Monthly Archives: October 2017

Tips for Cyber-Security When it comes to Your Mobile Device

Odds are you’re probably reading this blog post on your cell phone, which you found through an app on your smartphone and then used it to get directions to Timberwood Bank. Seventy-seven percent of Americans now own a smartphone and use it on a daily basis. With so many people accessing, searching and downloading things on their cell phones, are we really using the same caution and protection we would use when it comes to our computers? Odds also are, you’re not. With a few tips, you can start better protecting your smartphone from things like data theft, malware and privacy invasion.

Needed Protection: You may be wondering what exactly needs to be protected when it comes to your smartphone. Luckily, they can be broken down into three categories.

1. Device Protection – In case your phone was ever stolen, this kind of protection would wipe all information and data from your phone, which is beneficial if you utilize mobile or online banking.

2. Data Protection – This protection was designed to keep work information from place of employment from being spread to your personal apps.

3. App-Management Security – Having login information, credit card information and other personal information within apps should be protected from falling into the wrong hands. App-management security does just that.

Trusted Apps: Not all apps are created equal. Since it’s becoming increasingly easier for third-parties to create apps this means there are more apps out there than there’s ever been. One way to help protect yourself is to only download apps from the trusted app store. You should also review existing apps’ privacy policies and settings for permissions.

Public Wi-Fi: One thing you should know is public Wi-Fi is generally not secure. Hackers can get in-between you and the Wi-Fi connection point and when you’re submitting information on your phone you’re actually sending it to the hacker. It’s recommended to protect yourself using a VPN, which encrypts your data, essentially scrambling the information.

Jailbreaking Phones: While it may seem like the cool thing to do to format your phone without the factory standards, you’re actually setting your phone for several security risks. One of those risks is Malware and loss of personal information.

We hope these tips can better protect you and your smartphone. There are several companies that can protect your mobile devices, including Norton Mobile Security and McAfee Mobile Security. If you have any questions or concerns about you protecting yourself, we encourage you to contact us. Our team would love to assist you.

 

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!

Top Five Savings Hacks

We all could stand to save a little more money. Whether it’s for an upcoming purchase, a rainy day fund or an emergency fund, saving money is a skill that benefits you throughout your life. It’s not easy to save, but Timberwood Bank has some hacks that you can implement right away to start developing better habits.

Set a Budget

In order to know how much you can save, you need to know exactly how much you’re spending. Sit down and develop a monthly budget to track your necessary expenses versus your monthly income. Any remaining income can be put right into your savings account.

Give Yourself a Goal

It’s easier to put money away when you know what you’re saving for. Whether you’re saving for a vacation, a car or a down payment for a house, you’ll find more success with your saving efforts if you set a monthly goal.

Learn to Say No

Saving money means cutting back on unnecessary expenses so you can limit your spending. That means saying no to going out for dinner with friends, skipping that trip to the movies and spending more time at home where you can save money.

Stick to Cash

Instead of using your debit card to make every purchase, take out cash at the beginning of each week or pay period within your budgeted amount. Once you’ve gotten the cash, leave your debit card at home. You’ll be surprised how much more careful you are as you think about whether you really need to spend the cash.

Use Technology To Your Advantage

It’s easier now to save than ever before thanks to technological advances. Keep track of your account balances using Timberwood Bank’s online banking, or download a budgeting app to your smartphone to keep yourself honest as you save.

If you don’t have good saving habits right now, don’t worry. Everyone has to start somewhere and it’s never too late to start saving. If you want more help with managing your finances more effectively, please contact Timberwood Bank and our staff will be happy to help!