Monthly Archives: November 2014

It’s the Most ‘Spenderful’ Time of the Year

 

It is difficult to control spending during the season of giving. You don't need to break your budget to give nice gifts to your loved ones.

It is difficult to control spending during the season of giving. You don’t need to break your budget to give nice gifts to your loved ones.

Are you looking forward to the holidays? Do you want the table filled of delicious food, beautiful storefronts and time with loved ones? It can be easy to get caught up in the festivities and ignore the major spending that takes place every year at this time. That is, until the major January spending aftereffect hits. If you are trying to skip the major expenses this holiday season, try some of these tips to prepare your finances now and prevent overspending later.

1. Track your spending – Know where your money is going. You may be surprised to see places that you are spending more than you ever thought.

2. Wants vs. Needs – Differentiate between what is necessary and what is not. It is also important to recognize the difference between people. Your wants may be another’s needs and vice versa.

3. Spend Wisely – It may seem obvious but try to get the most that you can for the least amount of money.

4. Have a goal – Tell yourself something like “I will only spend X dollars this week on wants”. This will challenge you to prioritize your wants and maybe find places where spending is not necessary.

5. Reward yourself – If you are motivated by the knowledge that you will have more money in your wallet around the holidays, that is your reward. If you miss something that you gave up to cut back on costs, reward yourself every once in a while. It will keep you motivated to stick with your plan.

Don’t stress over your finances during the holiday season. November is a good time to push for saving as much as you will spend to prevent spending first and paying later. Try our Christmas Club savings account that allows you to save all year long. Interest is compounded every month and credited to the account at the end of the 50th week deadline, just in time for Christmas! Contact Milledgeville State Bank at (805) 225-7171 or stop in today!

Are You Protecting Your Kids From Identity Theft?

We don't often consider our children at risk for identity theft. This makes them a target for many thieves.

We don’t often consider our children at risk for identity theft. This makes them a target for many thieves.

Do you know what your child’s credit report looks like? Of course not! Why would you check a credit report for someone who doesn’t have any credit? While it may seem ridiculous, this is the reason that children are easy targets for identity theft. Thieves know that adults aren’t going to be checking a credit report for a child so they can run up debt for years without being detected. Common ways that thieves get information about children are medical records, mail tampering and computer searches. Here are a few ways to help protect your child’s identity.

  • Guard their Social Security number – Never carry your child’s Social Security card in your wallet, give the number out over the phone unless you trust the recipient and don’t give them the number until he or she is old enough to understand what it is.
  • Be mindful when posting information about your child – If you want to post on social media that it is your child’s birthday, don’t reveal their age. Thieves can use that information to get their complete date of birth and access personal information. If you have a child online, stress to them the importance of protecting personal information on the internet.
  • Be careful with their birth certificate – A lot of club sports teams ask parents to present a birth certificate as proof of a child’s age. If your child’s coach asks for personal documents, make a copy and show it to the coach. Put the copy in a sealed envelope with your name on it and let the coach know that you expect to get the envelope back unopened at the end of the season.

Signs that your child’s identity has been stolen:

  • Your child receives unsolicited credit offers or letters from debt collectors
  • If you try to open an account for your child and the bank tells you that an account with your child’s Social Security number has already been opened
  • The IRS sends you a letter saying that the Social Security number listed for your child on your tax return is a duplicate

Unfortunately, identity theft is becoming increasingly common and nobody is free from risk, including children. Milledgeville State Bank wants to keep you and your family safe and at peace. Contact us today if you have about setting up a savings account for your children’s security.