Author Archives: TimberwoodBanks Blogger

Closing the Door on Cybercrime: What Business Owners Should Know

If you’re a small business owner, you’re likely a dreamer and a doer. The dreamer side of you hopes that your business will never be infiltrated and the doer side of you is reading this blog, ready to take an active defense on cybercrime. You will need both of these great qualities in order to seal your doors from those who want to take from your business and keep them wide open for customers. Here’s how:

Train Employees

While you may know your employees well or at least trust them to do their due diligence in security, mistakes can happen if employees aren’t properly trained in cybersecurity. This should be a part of their onboarding process on day one, as well as implementing required training throughout the course of their employment. They should understand how to use all of the company security procedures in addition to understanding the crucial importance of those procedures. Some of which may be:

Allowable Internet Usage
Remote Access Security Measures
Restricted Use Of Removable Media (USB or CDs)

Backup All Data

Imagine if you went to log into your business systems tomorrow and all of your data was either wiped or being held for ransom by a cybercriminal. We hope that you would not have to panic because you routinely back up your data. It can cost hundreds of dollars a minute to have your systems down. You can either backup data on the cloud or on a physical device capable of handling the information. For some businesses, it’s not only their own data at risk, but those of clients. Keep your reputation and client trust strong.

It’s Time for Another Password

We know, we know. It seems about everything needs a unique password these days and it can be difficult to keep up. However, it is this way because it works. Be sure that all your staff changes their passwords at least every three months.

Don’t Forget to Update

Just as it is important to backup data, it is just as important to continually update your systems. If there are gaps in updates, it leaves room for cybercriminals to enter. This is called “patching” in the tech world. Keep your software like a tight, impregnable wall by ensuring all of the necessary updates are made whenever possible. This can be done by automating updates, so you don’t let it slip by!

Keep your business safe by utilizing our safe and secure banking products. We’re happy to help you find safe ways to grow your funds.

6 Ways to Travel Like a Minimalist and Save Money

If you’ve been putting off travel because you think it’s too expensive, think again! The new minimalism trend is taking off – more than the tiny houses you’ve seen. They are proving to be a helpful mindset and strategy for travelers. Here’s the inside scoop of how to cut costs on your next trip.

Plan, Plan, Plan

One undervalued trait that minimalists have is the ability to plan ahead. As enticing as a spur of the moment trip may be, that can often lead to even more unexpected expenses. When we say plan, we mean plan and then plan some more. Be on the lookout for the greatest deals and the best time of the year to travel, even down to what day you purchase flight tickets.

Pack Light

A hallmark of a true minimalist and saver is less is more (money). Aim to have only one carry-on bag, even if your trip is going to be a few weeks. You will be able to go to a laundromat or clean your clothes at your lodging. This can save you hundreds of dollars. Many times, we often don’t wear or use half of the items we bring with us on vacations. Choose comfortable and climate-appropriate clothes. If you are crunched for space, consider this technique for maximum space.

Utilize Public Transit

Instead of renting a car, take advantage of the local bus or rail system on your trip. If you are looking to travel in Europe, this is especially easy to do! The trains are reasonable and can get you practically anywhere. Not only is this an economical choice, but it is an even better way to really get to know the area you’re visiting.

Go Natural

This ties into traveling light, but if there is any time to really let go, it’s on vacation! Leave all of those hair products and perfumes behind. Just enjoy the experience of a minimalist traveler. Now you can spend more time having fun!

Rethink Traditional

When you think of travel accommodations, the hotel may be the first thing to come to mind. Although hotels have their perks, it may be less expensive to find an alternative option. Hostels and personal rent-a-room services are easily an affordable option. Leave what you thought cheap lodging was behind – people are really vamping up their spaces to have a more personable hotel-feel.

Sweet Memories Over Souvenirs

Go with excitement and leave with only memories and photos. Often times, souvenirs are trinkets left on a shelf for years before finally disposed of. How much nicer would it be to have a hundred pictures and memories to hold onto? This will also save you space on your trip back! Remember, we are thinking minimalism here, so it’s important to stress the value of experiences over things.

