16 Months Of Financial Tips

While it can be uncomfortable, creating a will and making important decisions in advance will make it easier and less stressful for your loved ones in the future.

Still on the fence about writing one? Here are five reasons why it’s essential to have a will:

• Clarity for loved ones – A will outlines who gets what to help avoid confusion, disputes, and added emotional strain after you’re gone.
• Protection for minor children – You can name a legal guardian and express your wishes. Without a will, those decisions are left to the courts and other family members.
• Support for your causes – A will ensures any charitable donations you want to make are known and honored.
• Business continuity – If you own a business, you can designate who will take over, ensuring a smoother transition.
• Tax benefits – Proper planning can help potentially reduce any estate taxes by including instructions for gifts or setting up trust accounts.

As the end of the year quickly approaches, it’s a great time to check in on your bigger financial goals. Whether you’re planning to buy a home, go back to school, or pay down debt, now’s the time to act. If you haven’t already, develop a plan for how you’ll achieve your goals and set small deadlines to help keep you on track.

Revisit your budget to ensure it reflects your goals and financial priorities. If you have debt, consider strategies like the debt snowball or debt roll-down method to tackle it more efficiently. And don’t forget to incorporate saving for the future, including retirement, no matter your age.

As life changes, so should your insurance. Even if you don’t have any major life changes, it’s always a good idea to review insurances coverages – like life, auto, and home or renters on a regular basis.

So whether you’re just checking in with your agent or thinking about switching insurance companies, keep these questions in mind so you can get the best terms on the coverage you need.

• What’s my deductible?
• What does my policy cover?
• When is it time to change or update coverage?
• What kind of discounts am I eligible for?

Also, consider redirecting any monthly savings to an emergency fund to have money readily available should an out-of-pocket expense come up.

Want to avoid a spending frenzy this holiday season? Try out new budget-friendly traditions. Opt for a potluck, arrange a gift exchange, or swap an expensive holiday tradition to a family game night or volunteer day.

It’s also okay to DIY gifts and focus on experiences. Writing someone a thoughtful card and taking them to dinner can be more meaningful than a high-end gift.

Also don’t forget to use your head, not just your heart, when out shopping. Stores are competing for your wallet so it’s easy to get distracted by the flashing lights and décor, not to mention the alluring smells, like pumpkin spice and cookies.

A few small adjustments can help bring big relief to your budget.

A new year brings new energy. It’s the perfect time to reflect, set goals, and focus on your overall wellness – whether that’s physical, mental, or financial.

But let’s be honest, sticking to a resolution for an entire year can be tough. In fact, nearly 80% of people give up within the first six weeks.

Rather than committing yourself for 52 weeks, consider setting a new goal or resolution at the start of each week and call them Monday Resolutions.

For instance, if you usually buy coffee on the way to work, try brewing it at home or the office instead. At the end of the week, calculate how much you saved – you might be surprised! Small wins add up and celebrating progress each week can keep you motivated all year long.

Do you have the necessary tax forms to file now? Filing early can help reduce stress and lower the risk of having your tax return rejected due to identity theft.

Be extra cautious of scammers posing as the IRS or financial institutions. These fraudsters often send emails with fake tax documents or links that, once opened, install harmful malware – which is especially dangerous for businesses. The IRS won’t send unsolicited emails, but if you do receive one and accidentally open it, forward the scam email to [email protected].

Also, be aware of tax refund scams. For instance, once your refund has been deposited or a check has been sent, the scammer will pose as an IRS or collection agent and reach out (usually by phone) to demand your refund be returned. If you think you’ve fallen prey to this, it’s important to act quickly.

Look out for common tactics scammers use:

• If you receive an unexpected refund via direct deposit, immediately call your financial institution to have the funds returned to the IRS and flag your account for fraud. You also need to call the IRS to let them know why you’re returning the refund.
• If you receive a paper check refund that isn’t yours, write VOID on the back of the check, add a note that says “Return of erroneous refund check because [brief explanation why],” and submit the check to the appropriate IRS location.
• The IRS will never call you directly, so don’t give personal information to anyone claiming they’re an agent.

