For Young Adults Facing the Financial Jungle

Financing Your New Car

One of the best times of the year to buy a new car is during the turnover from the current model year to the next, according to J.D. Power. Studies have shown that August is the best month of the year to buy a car. Even the day of the week can make a difference in buying a new car. According to a study by TrueCar, the average sales price of a car is more than $2,000 higher on Fridays than on Sundays. The first couple days of the month are cheaper too, with customers seeing a savings of almost

July 3, 2022

Business Banking Made Simple

Managing your business checking account is critical, but it should not cost you time and money. Clay County Savings Bank’s FREE* Business Checking requires no monthly minimum balance requirement and carries no monthly minimum service charge. The account includes monthly statements, a free company debit card and a competitive earnings credit. Also included each month free are up to 50 deposit items, 25 check/debit items and 5 ACH debits/credits. With free Online Banking and App, account holders can manage their business account quickly and easily, making it a breeze to review account history and reconcile statements. In addition to Business

July 2, 2022

Refinancing Your Home Loan

Interest rates are rising; however, there is still time to refinance your home loan to lock in an interest rate that is still at historically low levels. The most popular reason consumers choose to refinance their home loan is to obtain a lower fixed rate. For example, if you purchased a home more than five years ago, today’s interest rates might be a full point or more lower than your current loan. Reducing your interest rate could lower your monthly payment by several hundred dollars. You could also choose to reduce your loan term, such as converting to a 10-year or 15-year

July 1, 2022

Planning Your New Home Purchase

Are you ready to join the market in the search for a new home? If so, visiting your lender is a great place to start. Learning your options when it comes to financing a brand new home, determining your housing budget and knowing the current mortgage are all keys to make a wise decision in buying a new home. Getting prequalified or pre-approved for a home loan can make the process of buying home much easier. Knowing your budget allows you to narrow your shopping to the choices in your price range. Estimating closing costs and what you will bring to the table

February 4, 2021

myBill Pay Streamlines Monthly Payments

Why mail checks or visit multiple websites to pay your monthly bills when you can do it all in one place? That’s the benefit of myBill Pay, Clay County Savings Bank’s online banking service that lets you schedule bill payments directly from your checking account. Managing your payments in myBill Pay is simple. Just click “Add a Bill” and fill in the details from your latest account statement, whether it’s utilities, credit card, cell phone or any other regular bill you pay each month. Schedule your payment and you’re done. It’s that simple. You can schedule bills to be paid on

February 2, 2021

Know your rights and responsibilities if you want a loan

A default on a student loan can result in a bad credit history that can cost you more money down the road, such as when you apply for a loan.
Take time to understand your rights and responsibilities and reach out to the lender for help at the first sign you may not be able to make a payment.

Be careful with credit cards

Credit cards can help you establish a credit history. To build a good credit history, you can make small purchases and pay off the balance.

Take steps to improve a bad credit history

A good credit history will be essential if you are seeking credit to buy a home or an automobile.
When debts go unpaid, the interest and the amount owed can increase enormously.
If you are having difficulty paying a bill, ask to set up a more convenient payment plan. Creditors are more likely to work with people who try to restructure their obligations, rather than ignore them.
- Failure to make regularly scheduled payments on a debt will be reflected on your credit record and can affect your future buying power and financial flexibility.
- Watch out for marketing scams that offer easy credit, guaranteed credit approval or the chance to clean up your credit history for a fee.

Start saving for your future

It’s a good idea to put 10 percent of your monthly income into savings and investments.
- If 10 percent is too much at first, pick a percentage that works for you. Over time, even small amounts will build to larger ones and can help you purchase a house, start a family or be prepared if you find yourself unemployed or temporarily unable to work.
- Retirement savings plans such as IRAs are examples of accounts you can contribute to and also save money on taxes.

Learn as much as you can about personal finance

Many colleges, local governments and other organizations offer personal finance resources, including classes.
Visit your local library:
- There are plenty of books, magazines and other sources of information that can prove helpful when trying to improve your finances.
The FDIC offers free podcasts and an online learning tool.

From FDC 2018 summer newsletter, 25 Years of Tips You Can Bank On.