Cents & Sensibility
College Saving
Published on 8/26/2010
Tuition, room and board, meal plans, books, school supplies … the college expense list is never-ending. There are, however, some great ways for college students to be smart about their spending.
- Save on books: Students should always shop around for their books. All schools now supply the book’s ISBN number, which makes it easy to find books at different selling locations. Students can also look into renting books and buying online books. For advice on how to cut book costs, read this Kiplinger article (http://kiplinger.com/features/archives/how-to-cut-your-textbook-costs-in-half-or-more.html).
- Save on clothes: Before purchasing your clothes, ask if the store offers student discounts. Students should also visit consignment and discount clothing stores like T.J.Maxx to find the best deals. Shopping online can also save money, and many online stores offer free shipping.
- Cut out the extras (http://shopping.yahoo.com/articles/yshoppingarticles/408/12-things-college-students-dont-need/ : Do you really need a large screen television and two video game sets in your bedroom? Students should learn to cut out the expensive extras that they do not need. Most students can live without a car, fancy computer and phone, cable and other electronic devices. Many times the school provides these extras in student centers, or students can chip in with their roommates to split an expense.
- Budget for fun: When they’re not busy studying, college students spend a lot of money on entertainment. Parties, dinners out and movie nights can take a lot out of the bank account. Students that plan on spending their cash on nightlife should put money aside into a “fun” account and budget every night they go out to make sure they do not spend too much. It is also a good idea to take advantage of “college nights” where entrance is usually free and drinks are discounted.
With just a little work and planning, you or your college student can make it though the next few years in good financial shape.
Photo Credit: Shown By Photos
Tags: Crescent State Bank, community bank, Raleigh bank, Cary bank, college, saving, university, expense, student, school, school supplies, budget, planning
Super Summer Sizzle and Shred
Published on 8/20/2010
Have sensitive documents you would like to shred? Interested in a free lunch? Then we invite you to stop by our Kildaire office, located at 1155 Kildaire Farm Rd. in Cary, Friday, Aug. 27, from 11 a.m. to 2 p.m. for hotdogs and fixings, fresh popped popcorn, desserts and lemonade.
Bring your sensitive documents from 12 p.m. to 2 p.m. and Pro-Shred will shred them for free.
A representative from the N.C. Department of Justice will also be available to talk with customers about identity theft and how to prevent fraud.
We hope to see you there!
Photo credit: larryjh1234
Tags: Kildaire Farm location, Crescent State Bank, Community Banks, Pro-Shred, lunch, event
Should You Rent Or Buy?
Published on 7/12/2010
You're looking for that new house, and you've decided on the exact location where you wish to live. So, you have finished the easy part. Now comes the decision whether to rent or buy.
Well, this often depends on your location. Trulia Real Estate Search has issued a new "Top 50 Cities Rent vs. Buy Index." This study compared the average total costs of homeownership and the average total costs of renting to find the price-to-rent ration of each city.
For example, here in North Carolina, Raleigh placed well in the home buying category with a price-to-rent ratio of 14, with an average house listing of $146,010 and average rent of $840. This ration shows that it is less expensive to buy a house in Raleigh than to rent one.
This index, however, is not the only factor that should be considered while making your decision. CNN Money explains that individual circumstances matter most. If you want to explore career choices, travel, and not worry about the responsibilities of owning a home,
If you are living the Raleigh/Cary area and are thinking about buying a home, Crescent State Bank is here to help you. We are currently offering special mortgage rates, up to 95% financing, a small origination fee and no PMI. Contact us today with any questions, and visit our site for a list of homes for sale in the area. Happy house hunting!
Photo credit: thinkpanama
Tags: Renting, buying a house, community banks, Raleigh bank, Cary bank
Business Checking
Published on 7/2/2010
When you own a business, it is crucial to stay on top of your finances. By opening a business checking account, you can ensure that your company's finances will be maintained - and with added benefits. At Crescent State Bank, we offer a range of business checking services that will suit your company's needs, large or small.
Why Business Checking?
While exact plans vary from bank to bank, business checking has broad advantages across the board. First, it allows your company to withdraw and deposit money in a variety of ways, whether through cash, debit card, ATM, etc. Checking accounts also allow your business to pay with checks, providing a safer proof of payment than other options. The government places no limit on the number of transactions, allowing your company to use a card or write checks when needed.
Small Business Checking
Crescent State Bank offers checking accounts to small businesses, with a plan that will fit your company's unique needs. Because smaller businesses tend to need more help financially, opening a business checking account can be very important.
For more information, give us a call - we would love to talk with you about your business needs!
Photo credit: thinkpanama
Tags: Business Checking, Crescent State Bank, Community Bank, Raleigh Bank, Cary Bank
Planning Finances For Your First Child
Published on 6/23/2010
Raising a child up to age 18 can cost your family nearly a quarter of a million dollars. Obviously, this is an area that requires advanced financial planning. But where should you begin?