Have you recently reviewed your W-4 withholdings? Many people stick with their default tax withholdings and cross their fingers for a big return – but adjusting your W-4 could put more money in your pocket throughout the year.

If you’ve experienced a major life event like getting married, having a child, or going through a divorce, it’s a good time to revisit and update your IRS Form W-4. Taking a closer look at your current situation can help you avoid an unexpected tax bill and improve your overall financial well-being.

Learn more from our Understanding and Directing Your Withholdings blog post.

Checking your credit report should be a top priority when it comes to your yearly financial tasks. Keeping an eye on changes – especially unauthorized ones – can help you catch potential issues early and avoid bigger problems down the road.

Set calendar reminders to regularly review your credit reports for free at AnnualCreditReport.com. Doing so can give you peace of mind and help you stay on top of your financial health.

Not planning any major purchases soon? Consider placing a credit freeze for added protection against fraud and identity theft.

Do a little spring cleaning for your finances. Review statements to see if you’re overspending or paying for things you’ve forgotten about. For example, are you paying for memberships and subscriptions you no longer use? Utilizing the Financial Tools service within A+ Online Banking can make it easier to spot these purchases and organize your finances.

Are you saving enough money? Check to see if your savings account is increasing at the rate you want or need it to. If you’re contributing regularly, see if you can add more. If you’re not saving consistently, create a game plan that fits into your budget.

Also, review your debt. It might not be realistic to pay it all off at once, but it’s wise to have a plan in place to reduce it monthly.

Try our different calculators to see where you stand with reaching your financial goals.

Saving money during the summer can be hard; especially if you have kids you’re trying to entertain. However, there are ways to cut costs and if you look, you’ll find plenty of free activities in your area.

Start by checking out free local resources. Your neighborhood library is a great place to cool off, watch a movie, or join a summer reading program. You might be surprised by how many free events and activities are offered nearby.

Another budget-friendly idea? Play tourist in your city. Explore fun, new things to do – like hiking a new trail, going to a local museum, or visiting a popular spot you’ve never seen. With the right mindset, saving money and having fun can go hand in hand.

Are you on track to reach your retirement savings goal? Most Americans close to retirement only have a fraction of what they actually need saved. Look at your company’s retirement options and see if they’ll match your contributions and understand the difference between Roth and Traditional IRAs.

Financial advisors know the ins and outs of different types of investments and can help guide you in building your financial plan. Talk to an advisor about both short-term and long-term investments. Together you can determine what best fits your needs while exploring options that can get you where you’d like to be. Plus, many places offer a free consultation to get you started.

The holidays are coming, so create a holiday spending plan to prevent creating more debt than memories. Start thinking about who and what you’ll be shopping for, account for travel costs, and get creative with gifts.

Make finding the best deals easy by setting up notifications from retailors when there’s a price drop and keeping an eye out during sales — like Black Friday. Planning and saving ahead of time can help you avoid the holiday blues when it’s all over.

Before the rush of the fall, check in on your financial progress. Though the gains may not be obvious, here are some simple questions to ask yourself to measure success:

1. Has your savings account increased? It’s important to build an emergency fund for life’s inevitable unexpected expenses. Review your account to double-check that you’re making regular contributions at a consistent dollar amount and not withdrawing more than what you put in. If you haven’t done so already, set up an automatic transfer from your checking account every month so you won’t forget.
2. Do you have less debt? Even if you haven’t fully paid off your debt, it’s important to have a plan in place to reduce it every month. Get started with guidance from our blog 5 Steps To Get Out Of Debt.
3. Have you made progress towards your goals? If you’ve become lax in your monthly savings allotment, revisit your plan. You can either recommit yourself to your original strategy or alter it to fit your current financial situation.

