Monthly Archives: September 2018

How To Protect Yourself From Identity Theft

theft

The first step in protecting yourself from identity theft is understanding what identity theft actually is. It’s defined as “the illegal use of someone else’s personal information usually in order to obtain money or credit.”

Do you have a credit card? If so, in a study by Experian, 81% of people said they rely on their banks and credit card companies to protect them from fraud. We don’t want you to fall in that 81%, so we offer these 5 ways you can protect yourself.

Freeze your credit – This will restrict access to all of your records so that any new credit files cannot be opened, unless you unfreeze it. There may be an additional fee to do this, but it will vary depending on the state.
Create stronger passwords – Many people love to use the same password for a variety of different sites. In the end you may think this is a good idea, however it’s not. Mixing up your passwords in addition to making them more difficult will decrease your risk of your identity being stolen. If it helps, write your passwords down for your specific sites but be sure to keep that information in a safe place. Random combinations of letters, numbers and special characters work best.
Limit your personal information – Are your full name, birthdate and family members listed on your social media sites? If that information is out there, it’s likely that anyone can see it. Limit the amount of personal information you put on the internet and check your privacy settings. Fraudsters may also pose as a bank/credit card company over the phone asking for your information. But, no real company will call asking for your personal information. Therefore, don’t give anything away!
Check your credit/financial reports – You are allowed a free credit report from each of the credit bureaus every 12 months on AnnualCreditReport.com. Credit reports will include any leery activity on your accounts, so check your credit reports frequently for any incorrect information.
Use a shredder – Don’t have a shredder? We recommend you buy one, especially if you’re throwing away any credit card or bank statements. Documents like those should not be placed in the garbage unless they are shredded to pieces. If they’re placed in the garbage, anyone has the ability to find it and steal your information.

There’s no doubt that identity thieves are out there, so it’s up to you to take extra caution. With these helpful tips, we hope you can become extra successful at protecting yourself from identity theft.

5 Fun Money Challenges to Try

fun

Finding different ways to save can be tough, however, we want to encourage you to stay on track and jumpstart your finances. With these fun money challenges, you can push yourself to become the savvy saver we know you can be!

52 Week Face Off

Instead of changing your spending habits overnight, try this challenge. Over the course of the year, you’ll end up with a grand slam total of $1,378. Start by putting one dollar in a jar the Monday of week number one. Increase it by a dollar each consecutive week to watch your savings grow. This means week two will get two dollars, then up to fifty-two on the last week.

Spare Change Stash

Those extra coins and dollar bills can add up in a hurry if you let them. Have your hubby or gal add to the stash as well to increase the amount saved. You can let this fund go towards a trip or that new couch you’ve been wanting. Challenging yourself to add to it every day, whether it’s a few leftover pennies or a couple dollar bills, will keep you engaged in your game.

No Spend Ordinance

Designate a “No Spend Day.” Every week, plan out your expenses so you will not spend a dime on Tuesdays – or whatever day you choose. You can also begin to track your expenses, as mentioned below, and cut out the luxuries. By only spending money on the necessities, you will have a greater appreciation for the little things… and a larger wallet!

Tracking Tangent

Track every single expense you make, even if it just costs a quarter. Try starting out with thirty days and lengthen the amount of days you track as time goes on. When you see what you spend money on, you’ll notice what items you can do without. Categorizing necessities against wants is a big step in deciding what you will continue to put cash towards.

Dine-In Deluxe

Eating out can put a dent in your wallet – and fast! Challenge yourself to eat at home for 30 days. You can find healthier recipes to test out and try new foods you may have not tried before. Look up different money saving recipes online to further your riches. Dining in can be a great way to spend quality time with your kids or loved one.

These money challenges have been tried and tested to help all types of savers. Put some of these ideas into action to grow your account. Once you have some cash to stash away, our savings accounts can help you have an accessible, safe place to put your new-found funds. Stop on in today to discuss your options!

5 Things to Teach Your Teens About Financial Literacy

teens

With your babies growing up, it’s never too soon to start teaching them the art of being fiscally responsible – but where do you start? According to the Council for Economic Education, only 17 U.S. states require high school students to take a personal finance class in order to graduate. Milledgeville State Bank offers some great ideas on how you can begin teaching your child about financial literacy before they leave the nest.

