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America Saves Week - Tip #2

Financial Tips for Couples

Beecher, IL (February 21, 2012) –Believe it or not, many couples find it very difficult to talk openly about their finances. Money problems can literally cause a lot of heartache between people, so here are some ways couples can come together to get their financial house in order:

  • Get organized: Gather all important financially-related documents to a central location that is equally accessible to both partners.
  • Track your spending and pay yourself first: Write down where you are spending your money. Re-route some of your spending to a savings account: pay yourself first for a secure financial future.
  • Plan to save: Start a savings account to cover expenses like clothes, Christmas/holidays, and insurance. Plan for future expenses throughout the year. Complete the Ballpark E$timate retirement planning worksheet at www.choosetosave.org.
  • Build an emergency fund: You never know when you will need additional cash so try to have two to three months of living expenses in a readily accessible savings account or money market account.
  • Don't go into debt, and if you are, get out of debt: Avoid credit cards. If you must use them, control your credit card spending and try to pay off any debts you have (e.g., car, credit card, student loan, etc.). Pay more than the minimum monthly payment. Once you have paid off your debts/credit cards, take the money and put it towards savings or some other debt. If possible, the goal is to simultaneously pay off your debt while still putting some amount into savings.
  • Set goals: Decide what you want to do with your money. Do you want to pay off debts/student loans? Buy a house? Save for a new car or additional education? Write down your goals and your strategy for achieving these goals. Write a budget.
  • Review your insurance coverage: Every year, review your health, life, disability, renter/homeowners, auto, and personal liability policies to make sure you are both adequately covered. Most insurance agents are happy to conduct a free, no-obligation insurance check-up.

How much should you save and/or invest? Save at least 15% of every dime you earn beginning with your first job. The older you are the higher the percentage has to go unless you think you can work forever!

About First Community Bank and Trust
First Community Bank and Trust is a privately owned bank. Established in 1916 First Community Bank and Trust has been serving Beecher, IL, Peotone, IL and the surrounding communities for over 95 years. Our commitment to providing the best banking products and services is matched only by our outstanding customer service. We offer traditional community banking services, including mortgage, consumer, and commercial lending, as well as state of the art electronic banking services.

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Press Contact:
Steven D. Koehn, VP
First Community Bank and Trust
(708) 946-2246