What Do You Really Want?

Posted on June 17, 2015 by vcnbfamily

senior couple of old man and woman sitting on the beach watching

We all have something we wish we could do – if only there were enough money. Maybe you dream of someday owning a home. Maybe you want to take a European vacation or renovate your bathroom or buy your dream car or retire at 55. Maybe you only want a new tv.

There’s always something that’s just out of reach because you can’t save enough money. Most Americans will tell you there’s never enough money. Many people make enough money to live on and still save a little back. They just don’t do it because they dwindle away these extra funds on things that aren’t that important to them.

Handle Your Money
When you have a major savings goal, it is a good idea to set up a separate savings account where you know all funds are earmarked for that goal. At VCNB you can automate transfers from one account to another. This is a free service that you can take advantage of to ensure you actually save the money you say you’re going to save. Another simple trick that many people find helpful is the good old fashioned change jar. Get a jar, a piggy bank or some other container to stash your change in. At the end of the day, just dump whatever change you have in your pockets into your jar. When you have some saved, drop by one of our VCNB locations that has a coin counter. The coin counter is free to use if you are a VCNB customer. We can either give you the cash to take home or deposit the money into your account.

Visualize
It is much easier to stay on track with a savings goal when you can visualize that goal. Create an inspiration board electronically or with pictures cut out of magazines. Refer back to it and consider how great it will be to own that home or to be on that big vacation. If you are planning a vacation, picture yourself in a deck chair or sightseeing your destination. If it’s a new kitchen, imagine how great it will be to have your family gathered around for your next holiday. Visual reminders can be very powerful and can carry you through even the worst moments of weakness.

Cut Back
This is simple. Look for ways to save money and then put that money you saved toward your goal. That means shopping sales for necessities and avoiding the purchase of things you don’t really need. Do you remember the difference between a need and a want? A refresher on this lesson will serve you well.

Mae West said “I generally avoid temptation unless I can’t resist it.” Avoid temptations by staying out of stores, removing your credit card information from online accounts and by shopping with a list. If it isn’t on the list you don’t really need it. If you really want to buy something, force yourself to wait thirty days to make the decision. Chances are you will have changed your mind after a month.

Here’s one last tip on cutting back. Try cutting out something you know is bad for you. Whether your vice is cigarettes or too much chocolate, cutting out a bad habit will help you save a few bucks.

Adjust your attitude
Sometimes all we really need is an attitude adjustment. Before you buy something, ask yourself a simple question. “Is this worth more than my savings goal?” Instead of buying more, focus on taking care of the possessions you already own and be happy with what you have.

And remember to never give up what you really want for what you want right now.

Summer Responsibility: Kids and Chores

Posted on June 10, 2015 by vcnbfamily

Assign chores based on abilities. Making the bed is a great chore for any tween.

Assign chores based on ability. Making the bed is a great chore for any tween.

Summer is the perfect time to teach your kids responsibility by having them do chores. Along the way they will also pick up valuable life skills they can carry with them as they grow up. You may think your child is too young to do housework or that you would prefer them to “just be kids” instead of worrying about chores. All the same, you might be surprised at how much even your youngest child can do and what an impact a little responsibility can have on their life.

Before you start there are some things to think about. First of all, never treat chores like a punishment. You want your kids to take pride in even the smallest job they complete and to not view this work as a hardship to endure.

Here are some other tips to starting your child on the right foot when it comes to chores.

Assign based on abilities – Every member of the household has something to do. For your littlest kids, it may simply be putting away their own toys and putting dirty laundry in the hamper. A five year old might make their own bed, put away clean clothes and help you make their lunch. Older kids might help with laundry, do dishes, help cook or set the table.

Teach teamwork – Assign chores to everyone in the family and teach your kids how much easier it is to keep up with work around the house when everyone contributes. Also identify ways they might work together to finish a job even quicker. For example, one child might wash dishes while the other one dries and puts them away.

Try to make it fun – Let’s face it. Most of us spend a lot of time every day cleaning, cooking, doing laundry, maintaining vehicles and doing other types of household work. You will be doing your child a great service if you teach them to find ways to enjoy doing this kind of work. Make it a game, tell stories, listen to music, dance – do whatever you can to make the chore seem less like drudgery.

Create quality time – Refer to the point above. If your kids are young, they may need some adult supervision. But instead of making it feel like supervision, try to make it time well spent teaching your kids and having fun together. For example, a four year couldn’t do laundry by themselves. However, they do know their colors. Make a game out of sorting colors and whites together!

