Monthly Archives: March 2018

4 Standard Safety Tips for Social Networking

“Technology and social media have brought power back to the people,” Mark McKinnon. Whether or not you fully agree with this statement, social media has become universal to all ages on multiple platforms. It’s not only the pre-teens who are at risk of becoming victimized by hackers, as even corporations are finding themselves in costly predicaments. Because of this, Timberwood Bank has gathered basic standards that everyone should adopt into their social media safety.

  1. The Big No-No’s

With much of social media, the purpose is to share the highlights of your life with others. However, there are certain facets of your identity that you should never, under any circumstances, share. You may not even know you are outright sharing this information, as it can manifest in basic profile information or slight comments on a friends post. It may seem obvious, but never share your:

-Social Security Number

-Birthdate

-Passwords

-Home Address

-Cell Phone Number

-The State Where You Were Born

  1. Review Your Privacy Settings Frequently

Social Networking sites can change their privacy options, so it is good to check in to ensure that you are only sharing the information you want shared. There are multiple ways to manage who sees what posts and even who your other friends are. While you are reviewing these settings, be sure to change your passwords to ward off hackers seeking access to your most privileged information. A great option would be to have your password in sentence form. It’s been recommended to have a positive sentence that’s easy to remember like, “I love my puppies!”

  1. Only “Friend” Those You Know

Although there is a social praise towards those who have a lot of followers, or friends, it is a better standard practice to ensure you are only allowing those you know into your web life. Keep in mind that if you’re posting about your friends, others who you have friended are seeing it, too. It isn’t only your identity that is at risk, so friend responsibly.

  1. Avoid Oversharing

We all have that one friend that shares EVERYTHING on social media, even down to the smallest detail like what flavor of coffee creamer they had this morning. We don’t want to be this person, but we may be doing similar dangerous behaviors without even thinking.

For example, if you are going on a great vacation, wait to share those photos until you are home. The last thing you want to be doing is advertising that your home is empty for the week. Even miniscule details here and there can be pieced together by predators for a large picture of your life. Review your professional sites like LinkedIn, and be sure you are not sharing your entire work history. This data can be gathered by hackers to fill out applications for things on your behalf.

Don’t make yourself an easy target! Stick to these standards to provide yourself with a digital wall of protection.

 

Four Emotions That Are Interfering With Your Finances

Who doesn’t want a healthy financial life? Yet, the number of people who actually have one is decreasing. Americans’ total credit card debt grew by 8 percent in 2017, with an overall 12.96 trillion in debt. While there are many underlying factors, one component that can be limited in your budget is emotions. You may feel helpless when it comes to taking control of your finances, but one of the biggest hindrances is your emotional state. The good news is, where you are at doesn’t have to be where you stay!

Keep your finances in check by thinking through these emotions when it comes to financial decisions.

  1. Sadness

Most likely you have heard the phrase, “You can’t buy happiness.” Even though many might know this, they have purchase habits that speak otherwise. Negative emotions like sadness have twice the intensity of positive emotions. This creates a feeling of a need or weakness to be remedied. For many, this is impulse purchases such as new shoes or ordering takeout after a bad day of work. The next time you’re down, remind yourself of your goals that will inevitably make you happier in the long run. Maybe even make a list of what you are grateful for, instead of being down about circumstances beyond your control.

  1. Anger

Similar to sadness, acting on anger can have damaging consequences. You may even having a feeling of hatred towards money because you think it is the source of all your problems. Feeling like you are constantly struggling with your finances is frustrating, and can cause you to think there is no point in making wise decisions, so why not buy yourself that new TV? You’re angry and begin taking bigger risks than you should. Take a deep breath and remember that being consistent is key to success. Emotions are anything but steady.

  1. Fear

Have you ever been told that your money defines you? We are here to tell you that you define your money. Maybe you are out of debt, but are paralyzed from making investment decisions because you fear falling back into old habits and feelings of guilt. Perhaps you worry about being accepted in society, so you break your budget to buy the latest name brand sunglasses.

  1. Happiness

You’re happy, and that’s fantastic! Even so, emotions and finances don’t mix. If you let happiness rule your spending, you may lose sight of reality, becoming overconfident with the number in your bank account.

