Author Archives: Milledgeville Bank Blogger

Best Practices for Protecting Your Data

data

Over the years, cyber hacking has been on the rise – nearly doubling from 2016 to 2017. Out of all of those attacks, 93% of all breaches in 2017 could have been avoided with simple cyber hygiene practices according to Online Trust Alliance. That’s why we’ve decided to give you some updates on the latest cyber security practices!

Don’t Click It

Hackers are getting more sneaky as to where they place their bugs. You may know not to trust a strange email from someone you don’t know, but what happens when you get an email from your university or a trusted place of business? Hackers have the ability to make their emails look more like something you could trust from a local business compared to the strange phishing emails you may be used to looking out for. Be extra cautious when reading through emails – and don’t click any links or download files if you weren’t expecting that in an email.

Turn On Two-Factor

Two-factor authentication gives you a second layer of protection if your data does get hacked. Many programs and devices offer this authentication choice, so use it whenever possible. This significantly increases your chances of staying safe from a cyber security hack.

Restrict Oversharing

By putting to much information on your sites, a hacker can use that data to hack into an account through your security questions. If you post about your adorable dog, Fido, chances are that dog’s name is in your password or security question. Also try to avoid posting your address, phone number, full name and so forth, as all of that can be used against you.

Generate Multiple Emails

We’ve all heard not to have the same password for everything – and we know many of you are still guilty of that. However, you may have not heard about having different emails for separate reasons. A good rule of thumb is to create three separate emails: one for strictly banking, another for emails to friends and family and one for all your stores and shopping coupons. This will help block hackers from getting into all your different accounts and finding personal data.

Install Ad Blockers

On any web browsers you use, be sure to install ad blockers or turn on your pop-up blockers. This will help save you from trying to X out of something and getting a virus that came up when you were searching online. Having any potential ads blocked will help keep your computer clean and your data safe!

We hope these new practices help protect your data from potential hackers. If you have any questions about your information being safe with us – no need to worry! We’re proud of our security practices and hope you will be able to say the same after making a few improvements.

Jumpstarting Your Child’s Tuition Savings: How Much to Save

tuition

You only want the best for your child – but how much is the best? Figuring out the amount of money to begin putting away for your child’s tuition can be tough. Yes, they will be able to contribute, but it doesn’t hurt to help your baby get the educational future they deserve. That’s why Milledgeville State Bank offers some insight on what funds you should begin putting towards your child’s education today!

Get the 411 on the 529

Also known as Qualified Tuition Programs, 529 college plans are a great option to help begin saving for your little one’s future. You’re allowed to withdraw the funds tax-free for education expenses when you invest after-tax money into the plan. Know that each state is different when it comes to 529 plans, however, it’s a great vehicle to put future college money into.

Start Early

According to the College Board, an in-state public college academic year can average at $9,410. This means you’ll want to start saving as soon as possible. Babies and children cost a lot of money, so finding funds to put away for college can be tricky. It may even be best to start saving for your child before they’re born. That way, you don’t have additional child expenses to worry about while putting tuition money away! Starting at $100-200 a month can be a simple start – then you can build as you go!

Utilize LEAF

LEAF is a way for friends and family to give money to your child for their education. When you get a card from them with money on it, you can redeem the gift by entering the number on the card – then transfer it to their 529 plan! This will help cover any type of college expense they may have in the coming years.

Automate It

Get into the routine of having a certain amount pulled out of your check to go straight to tuition. This will help you stick to your monthly savings goal instead of trying to put different amounts here and there into an account. Automating your money will help you begin to get used to living on a certain budget while continuing your deposits to the college fund.

Know What Comes First

When you decide to save for college tuition, remember that other bills won’t stop coming in. Make sure your monthly savings goal isn’t outrageous. You know your income, so you know what budget is best. By knowing your home loans, debt and other payments come first, then you can decide what a good amount is to put away for your child’s future.

We hope these ideas put you on the right path to furthering your child’s future success. If you’re looking to open a savings account to save for your baby’s education, give us a call! We’d be happy to discuss our different options with you.

Cyber Security for College Students

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So you think you’re all set for your first day of classes. Backpack, books, IPad and smartphone in hand – you think you have everything you need for success this semester. However, learning proper cybersecurity habits are just as important to your college success as the friends you make or the assignments you accomplish.