When you’re traveling this season, allow us to help you keep your money safe in order to save up for your big trips to come!

4 Ways to Spring Clean Your Finances

As you begin to write your to-do list of cleaning your home this spring, it’s time to add another section to your list: finances. You wouldn’t believe how helpful it is to do a deep cleaning of your finances every spring. It can contribute to increased feelings of determination and confidence in all areas of your life. Here are the 4 best cleaning moves to add to your list!

Review Your Debt

Unfortunately, too many people try to turn away from realizing their total amount of debt. If you have gotten into a bad habit of spending more money than you can you can truly afford, it’s time to come to terms with the reality of what you owe. Going through the numbers of credit card and student loan debt can be a shock. However, it’s important to know your numbers so that you know what you have to work with. You can’t conquer your debt if you never face it!

Dust Off Your Budget

It’s normal to drift away from your budget. This may mean your budget just wasn’t working for you. Review what your original budget contained and think about what worked and how you can improve upon it now. Can you do better with your savings? A great trick that can help is to automate your savings. Decide on a percentage and have that taken portion automatically transferred to your savings account.

Go Green

This one can hit two birds with one stone. Are you still saving your paper bank statements? Clean out your home by shredding these important documents and set up an online banking account. Another option would be to simply make copies of your papers and upload them to a cloud drive. You should save your tax documents for no more than seven years. Most everything you’ve received by paper you can get with an online banking account. This will keep your information secure and your house clean.

Spot Check Your Credit

Your credit score can be checked without penalty one time from each of the three credit reporting agencies for free. This is important to not only know what you owe but to go through the report with a fine-tooth comb. Mistakes can happen on your credit report and why let that hold you back financially when all it would take is a quick check?

With these simple cleaning tips, you can go into this spring feeling refreshed and responsible. Spring clean your finances by seeing what products we can offer to help!

4 Ways to Save On Big Purchases

Are you known to be “tight” with your money? Do your friends and family ever make jokes about your thrifty ways? Consider this a compliment! But what do you do when it comes time to replace a big ticket item or something beyond your spending limit catches your eye? You save! Here are some great ways to save on big purchases!

1. Know The Actual Costs

Have you ever made a large purchase, only to find out that you also need to spend extra money on accessories, hidden fees and installation costs? Before you can plan out your savings, be sure to do all of your research. For example, if you would like to buy a large TV, be sure you calculate the cost of the cords, additional streaming services or media players you want to use. All of this should be factored into your budget before you swipe the plastic.

2. Know Your Deadline

When would you like for this item to be yours? Maybe you’re saving for a refrigerator, as your current one is going bad. Do you have an estimate of how long it will last? Make your deadline a little earlier than this so you’re prepared. Divide how many weeks until the deadline by the total cost of the item. Does this amount seem doable? If not, see if there are any other areas in your budget you can carve out in the short term to make this happen.

3. Know Your Expenses

Cars breakdown and life happens. Before you spend money on that big-ticket item, be sure to have an emergency savings account in place. If you don’t have a budget, start one. Be sure that all of your basic needs are well covered before buying.

4. Know Your Worth

If you want to speed the process along, know your worth. What we mean, is that you can look into making some extra money on the side by selling your skills! If you’re a talented writer, look into freelance work. If you have a knack for fixing cars, sell your services. These are simple and don’t have to be time-consuming money earners. Get paid well for your hobby work!

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

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

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

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

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

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.

Top 10 Internet Safety Rules

The key to fighting cybercrime is knowledge and preparedness. Be sure you and your loved ones are following these top ten safety rules when surfing the web.

1. Don’t get click happy.

If you’ve heard the phrase, “Think before you click,” you won’t underestimate the importance of this safety rule. Our internet lives are saturated with opportunities to click on thousands of links, taking us to thousands of places. The trouble with this is that there are some links that are created with the intent to do harm. So when you open your email or see an opportunity to download a link, think about the legitimacy of the source before doing so.

