Monthly Archives: February 2019

Top Ten Cybersecurity Tips

cybersecurity

With our reliance on technology increasing in nearly every facet of our lives, it is more important than ever that you are educated on how to protect yourself and your assets from cyber threats. Hackers are interested in anyone and everyone’s information. It does not matter if you don’t think you have anything worth stealing. Your identity itself is incredibly valuable on the black market. Take the proper precautions and follow these simple cybersecurity tips!

1. Put a lock on all of your systems.

We mean this not only for your devices but on your smart systems, too. If you don’t have a lock on your router, you want to get one immediately. A cybercriminal will be able to log onto your Wi-Fi and gain access to any device using your internet. This is another reason why you should never log on to any wireless internet that does not require a passcode. Every time you walk away from a device, whether it be your phone or a laptop, make sure that you have locked it with a passcode.

2. Pay inside.

We know the weather isn’t exactly warm anymore and you want to get the chore of filling your gas tank over with quickly. However, pay at the pump services pose a risk. Like an ATM, gas pumps can have card skimmers. Take your card to the friendly face behind the counter inside.

3. Always backup your data.

Ransomware is when a hacker takes your data and refuses to release it until a price is paid. We can say with a fair amount of certainty, they will never give you your data, no matter how much you pay. To avoid being in this situation, consistently remove data you don’t need and save what you do on a cloud-based system.

4. Keep your friends close.

We are going against the notorious saying. Keep your friends close and your enemies as far away as possible. When you get a friend request from someone that you do not know, be suspicious. Play it safe and decline these persons unless you have at least 20 mutual friends.

5. BYOD (Bring Your Own Device)

We are sorry to say it, but you can’t always trust that your friend will stay as up-to-date on security measures as you. However, you can certainly alert them to this blog! Until then, don’t use anyone’s devices but your own, as you can be hacked from unknown sources.

6. Question before connection.

This ties into #4, but just because you are on LinkedIn, doesn’t mean it is a platform where cybercrime does not happen. Be wary of who is trying to connect with you, as they may be trying to steal basic information about you to use to hack your accounts.

7. Smarten up your phone.

Your phone may have come with some automatic security measures, but you can take it further. Be sure to turn your Wi-Fi and Bluetooth off when they are not in use. If you have sensitive information on your phone, you can install an encryption system as a safeguard.

8. Get your apps together.

You likely have apps on your phone that you haven’t used in months. You probably haven’t done the necessary updates to the app and it may not be safe to keep storing it on your phone. More apps can equal more risk, so clean them up.

9. Free Wi-Fi isn’t always free.

If you’re like most people, you connect with public Wi-Fi whenever it is available. We suggest not doing this, as it may not be secure. There may be criminals who try to access your device through the wireless internet to steal your information.

10. Don’t say, “It can’t happen to me.”

Most importantly, you need to realize that no one is immune from a cyber attack. Cybercriminals will take whatever they can get. Don’t let yourself become the next victim.

Ignorance of this threat is not an option now that you know some great ways to avoid being hacked. Be sure you’re staying safe when online. Our Online and Mobile Banking services offer the security you need to bank efficiently.

6 Simple Ways To Save

save

Finding new and exciting ways to save can prove tricky. We’ve all heard of making a list before grocery shopping and sticking to it, as well as cutting cable and dropping unused gym memberships. Timberwood Bank has put together some tried, trusted and simple ways to save to get your financial game back on track!

Sign Up for Rewards

There are rewards for just about everything these days. For example, gas, groceries, movies and clothing stores all offer different rewards programs. Credit cards may offer Cash Back options, Kohl’s has Kohl’s Cash, Amazon Prime offers free shipping and other benefits to consumers and so forth. Dive into what you tend to buy each month and ask if there are programs or cards you can sign up for to reap the benefits.

Try Generic Brands

Buying name-brand items every time you go to the store can begin to add up. When it comes to items that won’t show much of a difference, like toiletries and baking products, try switching. Medications could also be another area to consider. Sometimes, even though the same ingredients are in the product, we choose the name brand without looking. Many cheaper options for all types of needs will get the job done.

Embrace the 80/20 Rule

This rule states that 80% of your results come from 20% of your efforts. If you pay close attention to your bills each month, reverse this rule and see that 80% of your budget is normally taken up by the same things. Instead of focusing on the 20%, try seeing if you can cut costs on that 80% portion. This is where you’ll be able to save big!

Share Subscriptions

Netflix, Hulu and other online programs offer different options as to how many people are streaming on an account. Instead of buying a whole new account, try asking your friend or family member if they can add a streamer to the account for a few extra dollars. You can also share subscription information with a brother or sister, and use their account so you don’t have to buy your own.

Update Your Home

There are a countless number of ways to update your home to save in the long run. Convert to a gas water heater or add extra insulation to keep costs low. You can also replace incandescent bulbs with compact fluorescent light (CFL) bulbs and change your furnace filters. By keeping your home energy efficient, you’ll keep costs down.