You’re well acquainted with technology and internet scams, and think you are far off from being duped or scammed online. However, technology is ever changing which means the tactics hackers use to access your personal information can be even sneakier. In 2014, there were 13,500 burglaries reported in on campus crimes across the US. Here are some basic tips to keep in mind while on campus or use as a refresher, you smarty pants!

Keep Your Friends Close and Your Devices Closer

You’re constantly sharing a workspace with your peers. From the dorm room to the library, you’re devices are always accessible to others. Never leave your devices unattended. Always have a passlock on each screen, and make sure no one is lurking over you when you enter the pin. Look into purchasing a laptop lock to secure the physical safety of your device.

The Value of a Number

If you’re like most college students, you’re eating ramen and shopping at the nearest thrift store. This might be why you haven’t been worried about cyber security in the past. You can barely afford proper nutrition, so you don’t have anything worth stealing. WRONG. Your social security number is incredibly valuable to a hacker who can sell it on the dark web. They can use this to open various credit accounts in your name or hold other precious online information like family photos hostage until you pay their ransom.

Back, Back, Back it Up

We know you have a million other things on your plate right now, but be sure you are backing up your data on a secure cloud system or an external hard drive. Consistently setting a time to backup all of your important documents will help protect you against ransomware and file corruptions.

PDA: Public Displays of Access

Who doesn’t like free stuff? One of the perks of college is that you are probably going to have a lot of freebies thrown at you. This means free WiFi that you can gulp down without having to dry out your data usage while catching up with friends back home. However, even your dorm WiFi can be infiltrated by hackers who access the network’s router, create fake login pages to steal your information or take data from your device. You can protect yourself by not using public WiFi, or purchasing a VPN.

Shhh, Mums the Word

Although it might be easy and sweet to use fido in your password, make sure to keep your password on each account different and complex. You don’t want to allow a hacker to open Pandora’s box after they figure out your one password. Keep your password private and unique. We recommend incorporating special characters, acronyms or even sentences at random.

We hope that these tips will be helpful in keeping your identity safe in your college adventure!

The Expert Saver’s Financial Bucket List

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Savvy savers are full of great ideas and qualities, so those who aren’t the best at keeping our finances in check are always left wondering how they do it. Thankfully, Milledgeville State Bank offers a bucket list with some of the expert saver’s top priorities you can strive to meet!

Pay off your credit card debt.

As the average American has $16,000 worth of credit card debt, focusing on paying off yours can be a big financial undertaking. There are different methods you can utilize such as The Snowball Method, which includes making minimum payments on all your accounts and putting what you have left towards the account with the smallest balance. The Avalanche Method involves paying off the largest amount of debt first and continuing on until everything has been paid.

Say goodbye to student loans.

Student loans can be one of the longest standing debts in many households. With the average outstanding loan balance being at $37,000, starting a routine to pay off these loans should be a top priority. By committing to a certain amount each month to pay, you’ll see your loans decrease quickly. Be sure to put extra cash towards the loans with the highest interest rates or try to refinance to a lower interest rate.

Buy a home.

Being a homeowner is a big step to take in life but well worth it. In some areas, buying a home and paying your mortgage each month can be cheaper than paying rent. Figuring out how much home you can afford and getting pre-approved are your first steps to financial success. A rule of thumb can be to take your monthly after-tax income, subtract all current debt payments and then multiply that number by 25%. This is a good indicator of how large your monthly payment can be.

Set up an emergency fund.

It’s sad to say, but bad things are bound to happen. Instead of being caught off guard when a pipe bursts or you need an emergency surgery, build an emergency fund. Having money put aside for the unexpected will help life be much more enjoyable when problems arise. Depending on your income, monthly costs and lifestyle, try to have between three and nine months worth of expenses saved in your emergency fund. See about setting up a savings account with us for items just like this!

Get a raise.

Negotiating for a raise can be tricky, but you won’t be able to move forward financially if you don’t push for what you deserve. Focus on all of the benefits you have brought to the company and changes you’ve made for the better. However, don’t expect more than a 4-5% bump, as asking for too much can be viewed as greedy.

This bucket list is what all expert savers strive for as an end goal. Put into action a few of these tips to allow yourself the monetary success you deserve! Feel free to give us a call or stop in to discuss our different savings options!

4 Standard Safety Tips for Social Networking

“Technology and social media have brought power back to the people,” Mark McKinnon. Whether or not you fully agree with this statement, social media has become ubiquitous to all ages on multiple platforms. It’s not only the pre-teens who are at risk of becoming victimized by hackers, as even corporations are finding themselves in costly predicaments. Because of this, Milledgeville State Bank has gathered basic standards that everyone should adopt into their social media safety.

The Big No-No’s

With much of social media, the purpose is to share the highlights of your life with others. However, there are certain facets of your identity that you should never, under any circumstances, share. You may not even know you are outright sharing this information, as it can manifest in basic profile information or slight comments on a friends post. It may seem obvious, but never share your:

-Social Security Number

-Birthdate

-Passwords

-Home Address

-Cell Phone Number

-The State Where You Were Born

Review Your Privacy Settings Frequently

Social Networking sites can change their privacy options, so it is good to check in to ensure that you are only sharing the information you want shared. There are multiple ways to manage who sees what posts and even who your other friends are. While you are reviewing these settings, be sure to change your passwords to ward off hackers seeking access to your most privileged information. A great option would be to have your password in sentence form. It’s been recommended to have a positive sentence that’s easy to remember like, “I love my puppies!”

Only “Friend” Those You Know

Although there is a social praise towards those who have a lot of followers, or friends, it is a better standard practice to ensure you are only allowing those you know into your web life. Keep in mind that if you’re posting about your friends, others who you have friended are seeing it, too. It isn’t only your identity that is at risk, so friend responsibly.

Avoid Oversharing

We all have that one friend that shares EVERYTHING on social media, even down to the smallest detail like what flavor of coffee creamer they had this morning. We don’t want to be this person, but we may be doing similar dangerous behaviors without even thinking.

For example, if you are going on a great vacation, wait to share those photos until you are home. The last thing you want to be doing is advertising that your home is empty for the week. Even miniscule details here and there can be pieced together by predators for a large picture of your life. Review your professional sites like LinkedIn, and be sure you are not sharing your entire work history. This data can be gathered by hackers to fill out applications for things on your behalf.

Don’t make yourself an easy target! Stick to these standards to provide yourself with a digital wall of protection.

Four Emotions That Are Interfering With Your Finances

Who doesn’t want a healthy financial life? Yet, the number of people who actually have one is decreasing. Americans’ total credit card debt grew by 8 percent in 2017, with an overall 12.96 trillion in debt. While there are many underlying factors, one component that can be limited in your budget is emotions. You may feel helpless when it comes to taking control of your finances, but one of the biggest hindrances is your emotional state. The good news is, where you are at doesn’t have to be where you stay!

Keep your finances in check by thinking through these emotions when it comes to financial decisions.

Sadness

Most likely you have heard the phrase, “You can’t buy happiness.” Even though many might know this, they have purchase habits that speak otherwise. Negative emotions like sadness have twice the intensity of positive emotions. This creates a feeling of a need or weakness to be remedied. For many, this is impulse purchases such as new shoes or ordering takeout after a bad day of work. The next time you’re down, remind yourself of your goals that will inevitably make you happier in the long run. Maybe even make a list of what you are grateful for, instead of being down about circumstances beyond your control.

Anger

Similar to sadness, acting on anger can have damaging consequences. You may even have a feeling of hatred towards money because you think it is the source of all your problems. Feeling like you are constantly struggling with your finances is frustrating, and can cause you to think there is no point in making wise decisions, so why not buy yourself that new TV? You’re angry and begin taking bigger risks than you should. Take a deep breath and remember that being consistent is key to success. Emotions are anything but steady.

Fear

Have you ever been told that your money defines you? We are here to tell you that you define your money. Maybe you are out of debt, but are paralyzed from making investment decisions because you fear falling back into old habits and feelings of guilt. Perhaps you worry about being accepted in society, so you break your budget to buy the latest name brand sunglasses.

Happiness

You’re happy, and that’s fantastic! Even so, emotions and finances don’t mix. If you let happiness rule your spending, you may lose sight of reality, becoming overconfident with the number in your bank account.

Letting emotions creep into your finances will slow you down in getting to your goals. Meet with a trusted financial advisor at Milledgeville State Bank to help you make calculated decisions and create a monthly budget so you can set yourself on a path for success.

Habits of Financially Mature People

mature

If you take a look around, you may notice that a majority of people from a variety of income levels seem stressed about their finances. Seventy eight percent of Americans are living paycheck to paycheck and debt is creeping up more and more every year. So what’s the secret for those who aren’t wealthy enough to be financially independent, but still manage to live the life they desire? We believe the difference is financial maturity and have collected top habits for you to integrate into your life.

