Author Archives: Meredith Flattery

Tips to Reduce Financial Stress – From Panic to Plan

If you are feeling overwhelmed and losing sleep at night because of your finances, you are not alone. There are many factors that can contribute to financial stress such as: kids, marriage, debt, pregnancy, job status and physical health. According to the American Psychological Association’s 2015 survey, 64% of stress is attributed to money. If you are experiencing a creeping sense of panic over your finances, take a deep breath and exhale. We are going to walk you through a simple plan to get you back in control.

1). Identify Stressors

Take time to write out a list of everything that is weighing on you. This can be financial burdens or anything that adding to your anxieties. Maybe you are struggling to meet your mortgage payments or taking care of an aging parent. Maybe it’s an addiction to spending with a mountain of debt surrounding you. Everyone has a story and struggle. Listing out and identifying these is not only therapeutic, but will be the start to knowing what you can and cannot change. What are the problems, and what are your realistic goals? Take this financial stress test to get a better understanding of where you are at and where you would like to be.

2). Create a Budget

This will be the map to the end of your tunnel. Doubtless, you have heard the importance of budgeting. Now it is time to heed those words into your plan. There are many financial gurus out there with their preferred budgeting outlines. We would recommend speaking to one of our financial advisors at THIS BANK, or learning more about people like Dave Ramsey and his program. When you are crafting your budget, keep in mind the goals you have created and the daily habits you want to create. This is how you learn to make the most of your income. By adding a goal of establishing an Emergency Fund, you will help to eliminate future stressors should and when misfortune occurs.

3). Stay Positive & Get Help

The key to staying on track, is staying positive. Once you have your budget set, you are able to track your spending. You may fall off the wagon a time or two, but don’t let shame keep you from starting over. Reach out to a trusted friend or join an accountability group like Shopaholics Anonymous. Be sure to let them know your goals, and your struggles. Having someone to keep you accountable will help you to not only relieve current stress but prevent future panic.

Understanding the Psychology Behind Spending

The words “budget” and “exercise” can often be put in the same category—both are necessary for a healthy lifestyle but are far from fun.

If you have trouble sticking to a budget, you’re not alone. There are some very powerful reasons why human beings feel compelled to spend money—and there are some things you can do to psychologically trick yourself into spending less.

The Need for Control.

A study in Journal of Consumer Psychology found that compulsive shopping was linked to a need for control. Those momentary feelings of happiness associated with a new purchase weren’t linked to the item itself but to the sense of control a person felt about their life in that moment.

The Need to Compete.

It’s true—we really do feel the need to keep up with the Joneses. Advertisers know this, so they often play on our desire to be like the people in their ads and on our fear that we’re falling behind our peers. This includes tapping into our need to look our best, be recognized and accepted by others, taking control of our health or being loved.

What you can do about it.

Luckily, you don’t have to let your brain trick you into spending more than you should. A few ways you can fool yourself into spending less include:

Only carrying cash. Decide ahead of time how much you will need and stick to that.
Don’t shop when you’re in a bad mood.
Scan your social circle. Are your friends pressuring you to spend beyond your means?
Identify where you spend the most money and take steps to resist temptation. For example, do you spend too much eating out? Make sure your pantry is stocked so you won’t be tempted to spend too much at restaurants.
Question yourself as you go to make a purchase. Are you really happy about that new TV, or are you trying to escape a problem at work or home?

While we’re hardwired to want to spend—especially in our consumerist society—a little bit of planning and restraint can go a long way to keeping us on financial track. Iowa State Bank & Trust Company of Fairfield can also help you stay on track with a variety of banking products. Give us a call or stop on in today!

Tips for Cyber-Security When it Comes to Your Mobile Device

Odds are you’re probably reading this blog post on your cell phone, which you found through an app on your smartphone and then used it to get directions to Iowa State Bank of Fairfield. Seventy-seven percent of Americans now own a smartphone and use it on a daily basis. With so many people accessing, searching and downloading things on their cell phones, are we really using the same caution and protection we would use when it comes to our computers? Odds also are, you’re not. With a few tips, you can start better protecting your smartphone from things like data theft, malware and privacy invasion.

Needed Protection: You may be wondering what exactly needs to be protected when it comes to your smart phone. Luckily, they can be broken down into three categories.

