Keep Your New Year’s Money Resolution

Posted on January 8, 2015 by vcnbfamily

On New Year’s Eve you swore that you would change your ways when it comes to money. Maybe you wanted to save money or pay off debt. Maybe you wanted to break a bad spending habit or save for retirement. Perhaps you wanted to just be more mindful of your spending.

You were pumped because the new year would bring a new you.

Do you remember how excited you were?

Yet, here we are more than a week into the new year and you’ve done nothing to reach your goals. You’re not alone, though, as most people who make Near Year’s Resolutions quickly abandon their dreams within a few days. Often this happens, not because a goal is too lofty, but because of a simple failure to plan.

Most folks find it easier to stick with a resolution if they break it into smaller goals which they write down and read frequently. But there are other things you can do to work toward a financial goal.

Organize your finances with Automatic Transfers and guarantee your bills are paid on time with Online Bill Pay at VCNB.

If your resolution is to save money for something like an emergency fund or retirement, the simplest approach is to set up automatic transfers from checking to savings. This is easily done with VCNB Online Banking.

To get started, login to your online account. Click the Transfers Tab at the middle of the screen. Choose the account you would like to transfer from and the account to transfer to. Then select the frequency of the transfer. Selecting On Demand will cause this transfer to occur once. Other options include Weekly, Bi-Weekly, Monthly, Quarterly and more. You can choose the date on which you want the transfers to begin and the amount of the transfer.

Automation removes uncertainty, insuring you will save for your goal.

Automation is also helpful when trying to pay off debt. Using VCNB Online Bill Pay is an easy way to schedule payments in advance. Online Bill Pay is free if you use it at least one time per month and saves you time plus the cost of postage. The key is to decide in advance how much you can afford to pay and set it up to pay the bill on pay day or as soon as the money is available. After all, you can’t spend money you don’t have!

Ease into saving money this year with a savings challenge like this one. Click to view enlarged image.

If you search the internet for money saving tips, you will find a plethora of websites and blogs dedicated to this topic. From professional financial advisors to stay at home moms with hobby blogs, there is no shortage of people with tips and advice for stretching, managing, manipulating and growing your bucks.

Read carefully to find sites that suit your lifestyle and you may find good strategies for debt pay-off, games to help you save money and an abundance of tips for cutting daily expenses. Not only may you find good ideas from these resources, spending online time with like-minded people goes a long way toward changing your mindset.

If your goal is to curb recreational shopping, delete your card information from online accounts and avoid stores. Try grouping all your errands into one trip or even all your purchases to one store to remove temptations. Be mindful when you do purchase something, asking yourself questions like whether it’s made well enough to last, do you really need the item or how many hours you must work to pay for the item. Is it really worth the price?

Experts say it takes thirty days to form a habit. If you can’t automate your resolutions, try to study your goals as much as possible and gradually your mindset will adapt to one of goal achievement. It may take some time and you may face setbacks along the way but perseverance will pay off.

Do you have tips to share? Tell us in the comments section below!

Create a savings plan for 2015

Posted on December 29, 2014 by vcnbfamily

Did you save enough in 2014? Do you have enough money tucked away for retirement? How about for a small emergency? What if the furnace blows next month or your car needs repairs? Do you have enough in savings to get by? If you’re like most Americans, the answer is a resounding no.

Most financial experts recommend that you pay yourself first. That means before you pay rent, buy groceries or go to the movies, you set aside a portion of your income. We recommend that you create a monthly budget to see where your money is going. In doing so, set a savings goal for each paycheck. If you think there isn’t room for savings, take a closer look at frivolous expenses or impulse buys that could be draining your checking account (Click here to read about 35 ways to save some dollars).

Once you know how much you want to save, you just need to decide where to tuck the money away to keep it safe. If you are just starting out, the best approach is to open a savings account. At VCNB we offer a personal savings account that requires an opening balance of $100 for adults with no minimum for minors. Interest is paid on this account if it has a balance of $100 or more.

Once you have a savings account, you can deposit funds at the bank, with direct deposit and with Online Banking. You can even set up automatic transfers to ensure the funds actually make it to savings. Once it’s there, try not to touch the money unless there is a true emergency.

If you have a high deductible insurance plan, another great savings option is the Health Savings Account (HSA). While some banks charge large fees for an HSA, VCNB offers this account for free if you accept a monthly e-statement rather than a paper statement. If you wish to receive a paper statement, the account fee is $3 per month. There is a one-time $25 set up fee for this account that is waved if you have this coupon. Basically, an HSA is a tax favored way to save money for qualified medical expenses.

If you don’t use the money you deposited into your HSA this year, the funds will roll over to the next year. For many young people with lower medical expenses, this is a great way to begin saving for later in life when medical expenses typically become more burdensome. Once you reach the age of 65, your HSA savings can be used for any type of expense. Check out this link to learn more about an HSA at VCNB.

If you already have a nest egg but would like to earn more interest for your savings, a good investment is an Individual Retirement Account (IRA) or Certificate of Deposit (CD) with VCNB. With a CD, you can select the length of time you would like to invest and then watch your money grow. An IRA allows you to save more for your future because you can contribute to your retirement over time while earning interest. We offer Traditional, ROTH, SEP and Educational IRA’s, allowing you to choose what’s best for your long term goals.

There is no greater security than financial security. For most people that doesn’t come overnight. Instead it comes dollar by dollar. Take a moment now to consider what you want your finances to look like a year from now, five years from now and twenty years from now. Then devise a plan and start saving today!

Your future self will thank you.

Things to Buy: After Christmas Edition

Posted on December 23, 2014 by vcnbfamily

If it feels like you have done nothing but spend, spend, spend this month you are not alone. Sale opportunities began well before Thanksgiving this year and there has been no shortage of opportunities to find great prices online, in big box stores, in small businesses and everywhere in between.

So it may feel like a good time to curb spending and give your debit card a break. But have you thought about how much money you can save later by taking advantage of after Christmas sales now?

Winter Clothing– While there have been many sales on winter clothes and accessories this season, the prices will be slashed immediately after Christmas. Retailers will want to move those items quickly to make room for spring apparel.

Fitness Gear – Millions of Americans resolve each year to lose weight or to get healthy. That means January is the peak season to buy fitness equipment, accessories and even gym memberships. That treadmill you’ve been wanting will be a great price throughout the month of January.

Furniture and Mattresses – Furniture manufacturers release new models in February so stores make room for the new by deeply discounting these big ticket items in January. If your couch is starting to wear or it’s time to replace your bed, this really is the time to buy.

Christmas Items – Who can forget the most deeply discounted items of all? Christmas items. Christmas cards, wrapping paper, bows, gift boxes, stationary, table linens, holiday china, candles, lights, trees, decorations …..it’s a veritable buffet of items that will keep until next year for just pennies on the dollar. Stock up now to save money next December!

Electronics – New models of electronics are introduced every January at the Consumer Electronics Show in Las Vegas. That means that retailers begin to discount this current model in February. If you don’t mind buying last year’s tv, laptop or digital camera, you can usually snag a deal just by waiting until February.

Anything in Christmas Packaging – Many companies sell items that are not all that Christmassy in holiday packaging. Dish soap, paper towels, hand soap, candy, baking sheets, silicone spatulas, baking supplies, Ziploc bags, school supplies, body wash, perfume and more often come in holiday packages or gift sets. At fifty to seventy-five percent off, it’s a great time to stock up on items you use every day!

Have High Deductible Insurance? Our HSA Can Help!

Posted on December 15, 2014 by vcnbfamily

Are you familiar with the Health Savings Account or HSA? Many Americans could benefit from this type of savings account but are unaware that the option exists.

An HSA is a tax favored savings account used to pay for medical expenses. This account was created specifically to help individuals and families who have high deductible health insurance plans be able to save money for qualified medical expenses.

VCNB offers an HSA that is both affordable and easy to use, according to VCNB Senior Vice President Jane Nickels. Nickels said that to be eligible for an HSA in 2015, you must have an annual deductible of $1,300 for an individual and $2,600 for a family and must not be on Medicare.

She said that contributions, up to a limit, are tax deductible and withdrawals to pay qualified medical expenses are never taxed. The money you deposit into your HSA rolls over from year to year and continues to grow tax deferred.

The funds in your HSA can be used for qualified medical expenses for any family member who you claim on your taxes. Qualified medical expenses are defined by the Internal Revenue Tax Code. You can read the list of qualified medical, dental and vision expenses here.

Remember that any funds you withdraw for non-qualified medical expenses will be taxed at your income tax rate plus 20 percent tax penalty unless the funds are withdrawn for death, disability or after age 65.

Nickels explained some of the reasons customers like the HSA. “There are many, many reasons people like their HSA but they are becoming increasingly popular because of the rise in health care costs and changes in their insurance plans,” Nickels said.

She indicated that many younger people use their HSA to save for old age. “Because the money will roll over every year, a lot of young people see it as a tax free way to save for retirement. If you are healthy and don’t have many medical expenses, the savings can continue to accumulate until the time you need the money whether it be for medical expenses or for something else after you reach 65.

At VCNB, our Health Savings Accounts include a debit card, one box of free checks, a monthly statement, online access and interest checking with tiered rates. If you request a monthly paper statement, there is a $3 monthly fee. There is no fee if you accept electronic statements.

If you think an HSA would make your life better, contact your local branch or call 1-800-542-5004 to learn more or to get started. Click here to visit our Online Learning Center to view a video about our HSA.

Protect Yourself From Fraud

Posted on December 10, 2014 by vcnbfamily

With the holiday season upon us, the threat of fraud increases every day. We know you are busy but it is important to stay on top of things even while you are celebrating and searching for the perfect gifts.

One problem we face today is that fraud comes from so many different sources and comes in many forms. Whether it is online, over the phone or in-person, you can take steps to reduce your risk.

When shopping in a store, carry only the cards you intend to use, never leave your purse or wallet unattended and know where your card is at all times, even when the cashier has it. Also, be sure that others are not capturing your PIN number when performing PIN transactions.

When paper checks are converted to an Automated Clearing House or ACH at a merchant, store voided checks safely to prevent counterfeit checks or unauthorized ACH transactions.

When using an ATM, inspect the area around the card reader area for any tampering, tape, glue or other evidence of a card skimmer. A skimmer is an electronic device that is installed over the normal card reading slot of an ATM to record data from the magnetic strip on the back of your card. This device is often accompanied by a hidden camera that records your PIN. Pay attention to what the card reader and keypad normally look like on the ATMS you frequent and don’t use an ATM if the card reader fits poorly, is loose or appears to be added on.

In the cyber world, it is important to protect your personal information and your computer. That means keeping updated anti-virus software on your computer and being smart about how and where you share your information.

Shop online with trusted merchants and look for the https: to indicate that the page is encrypted. Use strong passwords that consist of a combination of upper and lower case letters, numbers and special characters for all online accounts. Did you know that “123456” and “password” are the two most common passwords in the world? Avoid these as well as passwords that contain personal information that is easy to find in your social media profile. While it may be inconvenient, change your passwords regularly as well.

Also be suspicious of emails or Facebook messages from people you don’t know. Don’t open the email or click on any links within the message. If you are like most Americans you keep a lot of personal data stored on your smart phone or tablet. Prevent that information from falling into the wrong hands by locking your mobile devices with a password. Some devices also come with apps that allow you to track and even erase data from missing devices.

And while it may be low tech, do not underestimate the power of the telephone for criminals. People posing as debt collectors, those making charity requests or even government representatives can be very convincing over the phone. If someone calls, attempt to confirm that they are legitimate by requesting their name, address, phone number and other relevant information. If they claim to represent a well-known organization like the IRS or VCNB, hang up and call the organization’s published phone number. If you suspect fraud is involved, contact local law enforcement.

Criminals will commonly ask for personal information to help you claim a prize. Remember if something sounds too good to be true, it probably is. Also remember that VCNB will never request personal information over the phone or online. Never give out account information, your PIN, Social Security number or other important data.

Finally, be sure to regularly keep track of receipts and transactions. Keep and read receipts to ensure they reflect the correct transaction amount. And review your accounts in some way regularly. At VCNB, you can set up Account Alerts so that you receive a text message or email each time a transaction posts. You can also call our Telebanc line at 1-800-317-5990, check balances online at www.vintoncountybank.com or call Customer Service at 1-800-542-5004.

Monitoring your credit report regularly is another effective way to identify problems.

If you think your VCNB account has been compromised, contact your local branch or Customer Service immediately. If you call outside of business hours, there is an option in the phone menu to report a lost or stolen card. Choose this option to protect your card and yourself from damages and then contact Customer Service during business hours.

Budget, Plan For Holiday Fun

Posted on November 4, 2014 by vcnbfamily

What’s your style when it comes to holiday shopping? Do you wait until Christmas Eve to start buying or do you have everything purchased and wrapped before December? What’s your spending style? If you’re like millions of Americans, you may not worry about the money until the credit card bill hits your mailbox.

What if we told you that with a little bit of planning Christmas spending can be less stressful and more fun? The key to alleviating the strain comes from two sources: Budget and Planning.

First you need to review your finances and determine how much you are able to spend on holiday related expenses. Once you have that amount, it’s time to start making a list.

A great place to start with planning this year’s holiday is to consider how much you spent last year. If you don’t remember or have notes from last year, that’s ok. Just start by making a list of every person you give to and every holiday expense.

Budgeting and planning are the best ways to stay on track during the holidays. Even Santa makes a list and checks it twice!

Be sure to include the name of every person you shop for including your child’s teacher, your pastor or hair stylist. Add to that list other things you buy such as stocking stuffers, holiday meals, baking supplies, gift wrap, postage and shipping, Christmas cards, home décor and Christmas tree, travel expenses, charitable donations and anything else you buy or do that is extra (including post-holiday sales).

Next to each category, set a spending limit. Once you have set a spending limit on each category, add it up to make sure you are within your holiday budget. If not, check that list again to determine whether there are places to save.

Once you have a balanced budget, take a deep breath. You are halfway there!

The next step is to track spending throughout the season. Keep a running total of your purchases. If you go over budget in one category, don’t panic – just look for ways to save someplace else.

What are some practical ways to stay on track and under budget?

Shop with a list. When it comes to gift giving for your family, it’s a good idea to ask everyone for a wish list. This will give you a place to start and hopefully insure that everyone gets something they really want. At the very least, spend a little time brainstorming gift ideas for each person before you go shopping.
Be a smart consumer. If your husband requests new Blu-ray player, don’t wait until you’re in the store to think about what to get. Research online, read product descriptions and customer reviews before you say “I’ll take it.”
Think outside the box, the box store, that is. Consider gifts that don’t come from the mall. That cute little shop downtown may sell handmade scarves or jewelry that would make a unique gift for your mother-in-law. The candle store next door makes relaxation candles that your child’s teacher would love. Small businesses in your community often sell items you can’t find at a large retailer and the small business owner will truly appreciate every dollar you spend with them.
Start now. Don’t wait until the last minute to start buying. You can take your time researching the right product, cost compare and have a more pleasant buying experience when you’re not pressured to buy.
Use credit wisely. Many financial experts recommend shopping with cash or debit card to curb any urges to overspend. If you want the rewards points from your credit card or need to delay paying for Christmas until the first of the year, be mindful of every dollar.
Talk to your family about holiday priorities. Encourage them to focus more on the joy of the holidays – on spending time together decorating the tree, baking cookies and watching holiday movies – rather than on a ton of expensive gifts under the tree.

Finally, be sure to keep a record of your holiday expenses so you have a starting point for next year’s budget.

One other quick tip that could help you for next year is a Christmas Club savings account. At VCNB, you can set the amount you would like to save and we divide that amount into 26 bi-weekly deductions from your checking or savings account. In mid-October, you will receive a check or direct deposit for the amount you saved so you will have cash in hand for next year’s holiday budget.

Visit any of our 13 locations or our website to open a Christmas Club today!

Winterization Can Save Money (Even If You Aren’t Handy)

Posted on October 15, 2014 by vcnbfamily

Think you need a handyman to winterize your home? There are many small things you can do at your home today that will make a difference in your heating bill this winter. With heating costs forecasted to rise again this winter, every little bit will help.

Here are some ideas to get you started:

Look for leaks – Are there cold drafty areas in your home? Seek out these places and consider how you might seal or cover these drafty spots. A three dollar tube of caulking can be used to seal around windows and doors. Those storm windows collecting dust in the garage will do wonders to keep the cold air out. An inexpensive pair of lined curtains from a department store will also keep out a lot of cold air. New weather stripping around doors is easy to install and will make a huge difference as well. A window weatherization kit from a home improvement store is a small investment that could save you big bucks on your heating bill.

Bring the air down – Did you know that your ceiling fan operates in two directions? Counter clockwise rotation will generate a nice cooling breeze but clockwise rotation will produce warm air. Look for a small switch on the side of your fan.

Ditch the window A/C – Do you have a window air conditioner in your home? Chances are the cracks around that unit are allowing cold air to stream right into your home! The U.S. Department of Energy advises removing the unit for the winter. They say it can waste five to thirty percent of your total energy usage each winter month.

Consider your furnace –If you do nothing else, change or inspect your furnace filters once a month during the winter heating season. A dirty filter will impact the health and productivity of your furnace. If you have the money, also consider hiring a professional to seal and clean your ductwork every few years. The U.S. Department of Energy reports that about twenty percent of warm air is wasted because of leaks in ductwork.

Other things to do before winter hits:

-Cut the water supply to outdoor fixtures. Drain fixtures and garden hoses to prevent burst water pipes. Be sure to insulate the fixture and exposed pipe while you are at it.

-Take in or protect outdoor furniture, grills or other items you enjoy during the warmer seasons.

– Clean gutters to prevent clogs that might cause rainwater to back up and freeze. Freezing may ruin gutters by causing them to expand and crack.

– Create an emergency kit for your home and car. If the power goes during a winter storm it may be a while before the electric is back or until you can travel somewhere. Your kit should include a battery powered radio, a first aid kit, flashlights, candles and matches, bottled water and non-perishable food. Keep the same items in your car but be sure to add some warm blankets to the car kit.

Setting a Realistic Budget

Posted on September 10, 2014 by vcnbfamily

Do you have a household budget? If you’re like most Americans, chances are you don’t. A Gallup poll last year revealed that just one in three Americans prepare a household budget.

However, a budget plan is one of the most important things you can give yourself. It helps you to know where your money is going, helps with savings or other financial goals and it simply keeps you on track so that you don’t spend money you don’t have.

Unfortunately, people who do have budgets often don’t stick to the plan but instead simply have a wish list of how they want their finances to work while they continue spending unrealistically.

So how do you create a realistic budget that you can live with?

The first step is to track your spending. You already know how much you spend on utilities, mortgage and insurance but what about smaller expenses? For a month write down every penny you spend. Five dollars for lunch and thirty for gas add up pretty quick so it is necessary to be realistic about all of your daily expenses. At the end of the month, add up how much you spent.

Now sit down and make a list of all your expenses. It can be a handwritten list or some kind of worksheet on the computer.

Simply fill in the amounts and add up your month’s expenses. Are they more or less than your income? If they are less than your income that’s great! That means you have extra money to save, to dedicate toward debt payoff or to spend.

If your expenses are greater than your income, it is time to look at cutting expenses. Think about extras that you don’t really need like premium cable or a land line that no one in the house uses. Also look at major expenses like car insurance. Can you get a cheaper rate? How much money are you spending in restaurants or on recreational shopping? Are you wasting a lot of food at home? Maybe you are overbuying for your family?

Here are a few other things to keep in mind.

One of the most powerful ways to free up money in your budget is to pay off debt. Credit card bills, student loans and other types of debt may seem impossible to move past but making debt pay off a priority in your budget will help you stay on track and see how it is possible to dig yourself out of debt.

Give yourself a little wiggle room in your monthly budget. For those categories that fluctuate, like your water or electric bills, build a little extra into each month so you are not caught off guard. Also try to anticipate irregular expenses. You know your child’s school takes portraits every November so budget for that expense in November. Instead of trying to pay for all Christmas expenses at one time, tuck away a little into savings each month. A VCNB Christmas Club is a great way to do that!

And of course, build a safety net by saving something every month. Most experts recommend saving at least ten percent of your earnings. If this isn’t possible, just save whatever you can – even if it’s just five dollars a week.

Having and sticking to a budget will help you know where your money goes and will help you live within your means. These acts will eventually help you create a nest egg and pay off debt. Want more information on budgeting? Visit Consumer.gov.

Control Spending With Gift Cards

Posted on September 3, 2014 by vcnbfamily

Looking for an easy way to control entertainment spending? Why not try using gift cards for these purchases?

It is easy to go over budget on movies, dinner out or new clothes at the mall when you are swiping a debit or credit card. But you may think twice about those entertainment or fun purchases if you know that your spending boundaries are limited to the funds on a gift card.

Gift cards are available for all types of purchases including stores, restaurants and movie theaters, making it easy to “prepay” for the things you want. VCNB also offers a MasterCard ® gift card that is accepted anywhere that MasterCard debit cards are accepted.

Because your receipt from each purchase typically reflects the remaining balance on the card, it is easy to see your dwindling balance and to remember that once the card is depleted, the money for this type of spending is gone.

When purchasing gift cards, remember that the VCNB MasterCard ® gift card is versatile and convenient. If purchasing a gift card for a specific business, consider purchasing from your local pharmacy or grocery store which typically offer rewards points. Another savvy avenue is to check out online gift card retailers that resell unwanted gift cards at a discount.

It may take some getting used to but gift cards are a terrific way to keep your spending in check!

Where Does Your Money Go?

Posted on August 15, 2014 by vcnbfamily

Our friends over at Money Choice recently published this very smart infographic that asks the age old question – where did all the money go? We hope you will take a look and think about how it applies to your own spending.

where-has-the-money-gone

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Category Archives: Money Smart