Author Archives: TimberwoodBanks Blogger

Cyber Security for College Students

So you think you’re all set for your first day of classes. Backpack, books, iPad and smartphone in hand – you think you have everything you need for success this semester. However, learning proper cybersecurity habits are just as important to your college success as the friends you make or the assignments you accomplish.

You’re well acquainted with technology and internet scams, and think you are far off from being duped or scammed online. However, technology is ever changing which means the tactics hackers use to access your personal information can be even sneakier. In 2014, there were 13,500 burglaries reported in on campus crimes across the US. Here are some basic tips to keep in mind while on campus or use as a refresher, you smarty pants!

Keep Your Friends Close and Your Devices Closer

You’re constantly sharing a workspace with your peers. From the dorm room to the library, your devices are always accessible to others. Never leave your devices unattended. Always have a passlock on each screen, and make sure no one is lurking over you when you enter the pin. Look into purchasing a laptop lock to secure the physical safety of your device.

The Value of a Number

If you’re like most college students, you’re eating ramen and shopping at the nearest thrift store. This might be why you haven’t been worried about cyber security in the past. You can barely afford proper nutrition, so you don’t have anything worth stealing. WRONG. Your social security number is incredibly valuable to a hacker who can sell it on the dark web. They can use this to open various credit accounts in your name or hold other precious online information like family photos hostage until you pay their ransom.

Back, Back, Back it Up

We know you have a million other things on your plate right now, but be sure you are backing up your data on a secure cloud system or an external hard drive. Consistently setting a time to backup all of your important documents will help protect you against ransomware and file corruptions.

PDA: Public Displays of Access

Who doesn’t like free stuff? One of the perks of college is that you are probably going to have a lot of freebies thrown at you. This means free WiFi that you can gulp down without having to dry out your data usage while catching up with friends back home. However, even your dorm WiFi can be infiltrated by hackers who access the network’s router, create fake login pages to steal your information or take data from your device. You can protect yourself by not using public WiFi, or purchasing a VPN.

Shhh, Mums the Word

Although it might be easy and sweet to use fido in your password, make sure to keep your password on each account different and complex. You don’t want to allow a hacker to open Pandora’s box after they figure out your one password. Keep your password private and unique. We recommend incorporating special characters, acronyms or even sentences at random.

We hope that these tips will be helpful in keeping your identity safe in your college adventure!

The Lessons of a Lemonade Stand – Teaching Your Children the Fun Way

Warm, sunny weather calls for a glass of ice cold lemonade. Now that the kids are out of school and looking for activities to entertain them, now is the perfect chance to teach them a little about finances. Here are a few quick tips to help teach your children how to be fiscally responsible.

Have them buy the materials.

When deciding to have a lemonade stand, it is important that your children know the value of money. By having them calculate the cost of the lemonade, sugar, cups, sign, sunscreen and pitcher, they will begin to understand the importance of the dollar. You may help them out with costs if they haven’t begun to save from chores, but teach them with our next tip that money isn’t just handed to them.

They can ask you to lend or invest.

If your child is looking for a little cash to start up their business, feel free to teach them about lending and investing. Show that mommy or daddy can lend you $10.00 for ingredients. When you make $20.00, you owe them $10.00 and get to keep the rest – no matter how much you make! Mommy could also invest in your stand with $10.00. If you make $30.00, Mommy gets half and makes a $5.00 profit. However, if you make $16.00, then mommy gets $8.00 and loses money.

Show them how to take inventory.

Teach your child how to track their items and what each ingredient costs. They will be able to see how much each cup of lemonade costs and the profit they make from selling. They can learn about accounting by subtracting their total expenses from their sales to see the profit they accumulated. Remember to send an email or call the neighborhood before the launch of the stand, so your child can feel like a success. Helping them accrue a little extra business will excite them for their next business venture.

Review the sales.

Going over how well you did and what can be changed for next time is a great way to learn about business. Cover a few positives your children did well, and then hit on one or two improvements that could be made.

Let them decide where the proceeds go.

Giving your children the opportunity to choose where their money goes is a great way to allow them the feeling of independence. They can decide to give it to a children’s hospital, pet shelter or into their own savings account. If they choose to save, then you have the opportunity to segue into different approaches to saving!

A lemonade stand is a perfect way for your child to learn about money without boring them. Creating a lawn mowing business or other summer activities can also be an option if lemonade stands aren’t exciting to them. Give us a call to discuss different savings options for your children and their lemonade money!

