Monthly Archives: July 2020

How Can My Teenager Start Saving for the Future?

High school years are often tricky when it comes to money. Your teenager might have a part-time job, but how can they start using that money wisely and investing in their future? Keep reading to find out how you can guide your child towards smart financial decisions.

Open a savings account and don’t touch it!

The first step is for your child to open a savings account. Here they can stash a percentage of the money they’re making for future use. Time works wonders on money, so investing what they have will allow it to grow and become much more than it once was. That’s not all, though – make sure their savings account is strictly for saving and that it’s not being tapped into for other reasons.

Record and keep track of purchases.

A great way for your teenager to find out if they’re overspending is to put it on paper. Have them keep a book and write down all the purchases they make. At the end of each week or month, they can look back at what they’ve spent and know what changes to make in their spending habits.

Find a part-time or summer job.

If your child is too busy to work during the school year, a great solution is to help them get a summer job. If weekends are open, they could even find a part-time, weekends-only job during the school year to help rake in some extra money.

Get a jumpstart on an emergency fund.

If you haven’t talked to your teenager about the importance of an emergency fund, now’s a good time to do so. If they start putting money aside for emergencies only, they’ll be way ahead of the game by the time they need one as an adult. It’s never too early for your child to start investing in their future. Odds are, down the road they’ll need that emergency fund and will be more than thankful they started it early.

Plan ahead and set goals.

Once your high schooler graduates, they’ll be paying for things they might not have thought about. One smart move is to think ahead about what they’ll need to pay for so they can set a goal amount to save. For example, maybe they’ll need to buy a car, pay for college, move out and pay for rent, etc. Whatever it may be, having a goal in mind is a good motivator.

There’s nothing better than planning ahead, achieving your goals and getting a jumpstart on the future. Your teenager will thank you later for guiding them towards smart financial decisions, and the best time for them to start implementing these tips into their life is now! To help them start saving, set up a savings account with us today!

Finance Tips for Newlyweds

Whether you’re getting married in the coming years or just recently said “I Do,” this exciting time of your life comes with things to think about and discuss. How you manage money will change and be adjusted once you get married, so planning it out beforehand is a must. Here are some tips for you and your partner to remember for after the wedding day.

Talk about your debt

Honesty is key in a relationship, which means it’s time to be honest about what debt you have. Whether you have student loans, a car loan, credit card debt or something else, knowing how much there is left to pay is important before planning your budget. This might not be the most fun conversation to have, but it’s an important one nonetheless.

Discuss your financial past

How your family handled money when you grew up can play a part in how you deal with finances when you’re older. It’s always a good idea to hear where your partner or spouse is coming from to get a better understanding of why they do things a certain way when it comes to their finances.

Plan a new budget

Once you get married, your individual budgets become one. Figuring out a monthly household budget is important so you’re on the same page. A good place to start is listing all of your monthly expenses, then deciding which ones aren’t necessary. Knowing what your budget is will help both of you avoid overspending.

Decide on a bank account option

Something to consider is whether you plan on having a separate or joint bank account. While there are pros and cons to both, one decision might benefit you over another. Once you decide what to go with, you’ll have to go over the cons of that choice and figure out how to handle issues that may arise in the future. For example, if you choose separate bank accounts, you’ll have to decide how to handle separating bills. On the other hand, with a joint bank account, budgeting can become a future issue.

Think about retirement

Retirement might seem far out, but it’s something that will play a big role in your life together. It’s better to start saving for retirement sooner rather than later.

Keep the conversation going

Continue talking about finances after you get married – conversations about money are important in every phase of life. Keep the financial talks going so you stay on the same page.

Congratulations on your soon-to-be or new marriage! We wish you and your spouse the best and hope these financial tips can be beneficial to your relationship.

Cybersecurity Tips for Small Businesses

Concerns about cyberattacks on small businesses continue to grow, and knowing how to protect your business is crucial. Because smaller businesses don’t have the same amount of security as big businesses, they’re prime victims for cybercriminals. Keep reading to learn the best ways to keep your small business out of online danger.

Always use strong and secure passwords

This is the most obvious and well-known cybersecurity tip, but it’s one of the most important. If you want any sort of protection from hackers, your passwords must be strong, secure and updated regularly.

Never use the same password for multiple accounts

Going along with the first tip, password security is a must. Not only should your passwords be strong and updated, but they should differ on each account. Using the same password for multiple accounts is risky because if one account is compromised, they all are.

Keep your software updated

Outdated and old versions of apps can be more vulnerable to hacker access. A great way to keep your software secure is to install all updates for software and applications as soon as they’re made available.

Use VPNs (Virtual Private Networks)

VPNs are made to encrypt all traffic that leaves and enters your device. Using a VPN is a smart step towards securing your business’s information. If a cybercriminal somehow hacks you and intercepts your information, it will all be encrypted data which is useless for them.

Train your employees properly

Being consistent with your employees is extremely important for your small business’s online safety. Make sure all employees know what precautions to take, how to use and handle business information and what the penalties are for failing to follow those rules.

Try hacking your own system

Hiring an IT specialist to analyze and audit your system to search for weaknesses is a great way to see what needs to be improved. Doing this will help you understand how to better protect your small business. Most small businesses are very under-protected when it comes to cyber safety and protecting their information. We hope you’ll follow these tips and take all the necessary precautions in order to keep your small business out of harm’s way.