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Wauchula State Bank Life Stages Planning

Getting Started

Financial advice for young adults entering the work force

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

During this time, young adults have the exciting task of learning how to manage the spending and saving of their money within the constraints of their income.  Here are some steps to take now to put your financial future on track:

1. Identify your short, medium and long-term goals and budget your money accordingly more info
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 savings more info

It may be wise to invest in CDs or money market funds for your short term goals and the stock market for your longer term goals. You may also want to join a 401K plan if available from your employer or open up an IRA account.

Wauchula State Bank can help compound your savings with an account that’s right for you:

Certificates of Deposit – Great way to save for future needs by choosing the term that best meets your specific goals. One month to five year maturities available. FDIC insured LEARN MORE

Money Market Account – Provides flexibility to access your money while earning a higher yield.

3. Establish an emergency fund more info

A good guide is to 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 uncovered medical expenses.  Don’t use the money for anything else.

Wauchula State Bank can help you establish your emergency fund:

Savings Account –  this is a great way to start building your savings. Easy to open and manage each month.

Money Market Account – Provides flexibility to access your money while earning a higher yield.

4. Conserve time, money and paper with Wauchula State Bank's convenient checking account with online banking and bill pay, and Online eStatements more info

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.

Personal Online Banking – With Wauchula State Bank’s Personal Online Banking, customers can access accounts from anywhere 24 hours a day, 7 days a week via the World Wide Web at www.wauchulastatebank.com.  Having the ability to monitor your account at any time offers peace of mind like never before!  It’s fast, it’s easy and best of all, it’s free!

Online eStatements is a free, secure and paperless option to managing your account activity online - anytime, anywhere.  Sign up by opting in for electronic statement delivery through our Online Banking service.

5. Borrow wisely more info
Avoid high-interest credit cards and pay off your credit card debit monthly. Work with Wauchula State Bank for your major lending needs including personal and vehicle loans, home mortgages and home equity lines of credit.
6. Understand your credit report more info

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 use 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: 

Also Request your FREE annual Credit Report here.

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.

Some Fanancial Calculators for Getting Started...

Our calculators can help you determine what you need to achieve your goals and stay on budget.

Mortgage Calculator Retirement Calculator

For help determining the best accounts and products for sound and productive money management during your Getting Started Lifestage, please contact us at 863-773-4151 or customer.service@wauchulastatebank.com We're here for you!