Money Matters: Saving in Your 20s

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Hey! If you’re in your 20s, don’t underestimate how valuable it is to start saving money for retirement now. It’s never too late to start saving, but people in their 20s are at the prime age to maximize the benefits of time, including capitalizing on compounding interest.

Here are 4 tips to help you start growing your money in your 20s.

  1. Employers. Some employers offer to match 401ks. If possible, put in the maximum amount to get the maximum out of your ...
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Money Matters: Financial Stress and Your Employees

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Hey! Did you know that financial stress is one of the biggest impacts to employee performance?

According to a recent study, financial stress can impact your workforce in a wide variety of ways, ranging from increased absenteeism and tardiness to decreased productivity, even to physical health issues such as ulcers, anxiety, and heart problems.

So, what can you do to address this stress as an employer?

Many organizations now offer financial wellness programs that help teach employees to better manage their money — ...

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Money Matters: Saving for Retirement

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Hey! Did you know that saving for retirement is as easy as 1-2-3?

1. Start early. If you start saving at age 25, your nest egg could look like this. But if you wait until you are 35, if could look like this. Big difference.

2. Be consistent. Save every month, no matter what. It is ideal to save part of every paycheck for retirement, but if that’s not possible, put some amount aside every month or several times each year.

3. Let ...

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Money Matters: How Savings Made Simple Works

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Hey! Did you know that Southern Bank offers an easy way to make saving automatic?

Here’s how it works, in three easy steps.

Step 1. Enroll. Stop by any Southern Bank location to have a representative enroll your checking and savings accounts in the Savings Made Simple program.

Step 2. Shop. Shop as you normally would using the Southern Bank debit card tied to your checking account.

Step 3. Save. Each time you make a purchase with this debit card, the purchase price will be ...

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Money Matters: Business Credit Cards

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Hey! If you’re interested in applying for a small-business credit card, here are four tips to keep in mind.

  1. You will have to sign a personal guarantee, which means you agree to be personally responsible for any debt, regardless of what happens with your business.
  2. The application may temporarily cost a few points of your personal credit, as the issuer wants to ensure that you are financially stable before giving you money. Also, depending on where the small-business card reports to, your ...
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Money Matters: Types of Mortgages

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Hey! Thinking about buying a home? Here are common types of home loans, also known as a home mortgage.

Number 1. A fixed-rate mortgage is usually 15 or 30 years in length, and you pay the same amount each month at a fixed interest rate for the life of the loan.

Number 2. With an adjustable-rate mortgage, the interest rate goes changes periodically, usually according to a schedule, which means payments can go up or down.

Number 3. A hybrid mortgage is typically ...

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Money Matters: Business Credit Scores

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Hey! If you’re thinking about getting a credit card for your small business, here are five key differences between your personal credit score and your business credit score.

  1. Range: Personal credit scores range from 300 to 850, while business scores generally range from 0 to 100.
  2. Data: Generally, the business reports and scores only include the business accounts, not your personal accounts.
  3. Privacy: With business credit reports, all information is public.
  4. Standardization: Business credit score calculators don’t follow a set industry standard and vary ...
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Money Matters: Retirement Plan Options

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Hey! When you develop your strategy for retirement, one way to save for the future is with a qualified retirement plan. Here are a few of the most common types.

Many employers sponsor retirement plans like 401(k)s and 403(b)s. These are limited in the amount you can contribute each year, but employers may match up to a certain amount. These contributions may be taxed, depending on the plan options. Smaller companies offer SIMPLE Plans, which have a similar benefit and lower ...

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Money Matters: Savings Made Simple

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Hey! Did you know that you can save money every time you swipe your debit card?

With the Savings Made Simple program, every time you swipe your Southern Bank debit card, the transaction is rounded up to the nearest dollar.

The “round up” amount will then be automatically transferred from the checking account attached to your debit card to your Southern Bank savings account.

For example, let’s say you buy one cup of coffee every week at $2.30 per cup.

With Savings Made Simple, ...

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Money Matters: Living Within Your Means

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Hey! Let’s talk about something fundamental, like living within your means.

Living within your means may be the most important financial habit. If you live within your means, your monthly expenses will not be more than your net monthly income.

There are three steps you can take to see if you’re living within your means.

Step 1. Record everything you spend your money on over the course of a month to get a picture of your spending habits.

Step 2. Add up all your ...

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