Articles

Teens have a lot on their plates these days – just look at what Erin juggles in her schedule every week:

• Going to school and studying
• Soccer practice, workouts and games
• Playing flute in band
• Working part-time at a pizzeria
• Volunteering at a pet shelter
• Helping with chores at home

On top of this, she also wants to make time for family and friends – and social media only adds to the expectations of staying connected. If your plate is full like Erin’s, effective time management is key. It helps you decide which things are urgent and which can wait. Here are four ideas on how to get started: 

1.     Put Your Schedule in Writing

 Create an online calendar to sync to your smartphone, or buy a planner and keep it handy. Fill in all your scheduled activities first (school, work, studying, etc.), then add the other things you need to work in (social engagements, chores, family time, etc.). Use calendar updates to add new events as they come up. Tip: color code each activity to stay more organized.

2.     Review Your Time Commitments

Do you feel like you don't have time to breathe? Take a hard look at your schedule to see if you can cut back on things such as work hours or volunteering. If your schedule is super packed, consider eliminating one or more of your activities, at least in the short term. Don’t forget to schedule time for yourself.

3.     Control Procrastination

Putting off things until the last minute or missing deadlines because you waited too long to start something is procrastination. It’s also stressful. Start projects or homework early and break tasks into smaller ones to help keep you on track.   

4.     Evaluate Your Happiness

Everyone needs balance in their life. Extracurricular activities like sports or band can help enhance your learning and help you with social interactions and leadership opportunities. Spending time with friends is also important for your happiness. If your schedule weighs too heavily one way or the other, consider making adjustments.

Need help managing your finances?

While you’re working and juggling the stresses that come with being a teenager, don’t forget that your money needs managing, too! Schedule some time to learn about financial responsibility, saving and still having some extra spending money on the side. Advancial offers great saving and spending tools to help you learn how to manage money wisely. Visit Dinero Teens Savings to learn more.

As the holidays approach we want to remind you that fraudsters do not take holidays off. The holidays are even more reason to be aware of fraud tactics and scams as fraudsters are working overtime to scam unsuspecting individuals. In particular, phishing attacks are being used more than ever.
 

Review these tips and do not fall victim to phishing:

• If you receive an unexpected email or it appears suspicious, don’t click on it, Delete it!
• If you receive a phone call from someone asking for personal or financial information, Hang Up!
• If you receive a text message that appears suspicious, don’t open it, Delete it!

 

If you would like to take it a step further, you can protect your identity by:

 

• Placing a security freeze on your credit report with all three credit bureaus
  • www.experian.com
  • www.transunion.com
  • www.equifax.com

• Secure your home computers, tablets and mobile devices to prevent them from being infected with viruses or malware.
  • Add a password that is complex and never write down your passwords
  • Periodically change your password
  • Store your devices in a safe location

• Monitor your accounts closely and immediately report any unauthorized activity

• When shopping online, remember to log out of the site when your purchase is complete and use secure passwords on any sites where you store personal information.
  • Do not use the same password on all sites. One breach can lead to a fraudster hitting your different accounts on multiple sites.

• When shopping or performing online activity, use a private network such as your home WiFi and not a public space.

• Check out the seller or company before purchasing items by searching for the company online and reading reviews.
  • Person to Person transfers (i.e. Zelle) are for family and friends and the consumer is not protected if they pay a scammer for goods or services.

• Cover your hand when entering your pin at the store or ATM
  • Always be aware of your surroundings

• If someone contacts you about fraud on your card don’t provide any financial information
  • Contact your financial institution directly to confirm if the call was valid

 
As always, be sure to share this information with our members and any friends and family you care about. The best way to prevent fraud is to make yourself aware of fraud so that you can stop it before it happens. 

What’s not to love about shopping online? After browsing and a couple of clicks, merchandise is delivered to your door. But along with ease and convenience, online shopping can offer plenty of opportunity for thieves and scammers to steal your financial information.

Follow these tips to stay safe while shopping online:

Shop sites you know. Make sure you’ve typed in the URL correctly or use a link you’ve used safely in the past and have saved. Watch for misspellings that can take you to a fake look-alike site. When shopping at a new vendor, look for the physical address and phone numbers on the site in case you need to contact them. You can also do a quick online search to see if the site is legitimate.

Check for encryption. Before you enter your credit card information, make sure the site is encrypted. The URL should begin with “https” – not just “http” – indicating secure sockets layer encryption. There should also be a closed padlock icon in front of the URL or on the lower section of your browser.  

Use a credit card. Credit cards generally limit liability for fraudulent charges. Debit cards may provide some protection, but while you’re waiting for a dispute to be settled, your checking account may already be drained by thieves. Consider using a dedicated credit card for online shopping and another card for other uses. If your online card is hacked, you still have access to another card while your complaint is being investigated.

Use strong passwords. And don’t reuse the same password at different sites. Make sure your mobile phone is password-protected in case it’s lost or stolen. If available, use biometrics such as face recognition or fingerprint access as an added layer of protection.

Don’t overshare. Online shopping sites need your payment information, billing and shipping addresses, as well as email addresses and phone numbers. However, they should never ask for personal identification numbers (PINs), bank account information or Social Security numbers. Be cautious of any email that requests personal information and provides a link. If you have questions, contact the vendor directly from their website or by phone.

Avoid using public Wi-Fi. It’s best to do your shopping where you have secure access. Hackers may be able to intercept your information over unsecured Wi-Fi networks. Plus, in public places, low-tech scammers may simply look over your shoulder while you enter your credit card information.  

Reconsider storing your credit card info on a site. Although it does make future transactions quicker, it is safer to re-enter your credit card information each time you shop online.

Use official apps. If you’re shopping from your mobile phone, connect from the official retailer app you’ve downloaded, rather than from an email or social media link.

Keep antivirus software up to date. This will help protect your devices from viruses or other malware designed to gain access to your personal financial information.

Monitor transactions regularly. Don’t wait for your monthly credit card statement to review charges. cuAnywhere^® Online Banking from Advancial makes it convenient to check your transactions at any time, so you can spot suspicious purchases and alert us right away. If you need to dispute a transaction made with your Advancial credit or debit card, it’s easy to do online or via the mobile app.

We take security seriously

 

Advancial uses robust security protocols and continuously monitors our members’ accounts for suspicious activity. By working together, we can keep your online shopping experience safe and enjoyable.

Whether you’re just starting out in your career or nearing retirement, maximizing your savings may help you reach your goals and overcome any financial bumps in the road.

In your twenties

Young adults may be faced with rent, vehicle and student loan payments. Although saving may seem out of reach, getting started now can reap big rewards later.

Create a budget. Compare your income to fixed and discretionary expenses to help identify where you can cut costs and save money. There are plenty of free and low-cost budgeting apps to help you manage your monthly spending and savings plan.

Pay yourself first. Treat your savings like a bill that must be paid each month. Open an emergency savings account. Strive to accumulate at least enough money to cover several months of costs in case of job loss or unexpected expenses. Consider a separate savings account to save toward a personal goal, such as new car, dream vacation or down payment on a home.

Make it automatic. If offered, sign up for your employer’s 401(k), 403(b) or other retirement plan - especially if it includes a matching contribution. Your contributions come out of your paycheck automatically, so you probably won’t even notice. You can also take advantage of Advancial’s Save Up℠ program through Ultimate Checking. It automatically rounds up your transactions and deposits the difference into your Advancial savings account. They’ll match 100% of your transfers for the first 30 days and 5% of every transfer after that.

Thirties and forties

Although the above tips still apply, you may also have the added responsibilities of caring for family, managing your career and perhaps tending to your aging parents. The following tips will help you save more despite competing demands.

Open a tax-advantaged college savings plan. If you have kids, start saving for higher education as early as possible (when they’re still in diapers ideally). Talk to your credit union about Coverdell Education IRAs and state 529 plans. Advancial’s Coverdell Education Savings Account (ESA) lets you help your child or family member prepare for college or further their education. The money saved will grow tax-free and can be used for a variety of educational expenses.

Save “found” money. If you’re about to pay off a loan, consider redirecting the same amount you’ve been paying into your savings account. If you receive a bonus at work, allow yourself a small splurge and put the rest into savings. Getting an income tax refund? It’s a great way to bump up your nest egg!

Review insurance coverage. You may be surprised how much you are able to save on premiums. Check out insurance quotes available through Advancial with Mylo. Mylo is a fast, friendly and free solution that helps you easily compare your options. If you can lower costs for home, auto, life and other insurance while maintaining adequate coverage, direct that extra money to your savings account.

Fifties and sixties

Retirement is getting closer, so consider the following tips:

Increase retirement savings. Since you’re likely in your peak earning years, consider increasing the amount you’re putting into retirement accounts. If you’re 50 or older, you may be able to make additional catch-up contributions to employer-sponsored plans and IRAs. If you leave your job, be sure to switch your employer plan into a rollover IRA.

Meet with a financial advisor. You may need a reality check about when you can afford to retire. Review your asset allocation – the mix of stocks, bonds and other investments you have – to see if you need to adjust your portfolio based on your current risk tolerance.

Think about downsizing. If your kids are grown and the nest is empty, you may be able to buy a smaller, less expensive, and perhaps more accessible home with an eye toward the future. If your current home is your primary residence and you’ve lived there for at least two of the past five years, you may be eligible for a capital gains tax break when you sell. That could mean a sizeable chunk of change toward retirement. Talk to your tax advisor or attorney to learn more.
 

When it comes to Workplace Financial Wellness, one of the first questions asked by Benefits Administrators is, “How do I incorporate this type of benefit into my overall wellness plan?”

Many HR and benefits practitioners struggle with this dilemma and rightfully so. If you ask even the most seasoned financial experts, they’ll agree - there isn’t just one strategy for incorporating financial education. However, there are best practices and crucial steps for setting yourself up for success. Here are 5 steps for integrating financial education into your benefits program:
 

1. Identify providers who can help provide financial education resources

 There are most likely benefits providers you can work with or are already working with that can do the heavy lifting for you. Seek to identify who these professionals are in your arsenal of wellness benefits. Service providers such as Credit Unions, Retirement Plan Administrators and financial advisors can help with education, advice and coaching. There are even more specialized services such as debt counseling, financial coaching and loan assistance businesses that provide valuable resources for employees. Ensure that all companies have been properly vetted by your benefits consultant or internal management, and be sure to understand the difference between regulated and non-regulated service providers. Keep in mind that more than one provider may offer a similar service. This is not always a bad thing! It’s helpful to provide employees with more options so that they can self-select the provider that they feel is right for their needs.
 

2. Identify financial wellness topics and how to deliver these topics

Once you’ve identified providers who can offer financial education and resources, create a list and categorize by specialty. Here is one use case: Company X would like to offer a financial wellness program. They already offer a retirement plan for their employees, but they see low participation and low retirement readiness scores. What can they do to create a more holistic financial wellness program to encourage healthier financial habits and improve overall financial wellness? Company X creates a game plan by first reaching out to their Retirement Plan Provider to ask that they provide employees with education on retirement and investment topics - not just retirement plan information. Company X then reaches out to their employees’ Credit Union. The Credit Union strategically fills in the gap with financial education around other topics like budgeting, debt reduction, behavioral finance and more. Finally, Company X remembers they have a debt counseling service and clinical professionals who specialize in money and finances in their EAP who they can add to this program. Company X decides to internally brand their program “Wellbeing with Money.” They begin to offer financial education seminars, live and on-demand webinars, self-paced curriculum, financial challenges and measurement tools.
 

3. Identify platforms in which to add financial curriculum

Employees are more likely to use their financial wellness program if educational resources are accessible to them. Companies can incorporate content into their Learning Management Systems, intranets, benefits portals and more. The more platforms that showcase this benefit, the more likely employees will remember to use it. In our fictional case above, “Wellbeing with Money” can be found on Company X’s benefits webpage, their digital benefits brochure and their training platform. They promote “Wellbeing with Money” on their payroll website and their third-party employee perks webpage. Company X ensures that their Employee Resource Group promotes “Wellbeing with Money” along with other wellness campaigns throughout the year.
 

4. Construct a communications strategy

Set up regular communications to employees about Financial Wellness. Create a communication calendar each month in which you focus on certain areas or topics of financial wellness. You may incorporate financial wellness topics into your overall wellness communications strategy. Don’t worry - most providers will provide you with an effective communications plan if you ask! You may also set up to receive regular communications from your service providers directly in order to pass on this information to your employees. Don’t forget to include your financial wellness providers in your annual enrollment events too!
 

5. Incentivize

Lastly, you’ll want to provide incentives for employees to focus on their financial health. Providing a small token as an incentive to attend a webinar, participate in assessment surveys or schedule financial planning sessions is a great way to encourage participation. Company X decided to step up their game by offering a savings challenge for employees by encouraging regular savings into an emergency fund through payroll deduction. Their “Wellbeing with Money” savings challenge was offered to all employees and tracked through payroll deduction start and end date reporting into a designated account. Wellness points were awarded to all participants with bonus cash awards to those with the highest percentage of savings. Making activities like this more fun and interactive helps encourage healthier money habits in order to drive long-term behavior change.
 
Now that you have a beginner’s guide, start incorporating a variety of topical education into your financial wellness program. Employees who are continuously learning and working toward optimal financial health become more informed consumers leading to less financial stress and more financial success. Remember, you don’t have to do this alone. The best way to help your employees is to make sure that you have the support you need from the financial experts who are on your team. Like our Company X, you can now take these simple steps in order to create a more holistic financial wellness benefit for all.