begin with the debt that carries the highest interest rate, and pay off any student loans last. Generally, federal student loans offer more flexibility than other forms of debt and carry a lower interest rate. Typically you can deduct the interest you pay on student loans if your adjusted gross income is less than $65,000.
Invest, One Step At A Time
Once debts are under control, you can begin to maximize earnings by looking at investment and savings opportunities. As with debts, it is important to take investments one step at a time and establish a prioritized plan for investing and saving. The first priority should be to establish an emergency fund for unexpected expenses. Next, you should begin saving for retirement, either through your employer or on your own. Saving now for your future is the key for developing a substantial nest egg later in life. The third priority is different depending on your goals and personal situation. For many young adults, it is to begin saving for a house or other large purchase. Any additional money available could go toward the purchase of stock, starting a business, or other personal investments.
Automate, Automate, Automate
Making a habit of saving is much easier if it happens when you're not even thinking about it. Take advantage of direct deposit if it is offered by your employer. If possible, determine an amount that you would like to designate for direct deposit into your savings or retirement account. That way, you won't even miss it. Setting up bill payment automatically is also a great way to ensure that each expense is paid on time. Not only does this make life easier for you at bill paying time - prompt payments also contribute to keeping your credit score in check.
Give Yourself A Break
Do not set unrealistic goals that will set you up for failure. If you do, eventually you may blow your budget out of frustration. Stick to your budget, but allot some extra finances for an occasional shopping spree or night out with friends. After all, you deserve an occasional splurge for your responsible financial behavior!
Check out the Winter issue of Southern Community Quarterly for advice specific to our 'mid-life'stage customers...
Going All the Way
for United Way!
Southern Community is proud to have recently been involved in the United Way of Forsyth County's annual fundraising campaign. All employee donations and event funds from this campaign are split amongst United Way's 34 partner agencies throughout the community to help with each of their initiatives. This 
year, United Way set a fundraising goal of $18.4 million, and Southern Community employees were happy to help them jump-start their efforts to
achieve it.
We began with the Winston-Salem Warthogs Buy-Out Night on August 17th, which acted as the kick-off event for the campaign. Southern Community sold approximately 600 tickets, and both Southern Community employees and members of the surrounding community attended the event at Ernie Shore Field. Southern Community president Jeff Clark threw the first pitch of the game.
Southern Community held a Public Shredding Day event on September 10. Members of the community were invited to drop off documents like old tax returns, credit card statements, and other personal or financial papers to be shredded in exchange for a contribution to United Way. Free Mayberry ice cream was served throughout the event.
Forty Southern Community employees attended a blood drive to benefit the American Red Cross, one of United Way's partner agencies, on September 19. Many were repeat donors, but for eleven employees it was a first-time experience!
All Southern Community branches participated in the Experiment in Self-Reliance (ESR) Back to School Drive to benefit Experiment in Self Reliance, Inc., another of United Way's partner agencies. Branch employees gathered school supplies for children whose families are in need. As a result of this drive alone, 349 children were sent back to school with supplies that they otherwise could not have afforded.
At each event, Southern Community employees proudly sported "Live United" tee-shirts to support the new nationwide United Way call-to-action, "Give. Advocate. Volunteer. LIVE UNITED." Thanks to all Southern Community employees who helped to make this year's United Way Forsyth County campaign such a success!
Attention Teachers and Parents
Want your kids to learn more about money and banking? We'd like to come to your school classroom and help. Call Kim Phillips, Liz Prince or Laurie Jamison at 768-8500 for more information.