Understanding Initial Costs
A baby can cost up to $11,000 in the first year alone. This means budgeting should begin as soon as you know that you are expecting. For necessities such as a crib and stroller, spread your costs across the nine-month pregnancy so as not to overload at the last minute. For baby clothing, remember how quickly babies grow and search for bargains.
Health, Life and Disability Insurance
Assess your current insurance coverage and make it a top priority to increase your coverage if needed. If you are not already covered by life and disability insurance, it is important to invest in this necessity. When choosing your best plan for health insurance, choose a plan that requires a minimum out-of-pocket expense. Disability insurance and life insurance are equally as important, and should be able to cover your family if an accident were to occur.
Consider Your Tax Benefits
If you and your spouse are both working, you can qualify for a child-care tax credit. This credit can relieve you of nearly $500. Regardless, you and your spouse will qualify for the child tax credit of $1,000 if your family earns no more than $110,000 per year. These credits can reduce your tax bill, dollar for dollar.
Start a College Fund Now
Rather than waiting for your child to enter high school, begin budgeting for a college fun as soon as your child is born. Begin by looking into your state's 529 college savings plan. With these plans, you can put as little as $25 per month to as much as $250,000 per year into an account that will be used strictly for college costs.
Though the cost of your newest family addition may be high, it will be worth it in the end. If you are expecting, begin planning your budget now to reduce any unwanted (or surprise) costs.
Photo courtesy of Wikimedia Commons.
Tags: Planning For First Child, Budgeting, Community Banks, Cary Bank, NC Bank
Buying A Car
Published on 6/17/2010
Buying a car is an extremely important decision - and not one that can be made correctly without the right tools and the right research. If you are looking to buy a new car, use these helpful tips to guide you in the right direction - whether you're looking for a first car or fourth, new or used.
If this is not your first car:
Make sure that you are selling your old car at the right value. Using websites like Edmunds.com can be very helpful in assessing the value of your car. It is also important to decide whether selling your car directly or trading it in will be more financially beneficial.
New, Used or Certified Pre-Owned:
Unless you get a rebate or cost-cut in some way, consider buying a used car. With the improving quality of cars in the past couple decades, you are not likely to be shortchanged by a used car - with proper background research, that is. Certified pre-owned cars can be inspected properly and, as with new cars, come with a warranty.
Need a Loan?
Before getting set on your car of choice, check out your financial statements. Our bank representatives are available to meet with you and determine what you can afford to spend. Once you have figured out this number, calculate the loan that you will need and how long you will want to pay off this loan. While longer loans mean a lower monthly payment, the added interest could increase your overall payment in the long run. Contact us to find out which plan best suits your needs.
When Do I Shop?
Be strategic about when you shop for a car. Timing is everything. Weekends are a popular time for car sales, so head over to the lot during the beginning of the week if possible, like Monday or Tuesday. Another good time to check out vehicles is at the end of the month, when monthly quotas need to be met.
While selling an old car and purchasing a new one can be a long process, it is important that each aspect of the purchase is carefully researched in order to make the best choice for your needs. Remember, this is one investment that is going to cost you money for months if not years - and hopefully will last even longer!
Tags: Purchasing a vehicle, community banks, vehicle loan
Getting Married? Read This Before You Tie The Knot.
Published on 6/7/2010
Life is full of stages and transitions: adolescence, college, new career, marriage and kids. For those of you who are getting married soon or plan to get married in the future, you will likely hear plenty of marriage advice from your family, friends and even well-meaning strangers. As your community bank, let us give you some advice as well: prior to getting married, discuss your finances and make sure you are both on the same page.
Many couples assume they will automatically work everything out once they are married, but talking about finances prior to tying the knot is a smart idea. And if you are already married, don't worry. Just use the following tips to help you and your spouse make smart financial decisions, leading to a healthy relationship and a healthy bank account.
Tips for Smart Financial Decisions By New Couples
- Get rid of credit card debt.
- Don't stress about school debt - it is tax-deductable and has lower interest rates.
- Make a budget and stick to it.
- Make sure your housing payments (taxes/fees included) don't exceed 25 percent of your take-home pay.
- Consider life insurance if either of you has extensive debt.
- Contribute to a 401K and Roth IRA. It is never too early to start planning for the future.
- Work with a financial planner to make smart investments.
- Learn your credit history.
So while you are planning your wedding, don't forget to plan your finances - for the ceremony and beyond! Taking this extra time to plan will help you and your partner stay on the same page and improve your long-term financial success.
Tags: Crescent State Bank, Raleigh bank, Community Banks, North Carolina Bank
Come Celebrate With Us!
