Monthly Archives: November 2019

4 Ways to Make Adulting Less Difficult Financially

adulting

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

energy-saving

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

family-budget

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

identity-theft

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!