Author Archives: TimberwoodBanks Blogger

Cybersecurity Top Tips for Traveling

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Whether traveling for fun or for work, you are hopefully busy enjoying the sites. However, it can be easy to get caught up in the adventure that you forget to stay on top of your personal cybersecurity protection. While you begin packing your bag, don’t forget this list of top tips!

Update all of your devices.

You’ve probably made sure your devices are charged, your toiletry bag is refilled and you have new reading material for your voyage. But before walking out the door for your trip, you need to update every device you have. These periodic updates that you see from the manufacturer do more than produce slight layout changes. They protect your device by patching holes and fixing bugs in the software. If not done, your wall of protection has weak points that can be taken advantage of. 

Watch out for wandering eyes.

In addition to keeping an eye out for anyone who may physically take your device or other items, watch out for lurkers. They may be looking over your shoulder or at your laptop from behind you. They’ll be looking out for any information that can tell them how to enter into your device. 

Always lock devices.

If you don’t have a passcode on your devices, you will want to get one. Don’t make it easier for criminals!

Remove auto-connect features.

Sometimes, it can be great to know that most public places nowadays have free Wi-Fi. Especially when traveling internationally, you may rely on this to send a simple text message to family back home. However, for your own security, it’s most important that you disable the auto-connect feature on your Wi-Fi. You want to set up your device so that it only connects to networks that you consciously choose. 

Turn off Bluetooth.

Similar to Wi-Fi auto-connect, Bluetooth should be turned off unless you are choosing to use it. The reason for this is that criminals will use this as an opportunity to connect themselves to your phone and crack into it remotely. If you’re like most people, you have a lot of PII (Personally Identifiable Information) on your phone. This can be used to take your identity. 

Statistics on Cybercrime 

  • You are 20 times more likely to be robbed on your computer than on the street.
  • 14.4 million people were victims of identity theft in 2018.
  • It is estimated that 33 billion records will be stolen in 2023. 
  • The US government spent $15 billion towards cybersecurity in 2019.

With these tips in mind, we hope you have a safe and fun travel experience!

Top 5 Ways to Save Money Fast

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While it’s not a good idea to go after any “get rich quick” schemes, there are some ways that you can quickly get more money than you have had on a typical month. The secret is to be cautious with your spending. This is obviously easier said than done, but it’s a way to “make” money without having to spend money. Follow your favorite one or challenge yourself to all five!

Sell Your Skills

Do you have a hobby that people would be willing to pay you for? Are you just simply good at tasks other people don’t enjoy doing like grocery shopping or housework? These are all activities that others may be willing to pay you to do for them! Advertise your skills on social media and on flyers around town. You could even sign up for freelance work through websites like upwork.com. You never know who may be on the hunt for the exact service you can offer!

Set Up Automatic Savings

If saving money were easy, everyone would be doing it. One way to make it immediate and easier is to take the decision of whether to save or not out of your hands. Setting up automatic savings may be the answer for you. Dedicate a portion of each paycheck to be automatically distributed to a savings account. You are paying yourself first with this method.

Beef up Your Cooking!

Even if you aren’t a master chef, there are ways to make your cooking delicious and affordable. One way to save on your meals is to plan them in advance. A lot of people right now are really liking the idea of meal prepping. This is when you make a large amount of food on Sundays so that you will have food for the entire week. When you plan ahead, you are not only able to establish a thoughtful budget, but keep yourself from spending needlessly on takeout. 

Unsubscribe and Unplug

We are living in the age of subscriptions to everything from our music and food to TV. It’s time to reevaluate everything you are signed up for including emails. You are likely signed up for more than you need or use. This will instantly put cash back into your pocket. While you’re at it, go ahead and clean out your email by unsubscribing from tempting advertisements.

Go Green

Apart from treating the environment well, going green can save you money. For example, stop buying paper towels and napkins when you can use cloth. You can even make your cleaning products from scratch with a little vinegar, lemon and water! Also, there’s no need to keep buying new clothes when you can find all kinds of stylish clothes for a fraction of the price at local thrift shops. 

These are all great ways to start putting money back in your pocket, now! 

How Do I Pay Off My Debt?

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Extreme amounts of debt can weigh heavy on your shoulders. It has been found that extreme amounts of debt are linked to higher rates of suicide and depression. This is why it’s so important to have an understanding of good debt vs. bad debt and how you can go about paying back your debt efficiently. 

Don’t Let it Define Your Life

You, of course, want to have your debt paid off as soon as possible. However, letting it define the value of your life is counterintuitive to being able to pay off the debt. You can enjoy your life while simultaneously paying off debt. A common saying about paying off debt is to think of it as a marathon and not a sprint. You aren’t going to have all of the debt paid off at once, but consistent payments will help get you there instead of burning out from sprinting.

