We’re just over a month into the new year and some of you may be well on your way to accomplishing those New Year’s resolutions, while others may be off to a slow start. For many, the start of a new year is a time to set financial goals and actually set-up a budget to be followed. If you’re struggling to stay on track with your budget or quite frankly don’t know where to start, you’re not alone. According to The Motley Fool, “in a recent U.S. Bank study, roughly 60% of Americans admitted that they don’t follow a budget.” Here are five budgeting tips that The Motley Fool offers as a starting point, which we think are worth looking into.
- Accuracy is key – The Motley Fool uses the term “accuracy” but this can be used interchangeably with “reality.” You need to be accurate and realistic with your budgeting. “Case in point: your electric bill. You’ll probably pay more during the summer, when your air conditioner is perpetually blasting on high, than during the spring, when you’re using much less energy. But basing your monthly electricity costs on the $80 bill you typically get in April or May might cause you to fall short when you get a $250 bill in July. That’s why you’ll need to review your spending throughout the year rather than rely on a single snapshot.”
- Account for one-time expenses – Yearly or one-time expenses may send you spiraling into debt in a certain month. To allow for more breathing-room and to properly allocate those big expenses, don’t be afraid to split up that yearly membership fee or maintenance fee throughout all twelve months.
- Don’t include your bonus – This tip relates back to #1 – be accurate and realistic. If you’re trying to make your budget as realistic/accurate as possible, remember that your bonus is not guaranteed. Try to not include it in your budget, because it could cause you to come-up short.
- Update as you go – Don’t be afraid to update your budget as you go. Just because prices fluctuate does not mean you did not stay to your budget or factor in expenses accurately.
- Always include a line item for savings – Every budget has its expenses, but a spot for savings is often overlooked. No matter what you’re saving for, The Motley Fool suggests allocating at least 10% of every paycheck for a savings account – and we agree.
Creating a budget and mapping out expenses is a difficult task. But when it comes to staying disciplined and following that budget, creating often seems like the easy part. Budgeting takes time and perseverance but we encourage everyone to try it as it can be rewarding and lead to financial empowerment. If you’re ready to start budgeting or are struggling to stay committed, talk with your local banker by calling or visiting one of our branches.
As any business owner knows, when your business grows and the need for more advanced transactions build, “nominal” fees begin to add up. No matter the size of your business, business banking fees can diminish growth. Before you know it, you start spending more time trying to avoid excess fees than you do trying to build your business, and the thought of switching banks is too much of a time-consuming option.
At First County Bank we understand your business banking needs, which is why we avoid the stress of business banking fees altogether. Our business checking account, BusinessFirst Checking1, could save you up to $250 each month in business banking fees!2 With our account you avoid monthly maintenance fees, have no minimum balance, enjoy unlimited check writing, unlimited deposits, unlimited bill payments and much more. Whether you’re an established business or a start-up, our BusinessFirst Checking account is where we put your business first.
If you’re looking to make the switch to our BusinessFirst Checking account, know someone who should, or want to do a cost comparison to see how much you could save, visit any of our branches or call our Business Banking team at 203.462.4379.
1 See Business Deposit Account Schedule of Charges and Cash Management/Business Online Banking Agreements for details regarding fees, funds availability, security requirements, and other terms and conditions.
2 Savings estimate based on fees for Positive Pay and Remote Deposit Capture being waived for six months and an estimate of charges you are paying on your existing bank account. Ask us for details.
Cash Management Services is a phrase used quite often when it comes to business banking – but what are they really? Cash Management Services assist businesses in terms of “cash” related operations, such as Merchant Deposits,1 which assists in credit card processing; Payroll Services,2 which helps you pay your employees and complete taxes; as well as many other services in between.
Additions to Cash Management Services address the growing and challenging trends of not only how a business is managed financially, by protecting those finances through anti-fraud services. An up-and-coming cash management tool to defend against fraud is Positive Pay. Positive Pay helps oversee each and every check-related transaction throughout the day to assist you in preventing fraud. Cash Management Services are increasingly becoming the “go-to” tools for businesses in order to better manage day-to-day cash-flow.
If you want to learn more about First County Bank-specific Cash Management Services or how Cash Management Services can better assist your business’s day-to-day cash-flow, contact our Cash Management Department by calling 203.462.4379 or by visiting any of our branches.
1Merchant services are provided through Direct Connect, which is not owned or operated by First County Bank.
2Payroll services are provided through Pay USA, Inc., which is not owned or operated by First County Bank.
In a recent Forbes Article, writer Andrew Josuweit discusses top financial resolutions in 2017. Josuweit begins the article by stating, “If you’re among the third who aren’t planning to set a financial goal for the New Year, you might want to reconsider. About half of resolution-setters achieved 80 percent or more of their financial goal in 2016, according to a survey from Fidelity Investments.” Define financial resolutions as you set your goals for the New Year.
