Teaching Kids To Save

Posted on April 9, 2014 by vcnbfamily

Each year VCNB offices participate in Teach Children To Save, a nationwide effort to, well, to teach children to save money. Staff members go into classrooms in local communities to talk with youngsters about why it is important to save money and the difference between needs and wants. We think it is important to give kids practical tips that will help them become money smart adults.

Would you like to teach your kids good spending and saving habits? Here are a few tips!

Feed the Piggy – Little kids like to get money and they think it’s fun to drop change into a piggy bank. Periodically help them count the contents of the bank so they can see how much their savings have grown.

Needs Versus Wants – Teaching kids the difference between needs and wants will help them make wise decisions today and in the future.

Set Savings Goals – If your child wants a new video game, offer to pay half if they can save the rest of the money. Having a goal in mind, especially if it is something they really want, will help them stay on track.

Make Saving Easy – If your child receives an allowance, break it down so saving is easy. If they receive $5 and the rule is they must save a dollar a week, give it to them in dollar denominations so there is no excuse for not dropping the dollar in the bank. It may even be fun to help them count their savings every week and talk about how good it feels to save.

Open an Account – Regardless of their age, open a savings account for your child. When they have birthday money or when their piggy bank gets full, you can bring them to the bank to deposit funds, have their passbook stamped and watch their account grow. At VCNB, we have savings accounts for minors that require no minimum balance to open. We also have coin counters at several locations to help adding up all that change easy.

Teach in Every Day Life – Embrace opportunities to talk with your kids about money and spending and how things work. If you pay for a restaurant meal with a credit card, explain how credit cards work and why you are using one. When you swipe your VCNB debit card at the grocery, talk with them about how your debit card is tied directly to your checking account and that a swipe is the same as handing over cash. Teach them to comparison shop at the store and how to understand the unit price listed on the store shelf. These are skills they will use for the rest of their lives.

Lead by Example – Talk with your kids about your savings goals for retirement or even how you are saving a few dollars each paycheck for the family vacation this year. Your kids will follow your lead so find ways to be a good role model

35 Ways To Save Some Dollars

Posted on March 13, 2014 by vcnbfamily

While it’s tempting to look for big ways to save money, don’t discount the small things you can do to save a few dollars that will ultimately add up to big dollars. Here are 35 small things you can do, simple behavior changes, that can help you stretch your hard earned cash a little further.

Little changes can save big money over time!

1. Pay bills on time to avoid late fees and interest charges.2. Mom was right. Turn off the lights when no one is using the room.

3. Swap sugary drinks for water. It’s free and it’s good for you!

4. Use Billpay at VCNB! This service is free to online banking customers as long as you use it at least once a month. You just schedule your payment and we take care of the rest. There’s no stamp to buy or envelope to lick, making it convenient and easy to use

5. Skip the drive thru and make your coffee at home. Along those lines, carry a reusable water bottle when you travel. It will save you money and help the environment.

6. Sign up for rewards programs at stores you frequent. Grocers and pharmacies will often give you coupons for discounts or even free merchandise.

7. Try the store brands of your favorite foods. Often times, the packaging looks different and the price is higher but the contents are the same as the name brand.

8. Share music, books and movies with a friend. It’s a great way to introduce each other to new artists.

9. Remember it’s usually cheaper to cook for your family than to pick up fast food. Stock your freezer with some convenience meals for those nights you’re tempted to order takeout.

10. Cancel memberships and subscriptions that you don’t use. There’s no sense paying for a magazine that you don’t read or a gym membership if you never go.

11. Skip the vending machine and try bringing snacks from home.

12. Jazz up leftovers to avoid wasting food. There are a lot of websites and blogs dedicated to cooking and some to reinventing leftovers. See number 16 another great idea for leftovers!

13. Improve gas mileage by airing up your tires. Experts say that for every two PSI that all of your tires are below the recommended level, you lose one percent on your gas mileage.

14. Try your hand at Meatless Monday. There are tons of great casseroles and soups that are delicious and inexpensive to make because they don’t use meat.

15. Plug your electronic devices into a surge protector. All those cords for your TV, DVD player and gaming devices have to plug in somewhere. Many people don’t realize that they continue to use power even when turned off so be sure to flip the switch when they aren’t in use.

16. Pack your lunch and save a bundle every month. By bringing leftovers or a sandwich from home, you can eat a healthier lunch and save money. If you typically spend just $5 a day on lunch, at five days a week for four weeks, you can save $100 a month!

17. Close the blinds or drapes during the day to keep light and heat from coming in during the summer. The extra heat will make your air conditioner work harder in the summer. On the other hand, open them up to let in sunshine to help with winter heating.

18. When conditions are appropriate, use cruise control to regulate your speed and improve your gas mileage.

19. Another great way to save on gas is to combine errands into one trip. If some stops are close together, park your car and walk a bit. Since walking is good for your health there’s an added benefit!

20. Going to the movies? Check out the matinee instead of the evening show. Ticket prices at some theaters are significantly cheaper earlier in the day and theaters are less crowded.

21. Kick your vices to the curb. Whether it’s smoking or a daily run to the ice cream shop, these habits can be expensive and bad for your health.

22. Do you shop when you’re bored? Why not play a game with your kids, take a walk or check out a community event instead?

23. Check out your local library for all sorts of free resources. You might be surprised to find so many new release books and movies as well as magazines, free events and things for the kids to enjoy.

24. Ask your physician to consider prescribing generic drugs. Generic drugs can cost several hundred dollars less to purchase annually than brand-name drugs.

25. Lower the thermostat on your hot water heater just a few degrees to save a lot of dollars each year.

26. Plan ahead for holidays. Buying cards, wrapping paper and gift bags after Christmas can save you 50 to 75 percent on these needed items. But you can also find cupcake wrappers, cards and decorations deeply discounted after every holiday throughout the year.

27. Repair (or work around) before you pitch. Don’t toss out that blouse because it needs a button or that vase because it has a chip in the side. Learn to sew that button back on and how to turn the vase so no one sees the flaw!

28. Buy produce that’s in season. It will taste better and save you dollars. If you find a great deal on berries, buy extra to freeze for later and enjoy the flavor of the season for less.

29. Make sure that your drapes and furniture don’t block heating and cooling vents.

30. Unplug your cell phone charger when it isn’t in use.

31. Leave the thermostat alone. If you’re cold, put on a sweater or get up and move around.

32. Open the windows! If the outside temperature is moderate, open the windows and let the breeze and sunshine in. It will save on your electric bill and help to air out your home.

33. Carpool to work. Make friends with a coworker in your neighborhood and take turns driving. You will save wear and tear on your vehicle and on fuel. Plus you will have company along the way!

34. Have a spill that’s not too messy? Use a dish towel instead of a paper towel. The expense of disposable products adds up quickly.

35. Plan your week. Don’t wake up every day wondering what your kid will take for lunch. Create a meal plan and shop for it and prepare meals and pack leftovers into your lunch the night before. Also remember to plan for what tomorrow will bring. If your daughter has soccer practice, pack some snacks so you don’t have to swing into the drive thru.

Do you have other tips for saving money in your everyday life? We would love to hear them! Post a comment below and remember also to subscribe so you never miss a post from VCNB.

Cost Cutting Tuesday: Television

Posted on March 4, 2014 by vcnbfamily

Television. It’s an amazing invention that brings the world into your living room with just a click of the remote. It can take you on an African safari, give you a front row seat at Carnegie Hall and take you to midcourt of your favorite basketball game. It’s entertaining and a terrific time killer.

It’s also a budget buster if you allow it to be.

Fortunately, there are some opportunities to trim costs in this department.

Buy an antenna – If you don’t watch a lot of TV and are happy with local channels, a simple HDTV antenna could be the solution. They are inexpensive and a great option for those who just want the basics.

Cut back on channels – How many channels do you really watch? Take a look at your package and consider cutting back. Basic packages typically include the most popular channels so you may not miss anything. If you actually watch those premium channels and see value in having them, there are other options.

Watch for deals – Satellite and cable companies tend to run a lot of promotions to attract new customers. However, these promotions are sometimes available to existing customers too. Check out their website and watch the mail for coupons and offers. If that doesn’t work, call customer service and ask if there are any deals available.

Shop around – Consider your options. Is there another cable provider in your town? Have you considered satellite TV? Often times, these companies offer better packages for your needs, discounted introductory rates or other promotions to attract new customers.

Go online – Many shows can be streamed online for free or for a monthly subscription. If you have reliable internet, using these online resources may be the way to go.

Bundle Up – Bundling your TV service with phone and internet may save you a few bucks without sacrificing the amount of channels you have to choose from. Ask your provider if this is an option.

Digital Media Players – Using the power of the internet, these set top box-like devices allow you to stream live content or watch programming on-demand at your convenience. Roku, Google Chromecast, and AppleTV are popular choices, but did you know that your gaming system may serve as a streaming device as well? Smart TVs are an option and are becoming more the ‘norm.’ The most popular channels tend carry a minimal monthly fee in the range of $5-$10, but there is also an abundance of free content. Purchasing a few must-have channels in addition to the free programming could allow you to cancel your cable or satellite subscription altogether!

Trimming just $10 a month can save you $120 a year and $25 would add up to $300 in a year. It’s tough to remember sometimes but the little things really do add up in a big way.

Do You Have an Emergency Fund?

Posted on February 13, 2014 by vcnbfamily

They say that in life you should expect the unexpected. That’s why it’s a good idea for everyone to have some kind of emergency fund. Most experts say it’s important to stash away at least three to six months of living expenses but others advise saving more.

Think you don’t need an emergency fund? Here are the top five reasons why you need one:

1. You lose your job. This is the number one reason most people need an emergency fund. If you or your spouse loses a job, it is important to have a rainy day fund to get you through the dark times. After all, the average length of unemployment last year was about 40 weeks. Your unemployment check may ‑ or may not ‑ be enough to get you through. The Corporation for Enterprise Development released a report last year that says that nearly half of all Americans are a paycheck or two away from financial disaster.

2. You (or your spouse) gets sick. Whether it’s an extended, life threatening illness or just a quick trip to the emergency room, healthcare and illness bring major expenses. Between the cost of healthcare and the lost work, even a minor illness or broken leg can be crippling to your checking account.

3. The car breaks down. Car repairs can be expensive. Even just buying a new set of tires for your vehicle can be cost prohibitive. The problem is that if you don’t have transportation, getting to work can be almost impossible. If no wheels equals no work, then no work equals no money to pay for said repairs.

4. The furnace dies. It’s five below zero outside and your furnace quits working. Furnace repairs and replacement are necessary expenses when it’s cold outside but can also be crippling expenses if you aren’t prepared. Other major home expenses that you can’t ignore might include a new roof and leaky foundation.

5. Emergency travel. What if your dad dies in California or your sister is in an accident in Georgia? Would you have funds on hand to pay for a plane ticket or other travel expenses? Even if they live just four hours away, could you afford the time off work, the gasoline and other travel expenses in an emergency?

Sure, you can put a lot of these expenses on a credit card but you could be paying on interest for a long time before you catch up.

You would be surprised the sense of security you can buy with just having a little extra money in the bank. It may take a while to save up to that three to six month mark ‑ if you are able to reach that mark at all. Maybe you are only able to save $10 a month. That’s better than nothing! Start with what you can afford and build from there.

Here at VCNB you can set up automatic transfers from your checking to savings accounts. Want to learn more? Visit our website!

What to Buy in February

Posted on February 7, 2014 by vcnbfamily

February is the shortest month of the year but is packed with savings opportunities. What are the best things to buy this month?

Winter clothes and coats ‑ Retailers are making room for Easter dresses, flip flops and bathing suits. That means you can find great deals on all things winter. Coats, gloves, scarves and hats are deeply discounted this time of year. It’s also a great time to pick up heavy sweaters, boots and other winter necessities.

Electronics ‑ New models of cameras, televisions and other electronics have been introduced and last year’s models are now on clearance. Even smaller items like tablets or blue-ray players that didn’t sell over the holidays are deeply discounted. Also, a lot of cellular phone companies offer great deals for sweethearts who want to upgrade their phones or their phone packages.

Outdoor furniture, grills and AC ‑ Ohio has been hard hit this winter with sub-freezing temperatures and snow so it’s kind of tough to think about hosting an outdoor barbeque. But in just a few months you will be ready to do just that and may be in the market for new patio furniture and other expensive outdoor merchandise. Many retailers will be trying to jumpstart sales of these warm weather items this month with sales.

Appliances and furniture ‑ Usually around mid‑February, retailers begin marking down these items. In fact, some of the lowest prices of the year can be find on washers, refrigerators, beds, sofas and other major household purchases around President’s Day.

Do you shop sales or do you just buy things as you need them?

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