Remember it’s okay to treat yourself when you hit a milestone along your path of financial progress. Going to a movie or having a meal out can be a nice and inexpensive way to acknowledge your hard work and motivate you to keep going!

Hot Texas summers are here, and the heat can be uncomfortable – but not as uncomfortable as your wallet. Reduce your home’s energy usage and save with these tips:

• Unplug any electronics that aren’t in use, such as computers, chargers, and televisions
• Switch to LED lightbulbs
• Turn your thermostat up 7-10 degrees when you leave the house
• Close your blinds to prevent the sunshine from increasing the temperature in your home
• If you’re due for an upgrade, consider buying energy-efficient appliances

By making a habit out of conserving energy, you can help reduce the strain on community resources and helping maximize your savings.

Summertime is around the corner and now’s a great time to start thinking of ways to keep your kids entertained while they’re out of school! Help your wallet this summer and try some inexpensive summer activities in your area.

For example, visiting your local library is a great way to get the family out of the house while staying cool during hot summer days. Check out your library’s calendar of events to register for special activities like game nights or story time for your little ones.

Another option is to plan a staycation and take advantage of activities your hometown or nearby cities have to offer. The money you’d normally spend on a hotel and transportation costs is avoided and you can save money on food by packing snacks and lunches at home.

Is improving your credit score on your to-do list? It’s time to take a closer look at your credit score and see where you should focus.

In order to start making improvements, it’s beneficial to understand how your score is influenced. Your credit score is generally made up of five factors – payment history (35%), amount owed (30%), length of credit history (15%), credit mix (10%), and new credit (10%).

Making on-time payments and maintaining a low balance are important since these are most heavily weighted. Try these tips:

• Set reminders on your phone or enroll in autopay to ensure you never miss a payment for an account
• Pay your balances in full whenever possible and pay more than the required amount each month to save you from paying more in interest

If you don’t have credit history, it’s important to establish credit and let it mature. Older accounts are rich in credit history and give lenders a better sense of your borrowing behaviors. Consider different types of borrowing to demonstrate responsibility but be careful not to open too many accounts at once as this can appear to be a sign of financial distress to creditors. It’s best to only open accounts you’ll actively use.

Check out our on-demand webinar for more guidance.

Even if retirement seems like a far-off dream, it’s better to start saving sooner rather than later. Review your retirement fund and contributions to ensure you’re on track to reach your goals. If your employer offers a 401(k), take advantage and sign up. You can also use an Individual Retirement Account (IRA), either Roth or Traditional, to save or supplement your retirement income.

Contributions made to a Roth IRA are taxed before they’re put into your account, meaning you won’t have to pay taxes on contributions or earnings for qualified distributions.

With a traditional IRA, taxes are paid as you make withdrawals in retirement. By deferring your taxes, you might pay more when you take it out, but there’s potential to earn more in dividends, interest payments, and capital gains because funds will be compounded per year without being reduced by taxes.

With either option, your gains won’t be taxed as long as the money is in the IRA. You can contribute up to IRS Contribution Limit each year and individuals 50 and older are allowed to save extra.

It’s tax season and the IRS is warning consumers to beware of tax-time scams.

Be on the lookout for “ghost preparers” who falsify information, promise higher returns by misrepresenting income, and add deductions you normally wouldn’t qualify for, then refuse to sign for their work or include the required tax identification number on a return. Additionally, these tax preparers might require a cash payment without a receipt or will fill in their bank information instead of the taxpayers’ bank information for direct deposit refunds. If you’re having someone else prepare your taxes this year, be sure to double-check all the information before filing.

You’re also encouraged to be on high alert for scammers posing as financial institutions or “IRS Online employees” who send phony documents via email. When the recipient opens the email or attachment, malware can spread. The IRS won’t send unsolicited emails, but if you do receive one and accidentally open it, forward the fraudulent email to [email protected] and take steps to check for malware or other dangerous viruses.