Be Careful Who You Surround Yourself With 

It’s hard to stick to a budget when you’re surrounding yourself with friends who want you to spend money with them. It’s difficult to say no to socializing because of the money. At the same time, you should be surrounding yourself with people who understand your financial priorities and support you in those goals. Spend time meeting with financial experts to help guide you in your investments and debt management. 

Press Pause on Credit Cards

While credit cards are a great tool when used correctly, they can be a hindrance to paying off debt. Do your best to refrain from using them until you have your debt under control. 

Utilize Extra Income

If you receive a bonus or a pay increase, place all or a portion of those funds towards your debt. You won’t notice the difference, besides seeing the decrease in your debt to income ratio!

Start a Payment Plan 

In order to keep the momentum going, you should start paying off your most expensive debts first. This typically means the highest interest. Establish a set amount that you will pay each month and work it into your budget. Your amount should be more than the minimum payment due. 

Don’t let your debt take over your life. Get control of your debt today!

How to Boost Your Retirement Savings

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Maybe you are already off to a good start when it comes to saving for retirement, but there may be some ways in which you can amp it up. If you could boost your retirement savings even by a little now, it can pay off big time later! Here’s how:

Step Up the 401(k)

Most companies offer a matching contribution of up to three percent to your 401(k). If you aren’t taking advantage of this now, make sure you do so immediately. Once you have established this for a year, consider ramping up your percentage by 1 percent. Every other year or so, increase the percentage. Because you are increasing it at a slow rate, it’s unlikely that you will really notice it month to month, but you’ll love seeing your account grow. 

Don’t Cash Out

When switching to a new job, many people cash out their retirement policies. However, this can be damaging to your retirement portfolio and leave you with much less money. Consider rolling over these funds into an IRA or if possible, directly rolled over into your next employer’s plan. 

Play Catch Up

If you are age 50 or more, you can participate in what is called “catch up contributions.” As of 2018, the government allowed an additional $6,000 contribution to 401(k) and 403(b) plans. IRAs were allotted an additional $1,000. Even though you are over the age of 50, these contributions still earn interest and can make a significant difference.

Don’t Spend Bonuses

It’s tempting to go and celebrate a big bonus or raise with a big purchase. However, the smart thing to do is to pretend that it never happened, and pour it into your retirement account. Whatever you want to use that money for now, you’ll be able to do even more with it later. The practice of delayed gratification is tough but worth it. 

Cut Something Out

Think of a luxury item that you use every day. Maybe it’s something small that you don’t think twice about. Consider cutting it out and using the money you’ve been putting towards it for something better, like your golden years.  

You can reach your retirement goals by staying focused throughout your earning lifetime. For more advice on your savings plans, you can count on us at Timberwood Bank. 

Cybersecurity Safety Tips for Your Business

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Don’t let living your dream of owning your own business end because of cybercrime. Stay on top of the latest defenses when it comes to cybercrime by implementing even one of these tips for your business. 

Never Assume You Are 100% Secure

Unfortunately, you can never be fully protected against a cyber threat. The minute you sit back and think that you are invulnerable is the best time for a cybercriminal to strike. There will always be a new potential threat. There may even be an employee mistake or a broken piece of data. It’s important to always be looking for ways to improve security. 

Amp Up Authentication

Every point of digital access to the internal working of your company should be blocked by outsiders with authentication. Authentication is a way of signing into a device with a code only authorized users have access to. Many companies are switching to Multi-Factor Authentication, which requires users to confirm their identity twice, often through the device and then a phone. This is simply an added layer of protection. 

Hire a Hacker

Not all hackers are ill-intentioned. Many work legally to help businesses discover the risks of penetrability. They will be able to evaluate areas that can use strengthening. 

Email Education

The weakest point of business cyber defense is often employees. Even if the worker is well-intentioned, they can still make defense mistakes. One common area of cybercrime is email. It’s an easy way for the perpetrator to access your company internally. This is why it’s important to not only have spam filters but ensure that all employees go through email education so they know what a suspicious email looks like. 

Be Aware of Personal Device Risks

Many businesses allow workers to bring in their personal devices and use them to conduct business. This can be dangerous, as there is likely not the same security software on their personal devices that you have for your business. This is another way for cybercriminals to get into your business’s information. One way to help with this and to still allow your employees the freedom of using their personal devices is to establish a “Bring Your Own Device” policy

Get on the Cloud

Keep your important business information on the Cloud, in order to avoid it getting taken from you forever. It’s currently the most used technology for small businesses. You can utilize it for managing finances, storing, sharing and accessing information from anywhere. 

These are just some of the basics of business cybersecurity. They are all fairly inexpensive and can likely save you from a headache of trouble if you were to get hacked. For more information on cybersecurity tips or business accounts, give us a call!