Published on 5/14/2010
It's our birthday and we want to celebrate with YOU! Help us celebrate the one year anniversary of our Six Forks Road location on Tuesday, May 18. Stop by for cupcakes and goodies all day long. Bring a friend and meet the Crescent State Bank staff. We hope you'll join us!
Photo credit: jessica.diamond
Tags: Crescent State Bank, community banks, Six Forks Road location, Raleigh banks
Living On A College Budget
Published on 5/3/2010
Whether you are a college freshman or a senior, you likely know how important it is to have a budget. There are so many costs associated with higher education - tuition, housing, food, transportation, books and entertainment - that it can be hard to know where to begin. Whether you receive scholarships, money from your parents or are paying for everything yourself with a part-time or full-time job, you can make smart financial decisions. While many college students notoriously complain about having no money, if you budget correctly, you can stay financially stable and even have a little extra left over for yourself.
Create a budget and stick to it. Check out this great budget worksheet, designed just for college students.
Credit Cards
Credit cards can be very useful, especially while you are away at college. When used correctly, they help you learn to manage your money, establish a good credit history and provide a cushion in case of an emergency. When used incorrectly, a credit card could cause you to end up paying off small purchases for years to come. A good rule of thumb? Only use the card if you can quickly pay off the debt and avoid impulse purchases.
Work
Working is a great way to pay for the little expenses that come up and any social activities that Mom and Dad may not pay for. Many college campuses offer on-campus jobs, so you don't even need to worry about transportation.
Savings and Checking Accounts
Open a savings account and don't touch this money. Put in whatever you can, whenever you can and watch your balance grow.
While you likely already have a checking account, make sure its services work well for your lifestyle. At Crescent State Bank, we offer Rewards Checking, which can help you earn 5.01 percent APY on your balance if qualifications are met. Opening an account is easy.
Be frugal: Don't spend more than you need to, stick to your budget, and carpool, take public transportation, walk or bike whenever you can. Not only will this help you save money, it will also help the environment.
By establishing good habits now, you will be prepared for a lifetime of financial success.
Tags: Crescent State Bank, Community Banks, College Budget
Happy Birthday To Us
Published on 4/29/2010
Looking for a reason to celebrate this Friday? It's our Creedmoor Road location's 1st anniversary! Join us at our 7100 Creedmoor Rd. location on April 30 from 11 a.m. to 2 p.m. We will be celebrating with a hot dog lunch, including chips, soda, baked beans and of course, a slice of birthday cake. Bring a friend and introduce them to the Crescent State Bank team.
Photo credit: chotda
Tags: Crescent State Bank, First Anniversary Party, Creedmore Road
Teaching Your Kids To Save
Published on 4/26/2010
Teaching your children how to save money is one of the most important lessons you can teach them. By establishing smart saving habits early, children can learn how to make responsible choices, making financial success easier in the long run. If your children earn an allowance, talk with them about smart spending habits. Below we have listed our favorite tips for helping your child learn how to save money, no matter what their age.
If possible, talk with your child about money before he or she begins getting an allowance. It is easier to form good habits than it is to break bad habits.
Discuss with your children what they are saving for and how long it will take to reach their goal, whether it's $150 for an iPod or $20 for a new DVD. Help them set realistic goals and plan strategies to meet them, including doing chores for an allowance, babysitting, or applying for a part-time job (if they are old enough).
Even if your child doesn't have a specific goal in mind, remind him or her that it's always important to "save for a rainy day." Open a savings account and recommend that he or she put away a set amount of money whenever he or she receives a paycheck, allowance or birthday money.
You can even agree to match whatever contribution your child makes to his or her savings, similar to a 401K.
Kiplinger breaks it down by age group. Consider these savings styles based on your son or daughter's age.
Preschool through elementary school: Use a piggy bank to encourage good saving habits in a hands-on way.
Elementary school through middle school: Consider giving your child an allowance at this age.
High school: If they have a part-time job, encourage them to have their paycheck directly deposited. Also talk with them about potential college expenses and consider setting up a savings account or IRA.
Remember, talking with a bank representative is a great way to help you decide which savings strategy is right for your child. Visit your nearest Crescent State Bank branch today to open a savings account for your child and help them get on the right path for a great financial future.
Photo credit: alancleaver_2000
Tags: Savings accounts Children Teenagers IRA Savings plans
Special Financing Mortgages
Published on 4/23/2010
When you're looking for a new home, being pre-qualified not only helps you choose the best home within your price range, it also makes the home-buying process easier.