The Brief Beginner’s Guide to Boosting Your Car’s Value

Your car is your baby, but have you really been treating it as well as you should? If you’re in the market for a new vehicle or just looking to make your automobile look its best, then you’ve come to the right place! Timberwood Bank offers wonderful ways to boost your car’s value on the inside and out.

Shine Bright

Dull headlights seem to be a recurring problem with cars. Luckily, there are many cheap products you can purchase to make those lights shine bright again. By giving your car a little love, it’ll look years newer. This means you can ask more for your fresh vehicle if you’re looking to sell.

Fancy Floors

Buying new floor mats or paying to have them cleaned can make all the difference in the world. You can also invest in the heavy duty rubber mats, so stains will be a thing of the past. Freshening up your interior will make your ride feel new and improved.

Quick Fixes

Any little issues that can be improved will help heighten your car’s value. Replace a burned out taillight, change the oil, make sure no warning lights are flashing and so on. If you’re looking to sell, this will be a big attraction to the next guy who will feel like no work will have to be done after buying. People are willing to spend more in order to start fresh with no troubles ahead.

New Shoes

Replace your car’s tires to give it the update it needs. Buyers will be willing to pay more if they know they won’t have to be buying new tires right off the bat. The buyer will often expect a significant discount ($300-$700), depending on the model, if the tires are old and worn.

Scratches and Dents

Don’t think fixing a dent or scratch won’t do you any good. Paying a little now to buff out that scratch and pop out the dent will make your car much more valuable. Just one or two dents/scratches can mean the difference of a fair payout or big bucks. A paintless dent repair specialist can usually buff out the issue for a small price, leaving your potential buyer willing to pay more since you’re saving them the headache of going to a body shop.

If you’re looking to make your current car last longer or sell it for top-dollar, use these simple strategies. Giving your baby the attention and love it deserves will help stretch its value higher. If you’re looking to buy, give us a call – we offer great auto loans to help you buy the vehicle you want!

The Expert Saver’s Financial Bucket List

Savvy savers are full of great ideas and qualities, so those who aren’t the best at keeping our finances in check are always left wondering how they do it. Thankfully, Timberwood Bank offers a bucket list with some of the expert saver’s top priorities you can strive to meet!

Pay off your credit card debt.

As the average American has $16,000 worth of credit card debt, focusing on paying off yours can be a big financial undertaking. There are different methods you can utilize such as The Snowball Method, which includes making minimum payments on all your accounts and putting what you have left towards the account with the smallest balance. The Avalanche Method involves paying off the largest amount of debt first and continuing on until everything has been paid.

Say goodbye to student loans.

Student loans can be one of the longest standing debts in many households. With the average outstanding loan balance being at $37,000, starting a routine to pay off these loans should be a top priority. By committing to a certain amount each month to pay, you’ll see your loans decrease quickly. Be sure to put extra cash towards the loans with the highest interest rates or try to refinance to a lower interest rate.

Buy a home.

Being a homeowner is a big step to take in life but well worth it. In some areas, buying a home and paying your mortgage each month can be cheaper than paying rent. Figuring out how much home you can afford and getting pre-approved are your first steps to financial success. A rule of thumb can be to take your monthly after-tax income, subtract all current debt payments and then multiply that number by 25%. This is a good indicator of how large your monthly payment can be.

Set up an emergency fund.

It’s sad to say, but bad things are bound to happen. Instead of being caught off guard when a pipe bursts or you need an emergency surgery, build an emergency fund. Having money put aside for the unexpected will help life be much more enjoyable when problems arise. Depending on your income, monthly costs and lifestyle, try to have between three and nine months worth of expenses saved in your emergency fund. See about setting up a savings account with us for items just like this!

Get a raise.

Negotiating for a raise can be tricky, but you won’t be able to move forward financially if you don’t push for what you deserve. Focus on all of the benefits you have brought to the company and changes you’ve made for the better. However, don’t expect more than a 4-5% bump, as asking for too much can be viewed as greedy.

This bucket list is what all expert savers strive for as an end goal. Put into action a few of these tips to allow yourself the monetary success you deserve! Feel free to give us a call or stop in to discuss our different savings options!

Cyberbullying: What to Know as Your Kids Start School

Cyberbullying is not fun to talk about. With school creeping up, technology and social media use will be on the rise. Talking about cyberbullying to make your child or children aware of the subject is a step in the right direction. What you may not know is that cyberbullying is any type of harassment, taunting, or threats made on different social media platforms. It is so common these days that sometimes it is unrecognizable. Kids may think the post is funny without thinking about their peer, resulting in them not even defining it as a form of bullying.

