As college graduates prepare to enter the workforce, First Community Bank of East TN and the Independent Community Bankers of America (ICBA) want to remind them of the importance of planning for their financial future and preparing for what comes next.
First Community Bank of East TN and ICBA offer the following strategies to help new graduates take control of their finances by making sound financial decisions during their wealth-building years to set them up for success through their major financial lifecycle events:
- Start a budget. Design a plan to help track and manage your finances.
- Pay off student loans. Creating a more aggressive repayment plan can save you thousands in the long run. Ask about programs to help pay off student debt when negotiating benefits with prospective employers.
- Plan for retirement. Automate your savings so that a portion of each paycheck goes directly into a savings account. Take advantage of your employers’ 401(k) plan and any matching contributions, if offered.
- Spend responsibly. Shopping and weekend getaways are a great way to recharge from the work week but can eat away at your budget. Do your research and comparison shop before making major purchases.
- Establish an emergency fund to cover life’s unexpected events. You can start small or with a lump sum and build from there. A good goal is three to six months of net pay.
“Developing and maintaining good financial habits provides a framework to build generational wealth and create a roadmap to help meet your financial goals and sustain you through life’s unexpected twists and turns,” said ICBA President and CEO Rebeca Romero Rainey. “ICBA and First Community Bank of East TN congratulate this year’s graduating class and encourage them to reach out to their local community banker to ensure a prosperous financial future.”
First Community Corporation (the Holding Company) through its wholly owned subsidiary, First Community Bank of East Tennessee (the Bank), provides a variety of banking services to individuals and businesses from its banking offices in Rogersville, Church Hill, and Kingsport, Tennessee. Its primary deposit products are demand and savings deposits and certificates of deposit, and its primary lending products are commercial, residential real estate and consumer loans. The accounting principles followed and the methods of applying those principles conform with the accounting principles generally accepted in the United States of America (GAAP) and to general practices in the banking industry.
The Independent Community Bankers of America® creates and promotes an environment where community banks flourish. ICBA is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education, and high-quality products and services.
With nearly 50,000 locations nationwide, community banks constitute roughly 99 percent of all banks, employ nearly 700,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding nearly $5.9 trillion in assets, over $4.9 trillion in deposits, and more than $3.5 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits into the Main Streets and neighborhoods they serve, spurring job creation, fostering innovation and fueling their customers’ dreams in communities throughout America. For more information, visit ICBA’s website at www.icba.org.