Use the Snowball Method

This is an easy way to reduce your debt. Start by paying off the smallest debts first while paying the minimum on larger debts. Once one small debt is paid off, you roll the money you were spending on that to the next smallest debt.

We hope these simple solutions allow you to be financially successful. If you’re looking for a place to put your savings, we offer many solutions suited to your needs. Contact us today for more info!

Why Choose a Local Bank?

local

Whether in bustling cities or the rural Midwest, community banks improve lives in the communities they serve. This seems to be a popular notion across the nation, as can be seen by their large local support. According to the ICBA, community banks make up 96 percent of all banking institutions in the country. They are successful because they work and are a positive light in the community.

You take great care when it comes to choosing a financial institution that you trust. If you haven’t made the switch to a local bank yet, here are just a few reasons why you may want to make the switch.

1. They support community organizations.
While we can’t speak for every community bank, Timberwood Bank makes it a priority to give back to the area. We realize the importance of donating to local charities and even encourage employees to volunteer to local regions of need. Every individual at every level of service in the bank is personally connected to the community and wants to see it thrive.

2. They have the same state of the art resources of big banks.
Some may think that community banks are still in the Stone Age when it comes to technology. This could not be further from the truth. We know that the future of banking is online and we have made it a priority to meet our customers in a way that is easiest for them.

Customers can access their account information, make deposits or withdrawals when the office is closed or if they are traveling out of the area. Although, we still love to see your smiling face in person when you have a chance to come in for a visit.

In addition to being technologically up-to-date, we have competitive individual and business services that a big bank has to offer, but likely at a better rate.

3. They have a personal approach to lending.
Unlike big banks, we know our customers. Our kids might play baseball with yours or we may have even gone to high school together. Whatever the case, our approach to lending is more personal, because it is personal. We take a more rounded approach to lending instead of simply seeing you as a credit number like a large bank might do. We are here to serve the average Joe and play no favorites.

4. They maintain great customer service.
Community banking is about relationships. With that comes a customer service approach that is caring and helpful. You will likely see the same people working there every time you need assistance and can develop relationships. You are able to really feel like your bank is looking out for you because they know you and have your family’s best interests at heart.

5. They invest in the community.
Because they are a small business themselves, community banks value local businesses and understand the benefit they have on the economy. When you invest locally, the entire community prospers. We aren’t interested in siphoning out investments to Wall Street. Right here is where we want to be and see the area grow.

We can’t wait to meet you. Stop by our bank to see all the benefits our products can offer you!

Money Savings Tips to Keep Your Finances On Track

finances

Does it seem like your savings plan always becomes derailed? Starting too big or having unrealistic goals can prove faulty. Once you do have some money saved, it may be difficult to know what to do with all of it – leaving you wondering where to go from there. Luckily, we have compiled a list of simple saving guidelines to keep your finances on track.

Stop spending money you don’t have.

This may be one of the hardest rules to follow. Even though that check is coming on Friday or you’ve been doing “so good” with savings, doesn’t mean you get to throw it all away. The money you accumulate all has a place it needs to go, so don’t convince yourself otherwise.

Use less than 30% of your income for your wants.

Wants include movies, shopping, restaurants and nights out on the town. While allowing yourself to have fun, you’re still able to save as you’ve put a 30% cap on your monthly limit.

Reevaluate all of your bills.

Be able to look through your bills and know if you’ve got the best deals. If you’re already getting the best prices, try to find places to cut expenses. Do you need cable or can you switch to a cheaper option? Is an unlimited data plan necessary or do you fall into a different category that may cost less?

50% of your income should go to necessities.

Groceries, housing, utilities, health insurance and your car payment all fall under necessities. Work on your budget to see how you can make these payments fit under your 50% cap. If you’re lucky and have some left over, put that towards an emergency fund or vacation fund. This will make you more motivated to meet these limits.

Create a budget and stick to it.

Creating a budget is easy – sticking to it is the tricky part. Be sure to make your budget realistic, which is why we mention the 30% of wants portion. You’re going to spend the money, so allocate for it. Downloading a budgeting app will also help remind you when you’re close to reaching your budget. A few great options include Mint, You Need A Budget, PocketGuard and Wally.

Set 20% of your income aside for financial priorities.

As the 50/30/20 budgeting rule goes, 20% of your income should go to savings. By auto transferring a portion of your paycheck straight into savings, you won’t even realize you have more money you could be spending! These savings could be used for a house down payment, tuition for a child or part of an emergency fund. When you put a name to your savings account, it will make it easier to save for.

Keeping your finances under control can be fun! Challenge yourself to see how long you can go meeting all of your budget goals. Find ways to skimp on expenses and become a super saver. If you’re looking for a place to store your savings, our accounts are a great option. Give our team a call to set up a savings plan that fits your needs!