Monthly Archives: December 2018

How To Protect Yourself From Identity Theft

identity

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.

  1. 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.
  2. 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.
  3. 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!
  4. 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.
  5. 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.

 

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

Ways You Can Teach Your Kindergartner About Finances

finances

Finding ways to make money fun can be difficult when working with your little one. However, starting money management off right when they’re small is a must! Use these tips and tricks to teach your kid to be a successful money master.

Utilize Clear Jars

Use a clear jar to allow your child to see their money grow. Just talking about how their dollar from yesterday is two dollars today doesn’t click for them. Let them put money into a place where they can continuously see it grow larger and it will maintain their interest in the saving lesson. Show excitement when they add to it because if mommy or daddy is enthusiastic, they will be too!

Start an Allowance

Help your child learn that time is money. Unloading the dishwasher could be worth a dollar while folding all the laundry could be worth two. If one job takes longer than the other, show that with the amount they obtain. Increasing the amount as they age can also show them how you grow with the jobs you get because of your new level of education. Help them see that money is earned, not just given.

Make It Visual

Your youngster will not understand the concept of saving by simply discussing it. Their short attention span calls for some innovation. Make a chart for chores to help them stay on task by coloring in a square next to the chore when it is complete. Different colors can help classify the item as more money or higher importance.

Teach Them to Give

Generosity is also an important lesson to teach at an early age. Have your child pick a cause they are excited about – pet shelters, for example, are a great choice! Your child can see where and what their money is going to. Helping others is a great quality to establish for the future. If they don’t know where to donate to, give them options such as the donation plate at church or a local food shelter. You can also find a place to volunteer their time if money isn’t an option.

Introduce a Side Job

If your kid wants a LEGO set, and they want it now, show them additional chores to do as a side job. Giving them extra ways they can make money here and there can teach them to have a high work ethic. Sometimes you need to work a little more to get the money you need. Setting up a “For Hire” board can help your kindergartner pick up some extra cash by sorting dirty laundry, emptying trash cans or picking up their toys before mom or dad mows the lawn.

These ideas will help aid you in teaching your kids that money doesn’t grow on trees. If you’re looking for other financial lessons and ways your child can learn about saving, stop on in. We’d love to set up a savings account for your youngster!

 

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

Retirement Savings Made Easy

retirement

When you are in the early stage of your career, there’s usually lots of bills that add up. Things such as rent, student loans or car insurance can truly wipe out your bank account. We want to make sure you avoid excess financial stress, which is why we’re offering four simple strategies on how to start saving early for retirement.

  1. Start small early on – The longer your money is invested, the more you can benefit from compounding. Compounding can turn small amounts of money into larger sums; it’s where you earn interest on the money you save and on the interest that money earns. It is best to start early, because the money you start to save will build up. Putting a small amount of money away can help establish a good savings habit — consistency is better than quantity early on!
  2. Spend wisely –  Create a budget for yourself so you can be better aware of your finances. At a younger age, you may think you have all of your spending under control but seeing a breakdown on paper will make it much clearer — or if you’re tech savvy download a budgeting app! Seeing a breakdown of your finances can help you see what to cut back on and if your spending matches your priorities. Doing this can make it much easier to save for retirement.
  3. Create a debt repayment plan – Student loans or car loans, whatever it may be, take control of your debt! That may seem easier said than done, but once you create a feasible plan you can be more in control of your finances. Now, paying off your debt does not mean holding off saving for retirement. Take a look at your monthly income and order your debts by priority. Once a plan is set in place, set a small amount of money aside for the future.
  4. Your employer-sponsored plan is no joke – Whether it’s a 401(k), 403(b) or 457, it is a really good idea to look into the retirement plans your employer offers. You could establish automated contributions from your paycheck each month or max out company match programs, where employers will provide a percentage or retirement contribution up to a certain amount. This is an easy strategy to get started with – your Human Resource manager can help!

So is today the day you start to save? Whether you save 1%, 6%, or more, it does not matter. What matters is you finding a spot in your budget to save your money. In the end, you will thank yourself. With these four simple strategies, we hope you find success with your budget and saving for retirement!

 

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

Holiday Savings Plan

holiday

The holidays are among us, but have you put together a savings plan? With all of the expenses hitting you at once, it’s important to have a plan of action. With the below tips and tricks, we believe you can keep your holiday shopping merry and bright.

Make a List

Create an entire list of every single expense you will have over the holidays. This can include presents, envelopes, stamps, cards, wrapping paper, bows, name tags, food, a tree, decorations and so forth. Once you create that list, see if there are any items you can take off or substitute with cheaper options. Many dollar stores offer all different types of wrapping paper for a quarter of the cost you may pay at a department store.

Set a Budget

It is okay to be a Grinch during the holidays when it comes to your budget. Saying no will help you keep your funds on track instead of having a dry bank account in January. Be realistic when creating your budget – don’t leave any little expenses out or your whole budget will be thrown off. From different ads to online shopping that offers free shipping and other holiday deals, do your research and create a plan of attack with your budget to help your money work harder for you.

Utilize Free Shipping

Free shipping is your best friend over the holidays. Some companies take part in Free Shipping Day in the middle of December, so it could be well worth your while. You can also sign up for a free trial on Amazon Prime. This can get you your items quicker and offers free shipping as well!

Download Apps

Many store apps offer discounts you may not be able to find online. Look at your favorite stores and download their apps onto your phone. Be sure to sign up for emails during the holidays as well. This will help tell you if a new 24-hour deal is taking place – then just unsubscribe once the holidays are over.

Mail Postcards

Instead of paying for special paper, a printed family picture, ink, envelopes and so on, find a deal online to purchase postcards. You can get all the information you wanted along with having the company ship it for you! Or create your card yourself for FREE with a design site such as Canva.com.

DIY It

Get creative with gifts by making them on your own. The Web holds unlimited amounts of ideas for homemade presents of any genre. Simply pull up Google and search away! Make fun little gift baskets for a great bonding activity to do with your kids and provide a special present for a loved one.

Have you been saving for the holidays? Ramp up your plan by putting into action a few of these easy ideas. These tips will help you slow down and enjoy the holidays for what they’re meant to be – a special time with friends and family. Avoid holiday hassle by banking with us, as we offer the flexibility you need to help keep all of your finances in order – during the holidays and the rest of the year!

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender