Author Archives: Heartland Banks Blogger

How to Rebuild Your Emergency Fund

It finally happened – you had to spend your emergency fund. The good news is you had a fund, but the bad news is you spent it. Where do you go from here and how do you rebuild what you had? We wanted to offer some insight on ways you can begin to rebuild your emergency fund for the next rainy day.

Say ‘Bye’ To The Unnecessary

That gym membership and extra show subscription will have to be canceled for now. You can get by without, as saving for the next emergency is more important than having Netflix, Amazon Prime, Hulu and HBO all at once. Find the right balance though, as it’s still okay to treat yourself every once in a while with a small expense.

Put Other Goals On Hold

If you were hoping to renovate your home or go on a big vacation, you still can, but maybe wait awhile. All that savings you were adding to that fund could partially be transferred into your new emergency account. It’s important to stay prepared, as you never know when the next disaster might strike.

Get A Side Gig

Acquiring another job can be very beneficial for making money quick. Use your marketing skills to do some work for clients on your own or wait tables for a few months. This will help you get back on track before you know it. Tutor, give music lessons, babysit, pet sit, dog walk or design wedding invitations – whatever your skills or availability, you can find a side gig that works for you.

Start Saying ‘No’

You don’t have to turn down every opportunity, but try to say ‘no’ here and there while rebuilding your funds. Should you be spending money on eating out if you already did it once this week? No. Should you spend money on a new outfit or tickets if you already treated yourself this month? No. Be a little more stingy while saving again, as it’ll come in handy the faster you replenish your fund if something happens suddenly.

Sell Something

You have plenty of clothes and decor that are no longer of use to you. There are probably old electronics lying around as well that you don’t use anymore. See what you can sell online or bring to a thrift store for a couple of bucks. You’re decluttering and adding money to your account – we couldn’t be more proud of you!

Don’t let this minor setback discourage your financial independence. You were well-prepared by having your first emergency fund in place, so now it’s time to make the next one bigger and better than ever. If you’re looking for a great place to store that rainy day fund, our savings accounts are always available for you!

How To Set Up Your Holiday Budget

The holidays set back many Americans into debt every year. Last year, the average incurred per person was around $1,000. It’s never too early to start deciding what your holiday budget will be so that you aren’t fretting over overwhelming debt in the new year. If you haven’t set up a budget before, the holidays are a perfect place to start.

1. Start with what you have.

Every budget should begin by calculating what you have. This means having an exact tally on what income you and your household bring in each month. If your income is irregular, take the average of what you have brought in the last few months. You can’t know how much to budget for if you don’t have an idea of what you have coming in each month.

2. Take note of every current expense.

What are you really spending each month? Some people like to play the “ignorance is bliss” game, but it makes having a budget and comfortable savings nearly impossible. Review your bank transactions from the last few months and write down every bill you can expect to come in. What are you spending your money on? Are there areas where you can cut back? Some people don’t even realize how many subscription services they are signed up for and these monthly dues add up. Organize all of your bills either in an online spreadsheet or a piece of paper.

3. Calculate the surplus.

Now, take that income and subtract your monthly expenses. Do the numbers surprise you? Whatever is left over doesn’t mean you can spend it all on the holidays. You need to now categorize the additional money.

4. Allot an item to each dollar.

Every dollar in your bank account should be accounted for – whether that be emergency savings, bills or holiday shopping. It’s up to personal preference, but you should consider what your goals are beyond the holiday season before you contribute a large amount of your savings towards the season.

5. Plan!

Now that you know how much you are willing to save and spend on the upcoming holidays, it’s time to get specific on those purchases. If you’re buying gifts for people and this is a top priority for you, set a dollar limit on each person. If food or traveling this season is more important to you, set a limit. Being over-prepared can take the stress away from this fun time of year. Knowing your limits will help to challenge you in creativity and self-control.

If you need help setting up a savings account, give us a call so you can be ready for this holiday season!

Cybersecurity Tips for College Students

There’s quite a learning curve in just about every way possible for college students out on their own for the first time. While a characteristic of college students is being tech-savvy, it doesn’t always mean that they know how to stay safe from cyber threats that advance and evolve every day. When they enter college, they become a part of the #2 targeted industry for cybersecurity threats. College students should take these tips with them throughout their college career.

Know that you have value.

While we mean this in a feel-good way, what we’re really talking about here is the incorrect notion that college students think they have no monetary value worth stealing. This could not be further from the truth. Your social security number alone is incredibly valuable on the black market. When you realize that you have something valuable worth stealing, you may be more likely to use caution when online.

Old school personal theft is a cybercrime risk.

Of course you don’t want to get your laptop stolen because of its expensive cost. Unfortunately, many thieves don’t just want the item, but want your data and personal information off of the laptop or phone. Never leave your items unattended or expect that you are ever completely in a “theft free” zone.

Everything needs a passcode.

It may be somewhat of a hassle, but be sure all of your electronic devices have a passcode in addition to a physical lock.

Reconsider public workstations.

Your university may offer some public workstations for your use. They are convenient but don’t always have the best cyber protection installed. If you must use a public computer, be sure you don’t save your passwords on it and log out of everything before leaving the station. Never treat it as your own computer, so be sure to remove all files of yours before leaving the device.

To Torrent or Not to Torrent? Don’t!

For those who don’t know, torrent websites are a way for users to share files and distribute data over the internet. We can say with some confidence that it’s better to stay completely away from these. 1 in 3 users are exposed to malware by utilizing torrent websites. It’s tempting to get free textbooks and movies off of these sites, but it’s not worth the risk.

Give us a call if you have questions about cybersecurity when it comes to online banking!

6 Ways to Ditch Your Bad Money Habits

Below are some tried and true ways to say goodbye to bad money habits.

Track Your Spending

It’s easy to overspend if you don’t really know that you are overspending. If you take a close look at what’s coming out of your bank account on a recurring basis, you may be more hesitant to purchase unnecessarily. Set a date of the week to review your purchases. A good day might be a Sunday so that you can review what you spend the week prior and take note of how you can improve.

Choose Growth Over Convenience

So many of us love the convenience of fast food or the ability to have nearly anything you want delivered to your front door in a matter of days. This has the potential to create some negative financial consequences. We challenge you to choose to grow your finances over convenience. Too often, we rationalize that the convenience is worth paying a higher dollar amount, however, that is not always the case.

Stock Up On Essentials

Your house is likely always in need of toilet paper, dish soap, laundry detergent and perhaps a few other items. You know these are items that your household needs to function, so why is it that so many of us wait until we are completely out to buy more? If you keep an eye out for sales, you can stock up on these items and not be at the mercy of whatever the prices are when you need to purchase the items again.

Be a Problem Solver

While some household fixes are too serious to try on your own, the next time something breaks, try to fix it yourself after doing your research. You’d be surprised at how much this can save you.

You can be on your way to better habits by taking even one of these steps into your life. We’d be happy to help you set up an online banking account, so you can have even more control of your spending habits.

How to Buy a Car – and Actually Save Money

Is your current car on the fritz or have you been eyeing that shiny new Jeep you see parked at a dealership on your way to work every morning? If you’ve been hesitant to buy a new vehicle because you’re worried about it costing too much, here are some ways that you can get the car you’ve had your eye on while still saving money.

Get Pre-Approved

Before starting your search, you should get pre-approved for a loan. It’s important to know what limit you can qualify for and match that up with your monthly budget. It has been estimated that your total auto expenses should not exceed more than 10 percent of your yearly income. This includes the loan, insurance, maintenance and interest. When you know your limit, you can stop yourself from gazing at cars out of your price range that you may have otherwise talked yourself into buying.

Sell Your Current Car

Many times the dealerships will ask for you to trade in your vehicle in order to get a “better” deal on the new car. However, you can typically get more for the auto if you sell it privately. This may cost you some additional time to fix anything major with the car, as well as listing it in the local classifieds. The dealership will turn around and sell the car for a profit anyways – shouldn’t that extra money be yours to put towards your new wheels?

Shop Around

You are your best advocate when it comes to finding and buying your new car. Don’t make any decisions right away. A smart way to start looking is searching at the average value of the car you are wanting. Look at reputable sellers online to see what the cars are typically going for, so you don’t find yourself getting swindled by a dealership transaction.

New to You Is Often More Valuable

The minute a car is driven off of the lot, it loses a significant amount of value. Often, the newer cars aren’t necessarily any different than ones from a few years prior in terms of features. Consider buying Certified Pre-Owned vehicles to save yourself hundreds or thousands of dollars.

Be Wary of Extended Warranties

Many dealerships will push heavily for you to have an extended warranty because this is how they make a large portion of their money. It is of course your choice on whether or not it is worth the risk of not accepting the warranty. However, many times these extended warranties are mute in comparison with the manufacturer warranty. They are usually very expensive and do not make it worth your dollar in the long run.

Allow us to help you with a big purchase like this – we’d be happy to speak with you about our options.

Top Tips to Save Money on Back-to-School Supplies

Whether you are taking your little ones for their very first school supplies shopping trip or perhaps gathering items you need as you continue your education this fall, there’s no need to empty your wallet. Here are some great ways to save money on school supplies, while still getting everything that’s on the list!

1. Ask a Friend

If you have a friend who has taken that class before or whose child has had the same teacher, it’s time to give them a call. Ask them what supplies were truly needed and what items you can do without. Sometimes lists have a lot of excess supplies, so be sure everything you purchase will get used!

2. Skip the Extras

Think carefully about the list. Does it seem like there are unnecessary items? For example, if the list says to buy pencils, there likely isn’t a reason to buy separate rubber erasers. You may be doubling up on supplies if you don’t examine the list carefully before buying.

3. Scour Your Home

You know that junk drawer you’ve been wanting to clean out for some time? Now is your chance! There are likely many items like pens and pencils laying around the house already.

4. Online Shop, But Don’t Buy

One trick to online shopping is placing items in your shopping cart, but not purchasing. Leave those items there and often, you will be offered a coupon to convince you to complete the purchase. A penny saved is a penny earned!

5. Stock Up

There are often many back-to-school sales that won’t come around again throughout the year. If there are supplies like glue sticks or folders you are sure will need replaced at some point this school year, go ahead and buy extra at the lower cost. This will save you money during the year and if you don’t end up using it this term, you’ll have part of your shopping already finished for next year.

6. Know the Stores

Social media can be your best friend when it comes to back-to-school shopping. Either sign up for email sales alerts or ‘like’ your favorite retailer’s Facebook pages. This will keep you updated on the latest school sales and which stores have the best deals on each item.

7. Don’t Be Fooled

Often, places like dollar stores or general retailers will make items seem significantly cheaper by decreasing the size of the item. They may have folders listed for 50 cents each, but in reality you could get a pack of three folders for a dollar. Be sure to calculate the cost per unit to verify if this “deal” truly is a deal.

8. Consider Alternatives

Not all items need to be purchased new. You’d be surprised at what you can find at garage sales and consignment shops. Many people have too many school supplies already laying around their house and are ready to get rid of them and sell them for a fraction of the price.

If you’re looking to save on more than school supplies, we offer a variety of different accounts to help you do so!

4 Ways to Stay Within Your Budget When Buying a Home

The weather is beautiful and homes are popping up for sale everywhere! If you’re on the hunt for your next house, it’s important not to bust your budget. Luckily, we’ve compiled some great ways that can help you stay within your budget when buying a home.

Have 20% Saved for the Down Payment

While you don’t need 20% saved in order to actually buy a home, there are plenty of benefits that come along with it. In total, you’ll pay less for your home since you’re avoiding interest being applied to a higher cost. You’ll also potentially get a lower mortgage loan interest rate because making a higher down payment is a sign that you’re stable financially, and thus are a good credit risk. Finally, this can help you avoid paying private mortgage insurance.

Raise Your Credit Score

The balance on your credit cards vs the credit limit is called your credit utilization ratio. This ratio accounts for 30% of your overall FICO score. By paying off your cards, your credit score will raise and allow for a better loan. It’s also important to know that new accounts and hard inquiries make up 10% of your credit score. When you open a new account, your credit score will drop for a couple months. When you know you’re going to be applying for a mortgage in the near future, it’s best to hold off on buying that new car or applying for a different credit card.

Earn More Money

There are plenty of ways to earn more cash! If you want to stay within your budget, finding ways to add more savings to the pile can help with that goal. You can take money from your IRA without the 10% early withdrawal penalty when you use the money for a home. There are also other solutions that won’t take from your retirement savings, such as getting a second job or hunting for a new job that will pay more. If none of those options work for you, try hosting a garage sale or selling some lightly used items you don’t need online. You could also find ways to use your talents on the weekends or after work, like being a photographer for weddings and senior photos on the side!

Utilize First-Time Buyer Programs

Exploring local and national first-time home buyer assistance programs is an important step in the journey to homeownership. See what’s available to you to know what your options are.

We believe these top tips will advance your home buying skills and help your budget. If you’re looking for a place to put your savings for your new home, we’re here to help. We also have all the home loan options you’ve been searching for and are happy to talk to you about the next steps!

How to Meet Your Retirement Saving Goals

No matter your age, every day you work is a step closer to retirement. When you think of driving off into the golden years, where are you headed? You likely have a picture in mind whether it be having a house in your dream location or an RV to explore the National Parks. Whatever that goal is, the steps to get there are going to be similar. Here are some great money moves you can make in order to reach your retirement savings goals.

Start Where You Are

Many are under the impression that they should wait to save for retirement until they make a significant salary. You may be surprised at how much can be saved with a quality savings account on a small income. Even if you are only able to put $25 away each month, it is a great start. Most importantly, it gets you into the habit of saving. Once this habit is established, it will be easier for you to continue this as your salary and contribution increases.

Make Use of Every Employee Plan

If your employer offers matching contributions to your 401(k), take advantage of this. With most employers, the process is automated to come out of each paycheck. It takes the decision making out of the equation and can add up over the course of your career. If your employer does not offer this, consider contributing to an IRA on your own. It can either be a traditional or Roth.

You Must Stash

No, we aren’t talking about your mustache. What we mean is that you must stash away any extra income that you have. If you get extra income from a bonus or selling a valuable personal item, put that money into a savings account. It may not seem as glamorous as buying a new car or getting a new wardrobe, but your future self will thank you.

Saving for retirement can be tricky, so allow Heartland Bank to help your money grow!

Wedding Planning on a Budget

Your wedding day is one of the happiest days of your life. You’re surrounded by family and friends and taking the next step in life with your spouse. And while your wedding is one of the happiest moments in your life, it is also among the most expensive. Luckily for you, there are some strategies you can use to help trim costs and still have the wedding you’ve always dreamed of.

Dressing Your Wedding Party

Everyone knows it’s most important for the happy couple to look their best, but dressing bridesmaids and groomsmen doesn’t have to break the bank. There are several ways you can save money by taking a look at the wardrobe of the wedding party. If having a set dress code for your wedding party isn’t important, you can allow them to dress themselves within basic guidelines that you’ve defined. Or, you can choose to ditch the tuxedo rental in favor of going with a classic suit and tie, which not only saves on rental fees, but allows your groomsmen to potentially re-use their suit in the future.

Controlling Food Costs

The food and bar costs are among the largest contributors to expensive wedding receptions. So, how can you save some money while making sure your guests don’t go hungry? The first thing you need to do is figure out your reception venue’s rules for food and drink. If your venue allows you to bring in outside food and beverages, you can save thousands of dollars on a caterer by preparing the food yourself with some help from your family and friends.

Many reception venues won’t allow you to bring your own food, though. In that case, choosing a buffet option is usually cheaper than a plated dinner. With a buffet, your guests can choose from a variety of options while you save on costs related to table service and wait staff.

Be Creative When Setting a Date

Everyone knows June is the most popular month for weddings, and that weddings are generally more popular in the summer. If you don’t want to be a slave to trends, you can save yourself quite a bit of money. For example, choosing to have your wedding in the winter instead of the summer can have several benefits. First, there isn’t as much competition from other couples for the venue you want. Second, most venues are cheaper for weddings outside of the peak summer season, which can save you thousands.

If a summer wedding is important to you, you can still save some money. Most reception venues are cheaper to rent on Fridays and Sundays. If you’re willing to be flexible and not have a traditional Saturday wedding, you can save big.

Make Decisions that Work For You

Ultimately, your wedding day is about being surrounded by the people you love as you make a commitment to the person you want to spend the rest of your life with. But saving money is important. We hope these tips can help you find some savings and put you and your spouse in a stronger financial situation as you begin your life together. Open a savings account with Heartland Bank today in order to save up for your big day!

A Six Step Small Business Cybersecurity Plan

You have ventured out to achieve your dream of owning your own business. Unfortunately, there are criminals who aim to take what you have worked so hard for. These criminals aren’t what they used to be, they aren’t standing at your door, but likely anonymous and entering your business from a remote location. It can happen to anyone and this is why it’s important you have a cybersecurity plan for your business. If you are new to the cybersecurity realm, start with this simplified plan in order to protect your business.

1. Analyze Your Risks

It’s hard to know where you’re going if you don’t know where you are. You have a business to run and a hundred decisions that need to be made every day. Either partner with a cybersecurity expert to analyze risks you currently have or educate yourself on the potential security pitfalls many business owners fall victim to.

2. Establish Security Protocols

Once you know where you are vulnerable, you have a better idea of what needs to change. Just as you have a list of protocols for the daily running of your business, you should also have a list of the best security practices your business will implement.

3. Limit Physical Access

The more hardware you have exposed, the more at risk you are for theft, employee misuse and hacking. This will help you to protect private business information and client data. Keep the hardware you have to a minimum and put physical locks on any vulnerable devices.

4. Train Employees

Your cybersecurity is only as strong as your employees. Unfortunately, they are often unintentionally the cause of security breaches. It could be from clicking on suspicious links or opening an email from an unknown source. It can happen quickly and to anyone, especially if they are not educated on cyber protection.

5. Backup Data

Some criminals may hold your data hostage unless you pay them. This is called ransomware and is one of the many reasons why it’s important to backup your data. The average cost of a cybersecurity breach for a small business is $34,000. Preemptively avoid this in order to avoid being included in this number.

6. Build a Wall of Protection

Cyber criminals will do anything they can to breach your business. Some options would be to invest in anti-virus, firewall, anti-malware and encryption software. Keeping these protection systems up to date will do wonders in keeping your business protected.

Utilize this cybersecurity plan to keep your small business safe. Did you know we offer secure banking products for your business? Visit our site for more info!