2. Let’s get updates.

Making sure your devices have all of the suggested updates is pivotal to hacking prevention. Most updates involve some sort of patching that fixes potential weaknesses in your system’s cyber defense. Saving updates for later can end up costing you more time and worry.

3. Keep your personal information on the down low.

It’s common for many to overshare information on the internet, especially social media. But be aware that the information particularly valuable to cybercriminals are facts like your birth date, address and full name.

4. Public Wi-Fi is a risk.

As much as we enjoy an afternoon at a coffee shop utilizing free Wi-Fi, it is a fairly hackable way for criminals to creep into your device. You would be better off investing in a VPN to take with you instead. Here’s what you should know about buying your first VPN.

5. Know the meaning of TMI.

Too much information or TMI is not your friend when it comes to internet safety. Especially for children, it’s important to never post when you will be gone from your home on vacation or if you are home alone.

6. Stay informed on the latest scams.

Stay ahead of the cybercrime game by educating yourself on the potential risks and current threats to cybersecurity. A great resource is our blog and the FBI’s official cyber safety website.

7. Keep your password game strong and fresh.

The first line of defense you have is your password. As frustrating as it may seem to come up with a unique password with characters, numbers and capitalized letters, it can be the determining factor as to whether a criminal will get access or not. Keep it unique, memorable to you and change all of your passwords twice a year.

8. Be overly cautious with your money.

Scammers are seeking one main thing and that is to steal your money. Don’t give them an opportunity to do so and if anyone seeks you out to retrieve money, say no. They try to get any of your financial account information through text, emails or links. Be sure that you are the one seeking out how to pay and make sure it is from a trusted source like Timberwood Bank.

9. Don’t open an email from an unknown source.

Because of rule #8, you want to be sure that you are not opening emails from sources you don’t know. One of the reasons for this is that they could have a harmful link that takes over your computer. Always be suspicious of unknown sources and be sure your email has a spam filter.

10. Exercise caution and judgement at all times.

You have to take responsibility when it comes to your online safety. Reading this blog is a great start! Whenever you are online, think critically about what you post and how you interact with all online information.

Stay safe online with these great tips! Then, sign up for our Online and Mobile Banking services to keep your funds secure.

How to Boost Your Curb Appeal On a Budget

There’s always that house in town that makes you stare a little longer. It’s either landscaped so beautifully that you can’t help but take in their attention to detail or it’s so terribly neglected with tacky lawn ornaments you can’t help but gawk. We hope that you are the former but if you are looking to spruce up your curb appeal while sticking to a reasonable budget, here’s what you can do.

Power Wash Like You Mean It

You may be surprised just how dirty the exterior of your home is until you hit it with a power washer. Check to see if the material on the exterior of your home is safe for the intensity of a power washer. It can clean the mildew, mold and dirt off of brick and siding. It can even dramatically brighten up your driveway and sidewalk.

Paint the Front Door

Make your house pop by painting the front door a bright color. Usually, many people seem to like painting theirs red, blue or black. However, it can of course be whatever color you like! Paint for a door won’t put a dent in your pocketbook and can help your home to stand out in a classic way.

Clean Your Gutters

If the outside of your home is not well-maintained, it may impact future resale. If potential buyers see that you aren’t conducting routine household maintenance, it might make them wonder what you are neglecting on the inside of your home. Having clean gutters keeps your house looking fresh!

A Touch of Nature

Hiring a professional landscape architect may be outside of your budget right now, but adding some greenery to your home can really make it come alive. Consider adding two potted plants to your entryway or building your own flower boxes for the front exterior windows. This attention to detail and color will be sure to get noticed.

Welcome to Our Home

First impressions are everything, so be sure your front walkway and door say, “Welcome to our home.” This can be done by purchasing a welcome mat, adding cozy lighting and some colorful flowers to the front porch. These are all minimal expenses that make all the difference!

We believe you can make your home shine, without breaking the bank. Contact us today if you’re looking for a place to grow your money.

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