that your employer will match, and increase your contribution as your income increases.
  • Financial advisors often recommend keeping about three months’ salary in a savings account in case of financial emergencies like hospital bills or loss of job.
  • If you receive direct deposit at work, ask your employer to send a specific amount to your savings account. Because the money is put into an account before you have a chance to spend it, automatic savings plans are an easy and convenient way to save. If your employer doesn’t offer direct deposit, many banks allow for automatic transfers from checking to savings accounts.
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National Consumer Protection Week, observed the first week in March, is a coordinated campaign that encourages consumers nationwide to take full advantage of their consumer rights and make better-informed decisions. For more Sound Advice tips and resources on a variety of personal finance topics such as mortgages, credit cards, protecting your money and saving for college, visit FNBT’s Sound Advice Resource Center or aba.com/consumers.

First National Bank and Trust Company is a family-owned, community bank headquartered in Beloit, Wisconsin. Chartered in 1882, First National Bank and Trust Company now serves more than 27,000 households in 9 communities and 12 locations in Southern Wisconsin and Northern Illinois with assets of approximately $ 820 million. Commitment to full service banking, investments, wealth management, mortgage lending, exceptional service, and Sound Advice has positioned First National Bank and Trust Company as a Stateline leader in the industry. For additional information, visit http://www.bankatfirstnational.com.
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