How does credit work?

A lot of kids don’t know what credit actually means. It’s important to teach your child that credit means to borrow, but at a cost. You will need to explain the importance of a credit card and how keeping balances low are a good plan of action. You can also begin to discuss interest rates, annual fees and how they can check their credit report.

Everyone has to pay taxes.

Starting a lawn mowing business or babysitting will not be the same pay as when your child gets an actual job. If your daughter gets paid $12 an hour to babysit, she gets to take all of that home. Emphasize that she will have to pay taxes and talk about how some of that would be taken out to fix roads. This will prepare them for the future, so they can budget responsibly when waiting on that first paycheck. Since 2016, no state has added a personal finance course to their K – 12 grades. It is up to you to advocate for your child and make sure they understand all things financial.

What is a want vs. a need?

We all want the next cute pair of shoes or cool car, but we need to be realistic with our spending. Start making your child pay for gas, a portion of groceries and other little expenses. This will help show them what types of things they need money for, what portion should be put into savings and what is left can be spent on what they want – after their needs are secured.

You must budget to buy.

Start by having your child put aside 30% of their money for short-term savings and 30% for long-term. Another 30% can be cash they spend on whatever they need, and 10% could be put towards charity or another good cause to teach them giving back. Explaining to your kid what to do with money once it’s earned is commonly a missed step, so this will help you implement good habits.

How do I plan for college?

Begin going over different loan options such as federal and private loans. Explain how they can have an auto-pay set up to pay their bills on time. Seeking out scholarships is also an important point to place in their head. The average student loan balance is $34,144 as of 2017, so they can save a lot of money by getting a scholarship.

Preparing your child for the future is quite the undertaking – especially when it deals with covering topics such as finance. However, your child will thank you when they have fantastic budgeting and savings skills down the road! If your child is interested in opening up a savings account or applying for a loan, give us a call! We’d love to help teach them other financial literacy topics.

Back to School Savings Tips

school

Back to school shopping can be dreadful. Trying to buy new school supplies for your kids or yourself can be crazy expensive. Luckily, these 5 saving tips might just be the key to school supply shopping success.

Do a Closet and Supply Sweep

Don’t be alarmed, but there may be school supplies lying around your house! Before rushing to the store to buy brand new school supplies, you may want to check in between your couch cushions and in desk drawers. By doing this, you may find school supplies that were bought years prior that have not been used. Finding previous school supplies that are on that list will help you save money by not having to buy brand new products. You may have most supplies already!

To avoid forgetting that you may have school supplies lying somewhere around the house, start collecting the items that you already have and put them in a central location. This will allow you to keep track of what you already have, so you don’t end up wasting time or money!

Hit up the Dollar/Thrift Store

You don’t have to buy everything here, but for items such as: loose leaf paper, staplers, erasers, pencils, rulers and clothes, you sure could get a deal. Buying such items at the Dollar Store or Thrift Store will help save you money before going straight to the major department stores. Shop at these places first for basic supplies and then go to the main stores to find the rest of what you need! This may take some planning ahead, but you can score some amazing bargains.

Use Coupons

When school starts approaching, you may want to look at your Sunday paper or online for coupons! Sites like RetailMeNot have a special section on their site for school supplies. Also, keep in mind that stores, like Walmart, offer price matching. Check ads every week, and keep an eye out for sales! Doing these things should help maximize your savings.

Start Early!

You can start early, but not too early. As soon as you see school supplies go on sale, begin shopping. If you wait too long, you might miss out on those bargain deals or the opportunity to have the best notebook and pencils! Getting a jump-start gives you time to shop around and compare deals. With shopping early, you have the option to buy in bulk. That way during the school year, you’ll have back-ups at home when it’s time to re-stock.

Hold off on buying the ‘popular’ gear

The only good thing about going back to school might be the new clothes, gear and school supplies, but that does not mean you have to spend hundreds every year. Most of the time the ‘popular items’ will be very expensive and then become not so ‘popular’ after the first month of school, so hold off on buying those and try to invest in the quality of items. You want to be able to get the best bang for your buck!

We hope these 5 tips will grant you success when shopping for school supplies! We wish you and your family the best for this school year!