Educate Yourself: Financial Literacy

Financially mature people take time to educate themselves about money. They realize money is a tool that they have efficacy with. Unfortunately, public schools aren’t preparing students to be financially literate. Set yourself apart by having a basic understanding of financial areas such as: investing, insurance, real estate, retirement and tax planning.

Pay Yourself First: Save!

Achieving financial stability means having enough in your account to pay cash. It means understanding that a financial crisis such as losing a job happens, and realizing that it’s important to have money prepared for that misfortune. There are so many things to save for such as retirement or a down payment on a house, and irresponsible spending can quickly eat away at your savings. Don’t let savings be an option, set up an account with us today at Milledgeville State Bank.

Say No to Shopping Sprees

The financially stable realize that spending money for the sake of spending money will not help them get where they want to be. If you go shopping for fun, you’ll end up buying items you do not need, a hallmark of the financially unstable. Plan ahead for the items you need to purchase.

Use Credit as an Investment

They don’t use credit as a fall back for when they cannot afford to pay a bill. They only have a couple of cards, and pay them in full at the end of every month. They always pay their bill on time to reap the rewards that come with their use.

Know Your Numbers

A financially mature person has a budget, no matter if they have a lot, or little money. They know what’s in their account, what they owe, what they earn, what they spend and what they have invested. They put themselves in environments that encourage them to keep their budget. They also review their budget monthly to see if there is any fat to be trimmed. There is a realization of the difference between spending less and saving. Even if they are spending less, if their savings aren’t increasing, they haven’t gained anything.

The most important idea to realize is that financial maturity is up to you. If you need help navigating your process, reach out to a member of the team at Milledgeville State Bank.

Protecting Older Americans Against the Top Scam: IRS Impersonations

irs

No age group is immune to scams. It can happen to any age group, income level and gender. Scammers are no respecter to persons when it comes to getting your money. However, seniors should be protective of their finances, as they are more likely to have significant life savings and great credit. They also may be unsure of who to report fraud to, or don’t out of shame. This makes them a great target for scams. Unfortunately, the top scam among older Americans is IRS Impersonations.

Why IRS Impersonations?

Taxes and money are linked, so being able to access someone’s tax account gives them extensive amounts of highly personal information.
This information can be serviced into capital.

Telephone Scams

They may receive a phone call from the scammer, claiming to be from the IRS. They will give a fake name, badge number and even call from a Washington area code so they seem more legitimized. This is called Caller-ID spoofing. They say they are following up on letters sent by mail and threaten arrest, home foreclosure or deportation for immigrants if they are not paid. Seniors should be aware that the IRS will never call to demand immediate payment, nor will they ask for credit card information over the phone. These scare tactics are working far too well, so education, not shaming, is needed to prevent victimization. If they receive a suspicious call, hang up and call the U.S. Senate Special Committee on Aging’s Fraud Hotline at 1-855-303-9470.

Text Messages

Unfortunately, text messages seem to be more trusted than email. Scams by text are called smishing. Some criminals may only have access to the internet through their smartphone, so they will use this to target other phones as well. They may even send a link to a fraudulent site to intake your private information like a social security number so they can steal your identity.

Here is an example of what a text might say:

“IRS NOTICE: Your Tax Return is overdue! Click here to prevent penalty by law.”

Email Phishing

This term means the scammers are fishing for information through email, conning people into thinking they are someone they are not. The emails look like they have the branding of the IRS and they are leading to a legitimate website. They might request the same information that is requested by phone, but might be more prone to believe the emails to be valid with the fake IRS branding.

Key Takeaways:

Inform your loved ones of these IRS facts:

The IRS will never call to demand immediate payment.
They will never threaten to immediately arrest.
You will never be told that the taxes must be paid without the opportunity to appeal the amount owed.
They will never ask for payment information over the phone.

Data has shown that increased knowledge on scams makes a difference, so share this information with your loved ones, creating a safe place of discussion and education!

The DO’s and DON’TS of Using Credit Cards

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Using a credit card is a great stepping stone to help boost your personal credit history. By proactively managing your ongoing finances, you can showcase to potential lenders that you know how to fulfill your repayment promises. What many people don’t know, is that simply having a credit card does not automatically indicate an increase in your credit score. To help you succeed with your credit, Milledgeville State Bank has put together our most commonly asked do’s and don’ts of using credit cards.