Relax your standards – Your daughter may not make her bed perfectly every time and your son may put away glasses with spots on them. That’s why you need to relax your standards a bit, accepting everything will not be done perfectly every time. Take the opportunity to teach them how to improve their skill and don’t get angry when it isn’t perfect.

Be specific – Break down a job into steps to make it easier for your child to understand and complete.

Create a routine – Kids respond well to a little structure in their day so create some kind of routine for them to follow. For example, they should make their bed when they get up or load the dishwasher right after dinner. Give them a daily chore and request that it be done at an assigned time every day.

Reward good performance – Tell your child when they do something good. Consider giving your kids an allowance for their work or create a chores chart that offers a reward for so many jobs well done. Children tend to respond well to praise and to rewards. They are just like the rest of us – they perform better when they feel appreciated. If they are earning money for their work, remember to teach them some good money habits along the way. Need inspiration? Read more on this topic here.

One more note, if your kids are cleaning, make sure they are not handling toxic cleaning products. Look for kid-friendly products that are safe for the skin and body.

Home Ownership Starts Here

Posted on June 8, 2015 by vcnbfamily

Home Ownership Starts Here.

That’s the message on our billboards and much of our advertising this summer. It’s also a sentiment close to the heart of who we are as a bank. We have teams of people working hard to make your home buying process a success because we know it is important to you. We do our best to help as you start down the road to home ownership and all along the way.

Did you know that we’ve been in business for 148 years? We know a thing or two about financing homes. In fact, we have several mortgage lenders at VCNB with 30 or more years of experience. One thing we’ve learned in the last century and a half is that buying a home can be a stressful process for the prospective home owner. That’s why our lenders work diligently to provide tailored solutions that fit your needs and your budget, to put your mind at ease.

A small amount of customers have a type of loan in mind when they initially meet with their mortgage lender. They know that they prefer a fixed rate, would like to finance through an FHA loan or would like to look into shorter terms. However, most customers have no idea about the type of loan they would need to finance their home. All they know is that they found a home that is perfect for them and they want to buy it. Either way, by choosing VCNB, you can be sure your lender will work hard to find you the best loan for your individual home purchase.

In short, we are your one stop shop for a custom home financing experience, unique to you. Contact one of our experienced lenders today to talk about starting your home ownership the right way, the VCNB way. Prequalify by clicking here.

VCNB Can Help You Sleep Easier

Posted on June 4, 2015 by vcnbfamily

Does your money ever keep you awake at night? Maybe you can’t remember if you paid a bill on time. Maybe you aren’t sure how much money you have in the bank or are worried you don’t have enough money for an emergency situation. There are lots of money related scenarios that can ruin a perfectly good night’s rest. Luckily VCNB offers a number of services that will help you rest easy, at least where your money is concerned.

24 Hour Access
Thanks to technology like our website and mobile banking app, your accounts are accessible 24 hours a day from anywhere that you can use your computer, tablet or smart phone. Want to know if your payroll was deposited? Need to pay a bill or transfer funds from your checking to your savings? These are things you can easily do using our technology.

Automation
Some of our customers say they are just too busy to keep their bills on track. They can afford to pay their bills, they just forget. Then they incur late fees and risk damage to their credit rating because of it. With Online Bill Pay, you can schedule your bills to pay one at a time, giving you complete control and knowledge of just what’s happening with your money. But if you’re one of those people who struggle in this area, you can also automate those bills to pay on time month after month. Just schedule it and rest assured the payment will occur when you want it to.

Alerts
Maybe you want to know what’s happening with your money but don’t have a smart phone or wish not to log in to your account regularly. You can have account alerts sent via text or email for up to nineteen different reasons. We can notify you when a loan payment is due, when a check clears or when your account dips below a certain balance. We can even notify you every time a debit card linked to your account is swiped at a cash register. You choose the notifications you want to receive and how you want to receive them. We do the rest!

Fraud Prevention
In this age where so many criminals are out to steal your money, it is difficult to know who you can trust. Identity theft is a major threat to consumers and even major retailers with respected names are at risk of a security breech. The fraud detection departments associated with our debit and credit cards are fantastic. They stay on top of national trends and potential threats to you, the individual customer. While we can’t guarantee you won’t be a victim of fraud, our card departments do everything they can to prevent it from happening to you when you use our cards. With our cards, we have 24-hour fraud monitoring so, while you sleep, someone is looking out for you.