Letting emotions creep into your finances will slow you down in getting to your goals. Meet with a trusted financial advisor at Timberwood Bank to help you make calculated decisions and create a monthly budget so you can set yourself on a path for success.

What Sports Can Teach Your Kids About Finances

As a parent, you want to do your best to give your children a great childhood and prepare them to be successful, contributing members of society. One of the ways that many parents are doing this is by encouraging youth sports. They realize that there are great lessons learned from athletics like how to be a part of a team and physical health. It’s also a good way to get kids away from the screens! By the same token, you may not realize that sports, particularly pay to play, have additional benefits of teaching your children about money, if handled correctly.

Spending on youth sports has grown incredibly high. So high, in fact, that it has prevented many kids from being able to participate at all. It’s estimated that, spending has grown up to 10.5 percent of gross income.  While we certainly don’t recommend you sacrifice your retirement for your children to play, developing a spending plan within your budget, and including your children in the process will help them to understand that this does come at a cost. Yet, spending too much may have the reverse effect, putting extreme pressure on youth to perform worthy of the costs. It’s important to set boundaries, and stick to one or two sports. The more you involve kids in your finances, the more comfortable they will be with money in their adult life.

Earn

Most schools don’t teach financial literacy to minors, and even if they do, the national average of financial literacy is still at 59.6 percent. Instead of throwing money at the costs, have your children earn the money for participation or athletic gear. They could complete additional chores around the house, mow neighborhood lawns, or even help with training others younger than them. At any age, this is setting them up for the simple realization that things cost money, a concept muffled for many younger children.

Save

Encourage your children to save at least 15 percent of what they earn for next season, or incidentals. No matter what they are working for, it is incredibly important to teach them the habit of saving a portion of their earnings. This provides opportunities for them to understand spending on what you want now vs. what you may need in the future.

Give

Whether in time or their finances, helping your child understand that not every youth has the means to participate in pay to play sports, will be relatable to them in various ways later in life. If they would like to give a small percentage towards helping others pay for gear or participation it would be a relatable opportunity for them to understand how much meaning there is in giving. They could even give of their time to help mentor others refine their skills.

In whatever way you want to teach your children about finances, getting the conversation started is the most important step for them being comfortable and competent with money!

 

 

Landscaping: 5 Tips to Increase Your Home’s Value

Home improvement projects can be overwhelming and who wants to spend their free time camped out inside covered in sawdust on a beautiful spring day? Whether you want to put your home on the market now or in the future, here are a few simple tips to get you outdoors while increasing the resale value on your house!

 

  1. Have a Strategy in Mind

Before taking a shovel to your whole yard, have a strategy in place for the design you want. You could even hire a professional landscaper to come up with a design for you. You don’t typically have to hire them to complete the design, but do it yourself. Think about what goes with the design of your home, what plants might need the most time to grow and how to stay on budget. Some of your ideas might take some time to accomplish, so break up what you want to get done within different spurts.

 

  1. Keep it Green

Planting trees is not only great for the planet, but will appreciate with time as well as cut down on energy costs from the shade they provide. They make your home more attractive to visitors and potential buyers. Did you know that one study even shows that neighborhoods with a lot of vegetation report less crime? That sounds like a win-win to us!

 

  1. Think Low Maintenance

While you may want to go all out in landscaping your home, less is more. Unless a potential buyer is a master-gardener, a majority of people will translate a yard with extreme detail as more work. Focus on simplicity and utility to attract a wide range of spectators.

 

  1. Front Side Curb Appeal

Some experts say to spend 10 percent of the value of your home into landscaping. However, this might not guarantee a 15 percent increase in resale value as suggested, nor be in your budget. There is such thing as curb appeal for a reason, and we recommend starting with the first side of the home that people see. It doesn’t even necessarily have to be with vegetation. Paint your front door or upgrade the numbers on your home. These are easy updates that will draw your visitors in.

 

  1. Consider All Seasons

When deciding on plants, try to have an array of species that will make your home stand out all year long. From tulips in the spring, to chokeberry bushes in the winter, having an assortment will make it easier to draw potential buyers in all year long-whenever you decide it’s time put the house on the market. Try opting for plants that are drought-friendly, so you are not having to worry about daily watering.

When the time comes and you are ready to move onto your next home, Timberwood Bank will be right beside you.