All VCNB locations will be closed for President’s Day on Monday. We will resume regular hours on Tuesday morning.
VCNB Closes for President’s Day
Reply
Category Archives: Uncategorized
Your Financial Checklist
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!
Follow us on Facebook and subscribe to this blog to keep up with VCNB!
Setting a Realistic Budget
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.
Helping Businesses With PayChoice
At VCNB we understand that the time of a small business owner is valuable. That is why we are constantly looking for ways to help businesses and to make life better for owners and managers.
One way we do that is through great customer service and with products like our business payroll service PayChoice.
With PayChoice, you can process payroll online in minutes rather than hours. Best of all, you can access your account from a web browser to process payroll anywhere, anytime, no matter where your business takes you. Through an online secure portal, you can access many benefits:
* Federal, state and local tax administration with a penalty free filing guarantee if the client incurs a penalty that is due to an error made by PayChoice.
* Extensive array of online payroll management reports.
* Choose paper checks or use direct deposit for employee pay.
* Vacation and sick time tracking.
* Online employee pay stub and W-2 access.
* Free customer service is available from 8:30 a.m. to 8 p.m. EST via email, phone and online chat.
All of this is backed by a six month guarantee.
A flat monthly fee of $49.95 covers payroll processing, tax administration and direct deposits for any number of pay runs. This service meets the needs of most companies with up to ten employees. Full service payroll options are available for larger companies with more complex needs as well.
To learn more about PayChoice, contact your local VCNB office or call 1-800-542-5004.
Preventing Financial Abuse Among Elderly
Tomorrow is World Elder Abuse Awareness Day and at VCNB we believe it is important to recognize the risks that face our elderly. According to a study by MetLife, the elderly in this country lose more than $2.9 billion annually due to financial abuse. Moreover, it is estimated that 5 million older Americans are abused, neglected and exploited each year – yet only about one in five of those crimes are ever discovered.
Our friends with the American Bankers Association have compiled a list of tips to help older Americans safeguard their money.
- Keep personal information private. Never share your social security number, account information, or personal details over the phone or internet, unless you initiated contact with a trusted source.
- Shred! Shred! Shred! Shred receipts, bank statements and unused credit card offers before throwing them away so fraudsters can’t piece together your personal information.
- Don’t let a so-called “advisor” pressure you. Never let a new or untrusted “advisor” pressure you into sharing personal or financial details. They could be a fraudster. Carefully choose a trustworthy person to act as your agent in all estate-planning matters.
- Check your credit report. Customers should check their credit report at least once a year to ensure no new credit cards or accounts have been opened by criminals in your name. Everyone is entitled to receive a free copy of his or her credit report annually from each of the three credit reporting agencies, but you must go through the Federal Trade Commission’s website at www.annualcreditreport.com, or call 1-877-322-8228.
- Lock up your checkbook, account statements and other sensitive information when others will be in your home.
- Get to know your banker and build a relationship with the people who handle your finances. They can look out for any suspicious activity related to your account.
- Never pay a fee or taxes to collect sweepstakes or lottery “winnings.”
- Check references and credentials before hiring anyone. Don’t allow workers to have access to information about your finances.
- Pay with checks and credit cards instead of cash to keep a paper trail.
- Trust your instincts. Exploiters and abusers often are very skilled. They can be charming and forceful in their effort to convince you to give up control of your finances. Don’t be fooled—if something doesn’t feel right, it may not be right. If it sounds too good to be true, it probably is.
Spring Forward This Weekend!
Remember to Spring Forward Saturday night! Set your clocks ahead one hour and check your smoke detectors before bed.
Protect yourself from phishing scams
Today we are warning consumers not to fall victim to phishing scams related to the Target data breach. Phishing attacks use spoofed e-mails and fraudulent websites designed to fool recipients into divulging personal financial data. By hijacking the trusted brands of banks, online retailers and credit card companies, phishers are able to convince recipients to respond to them.
“Industry experts warn that victims of the Target data breach are particularly vulnerable right now to phishing.,” says VCNB Head of Operations Joe Griffith. “These criminals are capable of sending very legitimate looking e-mails. The most important thing for customers to remember is that we will never ask you for personal information in an e-mail.”
To avoid becoming the victim of a phishing scam, we offer the following tips:
• If you have responded to an email, contact your bank immediately so they can protect your account and your identity.
• Never give out your personal or financial information in response to an unsolicited phone call, fax or email, no matter how official it may seem.
• Do not respond to email that may warn of dire consequences unless you validate your information immediately. Contact the company to confirm the email’s validity using a telephone number or Web address you know to be genuine.
• Check your credit card and bank account statements regularly and look for unauthorized transactions, even small ones. Some thieves hope small transactions will go unnoticed. Report discrepancies immediately.
• When submitting financial information online, look for the padlock or key icon at the bottom of your Internet browser. Most secure Internet addresses, though not all, use “https.”
• Report suspicious activity to the Internet Crime Complaint Center, a partnership between the FBI and the National White Collar Crime Center.
If you receive suspicious communication from someone claiming to be from VCNB or representing VCNB, please contact customer service immediately. Customer service representatives are available to help you at 1-800-542-5004 or you can chat with a representative from our website at www.vintoncountybank.com.
VCNB Family 