Emergency Fund Services
One main cause of money worries is the fear of emergency. Whether it’s something major like job loss or something small like a new set of tires, any unexpected emergency can be a threat to your financial well-being. We can help you consider the options for an emergency fund. Some customers have a savings account where they regularly deposit money for such events. We can help you open a savings account and even help you set up automatic transfers into your savings from another account. Some of our customers opt to rely on a credit card in emergencies. We can help with that too.

Stop by your local branch and talk to one of our experienced accounts representatives about the money worries that keep you awake at night. We would love to help!

Teach Your Teens About Money

Posted on May 27, 2015 by vcnbfamily

Don’t know where to start when it comes to teaching your teens about money? We’ve broken it down into four basic categories to make it easier.

Handle a Paycheck
Life is expensive for a teenager. They want new clothes, money to socialize, gas in the tank and the latest and greatest gadget. Up until now, their expenses have been minimal and their weekly allowance has probably been enough to cover their wants.

If they’re old enough, this is an optimal time to enter the workforce. A part-time job will teach your teen responsibility and the value of a hard-earned dollar. It also provides opportunity to learn about taxes and budgeting.

Sit down with your teen when they earn that first paycheck and discuss the concept of taxes. Show them how taxes impact take home pay and teach them to examine each pay stub for accuracy. If they are 18, encourage them to open a checking account. Regardless of their age, a savings account will be an important tool as well.

If your teen is too young for a job outside the home, they may be able to make extra cash babysitting, raking leaves for neighbors or doing extra chores around your home.

Develop a Budget
Regardless of how little or how much money an individual makes, having a written budget goes a long way toward stabilizing finances, ensuring that savings goals are kept and bills are paid on time. The first step to developing a budget is to simply list all sources of regular income such as allowance or job earnings. Then have him or her list the expenses they typically pay. Demonstrate that their budget may be consistent or may fluctuate monthly. For example, they may have prom related expenses that only occur in the spring while their car insurance premium remains the same each month.

Talk to your teen about paying themselves first. By setting aside a percentage of their income each month when they’re young, it is easy to develop a savings habit that will last a lifetime. It’s also a good time to set aside funds for those large life expenses like a new car, college education or an emergency fund.

After setting aside some for savings and itemizing their bills, add up the expenses and compare that with the income. If they are spending more than they earn or are spending most of what they earn, talk to your teen about their spending decisions. Are there ways to cut costs or eliminate a frivolous expense?

Once their budget is set, encourage your teen to regularly review and stick with it.

Save for the Future
We touched on it above but the teenage years are a great time to start saving for large life expenses. You provide for their current needs meaning that their expenses should be pretty low. It won’t be long before they are on their own, responsible for their own food and shelter. Life will never again be as inexpensive as it is now and you should encourage your teen to take advantage of these circumstances.

If they don’t have a savings account, assist them in finding a bank and opening one. Then encourage them to tuck away as much money as they can.

Be Smart About Credit
A good credit score will open doors for your teen someday. A good credit score will enable your son or daughter to access better rates for home loans, car loans and even insurance. A good credit score may help them get a job or apartment. A bad score though could wind up costing them a lot of money as well as employment or that apartment in the neighborhood they love.

To help them start out on the right foot, consider helping your teen acquire a credit card with a low limit. Teach them to use the card responsibly, never buying today what they can’t pay for tomorrow. Teach them to pay the balance every month to avoid interest charges.

If you are terrified to hand your teen a credit card, consider starting with a prepaid spending card like the prepaid MasterCard® cards we offer at VCNB. It looks like a credit card but is pre-loaded with funds. It typically is accepted wherever Mastercard is accepted but there is no risk of them running up debt. Once the pre-loaded funds are gone, the card no longer works until you add more.

One More Thing
Keep in mind that your teen is approaching young adulthood. In fact, they sometimes seem very grown- up already. However, your teen is still a kid. Encourage dialog about financial decisions and the questions they have concerning money management. Money and credit will impact their quality of life for the rest of their life. Encourage them to start on the right foot today to secure a lot of bright tomorrows.

Protect Yourself From Online Account Takeover

Posted on May 14, 2015 by vcnbfamily

This article provided by Beavercreek Marketing, a division of Beavercreek Inc. Find more articles by Beavercreek in the Learning Center at our website.

