Southport Bank’s Life Stage Financial Solutions
Starting Out
Beginning your career or attending school; learning to manage money and prepare for your financial future.
You’re young, and life – with all of its possibilities – lies ahead. But college planning and maybe even student loans are lurking. You may be trying to break away from living at home or maybe you’re adjusting to living on your own without pulling out your credit card for every purchase. You’ve thought about the possibility of buying your first place some day, but you don’t know if that makes sense. And you know you’re supposed to be funding your retirement, but with retirement so far away, you’re not really sure why.
If this sounds familiar, you are probably just getting started with your financial life. Sorting it all out can be daunting, but the team at Southport Bank can help.
How can you start on the path to sound money management?
| 1. | Become a “Star Saver” |  |
Learning to save money in your teens, college years and as you enter the workforce for the first time will train you to be a good money manger for the rest of your life. Set goals for your money and start saving NOW. If you have no immediate goals, your goal can be to have a “money cushion” for when that important need for cash occurs.
Southport Bank offers savings accounts specifically designed for you:
Student/Minor Savings – With only $10 to open, start saving and earning interest on your money today.
Statement Savings – With $250 to open and a minimum daily balance requirement of $250, this interest bearing account has additional options such as an ATM card (if approved).
When you are 18, you may open a savings account on your own. Younger students may open savings accounts with the co-signature of a parent and you need to do this together at one of our office locations.
| 2. | Start a Checking Account | |
A checking account provides a means to learn how to responsibly handle cash, make smart financial decisions and keep track of your spending records. Whether you use a debit card or paper checks, your checking account can help you manage your budget, including paying your bills on time and balancing your checkbook. With these good habits, you can start building a great credit reputation today.
Free Checking – Our FREE CHECKING Product has no monthly service charges and no minimum balance required. That’s why we call it “FREE”.
eZ Checking – If you don’t want to receive all of those paper statements and want easy access to your account information, check out our eZ Checking. It includes many of the great benefits of our other checking products and it’s “green”, too!
When you are 18, you may open a checking account on your own. Younger students may open checking accounts with the co-signature of a parent and you need to do this together at one of our office locations.
| 3. | Plan for College | |
Please check out the many investment services available through LPL. Investment Representatives offer several options to help you fund the cost of a higher education.
Federal Financial Aid for Higher Education (FAFSA) – All college applicants and their parents or guardians should become familiar with the most recent FAFSA guidelines and the deadlines which can be found at http://www.fafsa.ed.gov/. Applicants for federal student aid may also be available from your high school counselors, public library or college financial aid office.
Tips for Effective Financial Management:
- Set a savings goal and keep track of your progress
- If you have a job, don’t spend everything you make and set aside a little with each paycheck
- Record ALL transaction daily for your checking and savings accounts, whether they are made with your debit or ATM card or paper checks and deposit slips
- Know your account details such as overdraft charges, interest rates, withdrawal restrictions, minimum balances, etc.
Doubling your Money.
When it comes to finances, it's usually safe to say that the longer you invest your money, the more you'll have. You can figure out how long it will take to double your money with the "Rule of 72," by dividing your interest rate into 72.
Example: Savings interest rate = 2% 72 ÷ 2 = 36
Money in a saving account earning 2% interest takes 36 years to double.
Southport Bank Making Your Life Easier With
- eZ Checking or eBusiness Checking options
- Online banking and bill payment
- eStatements
Get started today!
