Monthly Archives: March 2021

computer

5 Cybersecurity Basics You Need to Know

With so many people being online now, it’s even more important to be safe with what you do and add an extra layer of security to your actions. Any time you are on your phone, tablet or computer, there is a chance you could be targeted. Protect yourself and your information by keeping up to date with these five cybersecurity basics you need to know. 

1. Update Your Software 

Not all software updates automatically. Be sure to check your app store to update any apps who have a pending update. Restart your computer to allow for updates and be on top of when updates come out, so you don’t keep clicking ‘Later’ and forget to install the new update. Updating your software improves any bugs in the apps or overall system to improve security. 

2. Require Passwords 

Any and everything needs a password. Your phone, computer and so forth should all require one – even though it’s a little extra work for you. In case your device would ever end up in the wrong hands, this adds one extra layer of security. 

3. Use Multi-Factor Authentication 

Many apps are now asking or requiring that you use multi-factor authentication. This requires you to add a second email or phone number to your account for an extra layer of security when logging in. Another type of multi-factor authentication is using an app to get a code that you have to enter when logging into a program or device. 

4. Secure Your Router 

Be sure to change your router’s preset password to something difficult – don’t do your household’s last name with a 1! behind it and think that’s good either. Be tricky so someone can’t jump onto your Wi-Fi and get your information.  

5. Have Difficult and Different Passwords 

We’ve said it once and we’ll say it again – do NOT have the same password for all your accounts. We understand you could have logins for 50+ sites, but it’s important to try to switch it up so that a hacker can’t get into everything. If they have your email and password that gets them into your email, chances are they’ll try that combination on all the other popular platforms you’ll probably have. 

We hope these five cybersecurity basics refreshed you on the importance of being extra cautious with your devices. We want you and your information to be as safe as can be! 

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

coins

5 Challenges to Test Your Money Management

We may all think we know a thing or two about finances, but do we really know it all? There’s always more you can learn to better yourself and that includes money management skills. Today, we’ll give you five challenges to test your money management in order to whip your finances into shape! 

1. No Spend Challenge 

We know this sounds scary, but you can still buy groceries and pay your recurring bills. Try not spending money on any unnecessary items for one week or one month. Yes, we know that coffee may feel necessary, but make your coffee at home instead of buying it. You’ll be surprised at how much you save when you don’t buy an extra item here and there. 

2. Change Challenge 

Any change you accumulate, save. This could be a fun game to play with your kids as well. You and your significant other can give any change from the day and have your children count it and put it in a jar. Do this for one month or a full year to see how much you accumulate!  

3. No Online Shopping Challenge 

We know that more shopping is being done online now than ever before, which makes it seem easier and easier to spend more money since you aren’t giving physical cash away. Try not buying anything online for a whole month – besides your groceries and essentials if you now purchase those online. 

4. 52-Week Money Challenge 

This is a fun one! This occurs weekly for a whole year, so it will really hold you accountable. Start with saving $1 for week 1, $2 for week 2, and so on. By week 52, you’ll be putting away $52. The 52-week challenge adds up to saving a total of $1,378! You can choose what you’ll spend that money on if you make it all the way. Will it be for a vacation, child’s college fund or emergency fund? It’ll be up to you. 

5. No Eating Out Challenge 

Since people are staying home more, this is a little easier than before. But this also includes take out and drive-throughs as well – not just sit-down restaurants. We know supporting small businesses is important, so we’re not saying don’t eat out forever. Just try it for one month to see how much potential savings you earn. 

Pick one or a couple of these challenges to test your money management skills. You won’t regret it! Then, store your new savings in a savings account with us. We’ll be happy to keep your hard-earned money safe and sound in an account. 

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

money

Financial Literacy 101: Teen Edition

If you have a teenager who doesn’t quite understand how important good financial habits are, it’s time to teach them! Giving your child the building blocks on saving, budgeting and understanding debt will help make them into responsible adults. Here’s some financial literacy 101 for your teenager. 

Bank Accounts 

Explaining the different types of bank accounts to your child is crucial. Start by opening a savings account with them so they can understand the importance of saving. When they have a job, you could also work with them to open a checking account. This will help teach them the process of saving, spending money, using a debit card and writing checks. 

Credit Cards 

Even though your teen won’t have a credit card at that age, it’s important to teach them about credit cards and how they work. Explain the limits that are set, paying your minimum each month and how that will affect their credit score. This will help them be prepared for when they do get their first card. 

Debt 

Teach your teen that debt is no joke. There will be car payments, groceries, entertainment purchases, credit card bills, student loans and so on. Making sure they know not to bite off more than they can afford is extremely important. This will help them understand all of the bills they will have to afford in the future. 

Credit Score 

Start explaining what a credit score is and how that will help them get lower interest rates in the future. This can also tie into the credit card conversation. Understanding the basics of a credit score now will help keep them out of trouble in the future. 

Budget 

Understanding needs vs wants is a great life lesson. Start your teen off with budgeting by having them help with the grocery list. Tell them the rough prices of what things cost, have them make a list and keep it under a certain amount. This will help teach them how to budget, so they can apply it to other things in their life down the road. 

These basic items are critical for teens to understand. Looking back, you may realize you didn’t quite know all of these things when you were a teen. This is why we wanted to share this information, as we believe it’s a good thing to get ahead in the financial world with your child, so they are prepared. 

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

piggy-bank

Financial Advice for Big Families

When it comes to big families, there is extra love and enjoyment to go around. There also comes more money that needs to be spent. Managing finances with a larger family can be stressful and difficult depending on the expenses you have. We’re here to offer some helpful financial advice for big families, so you don’t have to feel tight on cash! 

Own Less Vehicles 

Reduce transportation costs as much as possible by limiting the number of vehicles you own. Gas, upkeep, repairs and car payments add up quickly for each vehicle. Work on scheduling carpools and staying home when possible to limit your driving. Having multiple kids in school and activities can have you driving all around, so come up with a plan that makes the most sense, so you aren’t wasting time and gas. 

Eat Out Less  

Each mouth you need to feed adds up, especially if you have multiple growing boys who seem like they never get full. Eating out and going to restaurants means you’re paying for drinks as well as the main meal and sides. Coming up with a meal plan for home, budget and grocery list to stick to will help you spend less and have a plan for food every day so there’s no need to eat out! 

Buy or Borrow Secondhand 

We’re sure you have plenty of friends and family who have toys or clothes they no longer need for their children. Don’t be afraid to ask to buy or borrow their items for a discounted price. The clothes and toys are just as good as if they were new. Plus, small children grow so fast, so you may not always want to buy something new that they may not fit a few months from now! 

Buy in Bulk 

When you do need to buy items, consider couponing and buying bulk items. Larger cans and extra boxes of non-perishable food won’t hurt anyone! You’ll go through that food before it’d expire anyways. Large stores, like Costco, will have sales on bulk items. This means you will spend a little more originally, but you’ll have extra items on hand, and it’ll be for less than what you’d spend on that amount if it wasn’t bought in bulk. 

We hope this financial advice will help you save a little extra money. Put that savings into a savings or checking account with us! We’re happy to safely store your hard-earned money. 

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender