Monthly Archives: February 2021

5 Cybersecurity Basics You Need to Know

With so many people being online now, it’s even more important to be safe with what you do and add an extra layer of security to your actions. Any time you are on your phone, tablet or computer, there is a chance you could be targeted. Protect yourself and your information by keeping up to date with these five cybersecurity basics you need to know.

1. Update Your Software

Not all software updates automatically. Be sure to check your app store to update any apps who have a pending update. Restart your computer to allow for updates and be on top of when updates come out, so you don’t keep clicking ‘Later’ and forget to install the new update. Updating your software improves any bugs in the apps or overall system to improve security.

2. Require Passwords

Any and everything needs a password. Your phone, computer and so forth should all require one – even though it’s a little extra work for you. In case your device would ever end up in the wrong hands, this adds one extra layer of security.

3. Use Multi-Factor Authentication

Many apps are now asking or requiring that you use multi-factor authentication. This requires you to add a second email or phone number to your account for an extra layer of security when logging in. Another type of multi-factor authentication is using an app to get a code that you have to enter when logging into a program or device.

4. Secure Your Router

Be sure to change your router’s preset password to something difficult – don’t do your household’s last name with a 1! behind it and think that’s good either. Be tricky so someone can’t jump onto your Wi-Fi and get your information.

5. Have Difficult and Different Passwords

We’ve said it once and we’ll say it again – do NOT have the same password for all your accounts. We understand you could have logins for 50+ sites, but it’s important to try to switch it up so that a hacker can’t get into everything. If they have your email and password that gets them into your email, chances are they’ll try that combination on all the other popular platforms you’ll probably have.

We hope these five cybersecurity basics refreshed you on the importance of being extra cautious with your devices. We want you and your information to be as safe as can be!

Financial Literacy 101: Teen Edition

If you have a teenager who doesn’t quite understand how important good financial habits are, it’s time to teach them! Giving your child the building blocks on saving, budgeting and understanding debt will help make them responsible adults. Here’s some financial literacy 101 for your teenager.

Bank Accounts

Explaining the different types of bank accounts to your child is crucial. Start by opening a savings account with them so they can understand the importance of saving. When they have a job, you could also work with them to open a checking account. This will help teach them the process of saving, spending money, using a debit card and writing checks.

Credit Cards

Even though your teen won’t have a credit card at that age, it’s important to teach them about credit cards and how they work. Explain the limits that are set, paying the bill each month and how that will affect their credit score. This will help them be prepared for when they do get their first card.

Debt

Teach your teen that debt is no joke. There will be car payments, groceries, entertainment purchases, credit card bills, student loans and so on. Making sure they know not to bite off more than they can afford is extremely important. This will help them understand all of the bills they will have to afford in the future.

Credit Score

Start explaining what a credit score is and how that will help them get lower interest rates in the future. This can also tie into the credit card conversation. Understanding the basics of a credit score now will help keep them out of trouble in the future.

Budget

Understanding needs vs wants is a great life lesson. Start your teen off with budgeting by having them help with the grocery list. Tell them the rough prices of what things cost, have them make a list and keep it under a certain amount. This will help teach them how to budget, so they can apply it to other things in their life down the road.

These basic items are critical for teens to understand. Looking back, you may realize you didn’t quite know all of these things when you were a teen. This is why we wanted to share this information, as we believe it’s a good thing to get ahead in the financial world with your child, so they are prepared.

Savings Resolutions to Kickstart the New Year

2020 brought a lot for us to handle, so we’re hoping 2021 will be the best year yet! Now is the time to start thinking about the changes you want to make with yourself and your habits this year. That’s why Heartland Bank wants to offer our favorite savings resolutions to kickstart the new year.

Improve Your Credit Score

Improving your credit score will allow for a higher credit limit, better rates on loans and so much more! To do this, work on creating a plan to pay off any current debt on your card. Think of what you can afford to pay off each month until you’re at $0 – while also factoring in any other expenses that will be put on the card while you’re paying it off. Once you’ve done this, be sure to set reminders on your phone or app to know when to pay at least the minimum balance on time. Paying late harms your score. Lastly, if you already have one or more credit cards, don’t open any more and/or close a card you no longer use. The length of time you’ve had your newest card plays into your overall credit score as well, so you don’t want more new cards until you have your debt paid off and make payments on time.

Build an Emergency Fund

People may think that they have money in their savings or checking account, so they don’t need an emergency fund. But what if your car were to breakdown or your furnace stopped working? That’s more than a few hundred dollars to fix which will make a large dent in your account. Then, all of sudden, you realize you have very little money in your Savings or Checking account and now need to figure out how to pay for your mortgage and car payment, as well as gas, groceries and utilities. This is why it’s important to have an emergency fund – that way, you know exactly what you have in your other accounts and have specific money set aside for emergencies.

Pay Off Debt

You don’t need to pay off all debt this year, as that’s unrealistic. You do, however, need to start a plan of attack to get on track with your payments on what you owe. When it comes to your mortgage, continue to make your normal payments. For other debts, like credit card debt, student loans, car payments and so on, work on seeing what you can put towards those each month and see if you can increase payments anywhere. Starting with your smallest debt can be a place to begin.

Create a Budget

Once you start writing down what you spend every month on every little thing, you will start to see how much money is going out of your account. By sitting down and going over your expenses, you’ll be able to see what you should cut or begin to limit. Then, you can come up with a realistic budget to work on sticking to each month which will help leave you extra money to spend on paying off your debt or putting in your emergency fund!

These are just a few ways you can start to save this year and help put yourself on the track to financial success. If you need a savings account to store your emergency fund, open one with us today!