Monthly Archives: December 2020

A Beginner’s Guide to Saving Money

While saving money isn’t the easiest task, the first step is often the hardest part. If you’re new to the finance scene and are hoping to learn about some basic, money-saving tips, you’re in the right place! Setting realistic and doable goals is the key and we’re here to help give the push you need to get going.

Track Your Spending

The first step to knowing how to save is figuring out what your spending habits look like. Spend a few weeks tracking everything you spend, from each coffee run to the cash you tip the waiter. There are many money-tracking apps out there to make the process easier, otherwise the old-fashioned pen-and-paper method works great.

Analyze What You Tracked

Now that you figured out exactly what you spend, it’s time to break it up into categories and get a closer look. Organize the data into sections like food, rent/mortgage, gas, clothes, etc. Putting this into a chart is a great way to understand your habits visually. Most of the money-tracking apps will automatically show you organized categories of what you’ve spent for your convenience.

Make Spending Adjustments

Now is where the budget comes into play. Looking at the data you tracked, what did you spend the most on? What amounts surprised you? Pick out some things that weren’t necessary to spend money on and adjust your spending. Now that you know how much you spend, you can limit that amount and create a budget.

Set Up Automatic Transfer

This step is crucial! If you haven’t already set up automatic transfer to your savings account, now’s the time. You get to choose exactly how much along with when the money will be transferred, making saving money a breeze. This also limits the temptation of reaching for the extra cash you set aside since it’s in an account instead.

Create Realistic Goals

We’re not done yet! It’s time to set both short-term and long-term goals to make the most of your savings. Whether you’re saving for a car, hoping to buy a house, building an emergency fund or more, having goals to work for gives you the motivation to keep going. Figure out some short-term goals of how much you want to save along the way, leading to your long-term goals.

Now that you know the steps towards smart saving, you’re ready to start! Saving your money leads to a great reward and allows you to practice patience and persistence. If you have any questions or are looking to open a savings account, contact Heartland Bank.

Cybersecurity 101 for Seniors

Seniors are a big target for cybercriminals since they often leave their devices and networks unprotected. No matter what age you are, there’s a good chance you find yourself using some sort of technology on a daily basis. Keep reading to make sure all of your cybersecurity bases are covered.

Common Ways Seniors Use the Internet

You may think the older generations are much more disconnected from the online world, but they use the Internet in a variety of ways all of the time:

Managing finances online instead of at the bank
Reading or watching the news
Messaging or video chatting loved ones
Shopping online
Distracting themselves during free time

Why Are Seniors a High-Risk Group?

There are many reasons why seniors are an attractive target for cybercriminals. Here are a few:

High likelihood to shop online
Often not as tech-savvy
Easily trust others online
Less alert or less likely to notice a scam

How Can Seniors Stay Safe?

Implementing cybersecurity safety tips into everyday life can be quite simple and makes a world of difference. Make sure you’re following all of the below:

Secure websites only: Before visiting a website and especially before making any purchases or entering information, check for the “https” at the beginning of the link. The “s” tells you that the site is secure, and if it’s not, your information is not always being kept private.
Read messages/emails carefully: If you receive an email that looks suspicious, is too good to be true, asking for personal information or contains misspellings, there’s a good chance it’s a scam.
Create strong and secure passwords: The most obvious way to keep your accounts and information private is by locking them. Using a different password for each account helps you avoid being hacked on multiple ends. Password managers are great for keeping everything organized.
Keep your software updated: Enable auto-update in the settings section of the applications you use to ensure your apps are up-to-date and protected.
Watch what you share: Social media is a great way to stay connected to family and friends and give important life updates. Make sure your profile is private, you’re friends with people you know and you don’t overshare personal information.

Seniors are no longer disconnected from the world of Internet, so cybersecurity has never been more important than it is today. Keep yourself, your friends and your family protected by following these effective tips to improve your safety online.

The Secret to a Cheaper Holiday Season

As the holidays quickly approach, managing your money wisely becomes even more difficult. As you spoil your loved ones with gifts, celebrate the season with fancy dinners and go all-out on new decor, the budget tends to go out the window when the holidays come around. There’s no harm in enjoying the holiday season, but this blog will help you make sure you don’t enter January with empty pockets.

Set a Realistic Budget

Odds are, if you set a tight and strict budget for the holidays, you’ll end up feeling frustrated and annoyed. Take into account the last-minute purchases, who you’re getting gifts for, any traveling you may do, holiday activities and more. A helpful tip is to set a general budget for each person you get a gift for, that way you know exactly how much to spend for each loved one.

Cut Out the Unnecessary Expenses

We’re all guilty of splurging on things we definitely didn’t need during the holidays. Skip those appealing, yet overpriced holiday coffees and you’ll be surprised how much money you save. You can factor “treating yourself” into your budget without going overboard on the unnecessary holiday treats and activities.

Choose Budget-Friendly Holiday Activities

‘Tis the season to spend quality time doing fun winter activities with the ones you love. This year, pick some activities that aren’t as tough on your wallet but will still provide those sweet holiday memories. Rather than spending money on special attractions and extravagant trips, try activities like sledding, driving to see Christmas lights or baking holiday goodies at home.

Watch Out for Sneaky Sales

There’s nothing better than seeing a big red “On Sale” sign by the perfect gift. Double check what you’re paying, though, because sometimes the sales can be too good to be true. Many stores don’t actually discount the item, but rather stick a sign on it to entice customers into thinking it’s a great deal. Even if you find something for a great price, make sure it’s in your budget before swiping the card.

Revamp the Family Gatherings

Saving money will make the whole family happy, so incorporating new traditions like Secret Santa or potlucks can save everyone big bucks. Rather than going to a nice restaurant, do a potluck-style meal and everyone can bring their favorite dish. Buying each extended family member a gift can add up, so trying out Secret Santa can be fun, exciting and much cheaper.

Giving into the holiday deals and going overboard on spending is hard to avoid this time of year, but having a plan helps tremendously. Sticking to your budget and being smart about your spending is the best way to avoid the dreaded post-holiday regret. To open a savings account or learn more about how we can help you manage your money, contact Heartland Bank today. Happy holidays!