Criminals have their eye on your financial accounts. They want access.
Call it a takeover attempt – a HOSTILE takeover.

Account takeovers happen when the wrong people dig up enough of the right private information about you to gain access to your checking or savings accounts. Then they strike – either moving big chunks of your money at once, or small amounts a bit at a time … hoping you don’t notice.

What’s happening is a form of identity theft … because the more that bad people know about you, the easier it is for them to access your money.

We’re used to sharing a lot of information about ourselves these days –experts say we share too much – and that makes us easier targets for takeovers.

Here are some things you can do to protect personal information to help battle takeover attempts:

Don’t fall for fake information requests. Financial institutions will never call, email or text you out of the blue asking for online banking information such as user names, passwords or pin numbers.

Use safe passwords – the kind that mix numbers and upper and lowercase letters – and don’t write them down in places people can easily find them. Experts recommend that you don’t use the same user name and password for everything – because if someone figures one out, they have access to other types of accounts you use. It’s a smart idea to have different passwords for different types of accounts.

Think twice about what you share on social media. Posting things like your telephone number, address, birth date and year can be used in the wrong ways to find out more about you. And don’t publicly share other information – such as your mother’s maiden name – that you might be using as answers to the ‘secret’ questions sites ask you for account verification. The less some people know about you, the better.

Be careful when banking or making purchases from public computers – and make sure you always sign out of any account you’re using.

You also need to stay alert … and check your financial statements regularly to make sure your money is safe.

Here are some things you can do to spot a possible takeover:

Watch for transactions you don’t expect – such as purchases or withdrawals you didn’t make. Contact your financial institution immediately if you spot this when checking either your online or paper statements. If you have online statements, it’s wise to check them frequently.

If a merchant says your debit card has been turned down, call the number on the back of the card to report the problem and explain what happened. This could be a sign that someone else has access to your account.

Check your credit report regularly to look for things like unexpected loans or missed payments. You can do this for free by going to annualcreditreport.com and reading about what you can do.

Think smart and stay alert … both are great defenses against account takeovers.

Teaching Children To Save

Posted on April 23, 2015 by vcnbfamily

Thanks to Central Elementary Principal Teresa Snider for hosting us during Teach Children To Save Month!

Every spring our McArthur office sends people into the elementary schools in Vinton County to talk with third graders about saving money. We do this because April is Teach Children To Save Month and because teaching these basic principles to young people is one way to give their personal finances a great start.

Teach Children To Save is a national program that organizes banker volunteers to help young people develop a savings habit early in life. We typically speak to third grade students and their teachers at West, South and Central elementary schools in Vinton County.

We talk to the kids about what a bank does and why someone might need to do business with us. We talk to them about savings accounts, why they might someday want to borrow money and even how a bank does business.

We also tell them a story and help them with a math worksheet, demonstrating how one child saved money for something she really wants while another child spends her money on small items instead of saving for the big goal. At the end of the lesson we talk about whether it is better to be a spender or a saver and then answer all their questions about banks and about that day’s lesson.

It is a thought provoking day for both the students and their banker teachers. We often marvel at the questions these young students ask and look forward to the school visits every year.

Staff from our Friendly Bremen Banking Centers also visit schools in their area for similar programming every spring.

Are you a teacher or a principal? Would you like to have a banker visit your students? Contact us so we may make arrangements!

Take The Stress Out Of Banking

Posted on April 21, 2015 by vcnbfamily

Life is stressful and, if you’re like most people, money is a major contributor to life’s stress. Maybe there’s not enough money. Maybe the simple act of paying bills is stressful and time consuming. Maybe your strained relationship with money is causing a kind of disorganization that only makes your money relationship more stressful.

At VCNB we strive to make your banking experience simple and less stressful. We have been thinking a lot about this lately because April is National Stress Awareness Month.

We believe that being informed about your money is half the battle. That’s why we offer you so much access online and on your mobile device. Whether you are sitting at home or are just on a quick break from work, you can easily manage your money and get your questions answered.

Managing your money doesn’t have to be stressful. VCNB offers services that make banking easy!

What are some things you can do online and in our app?

Check Balances – You can see at a glance the balances of all your accounts.

Transfer Funds – Maybe your checking account balance is getting a little low. You can easily transfer funds from your savings. Or maybe you want to automatically save $20 a week. You can set up automatic transfers so that you never forget.

