10 June 2013
Congratulations, Graduates! Now, Let’s Plan Your Financial Future

Whether you aced the GED exam, just graduated from college, or picked up a PhD, congratulations on your achievement. Education – all education – can be a plus for the development of your career.

Right now, with that diploma, certificate, license, permit, or some other professional credential, you might be focused on finding a job and getting out into the “real world.” A good place to start is with a visit to your Nevada State Bank branch.

Banking Basics 101

Time to go back to basics.

You may have a small checking account with Nevada State Bank, and maybe even a savings account, but they were probably set up when you were a student – not a working professional.

A visit to your local Nevada State Bank office provides the opportunity to start planning your financial future as you move along your career path, even if you don’t have a job yet. It’s never too early to start planning for the future and the sooner you start, the more time your savings and investments have to work for you.

You’ll probably need other banking services, as well, now that you’re employed, or soon will be. Sit down with a banking professional from Nevada State Bank to take advantage of all the benefits we can offer recent graduates.

Simplify Your Banking

Whether you’re a long-time Nevada State Bank client, or you’re looking for a bank that delivers more, Nevada State Bank can simplify money management.

Keep your checking account, and open an insured money-market account to build a cash cushion for the unexpected. Consider adding a debit card to your money management toolbox. With Nevada State Bank’s Visa® Debit Card you have worldwide access to your checking account wherever Visa is accepted. You can also get the cash you need 24 hours a day at any Nevada State Bank ATM in Nevada, or thousands of supported ATMs worldwide. Use your Visa Debit Card to pay for purchases or withdraw cash directly from your Nevada State Bank checking account without writing a check.

Talk to your Nevada State Bank financial planning professional about setting up automated payments, electronic funds transfers, an Online Banking account, and other online features accessible through smart phones, tablets, computers – any digital doorway to the Internet.

Start Building Your Credit Profile

As a recent student, your credit profile may be pretty thin. A clean credit profile can be important for things like renting your first place, to applying for a home credit line 15 years from now.

One place to start building credit is by getting a credit card1 from Nevada State Bank and making regular payments on it.  If you already have a credit card with a small limit, ask your banker to increase that limit now that you’re employed, or soon will be. Be conservative. Increase your emergency limit in small increments to demonstrate increased trust on the part of the credit card issuer.

Maintain your credit card balances, and always pay off more than the monthly minimum required, even if it hurts a little. It’s all part of learning to manage your money. If your credit card account shows a long, steady payment history, you have a good start towards getting a good credit report.

Start Planning for a Brighter Future

Although you just graduated, it’s never too early to start planning a brighter future for you and your loved ones. Talk to a Nevada State Bank professional about opening an Individual Retirement Account (IRA)2. You can contribute as much (up to IRA maximum contribution limits), or as little, as you want, and any earnings may grow tax-free (consult a tax professional). If you start now, you’ll have a long time horizon to let any earnings compound and start generating more earnings.

There are other options for long-term savings. Talk to your Nevada State Bank representative to \choose a financial plan that’s right for your goals. You can adapt as circumstances change along your career path and personal life.

Services, and More Services from Nevada State Bank

Banking should be simple, highly adaptable, and scalable to changes in your household income, your employment situation, marriage, a new addition to the family – life comes at you fast, and preparing your finances now can prepare you for whatever comes your way.

Visiting your bank may not be the top item on your “to-do” list right now, but make sure it does get done, sooner rather than later. Nevada State Bank offers a range of services that can simplify your life, help you build your credit profile, and help you over the bumps when you run into them.

From all of us at Nevada State Bank, congratulations on your recent graduation, and best wishes for much success and happiness.

 

  1. Credit cards subject to credit approval. Restrictions apply. You must live in Nevada or have an existing banking relationship with Nevada State Bank to take advantage of our credit card products.
  2. IRS penalties may be assessed for withdrawals made prior to the age of 59 1/2. Funds on Education IRAs must be distributed before the beneficiary reaches the age of 30.

The information provided is presented for general informational purposes only and does not constitute tax, legal or business advice.

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