Monthly Archives: April 2019

Online Safety Tips for Older Adults: Myths & Facts You Must Know

online

Anyone can fall prey to a scam or a cyberattack online. Many older adults have adapted well to the digital world, but they can still fall victim to cybercrime. Today, we will take on common conceptions and misconceptions about online safety. Jump on board as we confront the biggest issues threatening safety online.

Sharing personal information online is never safe.

MYTH

While we should always be suspicious of potential scams, there are times when it is appropriate to share personal information online. For example, a person may need to enter personal information on their banking site in order to login to mobile banking. Typically, once a mobile account is established, they will only need their login information moving forward.

Getting spam in your email is dangerous.

MYTH

It’s not receiving the junk mail or spam that is dangerous, it’s interacting or clicking on the hazardous emails. Junk emails can come from legitimate sources like from a company you have bought a product from online. They may have put you on a mailing list, but there is usually a link at the bottom of their email to “unsubscribe.” Unfortunately, if it is a true spam email, this won’t be an option and you will want to make sure to not interact with the post. You should be sure your email account has the spam filter to ward off potential attacks. It may sound like it’s coming from a legitimate person, but it is best to make a rule to not respond to unsolicited emails.

Don’t send money.

TRUE

Never send money online to someone you don’t know and that isn’t first solicited by you. Suspicion should always be held when anyone is asking for money from you, regardless of their explanatory need for it. This can often happen in the form of a scam from online dating, threatening you in some way or begging for money for a family emergency. If you don’t know what to do, ask a trusted source if you find yourself tempted to send money. However, it is best to never give into requests for money.

Passwords are a first line of defense for cybersecurity.

TRUE

Passwords are a powerful form of protection. A strong password will be a mix of characters and numbers. Too often, many older adults do not password protect their physical devices. This puts them at great risk of not only having their device stolen, but also puts the personal information on their device in the hands of a criminal. Simply be sure to have a password on everything possible that you can and change the password twice a year.

We hope these tips can help you and your loved ones stay safe online. Stay safe and secure with our Online & Mobile Banking services!

7 House Buying Tips to Save Money

house

It’s finally house hunting season and you could not be more excited to get the ball rolling on your big purchase! Before you hit the road or the search bar, take these 7 tips into consideration.

1. Know Your Limits

Before signing the papers or falling in love with the first home you see be realistic about what is in your budget. We recommend spending no more than 25 percent of your monthly income on the mortgage. When you know what this number is, be sure to stick with homes in that price range. Don’t even go into homes that are going to be proportionately out of that limit, or you may kick yourself later as you feel straddled with a home you can’t afford.

2. Be Realistic About Fixer Uppers

While they are fun to watch on TV, if you don’t have the skillset to actually fix homes, a house that needs a lot of TLC is likely not for you. Many see a low price on a home and jump on it, thinking the work needed will be minimal and easy. When it comes to home improvement, no fix is simple and this is even more true if you are a newbie to the renovation game. Often people do not realize the time commitment and additional cost that come with dramatic improvements.

3. Provide a Strong Down Payment

The more you are able to give for a down payment, the greater equity you will already have in the home in addition to a lower monthly payment. This will save you money on interest in the long run.

4. De-clutter the Current Space

It’s time to spring clean your “extras.” We all have things sitting around our home that go untouched and unneeded. Start selling these items at a local thrift store or posting them for sale online. This will help to make your move easier and be a helpful way to start saving for the down payment!

5. Take Your Time When Shopping

Don’t let the desire to get out of your current living space cloud the judgement of the purchase. Take your time studying each home and realize that this is one of the most important big purchases you will make in your lifetime. It needs to be a thoughtful, decisive purchase.

6. Eliminate Other Debts

Get a great deal on the mortgage by making sure your credit score is in tip-top shape. A large purchase with a loan or credit card right before you buy a home will certainly have an impact on your mortgage rate. Boost your credit score by paying down the debt you have and stay away from any other purchases until after the home is in your possession.

7. Conduct a Personal Roof to Basement Inspection

Know the property backwards and forwards before signing the dotted line. This means hiring a trusted inspector and having a contractor come to confirm the findings. After this, there is still a final step. You need to conduct a thorough inspection to ensure that you know exactly what you are in for. This is a great checks and balances system to confirm that you are getting a fair deal that won’t end up costing you thousands in repairs later.

Be smart with your finances and don’t spend all your money on a “dream home.” We’re here to help you know how much house you can afford, while offering mortgage solutions to fit your needs.

