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Getting Started

Financial advice for young adults entering the work force

Getting Started

Laying the right foundation as you start your career is the key to future financial success, and at this lifestage, TIME is your greatest asset.  Consider that each dollar you save in your 20s can be worth ten times as much as one saved in your 40s.  Through the magical power of compounding, the beginning of your working life is the prime time to start saving towards retirement—even though many people don’t want to think about, or worse yet, act on this principle.

During this time, young adults have the exciting task of learning how to manage the spending and saving of their money within the constraints of their income.  Here are some steps to take now to put your financial future on track:




Identify your short, medium and long-term goals and budget your money accordingly

Your short term goals of less than five years might encompass a wedding, honeymoon, furniture or a new car.

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Medium term goals could include the purchase of a home and financing your future children’s college education, followed by long-term retirement goals.  These goals will help you determine how to spend and save your money. Chalkboard


Build assets through saving some of your income

It may be wise to invest in CDs or savings accounts for your short term goals and the stock market for your longer term goals.

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Historically, the stock market has outperformed other types of investments over comparable time periods, but it’s not for the faint of heart.  You may also want to join a 401K plan if available from your employer or open up an IRA account.  Please consult your tax advisor for additional information.

UBM can help compound your savings with an account that’s right for you:

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CDs   –  UBM has a number of CD products with varying maturities and competitive interest rates.

UBM Direct Savings –  This all electronic account pays an attractive rate of interest and is tied to your checking account here at UBM or at any financial institution.

IRAs  –   Save for your own retirement through a Traditional or Roth IRA.  In 2018, individuals can contribute up to $5,500 to an IRA with catch-up provisions for those over age 50.  As always, consult with your tax advisor to determine which IRA is best for you.

Establish an emergency fund

A good guide is to save three to six months worth of living expenses.

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To cover rent or house payments, utilities, car payments, food, transportation and insurance into a separate bank account that could be easily accessed in the case of job loss or uncovered medical expenses.  Don’t use the money for anything else.

UBM recommends these accounts for the establishment of your emergency fund:

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Regular Savings  –  A good general savings account.  While it pays some interest, it also allows for regular withdrawals for times you need access to your savings.

UBM Direct  –  This all electronic account links directly to your UBM checking account or your checking at another financial institution.  It also pays an attractive interest rate.

Save time, money and paper with UBM's online banking services

Check out our ways to "go green" while using technology

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NetBanc –  Our consumer online banking products that lets you pay bills, view statements and checks and make transfers among your UBM accounts.

MobileBanc –  Bank wherever you are.  Click the link to learn more about our 3 ways to bank via your mobile device.  You can even make a check deposit with an app-based phone.

ePay  –  This online service not only lets you pay your bills electronically, but will also remind you when a bill is due and present certain bills/monthly statements to you online.

eStatements –  Why wait for your paper statements and notices to come in the mail when you can access them via NetBanc?  We will send you an email notification each time a new statement or notice has been made available online.

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Spend carefully & Borrow wisely

Are you putting more on your credit cards each month than you would like to admit? We may have a solution for you ...

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Avoid high-interest credit cards and pay off your credit card debit monthly is some advice to live by.  Unfortunately, for many of us it seems impossible.  

We want to help you with all of your major lending needs including personal and vehicle loans, home mortgages and debt consolidation. 


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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.

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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 will 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: 

For help determining the best practices and products for sound and productive money management during your particular lifestage, please contact us at 800-421-2588 or