- Build an Emergency Fund – “An emergency fund is your first line of defense against financial hardship.”
- Save for Retirement – Whatever your retirement goals are, use 2017 as the year you began your retirement savings.
- Buy a House – According to Josuweit, purchasing a home is high on the list for many people as they welcome 2017. If you’re a potential homebuyer in the New Year, understanding the process is just as important as finding the home of your dreams. Here are three questions to consider:
- How does this affect your overall wealth management plan?
- Have you determined how much house you can afford?
- How well do you understand the market, as well as your personal mortgage and home equity needs?
Let 2017 be the year of hope and empowerment for you, as you build financial freedom and personal wealth. Accomplishing these resolutions is no easy task – what makes them easy, is having an advisor you can trust. Talk to your banker about helping you plan your journey to achieve your financial goals.
It’s hard to believe 2017 is already here. Just as we were getting comfortable with 2016, the New Year is upon us. Some of the biggest questions of a new year are What will it bring?, What will the trends be?, and What should we expect?
It’s no surprise that many early predictions see technology continuing its upward trend in use and accessibility. At First County Bank, we understand the needs of small businesses, and have used our experience and expertise to evaluate and launch new products and services designed to allow business owners the ability to focus on what’s important – running their business.
Here are a few ways you can do your business banking better in 2017:
- BusinessFirst Checking – At First County Bank, we’ve kept it simple with an account that has no monthly maintenance fee, no minimum balance, unlimited check writing, unlimited bill payments, unlimited deposits and more. Stop by any branch or call our business banking team to find out how you can save up to $250 or more each month!1
- Fraud Prevention & Cash Management Services – These days, how you manage and protect your business finances is a priority for many, including those of us at First County Bank. Positive Pay Services is our newest tool for customers, designed to defend accounts against fraud. With an additional eight Cash Management Services to choose from, we’re sure we have the tools you need to help your business navigate day-to-day cash-flow throughout 2017.
- Business Lending – As technology advances, the speed in which tasks are expected to be accomplished increases. Recognizing this, we understand that businesses are sometimes in need of funds quickly. In 2016, we created the BusinessFirst Express Loan, where decisions are received in as soon as 48 hours and funds are accessible in as soon as 7 business days.
You’ve set your New Year’s Resolution, now it’s time to accomplish it. Spend more time doing what you do best, and less time paying business banking fees, worrying about your accounts and waiting for loan decisions or funds. Stop by a branch or contact our business banking team to find out how you can do better business banking in 2017.
1Savings estimate based on fees for Positive Pay and Remote Deposit Capture being waived and an estimate of charges you are paying on your existing bank account. Ask us for details. See Business Deposit Account Schedule of Charges and Cash Management/Business Online Banking Agreements for details regarding fees, fund availability, security requirements, and other terms and conditions.
The New Year is often a time for reflection upon the past year. We often think of positives and negatives, but one of the most daunting and challenging things to think about is what has not changed. A CNBC Article reported that, “…just 22 percent of American workers [are] highly confident that they will have enough money for a comfortable retirement.” This begs the daunting question, are you on track with your retirement goals? Have you defined your retirement goals or strategy?
Short-term goals and “baby-steps” are the best way to approach a retirement strategy. Use this New Year to not only set a goal for yourself, but layout a plan or strategy on how you can achieve the goals you’ve set for yourself. Getting started may seem like an intimidating task, which is why we offer a variety of options to help you prepare and begin moving toward your goals.
- 36 Month Bump Rate CD – If you’re new to retirement planning, try starting off with a simple CD account. Learn how to put money into an account and leave it. Letting your money grow in a retirement account can be challenging if you’re not used to long-term savings. The 36 Month Bump Rate CD may be an easier way to get used to this type of savings plan.
- Retirement Savings Account – For those ready to take the next or “intermediate” step with retirement planning should speak to a First County Bank Retirement Specialist, and learn about different IRA and Money Market options.
- First County Advisors – The “advanced” step in retirement planning, First County Bank Advisors help manage many of life’s milestones and their potential impact on retirement including: marriage or divorce, birth or adoption of a child, care and support of elderly family members, as well as trust and estate planning.
As we approach the New Year a hot topic across all industries is: What will be trending in 2017? For all “Snapchatters” and “Facebookers,” no worries here as it seems that these two social media platforms will continue to expand come 2017. However, one area many do not like to discuss is the area of cybersecurity. In the past few years cybersecurity has gained more attention and increased importance as online activity grows. In 2017, cybersecurity will be a trending topic for discussion.