8 Energy-Saving Tips for Spring

energy-saving

It was a cold winter and it isn’t quite the scorching days of summer. It’s a beloved time of year for many. But did you realize that you may be spending more than necessary on energy bills this season? Here are eight tried and true ways to save this spring!

1. Say Hello to Your Adoring Fans

Ceiling fans are the coolest way to get your home to a comfortable temperature. If you have fans that are energy efficient, they can potentially cut your costs by as much as 60 percent! Did you know that you should be changing the direction of your ceiling fan for the warm and cold months? Here’s a short how-to video.

2. Hello Sunshine

Get the windows open! Not only is it a great mood booster, but it can provide significant savings. Lighting costs can add up quickly, so take advantage of the natural light right outside of your window. Thankfully, the days are getting longer so you will be able to do this later and later into the evening as the season progresses.

3. A Grill is Swell

Who doesn’t love freshly grilled food? Even the smell of your neighbor grilling can get your mouth watering! A great additional perk of grilling is the cost it can save of having the oven or stove top on. If you’re cooking a meal in the kitchen, it can quickly heat up the whole house, thereby causing the air conditioning to run even more.

4. Seal the Deal

Do you remember the draft you felt coming from the window this year? It’s time to get that sealed. One-third of your energy costs may be going right towards paying for those leaks as cool air escapes in the spring and summer.

5. Suck It Up

In addition to spring cleaning the house, grab the vacuum and get behind your fridge. You may want some assistance to move it out from the wall. If you see that the back is starting to collect dust and debris, getting it cleaned off will help it to run more efficiently.

6. Filters: Forget Me Not

If you haven’t been regularly replacing your air filters, it’s time to do so. This will help it to run efficiently while providing clean air to your lungs.

7. Treat Your Windows Nicely

Window treatments can do wonders to cut costs on the electric bill in all seasons. You can get blinds or curtains. We would recommend thick light-blocking curtains that do a great job of keeping the temperature to your preference on the really warm days.

8. Shorten Spring Showers

Leave the long showers to mother nature. Your water bill can add up quickly, so start challenging yourself to no more than a five-minute shower. One way to make sure you stick to this time is by setting an alarm and placing it in the far corner of the bathroom opposite the shower. Nobody wants to hear that loud beeping while taking a shower!

When you start saving on your energy bills, open a savings account with us today so you can safely store that cash!

Budgeting Basics: How to Save on Inconsistent Income

budgeting

While budgeting for a fluctuating income can be difficult, Timberwood Bank is here to help offer a few strategies to lessen the madness. Finding a process to help soften the blow of the months where revenue drops is a perfect solution. Check out the following rules you should follow when living on an inconsistent income.

Know Your Baseline

Always having an idea of your lowest point for income will help you prepare for the months where fewer dollars come through the door. You’ll also need to know your bare-bones budget, as in how much money do you need that month to make it through – like groceries, utilities, rent, childcare and so on. By knowing the minimum amount of money you need, you’ll be able to compare that to the minimum amount of money you’d potentially make that month. This will help you know what costs to cut, so you can break even!

Build Your Rainy Day Fund

Your emergency fund is there for times like this. If your income is fluctuating, you will need to prepare for the unexpected. The general rule of thumb for your rainy day fund is to accumulate three to six months of living expenses. Work on building up to the six months, and then add a little more for a buffer, in case your income is lower for a longer period of time than expected. This will save you from having to dip into a savings account if a large expense comes your way.

Give Yourself A Grace Period

It takes time to get into the budgeting rhythm, so don’t give up the first month if you don’t hit your goals. Keep your eyes on the prize and learn from your budgeting mistakes. If your income is unpredictable, it doesn’t mean your budget has to be. Utilize apps on your phone or make an old school spreadsheet – whatever works best for you! These tools will help you keep track of expenses, so you can stay on target as the months pass.

Spend Based Off Your Lowest Paycheck

When your income fluctuates from paycheck to paycheck, depending on how many sources of income you have, try basing your budget on your lowest paycheck. This will help you learn to keep your expenses low, while offering extra cash to pay off debt or add to your emergency fund.

We hope these budgeting basics help you continue to save and stay financially sturdy with an income that rises and falls. If you’re looking for a safe place to keep your savings, we have a savings account option for you! Timberwood Bank also offers different solutions to grow your money, so feel free to discover more about the benefits of banking with us.