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Life-Stage Solutions

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Farmers State Bank's Life-Stage Solutions


Managing the financial responsibilities of family life

By the time you have a family of your own, there will be accompanying expenses such as fees for various activities and lessons for your children, family vacations, saving for college educations or buying a new home. Throughout this time, you should regularly evaluate your progress towards achieving the financial goals you set earlier in your life and adjust your spending, budgeting and saving to make sure you stay on track. With all the demands a family places on your income, it is still important to build your long-term investments.

Planning and discipline that determines what and how you spend contributes to your future financial success. Here are some tips Farmers State Bank recommends for sound financial management during this demanding time of your life.

1. Shop for the best mortgage and consumer loans – Seeking the best mortgage or consumer loan by shopping, comparing and negotiating may save you thousands of dollars. A mortgage—whether for a home purchase, refinancing or a home equity loan—is a product, just like a car, so terms may be negotiable. You'll want to compare all the costs involved in obtaining a mortgage including interest rates, points, fees and down payment and private mortgage insurance requirements. Home equity loans and lines of credit can be helpful when extra cash is needed to reduce significant credit card debt—but be cautious about re-building credit card debt once it is paid.

With competitive rates, experienced lending professionals and local decision-making, you’ll be sure to find a loan at Farmers State Bank that meets your needs. To apply for a mortgage or consumer loan now, click on the links below, or stop by and talk with one of our lending officers.

        Fixed Rate Mortgages
        Adjustable Rate Mortgages
        Construction Loans 
        Installment Loans
        Home Improvement Loans
        Second Mortgage Loans
        Home Equity Loans
        Home Equity Line of Credit


2. Understand your credit report - Your financial behavior over the past seven years, including how much credit you have, how long you've had it and whether you pay your bills on time is information included in your credit report. Three credit reporting agencies — Equifax, TransUnion and Experian — maintain these reports, and lenders buy them to help them decide whether to offer you a prequalification. Your credit report also carries your credit score ranked between 300 and 850 that many lenders use to decide whether you are creditworthy and whether you'll repay a loan. Your credit score can also influence the interest rate you pay. In many cases the higher your score, the lower your interest rate. Your credit score is available from the three credit reporting agencies:

Equifax –
TransUnion –
Experian –

3. Start Saving for College — By starting early, when your child is in preschool or before, you can build a realistic fund through the power of compounding over many years. The earlier you start, the less you’ll have to save per month.

To learn more about ways to start saving for college talk to your Blue Button Banker.

529 Educational Savings Plan
Bank CD product
Coverdell Education Savings Account
US Government EE Savings Bonds

4.   Conserve time, money and paper with Farmers State Bank’s convenient checking accounts with online banking and bill pay and no-charge ATM services – You’ll reduce the time it takes to pay your bills and save on the expense of printed paper checks and postage while helping the environment as well.

5.  Improve Funds Availability and Save Time and Money With Farmers State Bank’s Convenient “Mobile Deposit*” Service –  Save the time and expense required to prepare, transport and deposit checks, by conveniently making deposits with your mobile device at any time of day or night.  Just download our iPhone® or Android™ Mobile Banking* app and get started using Mobile Deposit* today.  There are no bank fees to use Mobile Banking* or Mobile Deposit*.  So start depositing checks anytime, from anywhere.  To learn more about Mobile Deposit* visit any of our banking centers today!

6. Save for Retirement  — Many people underestimate the amount of money they’ll need in retirement. Be realistic about major expenditures, e.g., will your mortgage be paid off by retirement?  If so, you may need less income than you do now.  Do you plan to buy a vacation home or travel extensively?  Will you have to pay for your own health insurance?  These and other financial considerations all come into play.  

Now is a good time to up your contributions to your retirement savings accounts.  Talk with Farmers State Bank’s financial consultants to learn about the products we offer that can help you meet your retirement goals.  

Tips for Effective Financial Management

- Make sure your mortgage payment, including taxes and insurance, represents no more than XX percent of your gross monthly income.

- Review the cost of your health care insurance and make sure you are getting adequate coverage at the best price.

- Make wise purchasing decisions by determining what you "need" compared to what you "want." This will help you make ongoing decisions to keep your finances in check.

- Guard against impulse shopping, especially for costly purchases such as vehicles, major appliances, furniture, jewelry and the like.

For help determining the best accounts and products for sound and productive money management during your Active Families Lifestage, please contact us at 888.492.7111 or

*Msg/Data rates may apply.