Device Protection – In case your phone was ever stolen, this kind of protection would wipe all information and data from your phone, which is beneficial if you utilize mobile or online banking.
Data Protection – This protection was designed to keep work information from place of employment from being spread to your personal apps.
App-Management Security – Having login information, credit card information and other personal information within apps should be protected from falling into the wrong hands. App-management security does just that.

Trusted Apps: Not all apps are created equal. Since it’s becoming increasingly easier for third-parties to create apps this means there are more apps out there than there’s ever been. One way to help protect yourself is to only download apps from the trusted app store. You should also review existing apps’ privacy policies and settings for permissions.

Public Wi-Fi: One thing you should know is public Wi-Fi is generally not secure. Hackers can get in-between you and the Wi-Fi connection point and when you’re submitting information on your phone you’re actually sending it to the hacker. It’s recommended to protect yourself using a VPN, which encrypts your data, essentially scrambling the information.

Jailbreaking Phones: While it may seem like the cool thing to do to format your phone without the factory standards, you’re actually setting your phone for several security risks. One of those risks is Malware and loss of personal information.

We hope these tips can better protect you and your smartphone. There are several companies that can protect your mobile devices, including Norton Mobile Security and McAfee Mobile Security. If you have any questions or concerns about you protecting yourself, we encourage you to contact us. Our team would love to assist you.

Hunting for College Scholarships

The spring semester is quickly approaching. With the impending holiday break, what better way to spend your time than searching for scholarships? While it may not be on the top of your to-do list over your break, taking this initiative can pay off. Most college graduates leave with a diploma in one hand and $27,857, on average, of student loan debt in the other. Help yourself reduce that amount with these scholarship hunting tips.

Scour the internet: The internet will be your best friend when looking for scholarships. One place to start searching for scholarships is looking for those that are tied to your major or interest. Check with your college, department and university websites for opportunities. Read emails professors send out, since they can contain scholarships that can randomly come across their desks. Try searching for fun scholarships for things like being over six feet tall, being left-handed, or other unique characteristics. You’d be surprised what you’d be able to find!
Shop Local: Most community organizations have a scholarship program. This is an easy opportunity to connect with members of your community to find out more. Check with your high school counselor, who probably has a list of local organizations that offer scholarships. Talk to your local Rotary Club, Chamber of Commerce, Kiwanis, churches, your parents’ employer and other businesses within the area for more opportunities.
Resources: Use your resources! Outside of using search engines and local scholarship opportunities, you can search for scholarships on databases dedicated to helping students find scholarships. Below are website resources you should enlist during your search:
College Board’s Scholarship Search
FastWeb
Scholarships.com

If you’re looking for more tips or solutions to help fund your higher education, our team of professionals are ready to assist you today. We’d love to help you set up a savings plan or loan option to help meet your needs. Contact us or stop by today!

Using the Holidays to Teach Your Kids About Money

When fall hits, that means that the holidays are approaching. During these special occasions, kids are exposed to a different setting where they get gifts, large meals, cards, and more. That’s why Iowa State Bank of Fairfield believes that this time of the year is a great opportunity to teach your children about money. Below are a few ideas on how to incorporate your children into the holiday financial mix!

Identify the costs of the holiday season.

Gifts are a big cost, and children never realize how much it adds up. By putting a monetary limit on the gifts each child and family member gets, your kids will be able to see the value of each gift. Wrapping paper and gift bags are also a cost you need to identify to your child, along with the supplies needed such as tape and tissue paper. Cards and letters to family members can add up too, especially if you’re using postage. By allowing your child to understand that the cards they receive and send actually cost money, they will appreciate them more and try to find a way to save, possibly by making their own. Finally, the meals made for each holiday add up quite a bit, so this is another helpful way to teach your child about finances.

Limit gift giving outside of immediate family with homemade gifts.

This is another way you can cut costs if you have people outside of your immediate family you’d like to give gifts to. Ideas for these easy and efficient gifts include:

Cookies
Cake in a mug or other mug mixes
Spice rubs
Trail mixes
Brownies
Tea & hot chocolate

The ingredients for these gifts can all be bought in bulk, making them inexpensive options.

Take your children shopping with you.

When you bring your child with you shopping, tell them what the budget is. Then, let them look for items that are on sale or have special deals.

Use your receipts to create a tally of your expenses.

Not only does this help you keep track of what you’ve spent, but it also shows your kids how small costs can add up over time.

Teaching your children the value of money will help them grow to be financially responsible. So when you go to get groceries for a holiday dinner or gifts for a family member, have your child be involved in the process. You can also set up a savings account with Iowa State Bank of Fairfield to teach your kids the value of saving!

Tis the Season…

Online shopping safety tips from MS-ISAC (Multi-State Information Sharing & Analysis Center):

As Cyber Monday and the season for online shopping quickly approaches, it’s worth taking a few moments to ensure you’re not giving the gift of your personal or financial information to online criminals! Identity theft, scams, frauds, and malware infections are serious problems that target shoppers during the holiday season and can arise from using your devices to find the perfect gift. Below, we will explore some key tips on how to follow safe online shopping practices in order to make your holiday purchasing more secure.

Create and maintain your online shopping accounts safely

Establish a strong password for each online shopping account. Always use more than ten total characters consisting of upper case letters, lower case letters, numbers, and special characters to create a strong password.
Use different passwords on each of your online accounts. If one retailer experiences a data breach in which your credentials are leaked, using the same password between accounts makes it quick and easy for criminals to exploit you and your information. If you have trouble remembering all your unique passwords, consider using a pattern for your password or a password manager. We talk more about how to do that in our newsletter focused on this topic: https://www.cisecurity.org/newsletter/why-strong-unique-passwords-matter/ .
Check out as a guest to avoid saving payment information online. The inconvenience of having to enter your credit card information each time keeps you safer because a data breach at a retailer will not expose your financial information. It also means your payment information is not saved or ready to be used by anyone who gets access to your account.
Use one credit card online or pay through a secure online mechanism. By using only one credit card online you’re limiting the damage that can happen if malicious actors gain that information.

Shop with trusted online retailers while browsing safely

Use well-known online retailers that have an established reputation for cybersecurity. Verify that they have good contact information listed on their site, and check with the Better Business Bureau or the FTC if you have questions or concerns.
Look for the lock symbol at the top of your browser or “https” in your URL bar. These mean that your communications with the website are encrypted and safe from prying eyes.
Never shop or login to personal accounts when on public Wi-Fi or a public device. Public Wi-Fi can make all the personal information that you transmit visible to criminals. Public, shared devices, such as kiosks or library computers, can be infected with malware that will steal your information.
Do not leave your browser open on a shopping site for long periods of time. Websites that use advertising feeds have occasionally had them hijacked by cyber criminals, who are then able to put malware on your device. This malware can steal your personal information or encrypt your device and demand a ransom to return it to your control.
Keep your devices up-to-date. Always apply updates to your devices and software when they are available. Keeping devices up-to-date means you have applied all the available fixes for known problems and vulnerabilities. This makes you more secure.

Be smart when it comes to email confirmations and tracking information

Be careful which links you click in your emails. At this time of a year a favorite trick among cyber criminals is to send emails purportedly from the major shipping companies with a link to track your package. These may be a scam to download malware. They count on the fact that you’ve ordered many things online and are waiting for a package. Instead, cut and paste the tracking number into the shipping company’s website in order to track it. Additionally, always head directly to the site of the company you want to shop with by entering the URL into your browser when aiming to log in. Avoid clicking links directing you to log in, as they may send you to a malicious site that looks real, but can just steal your information.
Do not use your work email address for retail accounts. By using one of the free webmail accounts, such as Gmail or Hotmail, it will be much easier to identify a potentially malicious email coming to your work email, since the online retailers should not know that email address. This can also help you prevent criminals from knowing where you work, which is information than can potentially use to hack into your work account!

The information provided in the MS-ISAC Monthly Security Tips Newsletter is intended to increase the security awareness of an organization’s end users and to help them behave in a more secure manner within their work environment. While some of the tips may relate to maintaining a home computer, the increased awareness is intended to help improve the organization’s overall cyber security posture. This is especially critical if employees access their work network from their home computer. Organizations have permission and are encouraged to brand and redistribute this newsletter in whole for educational, non-commercial purposes.

Disclaimer: These links are provided because they have information that may be useful. The Center for Internet Security (CIS) does not warrant the accuracy of any information contained in the links and neither endorses nor intends to promote the advertising of the resources listed herein. The opinions and statements contained in such resources are those of the author(s) and do not necessarily represent the opinions of CIS.

4 Ways You Can Budget With an Irregular Income

If you work sales, freelance or are self-employed, you have a major issue to contend with when it comes to personal budgeting—an unpredictable income. While this can make it hard to plan your monthly spending, it’s not completely impossible. Today, Iowa State Bank & Trust Company of Fairfield would like to offer you these tips to budgeting on an irregular income:

1) Calculate the Bare Bones.

These are the minimum expenses you need to cover every month, usually in the form of your absolute essentials. Rent or mortgage, utilities, groceries, debt repayment and transportation all fall into this category. This way, you know what you absolutely need to get by.

2) Figure out your discretionary expenses.

These are all the expenses you have after you’ve paid for the basics. This includes the cable bill, streaming services, entertainment, eating out and hobbies. Once you add that to your bare-bones spending, you can figure out how much you spend on average each month.

3) Use the Zero-Sum budget.

This is where you use the income you brought in from last month to live this month. Once your bare-bone expenses are paid, put away a certain amount for savings, retirement and investments. The rest can then be spent on discretionary expenses.

4) Have an emergency fund.

It’s recommended that you have three to six months’ worth of expenses in the emergency fund. That way, if you have a lean month, you won’t have to forgo paying a bill. This can be tricky to build, especially if you have no savings to begin with.

A few ways to build this up include setting aside a certain percentage of what you make each month or allocating unexpected income (such as selling something, a gift, a tax refund, etc.) directly into your savings account.

By following these steps, you should find yourself with less of a headache when it comes to living on a balanced budget. If you haven’t already set up a savings, checking or retirement account, come see the experts at Iowa State Bank & Trust Company of Fairfield today. We can help set you on the right financial path.

Fall and Winter Home Prep to Save You Money

As the seasons change, so do your bills. However, finding new ways to save can be tricky when you’re already super savvy. By creating a good savings foundation during the fall and winter, you will be able to start 2018 off in a healthy financial state. That’s why Iowa State Bank & Trust Company of Fairfield has compiled a list of tips and tricks to prepare your home for the seasons to come in order to save some cash!

Install energy-efficient windows

A low-emissivity glass also known as Low-E glass helps block the rays of the sun up to 90 percent, and keeps the heat inside when it’s cold. Energy Star estimates those who replace a single-pane window with an energy-efficient model will save $126-$465 annually. Now multiply that times the number of windows you replace and you’re looking at quite the savings.

Lower water heating temperature

If you lower your water heating temperature, you will save 4-22 percent yearly on your bill. Instead of allowing the water to get scalding hot, you can set it to only become warm which will increase your savings every time you shower, wash your hands, or do dishes.

Adjust the temperature

By turning back your thermostat by 7-10 degrees for 8 hours a day, you can save up to 10 percent each year on heating and cooling bills. Each time you raise your heat by one degree, your heating bill raises three percent, so it’s important to avoid that mistake.

Weather stripping

Thirty to 40 percent of your heating costs are lost to air leaks, according to Energy Star. That’s why it’s important to find where drafts are coming from to cover the leaks with weather stripping materials, which start off at around $5.

Replace light fixtures

If you replace your home’s five most frequently-used light fixture bulbs with energy efficient ones, you can save $75 a year. Imagine if you did that with more bulbs!

Fix leaking faucets

If you fix a leaky faucet, you will save $35 and 1,661 gallons of water if it drips one drip per second. Little things like a leaky faucet end up having a big impact on your bills over time, so be sure to check your nozzles.

We hope these home hacks will help you save this fall, winter, and hopefully the seasons to come! Contact Iowa State Bank & Trust Company of Fairfield if you have questions about what else you can do in order to grow your savings.

Online Safety for the Home User

Greetings from IT!

I’d like to pass along some “Home User Security Tips”. This list was generated from a recent IT Security conference I attended, and is a compilation of 21 tips agreed upon by over 100 IT professional attendees.

FYI: When it came to certain recommendations, there were clear favorites (MalwareBytes, CCleaner, ExpressVPN, etc.). In other areas, such as anti-virus, there are simply too many “acceptable” options to list a clear favorite. In the anti-virus arena, the important thing is to choose a reputable option, and KEEP IT UPDATED.