With just a click of a button, a demeaning or embarrassing message can quickly be spread to thousands of people. Here are some things you should know about cyberbullying while the school year is in play:

Websites and Apps: There are many different social media platforms out in the world today, for instance: Facebook, Twitter, Instagram, Snapchat and YouTube, where cyberbullying can reach children even in places where they feel safe. It can spread faster and further to more people and can occur any time of the day. Cyberbullying is different from bullying, as online posts can cause more confusion and emotions than in-person communication. With cyberbullying, there is no escaping online interactions. This is where you can become aware of the social media platforms your child/children are using. Have regular conversations with your child and discuss examples. Do this so they become conscious of the issue, so if they ever become victims or witness it themselves, they can either try to communicate the issue or know ways to fix it.

Cyberbullies Can Act Anonymously: People who participate in cyberbullying may use an anonymous cloak to hide behind. In other words, it may not always be clear who the person is behind the screen. This can be troubling because it ultimately encourages them to be more audacious and difficult to trace. Once again, become aware of the sites your children are using. Also, do not assume that your children will not participate in cyberbullying. As hard as it may seem, even the nicest kids can get swept up in the moment of tormenting another peer as the acts may not seem real. It’s best to be a role model, monitor your own social media and make it clear that bullying is not tolerated no matter the form.

Cyberbullying vs. Just Being Kids: When school starts, children tend to use social media more often than not. They like to use online as a way to email, chat, watch videos, send messages, play games and do homework. It is important for them to know the differences between cyberbullying and the factors of “just being a kid.” The intentions and context of their behavior are crucial when trying to decide if cyber bullying is occurring. Being mean can be accidental, but when tools are used over the internet to intentionally make someone upset, that is cyberbullying. You can help explain to your child that being online is a place to be responsible and respectful. Help them develop ways to communicate in a responsible manner.

We hope this information brings awareness to you and what your child/children might deal with throughout the school year. It is time to come to terms with the fact that no matter what you do as a parent, your child will be exposed to social media. It is your responsibility to guide and educate them on the correct way to use it.

Back to School Savings Tips

Back to school shopping can be dreadful. Trying to buy new school supplies for your kids or yourself can be crazy expensive. Luckily, these 5 saving tips might just be the key to school supply shopping success.

Do a Closet and Supply Sweep

Don’t be alarmed, but there may be school supplies lying around your house! Before rushing to the store to buy brand new school supplies, you may want to check in between your couch cushions and in desk drawers. By doing this, you may find school supplies that were bought years prior that have not been used. Finding previous school supplies that are on that list will help you save money by not having to buy brand new products. You may have most supplies already!

To avoid forgetting that you may have school supplies lying somewhere around the house, start collecting the items that you already have and put them in a central location. This will allow you to keep track of what you already have, so you don’t end up wasting time or money!

Hit up the Dollar/Thrift Store

You don’t have to buy everything here, but for items such as: loose leaf paper, staplers, erasers, pencils, rulers and clothes, you sure could get a deal. Buying such items at the Dollar Store or Thrift Store will help save you money before going straight to the major department stores. Shop at these places first for basic supplies and then go to the main stores to find the rest of what you need! This may take some planning ahead, but you can score some amazing bargains.

Use Coupons

When school starts approaching, you may want to look at your Sunday paper or online for coupons! Sites like RetailMeNot have a special section on their site for school supplies. Also, keep in mind that stores, like Walmart, offer price matching. Check ads every week, and keep an eye out for sales! Doing these things should help maximize your savings.

Start Early!

You can start early, but not too early. As soon as you see school supplies go on sale, begin shopping. If you wait too long, you might miss out on those bargain deals or the opportunity to have the best notebook and pencils! Getting a jump-start gives you time to shop around and compare deals. With shopping early, you have the option to buy in bulk. That way during the school year, you’ll have back-ups at home when it’s time to re-stock.

Hold off on buying the ‘popular’ gear

The only good thing about going back to school might be the new clothes, gear and school supplies, but that does not mean you have to spend hundreds every year. Most of the time the ‘popular items’ will be very expensive and then become not so ‘popular’ after the first month of school, so hold off on buying those and try to invest in the quality of items. You want to be able to get the best bang for your buck!

We hope these 5 tips will grant you success when shopping for school supplies! We wish you and your family the best for this school year!

What to Consider Before Adding a Furry Family Member

As we’re all obsessed with the adorable puppy pictures on Instagram and kittens in cups, it’s easy to understand why we’d want one of our own. However, whether you’re looking to teach your children about responsibility or just want a furry family member, there are a few things you should consider before making the addition.

Can you afford it?