In a recent Forbes Article, the Society of Information Management (SIM) released their 2017 trend analysis. In this analysis, cybersecurity was ranked as the second most important trend/topic heading into the New Year. According to the article, “36% of IT leaders noted [cyber] security as their top concern. Remarkably, just four years ago, [cyber] security was listed as the ninth area of concern.” How exactly can you increase your cybersecurity efforts? Here are some tips from our Customer Resources Center:
- Digital Wallet Security – Mobile technology is changing the way we think of our wallet. We all take necessary precaution when it comes to the safety/security of our physical wallet, but are we doing the same with our digital wallet?
- Online Banking Awareness – Online Banking is a convenient way to manage your account. Part of this management requires managing the security of your account. Be sure to use trusted Wi-Fi networks, keep your browser up-to-date, and use strong passwords.
- Ransomware – Ransomware is malicious software that can infect a victim’s computer, preventing the victim from using their PC. An easy way to defend against ransomware is by using antivirus software and only downloading software from familiar and trusted sites.
These tips are just a few of many cybersecurity subjects we cover in our Customer Resources Center. To learn more on a specific topic or to view our full list of cybersecurity subjects, click any of the hyperlinks above. Or to read the full Forbes article, click here.
There are many things to look forward to when it comes to Thanksgiving Weekend: time spent with family and friends, great food, and great deals. Thanksgiving Weekend marks the start of the official holiday shopping season, kicked off with Black Friday and followed by Cyber Monday. While Cyber Monday boasts the ability of finding great deals from the comfort of your own home, there are some security tips and tricks you should be aware of before shopping for that great deal.
In a CBS News article, Brian Krebs, Cybersecurity Expert and author of “Spam Nation,” Marc Boroditsky, President of the cybersecurity start-up “Authy,” and Steve Bellovin, Computer Science Professor and Cybersecurity Expert at Columbia University, collaborated to provide CBS with “5 Cyber Monday tips for hacker proof shopping.”
- Get email savvy – Be aware of the emails coming in and going out of your inbox. Be sure to verify that the email is coming from a trusted source before clicking or applying for any item.
- Use a credit card rather than a debit card – Fraudulent charges are no fun whether it’s a charge to your credit card or debit card. Know that complications may be more severe for a debit card because it is usually linked directly to your checking account.
- Practice “good password hygiene” – Be mindful to create new passwords rather than simply reusing passwords. “Password reuse is a much worse danger than weak passwords,” stated Bellovin.
- Beware of phantom sites – If the deal looks too good to be true, it probably is! Comparison-shopping is great for finding the best deals, but stick to sites you are familiar with.
- Keep your browser up to date – Not only is keeping your browser up to date effective for shopping purposes, but the older your browser becomes the weaker it is when defending against viruses and malware.
Enjoy your Thanksgiving and Thanksgiving Weekend! Good luck to all of those bracing for Black Friday sales, and for those utilizing Cyber Monday – remember these tips!
President Barack Obama once again signed a proclamation declaring October as National Cyber Security Awareness Month. Cyber Security requires little effort but makes a big difference. Cyber Security is a national and local, governmental and personal effort. At First County Bank we take your Cyber Security seriously. Here are some tips to consider this month:
- On social media, know what you post about yourself – posting personal information about yourself is a common way for hackers to gain access to your account
- Always log out – always log out of online banking or mobile banking accounts. Staying logged in is leaving the front door to your account open
- Be aware of network security – using a work or school Wi-Fi does not make it a safe Wi-Fi, the same threat of hackers and viruses still apply.
For more information and tips on Cyber Security or general fraud prevention visit: http://firstcountybank.com/customer-resources
Let’s face it; some things in life just need some updating from our cellphones to our home décor to our hairstyles. There’s another thing in your life to update that’s even more critical – your computer software. However, despite the fact that our computers often remind us to do so, many of us don’t take the time to download updates.
With the number of software programs computers run today and the growth and sophistication in computer hacking, failure to update your software programs could affect the performance of your computer and even more worrisome, put your identity at serious risk.
Here are some important tips to remember about updating software:
- Stay current. You should install software upgrades for your operating system, browsers, antivirus software, flash players, PDF readers, as well as software products such as Microsoft Office®. Keeping your software current will ensure maximum performance and protection.
- Be vigilant. Do not download updates from sites and emails that are not from the software developer. In general, software developers do not share their updates with third-party sites. If you aren’t sure if a particular update is legitimate, go directly to the developer’s site.
- Watch for pop-ups. Many times, your developer will notify you that you need to update software via a pop-up message. If you receive a pop-up, just verify that it is from the developer.
- Be careful of email software updates. As a rule, developers do not send you software updates by email, so if you receive an email telling you to download an update, do not click on the link. Often times, the links will download malware on your computer.
- Do manual checks. If you don’t receive automatic updates from developers, you can periodically check for software updates on your own by checking the version of the software you are running.
Take the time to check your software today! You’ll be glad you did.