It is important to have a mortgage officer pre-qualify you before you start the home-buying process to determine how much you are approved to borrow. Through the pre-approval process, a bank can issue a commitment based on the information you provide (subject to verification and an acceptable appraisal). You can then make an offer with confidence based on the pre-approval. Not only will this save time once the offer has been accepted, knowing you have already been pre-approved by the bank will give you buying power. Crescent State Bank's Mortgage Menu includes:
- Fixed-Rate Mortgages
- Adjustable Rate Mortgages
- First Time Home Buyer Programs
- Construction and Land Loans
With this variety of options, you can select the personalized program that works best for you.
If you are currently in a mortgage and looking to refinance your adjustable rate or are concerned about rising monthly payments, talk to one of our mortgage experts and find out if your mortgage is working to your advantage. If not, he or she can discuss your options and help you find the best solution.
To apply for a mortgage using our secure online mortgage application, apply online and we will direct you to the closest office.
Photo Source: rharrison
Tags: Mortgage Community Bank Crescent State Bank North Carolina
Debit Card Points2U Program
Published on 4/13/2010
When it comes to making purchases, there is a good chance that you use your debit card just as much as cash or credit cards. Crescent State Bank has a great program that allows our customers to earn points for simply using their debit cards.
Here are the details: If you already have a Crescent State Bank VISA® Debit Card, you are currently earning 1 point for every $2.00 you spend by signing for your eligible net purchases with your debit card. If your PIN is entered during your transaction, points are not earned. If a merchant asks you to enter your PIN, say "Credit please."
Register to view your account online to check your total points and redeem your points online 24 hours a day, 7 days a week. Provide your e-mail address, and you will receive a monthly e-statement notification when your points are updated.
When you're ready, you can do all of your redemptions online. Select any item in the program brochure or from the hundreds more available in the online catalog and compare your available points with the number needed for the item you want. Downloadable rewards can be received instantly. If you have any questions, you can call the Points2U Service Center at 1-866-POINTS2U (1-866-764-6872), 24 hours a day, 7 days a week. A Redemption Specialist will be happy to assist you.
To sign up for this program, contact your nearest Crescent State Bank location.
Crescent customers, how have you redeemed your Points2U points?
Photo Source: M_Eriksson
Tags: Crescent State Bank Community Banks Points2U Debit Card
Reward Yourself with Rewards Checking
Published on 4/1/2010
Have you ever wondered if there's a practical way you can earn interest on your money without opening multiple bank accounts? How about earning 3.75 percent APY interest on your checking account (if qualifications are met)?
Our rewards checking program might just be perfect for you. With this program, your bank account will actually start paying you back.
All it takes to sign up are these four easy steps:
1. When you open the account, deposit a minimum of $100.
2. Complete at least 10 debit card transactions per month.
3. Set up at least on direct deposit per month.
4. Accept e-statements.
Check out the benefits:
- 3.75 percent APY interest on balances up to $25,000.
- Refunded ATM fees (if qualifications are met).
- No monthly service charges.
- Unlimited check writing and ATM/debit card use.
- Free online banking and bill pay.
- No minimum monthly balance to avoid service charge.
To find out more about rewards checking and what it can do for you, visit www.crescentstatebank.com or give your local branch a call.
What would you like most from your checking account? Feel free to leave a comment - we at Crescent State Bank would love to hear from you.
Tags: Crescent State Bank, Rewards Checking, Crescent Financial Corporation, Community Bank, North Carolina Bank
Welcome to the Crescent State Bank Blog!
Published on 3/22/2010
Welcome to the Crescent State Bank blog! I’m Mike Carlton, president and CEO of Crescent. I will be alternating blog posts with Danielle Beagley, our marketing director. Through this blog we hope to show you more about Crescent, your community bank. We will be offering helpful banking tips, information about our community involvement and how you can plan for a secure financial future, despite the economy or challenges you may face.
We’ll cover everything from how to plan for retirement to dealing with the financial implications of major life changes (marriage, children, moving, etc.) to how to grow your business. Check back each week for updates.
Founded and headquartered in Cary, N.C., we pride ourselves on being able to provide fast, local decision-making and quality customer service to each of our customers. Our bankers are hand-picked members of the community with strong banking backgrounds. Through their expertise we are able to help our customers make sound financial decisions.
Crescent State Bank is a wholly owned subsidiary of Crescent Financial Corporation. The bank was opened in December 1998 to meet the financial needs of the communities we service. Crescent State Bank has grown from 11 employees in one office on Kildaire Farm Road in Cary to more than 150 employees staffing 15 offices in Cary (2), Apex, Clayton, Garner, Holly Springs, Knightdale, Pinehurst, Raleigh (3), Sanford, Southern Pines and Wilmington (2).
The Crescent State Bank team is committed to supporting our customers, regardless of what difficulties they face. If there’s something we can do for you, give us a call or leave a comment—we would love to hear from you.
Tags: Crescent State Bank, Mike Carlton, Crescent Financial Corporation, Community Bank, North Carolina Bank