According to the SSPCA, vaccinations, medications, litter, collars, food, check ups and grooming can add up to a bill of at least $1,000 a year. This doesn’t even include toys, a dog house, fencing for your yard and so on. Be prepared to budget out your funds, so affording a pet doesn’t overcome your finances.

Do you have the time?

Even though you’d love an animal to snuggle up with at night, you must think about the amount of time it takes to care for it. Your lunch breaks will have to be spent going home to let the dog out, you need to add time to your schedule for walks and take less vacations.

Do you have a kennel and/or dog walker on hand?

If you travel, you will have to have someone care for your pet. A kennel will be a solution for housing your pet, but this will cost you. Pricing for overnight boarding can be anywhere from $25 – $45 a night. A dog walker is also another option to take care of your pet while you’re at work, but they charge anywhere from $15 – $30 for each walk.

What breed fits you?

A large yard and house means you can easily care for a big dog, but be sure to consider your animal’s size before trying to fit a large Labrador into a 200 sq. ft. apartment. Puppies are cute and small, but they can grow to be more than you can handle. Find a docile animal to fit your child’s personality or a hyper animal if you’re looking to have a companion ready to be on the go.

How much is grooming worth?

Depending on the breed you choose, you could be looking at a hefty grooming bill. As professionals charge $50-$100 for their services, your puppy will start to add up. Taking care of your pet is important, so you can’t skimp on grooming them regularly.

Do you have an emergency fund?

Let’s face it, pets have accidents too. Whether you need an emergency surgery or have to get Sparky fixed, these costs will add up. Preparing for the unexpected will help ease the financial stress that could be caused by unexpected bills.

Getting a pet is an exciting adventure – but remember all of the financial responsibility that follows. If you’re looking to add a furry member to the family, contact us today to set up a savings account for your pet’s emergency fund!

How Much You Can Save by Camping on Your Vacation

You deserve a little vacation with your hunny and children, but what can you do that won’t break the bank? Camping is the perfect solution for families looking for frugal fun! We’re here to share a few of the different ways camping saves you cash and packs in the entertainment.

Cost Per Night

Camping costs zero to $30 a night based on if you have to pay a fee to stay at a camping ground. That number looks tiny compared to the hundreds of dollars hotels cost per night. You may have to invest in some camping gear such as a tent, but your investment will be well worth it, as these items last years. Do some research on the best places to stay, and you’ll be a happy camper.

Meal Budget

Cooking s’mores and hot dogs over the fire for meals beats the hefty prices of restaurant food – especially when you travel as a family. Overall, Americans spend an average of $33 per day on food when on a vacation within the U.S. In aggregate, more than 80% of that amount is spent in restaurants. You have the opportunity to control how much money you spend on eating and find fun ways to cook over a fire!

Free Excursions

Instead of paying a few hundred dollars for the family to enjoy zip lining and other excursions, camping brings the nature to you! If you decide to camp at a national park, there are many attractions within that you can see. Wallet-friendly options to family activities include hiking, biking, stargazing and more! As a bonus, you are even able to bring your pets along for the trip.

No Size Limit

No matter how big or small your family or group of friends is, you won’t have to worry about extra large quantities of money being spent. If you had more than four people, you’d need another hotel room – camping doesn’t make you spend hundreds more when another person is added to the group!

Pay With Cash

When you’re on your trip, pay with cash. This helps you spend less and stay more conscious of your spending habits. It’s a lot harder to keep up with how much you’re spending when you don’t see the money leaving your hands. Grabbing grocery items for the fire can sometimes end in getting more than you need, so using cash will help limit your spending and stay on top of your budget.

Vacations are great ways to bond with friends and family, however, you don’t want to lose your savings to have fun. Camping allows you to maintain your frugal lifestyle while still enjoying life to the fullest. If you’re looking to create a budget and start saving for your next camping trip, give us a call or stop in today!

Protecting Older Americans Against the Top Scam: IRS Impersonations

No age group is immune to scams. It can happen to any age group, income level and gender. Scammers are no respecter to persons when it comes to getting your money. However, seniors should be protective of their finances, as they are more likely to have significant life savings and great credit. They also may be unsure of who to report fraud to, or don’t out of shame. This makes them a great target for scams. Unfortunately, the top scam among older Americans is IRS Impersonations.

Why IRS Impersonations?

Taxes and money are linked, so being able to access someone’s tax account gives them extensive amounts of highly personal information.
This information can be serviced into capital.