Open Accounts – From checking and savings to an IRA or HSA, opening an account online is easy and can be done 24 hours a day. While we love when customers visit, we understand this is simply more convenient for a lot of folks.

Popmoney® Personal Payment Service – If you owe someone money you can send funds from your account to theirs. All you need to know is their mobile phone number or email address. It does cost .50 per transaction but that is cheaper (and easier) than writing and mailing a check or hitting the ATM.

View Rates – You’re thinking about opening a CD but you want to know the rate. You can find all this online now!

Pay Bills – This is the big one for a lot of people. Once you enter the information for your payees, their information is stored. So when you go to Online Bill Pay, all you have to do is enter the amount of the bill and the date you wish the bill to be paid. Better yet, many customers appreciate automatic bill pay which ensures that your bills are paid on the same day every month. Bill Pay is free as long as you use it at least once a month. There is a $3 fee if you do not use it monthly.

Online Chat – If you have questions but can’t visit an office or talk on the phone, online chat is a great option. Just find the chat button on our home page and type a question or comment. Someone will help you right away.

Finally, remember that whether you bank online or in one of our seventeen offices, we have a terrific staff to help you along the way. Whether you call Customer Service, chat with someone from the website or stop by a branch, we want your experience to be pleasant and stress free.

Good Credit, Better Choices

Posted on March 19, 2015 by vcnbfamily

March is National Credit Awareness Month. Do you know your credit score or how it impacts your financial future? Do you know that your credit score can affect your ability to get a job, how much interest you pay on a loan and even whether you can get a cell phone?

Your Credit Report and Credit Score
A credit report is a compilation of everything you are doing with your credit today and what you have done with it in the past. A credit score is a mathematical representation of the information in your credit report. It can tell a creditor, potential employer or even a landlord, at a glance, whether you are a good risk.

What Is Considered On A Credit Report?
Credit reports include data such as payment history and debt to available credit ratio on a lot of things. Included on that list are mortgages, home equity loans, car loans, student loans, credit cards and personal loans. Credit inquiries, employment history, collection accounts and account summaries are also included on your credit report.

What Isn’t Considered On A Credit Report?
Credit reports do not consider on-time utility and phone bills, checks that you have written or cashed, debit cards or daily expenses you pay with cash.

Why Establish Good Credit?
There are countless routine and often life changing activities that are easier and less costly with established good credit. This especially applies to large purchases. When you are borrowing money for a home or car, the terms and rates offered to you will typically coincide with the quality of your credit score and credit history. If you need a cell phone, a small personal loan, insurance or even an apartment, your credit may be considered. Many landlords use credit as a way to identify potential good tenants. Even your career may depend on your credit score. Before an employer hires you they make check your credit rating. That means poor financial decisions can ruin your ability to get a better job.

Keeping It Clean (Or Making It Better)
Talking credit does not have to be a source of anxiety. Improving your credit score or keeping your credit report clean isn’t that difficult with a little effort and common sense.

Pay your bills on time- If a bill is paid late it can show up on your credit report for up to seven years
Know your limit and never max out your cards – Need we say more?
Use your cards wisely – Keep balances low and pay them off every month. It is never a good idea to maintain a big balance on a credit card, even if you plan to pay it off soon.
Remember to use your credit – One way to improve a credit score is to use credit wisely. Demonstrating that you can and will pay your bills on time is better than never using your credit at all.
Check your credit report- Comb through your credit report three to four times per year, looking for mistakes or for accounts that do not belong to you. Not only is it helpful in maintaining a good credit score, this act can help you identify signs of identity theft. The Federal Deposit Insurance Corporation (FDIC) says that you are entitled to one free copy of your credit report every 12 months from each of the three nationwide credit bureaus — Equifax, Experian and TransUnion. Although you can ask to receive copies from all three credit bureaus at the same time, you also can spread out your requests throughout the year to check for major changes or inconsistencies. To order your free reports, go to AnnualCreditReport.com or call toll-free 1-877-322-8228.

Overwhelmed? Take a moment this month to see what your credit says about you. Once you know what your credit report says, you can begin taking steps to improve that message and to improve your financial future!

Your Financial Checklist

Posted on January 19, 2015 by vcnbfamily

We’ve been talking a lot lately about spending tips and saving money on our Facebook page and here on our blog. It’s a timely topic with January being Financial Wellness Month.

Today we have a checklist to help you get started toward your money goals today!

VCNB Family

Our Family Serving Your Family Since 1867

Category Archives: Money Smart