Monthly Archives: August 2019

Rainy Day Fund: 5 Ways to Save For Unexpected Events

emergency-fund

You can’t plan on what bad times will come your way, but you can unfortunately count on the fact that there will be a bad day in your future that can impact your bottom line. Make it a little less painful by preparing for the costs ahead of time! Here are some creative ways you can start saving today for unexpected events.

1. Know What The Fund Is For

Don’t start a big life adjustment if you don’t really understand the purpose behind it. This is true of just about every big change! Often, people will start a savings account and keep it as a lump sum to use towards anything unexpected that comes their way, whether it be a flat tire or extra meals out on vacation. A Rainy Day Fund is typically just for bad days that require money towards new tires or fixing a small plumbing problem. It’s for smaller mishaps but not full-blown financial emergencies.

2. Separate Your Savings

Once you have an understanding of what the funds are for, you should separate your savings accounts. By having a different account for emergencies, vacations, rainy days, etc., you will be better able to track and spend your savings. You may even be motivated to save more. If you see one of your savings areas lacking, you can concentrate more money into that account at your next paycheck.

3. Hold Tight to Extra Income

While it may seem obvious, it’s definitely not easy. When you get extra income, whether it be a pay raise or even money given as a gift for a birthday or anniversary, you can put that money directly into your savings account. Your daily living isn’t required to change for this simple tip!

4. Start Saying No to Whimsy

A Rainy Day Fund isn’t a fund for you to splurge on unneeded items when you’ve had a bad day. It’s a fund to keep your budget in check so you can ride out the unexpected waves of financial trouble. Before you go shopping, make a list of what you need. Buy no more than what is on that list and shop purposefully. If you love the occasional “splurge,” account for that in your budget. For example, you can know that you have $30 to spend however you please whenever you please every two weeks.

5.  Set a Goal

It’s hard to know where to start if you don’t have a goal. For many, a Rainy Day Fund is the first step in learning how to build a larger emergency savings. It sets the foundation for a more detrimental financial emergency like losing a job. Start small but be specific with what you hope this account to look like three, six and twelve months from now. Knowing where you are going with this will be great motivation to get started!

While saving for unexpected events, we offer a variety of accounts to keep your money safe. Learn what works best for you at Milledgeville State Bank.

Online Safety Tips for Kids

online-safety

Technology is everywhere and used on a daily basis nowadays, so how do we protect our children when online? Now more than ever is the most important time to sit down with your kiddos and really explain the importance of being safe while online. That’s why Milledgeville State Bank wanted to offer some main points to touch on with your kids when discussing online safety. 

Family Rules:

  1. I won’t tell my address, name, phone number or other special information to anyone online or post it online.
  2. I will tell mom or dad right away if something does not seem right when I’m on the computer or my phone.
  3. I’ll never meet anyone I speak to online, unless my parents say it’s okay and come with me.
  4. I’ll talk to my parents about posting certain things online if I’m unsure, such as pictures.
  5. I won’t give anyone my passwords, even my best friends.
  6. I won’t download any games until checking with mom or dad.
  7. I will not say mean things to anyone online and tell my parents if I do see something like that, or if it happens to me.
  8. I will have mom or dad help install privacy settings on any online platforms I’m using.

Tips for Mom and Dad:

  • Have your child on their phone or computer in open areas, like a living room or kitchen. Don’t allow them to be alone and on technology if they are young.
  • If you’re comfortable with it, you can limit what your child does or keep an eye on their actions with certain tools and settings. One tool to use is YouTube Parental Controls. Click here to learn more about this.
  • Educate yourself on social media, so you know what your child is getting exposed to.
  • Continuously talk to your young children about being safe and make sure they understand and keep the promises above.
  • For your older children, give them more space and freedom with their technology. However, continue to have open conversations about what is new in the online world and if they are experiencing any issues such as cyberbullying or came across something that made them uncomfortable.
  • If your child has an older sibling and feels more comfortable talking to them, encourage them to have discussions about what they’ve seen online so they can talk about ways to stay safe, as well as what’s right and wrong.

We hope these tips allow you to keep your children safe while online. Technology is an important part of society now, but it’s always vital to keep discussions open and honest about the online world, so there is a good flow of trust and communication within your family.