Tag Archives: financial fraud

Using the Holidays to Teach Your Kids About Money

When fall hits, that means that the holidays are approaching. During these special occasions, kids are exposed to a different setting where they get gifts, large meals, cards, and more. That’s why Timberwood Bank believes that this time of the year is a great opportunity to teach your children about money. Below are a few ideas on how to incorporate your children into the holiday financial mix!

Identify the costs of the holiday season.
Gifts are a big cost, and children never realize how much it adds up. By putting a monetary limit on the gifts each child and family member gets, your kids we be able to see the value of each gift. Wrapping paper and gift bags are also a cost you need to identify to your child along with the supplies needed such as tape and tissue paper. Cards and letters to family members can add up too, especially if you’re using postage. By allowing your child to understand that the cards they receive and send actually cost money, they will appreciate them more and try to find a way to save, possibly by making their own. Finally, the meals made for each holiday add up quite a bit, so this is another helpful way to teach your child about finances.

Limit gift giving outside of immediate family with homemade gifts.
This is another way you can cut costs if you have people outside of your immediate family you’d like to give gifts to. Ideas for these easy and efficient gifts include:
• Cookies
• Cake in a mug or other mug mixes
• Spice rubs
• Trail mixes
• Brownies
• Tea & hot chocolate

The ingredients for these gifts can all be bought in bulk, making them inexpensive options.

Take your children shopping with you.
When you bring your child with you shopping, tell them what the budget is. Then, let them look for items that are on sale or have special deals.

Use your receipts to create a tally of your expenses.
Not only does this help you keep track of what you’ve spent, but it also shows your kids how small costs can add up over time.

Teaching your children the value of money will help them grow to be financially responsible. So when you go to get groceries for a holiday dinner or gifts for a family member, have your child be involved in the process. You can also set up a savings account with Timberwood Bank to teach your kids the value of saving!

Keeping Seniors Safe

Senior citizens are often made victim to these forms of financial fraud.

Senior citizens are often made victim to these forms of financial fraud.

We’ve all heard the stories about senior citizens being scammed, and we would never want it to happen to our own loved ones. But, why senior citizens? What makes them more vulnerable?

The Federal Bureau of Investigation offers a few reasons why. Some of them include:

  • Their manners. Back in the 30’s, 40’s and 50’s, you just didn’t hang up on someone. It was very rude. People who grew up in these decades have a hard time disconnecting a call, even when it is a stranger trying to entice them into a financial decision
  • They’ve had a long time to save up their money and build a nest egg. This means they’re all the more attractive to con artists, who target them specifically.
  • Older Americans often don’t report fraud because they are either ashamed or else they don’t know who they can turn to.
  • It’s harder for them to act as a witness. Sometimes age brings a decline in memory. It will often be weeks and months after the senior’s last contact with the con artist before they realize what happened. By then, some of their memory will be less sharp, which can be difficult when they’re trying to give a statement to law enforcement.
  • New medical breakthroughs happen every day, and scamsters prey upon this fact when talking to seniors. They promise a medical cure to any number of ailments– often playing the part of the modern-day snake oil salesman. But, because there is so much scientific progress with medicine, it’s a little bit easier for the senior to believe and thus be taken in.

If you or a loved one have been swindled by a con artist, take action now. Stop all payments going out of your bank accounts, and contact law enforcement. You can find out more about the right steps to take and common types of scams targeted at seniors using the FBI’s Common Fraud Schemes section of their website.

 

Timberwood Bank, Member FDIC and Equal Housing Lender