Kick Off The New Year With These Savings Tips

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Wow – we can’t believe it’s already 2020! The new year will bring children, weddings, new business opportunities and more. With that being said, we want to make sure you can continue to prosper financially. Here are our favorite savings tips to help you kick off the new year!

Start saving for retirement.

Yes, it’s far away and you can’t really see the benefits right now. But, starting to save for retirement now will be crucial in how much money you’re able to spend in the following years. The closer you get to retirement, the more you’ll have to put away if you haven’t started saving in earlier years. Making sure you find other ways to help your retirement fund grow will also be in your best interest. If your employer will match up to 3% of your 401(k) contributions, be sure to take advantage of that! If there is an opportunity to get good interest rates on a savings or checking account, stash some money there as well as in a CD or IRA.

Make a plan to pay off your debt.

Having an accumulation of different debts can become overwhelming and stressful. For the new year, think of a game plan to break down those debts and start to pay them off. Whether its credit card debt or student loans, there are always ways to come up with a doable plan to implement over the next few years. Use this debt calculator tool to add up all your debt and see how you can realistically pay if off. Start budgeting and begin to pay off debts in order from smallest to largest.

Start an emergency fund.

We understand that you may have some money built up in a savings or checking account, but when an emergency hits, you don’t want to have to take money out of those accounts. By having your own account for a rainy day, you will know exactly how much money you have saved up for potential expenditures. That way, you don’t take out a few thousand dollars from your savings account for an emergency, and then don’t have enough money for buying/paying for something you wanted.

Really start to budget.

It’s one thing to not drink a morning coffee from your favorite shop, but it’s another to actually have a list for a budget of all the things you need to stick to. It’s really easy to get off track and start eating out a few more times during the month or pay for something you really don’t need. Making a real budget and sticking to it will be the #1 thing that brings you financial success this year!

We hope you decide to implement all 4 of these savings tips into your new year. By starting to save for retirement, pay off debt, build an emergency fund and budget, your financial finesse is sure to flourish! Store your newly saved cash in a savings or checking account with us today!

4 Ways to Make Adulting Less Difficult Financially

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Even if you don’t want to admit it, you’re an adult. Some parts of adulthood are fun and exciting, while others are not. Part of being an adult is to become financially independent and embrace some of the less adventurous tasks. We’re here today to help give you four simple ways you can make adulting less difficult when it comes to finances. 

Create a Budget

You’ve heard this before and you’ll hear it again, but it really is important. Nowadays, there are so many apps out there to make budgeting a breeze. Use them – don’t think you’re keeping a good eye on what you’re spending. You have no idea how much those trips to Starbucks or sweet deals at Target are adding up to be. Mint, Acorns, Pocket Guard, Albert and Wally are all great options if you’re looking to start budgeting now.

Pick a Meal Plan

Going to the grocery store randomly and not having a set budget and list can hurt you financially. It’s really easy to miss that money slipping away as you walk down the aisles throwing items in your cart. A meal plan helps you decide what you’re going to eat to keep things healthy, as well as figuring out exactly how much you need for the week so you don’t spend too much on extra food or snacks. Check this article out to see how to design your perfect meal plan.

Tackle Debt

Having debt is no joke as an adult. Start chipping away right now at your credit card debt. By having missed payments or too much debt, your credit can start to slip. This will impact you immensely when it comes to getting a home loan or a higher limit on your card. Figuring out a plan of action for each month’s payment is your first order of action. Take note of all debt and start finding the perfect plan to pay it all off.

Start Saving

You need to save for a wedding, house, car, kids, retirement and so on. That’s a lot to think of all at once and how will you ever do that AND pay the bills each month? Take it step-by-step to know what’s most important. Start by saving a little for your retirement and finding accounts that help add money to the pile.

We hope you can adult your way through your finances easily with these four tips. We also offer different accounts to help you store your savings and continue to grow your finances to be the responsible adult you are. Check them out!

Energy Saving Tips For The Cooler Weather

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Now that winter is here, it’s time to switch up your energy-saving strategy. Timberwood Bank offers plenty of fantastic solutions for you to increase your savings this season when the air continues to grow colder and colder.

Buy A Humidifier

Humidifiers offer health benefits as well as bigger savings! Humidity keeps your warm, forced air trapped in the living area in the house longer, thus satisfying your thermostat longer.

Switch Out The Air Filters

Even though it’s a little thing, changing out your filters can increase your savings exponentially. A blocked return from a filter can cause your system to work much harder than usual as well as not provide the temperature that you desire inside the home. Do the math, save more by spending a little to change your filter more often.

Lower The Water Temperature

By lowering your water temperature, you’re saving money on trying to heat the cooler water. Using your sink, dishwasher, washing machine and shower on such a regular basis means your home is working hard to continuously re-heat that water to a high temperature. 

