Monthly Archives: October 2020

5 Major Life Purchases to Plan For

Once you enter adulthood, your finances become your own and the major life purchases quickly approach. While not all of these purchases take place at the same time nor is everyone guaranteed to make them all, it’s common for the average person to make most if not all of these purchases at some point in time. Continue reading to be prepared for your financial journey in the future!

1. New Car

That car you got when you turned 16 won’t last forever, and soon enough you’ll be ready for a new vehicle. Whether this purchase takes place once you graduate college or when you need a size upgrade to fit your growing family, a new car is a big financial investment. It’s important to look into smart loan options available to you before you make the big decision. Another important factor to mention is that your credit score will have a big impact on the loan options available to you, so keep that in mind as you prepare for a new car.

2. The Wedding

As of 2019, the average cost of a wedding in the United States is over $33,000. While the bride’s family traditionally holds the responsibility of paying for the wedding, that’s not always set in stone in all families. Finding out where the wedding money is coming from is something important to find out by talking to your partner, your family and your partner’s family. Marriage is also another thing to plan for financially as you and your new spouse learn to handle expenses together rather than separately now. Also, even if you don’t have to pay for your wedding, if you choose to have kids the day will come when your daughter gets married, so the wedding finances could be on your shoulders down the line.

3. Starting a Family

The cost of having children is seemingly never-ending. From the hospital bill when they’re born until they head to college, you’re paying for the many expenses that come with having children. Keep in mind childcare, prom, clothes, college, sports and more which can add up quickly. Don’t let the many purchases that come with having kids push you away, though, as starting a family is truly priceless!

4. Buying a House

One of the most obvious and major purchases you’ll make in your lifetime will be your first house. With lots of research, thinking and searching, you’ll finally find the house of your dreams. This is something to plan for and keep in mind as early as possible, as many young adults push this off and procrastinate on saving. Set up a savings account to get a head start on this future purchase!

5. Making Your House a Home

A major financial investment that’s often overlooked when it comes to planning is furnishing your new home, getting appliances, landscape work, renovations and more. To make your house a home, lots of improvements and additions have to be made. Furniture and appliances can get pricey, especially the high-quality pieces that will last you awhile. Factor all of these home improvement payments into your budget before taking the step of buying a house.

As you enter this exciting stage of your life and the major purchases get closer, it’s always a good idea to set a budget and maximize your savings as much as possible. One great way to make the most of your savings is to open a savings account with us, set up automatic transfer and watch your savings grow! Contact us with any of your finance questions and we’d be happy to help.

How Do I Teach My Kids About Online Safety?

While it may seem obvious to adults, knowing how to make safe decisions online isn’t always second nature for kids. It’s important that cybersecurity is taught before mistakes are made, and the earlier in their life it’s discussed, the better. How does a parent go about teaching online safety? Continue reading to find out.

What to Look Out For

All of the important cybersecurity topics to cover can seem overwhelming, but starting with the basics is key. What topics should be implemented varies depending on the child’s age, but here are some general things to make sure you cover in your online safety lessons:

Stranger danger is present online, too
Never share personal information
Keep passwords private
Double check with parents before posting, responding, downloading, etc.

Ways to Teach

Act Out Scenarios

One of the most effective ways for your kids to understand how to handle situations is to practice a scenario. There are many aspects of cybersecurity, but the ones mentioned above are simple to demonstrate. Send them a message from a “stranger,” see how they respond, teach them how they can better handle the situation and continue practicing. Practice makes perfect!

Child-Friendly Videos

There are countless Internet safety videos on YouTube made for children. Simply search “online safety for kids” in the YouTube search bar, sit down with your child and a snack and let them enjoy some visual learning!

Worksheets

You can find many downloadable worksheets to print off as practice. Worksheet websites often have different levels depending on the age range, so you can cater the worksheet to your child’s needs.

With today’s technology, online dangers are seemingly inescapable. That’s why it’s crucial to start the discussion and implement cybersecurity practice into your child’s routine from a young age. Feel free to contact Heartland Bank with any questions, and stay safe!

Find Out How to Pay Off Your Debt While Still in School

Just because your student loan payments don’t start until after you graduate, the sooner you start making payments, the better. Paying for the college student life is tricky enough, so paying off debt at the same time might seem impossible, but it’s doable with a few lifestyle adjustments. Continue reading to find out the best ways to make payments before you even graduate.

Make it Automatic

One of the best ways to be dedicated to setting money aside is to set up automatic payments. By making it automatic, you won’t even have to think about the payments since the money will be going straight towards your student debt. Along with that, these payments become a habit and force you to make smart financial decisions.

Increase Your Income

It might seem obvious – if you want to make payments but can’t afford much to begin with, now is a great time to pick up a side gig. The college life is busy as is, but there are ways to make time for some extra income. You can find remote work to do on your own time, get a weekend-only job or even get a paid internship. A paid internship would benefit your education, your resume and your finances all at once!

Try a Budgeting App

There are countless money management apps out there that make budgeting a breeze. Download an app such as Mint or PocketGuard to help you better manage your expenses. Visually seeing what you spend your money on puts your spending habits into perspective, allowing you to cut some unnecessary expenses and put that money towards your student debt.

Tackle the High Interest Rate First

Focus on the loan with the highest interest rate first, paying that one down to avoid more and more accruing interest. This is called the “debt avalanche method” and it’s great for paying off debt as quick as possible.

By starting your student loan payments as early as possible, you can save a substantial amount over time. Interest racks up, time flies by and before you know it you’re graduating and making monthly payments. Relieve yourself of future stress by getting a head start! Contact Heartland Bank to open a savings account and learn more about the services we offer.