Telephone Scams

They may receive a phone call from the scammer, claiming to be from the IRS. They will give a fake name, badge number and even call from a Washington area code so they seem more legitimized. This is called Caller-ID spoofing. They say they are following up on letters sent by mail and threaten arrest, home foreclosure or deportation for immigrants if they are not paid. Seniors should be aware that the IRS will never call to demand immediate payment, nor will they ask for credit card information over the phone. These scare tactics are working far too well, so education, not shaming, is needed to prevent victimization. If they receive a suspicious call, hang up and call the U.S. Senate Special Committee on Aging’s Fraud Hotline at 1-855-303-9470.

Text Messages

Unfortunately, text messages seem to be more trusted than email. Scams by text are called smishing. Some criminals may only have access to the internet through their smartphone, so they will use this to target other phones as well. They may even send a link to a fraudulent site to intake your private information like a social security number so they can steal your identity.

Here is an example of what a text might say:

“IRS NOTICE: Your Tax Return is overdue! Click here to prevent penalty by law.”

Email Phishing

This term means the scammers are fishing for information through email, conning people into thinking they are someone they are not. The emails look like they have the branding of the IRS and they are leading to a legitimate website. They might request the same information that is requested by phone, but might be more prone to believe the emails to be valid with the fake IRS branding.

Key Takeaways:

Inform your loved ones of these IRS facts:

The IRS will never call to demand immediate payment.
They will never threaten to immediately arrest.
You will never be told that the taxes must be paid without the opportunity to appeal the amount owed.
They will never ask for payment information over the phone.

Data has shown that increased knowledge on scams makes a difference, so share this information with your loved ones, creating a safe place of discussion and education!

Relationships & Money: What Your Conflict Strategy Says About Your Finances

“I think what makes people fascinating is conflict, it’s the drama, it’s the human condition. Nobody wants to watch perfection” (Nicholas Cage). If you’re human, you experience some degree of conflict daily. With the American expenditures averaging $157 per day, the purchase decisions you make every day are impacted by how you manage conflict. Understanding your conflict-resolution style can not only help you better understand and improve your financial obstacles, but help improve your relationships with others when it comes to money.

Accommodating

Accommodation is when you are agreeable to such a high degree, that you actually work against your own self-interest. Essentially, you are either excessively polite or are in conflict with another party who has more knowledge on a topic. This style can be helpful when you are seeking advice from a trusted financial advisor. This can be problematic, if you automatically assume that others know more than you about money, or what to spend your money on. You may be too eager to please and too trusting. This is even more true if you are constantly finding yourself on the losing end.

Avoidance

People who use this style simply do not address conflict with themselves, or others. In this scenario, all are losers. This is acceptable for a short term strategy, but can be dangerous if it creeps into a long period of time. People who are prone to the avoidance style may also have high amounts of debt. If you are constantly avoiding the realities of your bank account and spending habits, you may be creating even more conflict for yourself and any financial partners.

Collaborating

This is the ideal way to handle financial conflicts within your relationships. This is a win-win style, where you work to meet each person’s goals. This can be helpful when you are crafting a budget with your spouse, and you both work to make sure your financial goals can be met based on the mutual plan you establish. In times of financial stress, you both communicate and work together to fix the situation for an outcome that is helpful to both parties. This can even be true for friendships. For example, if you have a higher income than your friend, and want to go out to a fancy restaurant, you may collaborate with your friend to find a restaurant that you will both enjoy, and afford. You can still go to a nice restaurant, but your friend can afford it, or maybe you can even treat them to a meal!

Competing

This is a style more commonly taken on by the aggressive or ambitious. It is typically a win-lose scenario. A person with this management technique doesn’t care about the other party getting what they want, and makes decisions with a sense of urgency. This may be okay in times of emergency, but can be damaging for the long term. For example, if you constantly spend on big ticket items without consulting your partner, you may have the competing style. You may take advantage of others, and seek to appear financially superior to your friends and family. This can be especially damaging if your bank account doesn’t match your spending habits, causing others to feel inferior, and your partner to feel weighed down by your decisions.

Compromising

Compromising is the worst way to handle your finances. It creates a situation where nobody wins. Both parties may not speak their full truth, or take the paths of least resistance, so no one truly gets what they want. This might be where neither party really wants to cooperate, so they make sure nobody gets what they want. This can be problematic on financial decisions, such as whether or not to buy a new or a used car. You might decide not to purchase a vehicle at all and really end up paying to fix the clunker you have, spending more on fixing it than you would have to just replace the vehicle.

Consider which one of these styles you lean towards the most and how it can be hurting or helping your financial situations and impacting those you care about. We suggest striving for collaboration to satisfy your relationships and bank account!

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