Another way fraudsters will target you is through refund scams. They have the capability to file fraudulent returns and have the deposits go to the wrong person. Then they’ll threaten the account owner and demand the money be returned. If you think you’re a victim of this particular scam, it’s important to act quickly.

Here are some additional tips:

• If you receive an unexpected refund via direct deposit, immediately call your financial institution to have the funds returned to the IRS and flag your account for fraud. You also need to call the IRS to let them know why you’re refunding the return.
• If you receive a paper check refund that isn’t yours, write VOID on the back of the check, add a note that says “Return of erroneous refund check because [brief explanation],” and submit the check to the appropriate IRS location.
• If you receive a call from someone claiming to be from the IRS, don’t share your personal information; they will never call you directly.

If you think you’re a victim of tax-related identity theft, click here for more IRS recommendations on steps to take.

The start of a new year is exciting – setting new goals, creating resolutions, and getting a head start on physical, mental, and even financial wellness.

However, it can be difficult to set a yearly resolution and not give up over the course of a year. About 80% of people stop trying to achieve their resolution after six weeks.

Instead of committing yourself for 52 weeks, consider setting a new goal or resolution at the start of each week and call them Monday Resolutions.

For example, if you like to buy coffee on the way to work every day, try making coffee at home or the office instead. At the end of the week, calculate an average of how much you saved and give yourself a pat on the back!

The holidays are often a busy time of year, so it may be best to rework your budget and make modifications to your finances before the New Year. If you plan to incur debt this holiday season, factor repayment in to the upcoming year’s spending and savings plan.

Here’s a list of helpful tips and ideas to get started:

• Use the Financial Tools service in A+ Online Banking or the A+ Mobile App to create a budget and keep track of saving and spending across various accounts.
• If you’re someone who regularly makes purchases using a credit card and struggles to pay it off, consider using a debit card instead. Seeing your checking account balance diminish may be more alarming than seeing your credit card balance on the rise.
• Set a realistic savings goal you’d like to meet, determine the time frame, and make your contribution automatic.
• Within online banking, register to receive a text or email when your balance is low or a large transaction is made.
• Automate your bills and payments so you don’t have to worry about when they’re due. Use Bill Pay or set up auto drafts through the provider.

Avoid overspending and feeling stressed by creating your Thanksgiving game plan early on.

First, create a guest list and a simple menu to make your grocery shopping and budgeting easier. This will help you determine how much food will be needed.

Once you get to the grocery store, take advantage of store promotions and coupons. For example, most places will give you free items when you buy a turkey. Use those freebies to your advantage and incorporate them into your menu.

Also, consider using homemade decorations instead of store-bought, and use items you already own, including dinnerware.

Finally, don’t forget the leftovers. Create a meal plan for how you can use the food after, like soup, turkey pot pie, sandwiches, or even tacos.

Current and future college students can submit the Free Application for Federal Student Aid (FAFSA) for the next academic year beginning October 1. Students must submit the FAFSA to qualify for federal, state, and institutional financial aid. Since financial aid may be awarded on a first-come, first-served basis, it’s best for students to complete it early.

It’s important to remember that students won’t receive any type of federal aid unless the FAFSA is completed – including grant money! Even if they don’t think they’ll qualify for anything, they should still complete the FAFSA.

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Share these resources with students for information and tips on how to save for college.

Looking to save money on groceries but don’t know where to start? It can all seem overwhelming, but here are easy ways you can improve your grocery shopping habits, eat out less, and build a better budget.

Start by using coupons you receive in your mailbox and look through ads. Make a list and create a meal plan based on these deals. This will make your busy days easier and save you trips to the store for impromptu items. Add things like in-season produce to your list to save even more.

Next, consider trying generic brands for some of your favorite things when you’re in-store shopping; you might be pleasantly surprised.

Lastly, make sure you utilize the meal plan you created! Use this for dinners and pack a lunch a few days a week to see the savings rack up each month. Track your budget to see how being a smart and frugal shopper can really help you in the long run.