DO: Pay your balance in FULL every month or every two weeks.

DON’T: Keep a balance even if the interest rate is low

While keeping a balance less than 30 percent won’t drastically harm your credit score, it’s always better to be safe than sorry. We recommend never spending more than you can pay off each and every month. By keeping yourself to this standard you can make certain to never become a victim of expensive credit card debt.

DO: Choose a card that will compliment your lifestyle.

DON’T: Pick your credit card based of mail or TV offers.

There are countless websites and app centered around helping you find the ideal credit card. Instead of signing up for a credit card through the mail, start perusing sites like NerdWallet to discover which card fits not only your spending but your rewards preferences too! Before you start applying, remember to only apply for a credit card if you need one If you plan on using more than one, wait six months or more before applying for a new line of credit. This will help to keep your credit score on track and assist in preventing any unwanted dips.

DO: Use reward points to save money.

DON’T: Spend more just to get additional points.

While some credit card options certainly do offer some great sign-on rewards, remember that added debt and expenses are never worth the hike in points. The money you manage is yours, and it’s real! While the points are truly a great perk, never let them outweigh the tangible money you currently have in your individual accounts. If you allow this to happen you may find yourself with a mountain of debt, the equivalent of half the vacation you can no longer afford to take.

DO: Have more than one card when you can pay them all off on time.

DON’T: Cancel a credit card without researching its history.

There are certain cards that boast the best rewards when utilized for specific industries, and others that can add extra perks for those all-encompassing purchases. To make the most of these various benefits, we recommend using multiple credit cards for your household’s purchases, only once you’ve maintained a zero balance on one for more than six months. If you feel confident in managing multiple credit cards, you’ll find great advantages of using the rewards behind the various programs and their associated bonus structures. However, if you close a card, always check and see if that card holds your longest history of a credit line. Should that be the case, you may not want to cancel it, as it could create a slight dip in your credit score.

Did you know Milledgeville State Bank offers credit cards too? If you’re looking to boost your credit, or want to begin building your history with a local institution, our dedicated staff would love to help you get started. Simply stop by your nearest location, and we’ll help find the perfect fit for you and your spending.

3 Sure Fire Ways to Save on Travel

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Still planning that next family vacation, or you and your sweetheart’s upcoming getaway? Milledgeville State Bank is here to help you save as much as possible! We know the internet is flooded with travel savings hacks and hints, however, these three strategies have proven their value time and time again!

Before we jump into these smart savings strategies, we want to offer some affordable inspiration for your next getaway! For example, did you know there are various destinations where your dollar can go farther or other getaways which are less expensive during the holidays? Vacations like these aren’t always the easiest to find, but they’re well worth looking for! Once you know where you want to go, it’s time to implement these supportive saving systems.

Costco Travel – Save MONEY when booking. In our searches for an affordable and fulfilling vacation, we stumbled across this great article detailing the incredible savings offered through Costco Travel. After looking into many of these packages and adventures, we found the savings were almost too good to be true. While you do need to purchase a membership, the savings from your vacation alone far outweigh the expense of the annual cost. (Not to mention the countless savings you can find in store or online too! )
TSA Precheck – Save TIME when traveling. After you’ve saved your money during the booking process, you’ll want to enjoy every minute of your hard earned vacation, even those few minutes (or hours!) at the airport. Instead of waiting in security lines for what seems like an eternity, enjoy a quick and speedy process through the Transportation Security Administration’s Precheck program! After doing one extensive background check and identification, you and those traveling with you, can enjoy the ease of transit for the next 5 years for only $85.00 dollars. If you could miss one flight due to security lines, this membership would pay for itself in saved ticketing fees alone.
FLIO Airport App – Save your SANITY in transit. Sometimes when you’re traveling you end up in an airport you may not have traveled through, but fear not! Before you start searching for you next departure gate, or walking to find the best bite to eat, open up this all encompassing airport app. Filled with airport layouts, restaurant ratings, and flight tracking capabilities, you can manage all your in-route activities with this one helpful hack.

We hope you and your fellow travelers enjoy these tips as much as we do! If you need to setup a designated savings account for your next adventure, Milledgeville State Bank has the perfect solution! Stop by your nearest location, and start saving today!