Cover Drafty Windows

The Department of Energy states, “Use a heavy-duty, clear plastic sheet on a frame or tape clear plastic film to the inside of your window frames during the cold months. Make sure the plastic is sealed tightly to the frame to help reduce infiltration. Install tight-fitting, insulating drapes or shades on windows that feel drafty after weatherizing.” By covering these big holes in your house that let cooler air in, you’ll be keeping the heat in and costs down.

Change The Temperature

When you’re not at home or asleep, lower the temperature as much as you can without being uncomfortable. Turning your thermostat back 10° to 15° for eight hours can save you around 10% a year on your heating and cooling bills!

Invest In Different Holiday Lighting

Now that the holidays are upon us, it’s important to make sure your decorations and Christmas lights aren’t draining your holiday cheer. Use light-emitting diode — or “LED” — holiday light strings to reduce the cost of decorating your home for the winter holidays.

Start saving during these cold months by implementing a few of these strategies. You can thank us later by opening a savings account with us to put in your newly saved funds.

How to Create a Family Budget

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As your family grows, so will your budget – but where do you even begin when trying to make one? With all the demands of taking care of your family, it may be hard to find time to make a budget…and stick to it. However, you’ll be ecstatic once you start seeing your hard work pay off. Take a look at how you can begin creating your family budget with these starting points.

Put Everything On The Table

You’ll want to list your income and expenses – don’t leave anything out (even that latte you buy three times a week). Make sure your income is reliable, so if you do get money from side job you do every once in a while, don’t list it, as you never know when you’ll have that cash. Some of your monthly expenses are fixed—mortgage/rent and property taxes—while others may vary, such as electricity, water and groceries. List all the fixed expenses and the amount of the expense. For your variable expenses, write the maximum amount you plan to spend in that category or the amount you expect your bill to be.

See Where The Money Disappears To

When you’re making your budget, where does all of this money go? Can you find ways to cut your expenses, such as buying groceries at a different store or carpooling to cut down on gas? Put all of your money into categories, such as utilities and discretionary spending. Your discretionary spending will account for more than you think. Movie tickets, dining out and that coffee every morning add up fast!

Pick A Goal

Know why you’re making this budget, and don’t just say, “to save more.” By having an actual, detailed goal, you’ll be more motivated to stick to the budget. Maybe you want to pay off your student loans or credit card debt, or your goal is to take a trip! No matter what, having a set goal will make the budgeting process a success.

Track Your Spending

As you begin to start working on your budget, sticking to it and adjusting as you go, it’s important to take detailed notes of your spending. It’s very easy to miss little expenses here and there, especially when you’re so busy running around after your children. By tracking your spending and getting in the habit of doing it every day, you’ll be able to narrow down your budget and make it become more realistic. There are plenty of apps out there to help you easily track your spending, instead of doing it by hand.

Become a frugal family with these top tips! They are a great way to start a simple budget and inch your way towards creating a helpful document that will aid you in saving. Place that savings into an account with us, so you can keep building up your finances!

Identity Theft Tips For This Holiday Season

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Online shopping and in-store deals will bring everyone out this holiday season. This also means that with the shoppers come criminals. Identity theft is on the rise with all the different ways information can be stolen. Timberwood Bank wanted to offer these top tips this season to help you keep your identity safe and secure.

Use Secure Sites

When you see an ‘s’ at the end of ‘http’ in the URL, that means the site has an SSL which means it’s secure. LifeLock states, “You should also be sure that emails sent to you with promotional links don’t point back toward an altered link, often with one or two letters missing or changed. This could signal a phishing scam, designed to fool you into entering personal information, like your credit card number or your email and password, which may later be used in an attempt to compromise your identity.”

Set Spending Alerts

For debit and credit cards, you can usually set a limit on the card for when it needs to alert you to ‘spending past your set limit.’ If you get an email or text alerting you to extra purchases, that can be a quick way to find out your identity was stolen.

Use Online & Mobile Banking

A lot of banks now offer online and mobile banking, so you don’t even have to wait until the next month to see your expenses. Find out ways to check your statements this holiday season more frequently online to be on the lookout for strange purchases.

Watch For Scams

There are so many scams during the holiday season – we can’t even name them all! Be very wary of fake charities, emails, links and so forth. Only give to trusted sources if you want to spread the holiday cheer and be extra cautious when reading emails and clicking links.

Keep Away From Skimmers

It’s easy to forget that even when you’re the one using the card, it’s still in danger. Skimmers tend to pop up more around the holidays, which are invisible to the untrained eye and download your credit card information to the computers of criminals. Then, criminals can steal your identity. Here’s an article on how to avoid skimmers.

Hopefully, these simple tips help you stay a little more cautious when doing your holiday shopping. Be on the lookout and extra aware this season, so you can keep your identity safe!