When it comes to online safety for children, I strongly urge parents/guardians to invest as much into your child’s online activities as you would in their real-world activities. I’m not suggesting you need to sit over their shoulder every second they are in front of a screen, but you may want to sit with them while they do some homework, or check out that new game they bought for a few minutes (my 14 year-old loves to watch me play so he can tell me how bad I am).

21 HOME COMPUTER TIPS FOR STAYING SAFE ONLINE

Don’t run Windows XP. Use Windows 7, 10 or Mac OSX and make updates automatic.
Back up your data to an external hard drive or the cloud.
Your smartphone is a handheld computer make sure to apply those patches too.
Update Java, Adobe Flash and Silverlight regularly. Set them to automatically update if you can. These programs are notoriously hacked.
When you download and install software from the internet, avoid installing extras like Google Tool Bar and Chrome Browser. Some software will try to sneak these in on you. Uncheck these if you see them.
Run only one Anti-Virus program. Pay to keep it updated if you have to and update it regularly. We don’t have a preference. Don’t trust antivirus exclusively. Safe surfing habits are the best way to prevent infection. The best antivirus is the one you use and keep updated.
Cover your computer cameras with a small piece of tape, especially your kids.
Download and install CCleaner free version. It cleans a lot of unwanted junk off your computer. Only get it from piriform.com. Run the cleaner once a week.
Download and install MalwareBytes free version. It is a good anti-malware detector. It has to be updated before you use it the first time. Only get it from malwarebytes.org. Keep it updated and run it once a week.
VirusTotal at https://www.virustotal.com is a great place to check files and links for viruses.
Use the FireFox web browser mozilla.org. It is a great independent browser and the organization is big on privacy. Keep any browser you use up to date.
FireFox’s greatest feature is the many plugins that you can install to enhance its security. If you feel comfortable with adding plugins, we like Ghostery, NoScript, uBlock Origin and HTTPs Everywhere. These can go a long way to protect your privacy online but remember, the more security you add to your browser, the less beautiful your online experience will be. This is why many people just choose to ignore security.
For the more adventurous users look into sandbox programs like Sandboxie. Only download from sandboxie.com.
Your children are a big security threat to your computers. They want to play online java based games. Most of these are great games and fairly harmless, but resist adding mods to any game unless you are experienced and are aware of the source. Many mod sites are bad.
Teach your kids about online safety. Not just from hackers but also child predators. netsmartz.org is a great site for kids to learn about online security. Also, https://staysafeonline.org is a great resource.
Enable appropriate parental controls on your TVs, Netflix accounts etc.
You can get a free internet filter for your home at

https://www.opendns.com/home-internet-security/

You need to read and follow the instructions but it can go a long way to keeping your kids safe online by filtering out adult content.

Teach your kids about phishing. They are often phished in chat rooms or through social media.
Do not jailbreak your smart phones or side load third party apps. This can make your device vulnerable to hackers.
Get a personal VPN https://www.expressvpn.com. A personal VPN can keep your internet surfing from being snooped on by your internet service provider and sold to marketing companies.
Use a password manager like https://www.lastpass.com/families or https://www.dashlane.com/ and use 2-factor authentication on critical email accounts.

– Mark Swan, IT Manager/Network Administrator

Insights from Dave

In the past several years we have all experienced the economic consequences of poor banking decisions. We have also experienced its personal tragedies which are the direct results from some very large, complex financial organizations using toxic real estate related products that incented fraud, as well as to over 2.6 million “fake” accounts opened to achieve flawed compensation goals. Should we shoot all the bankers? I’m afraid that those of us whose careers have been in the community banking world would like to make a clear distinction before we take such drastic action.

There is a very real difference in banking institutions. It can be broken down into two business models. First, is the large, complex banks who view their customers as simply transactions. Everything is based on price and maximizing returns from the bank’s perspective only. They desire a high volume moving through their “distribution network” as quickly and as efficiently as possible. Therefore, they have very little involvement with their customers and provide minimal assistance. Second, is the smaller, community focused banks whose primary objective is to build relationships. Since they reside in the communities they serve, everyone at that bank has a stake in the economic prosperity of the area. They need and want to personalize their financial solutions and thoroughly get to know their customers. The impact of decisions on their neighbors, friends and the local community holds them accountable.

Why is this important? Because community banks that hold to the relationship model do not defraud their customers. In fact, they are the true engines of growth in the United States. In the past year, community banks extended financing to 76% of all of the small business applications made to them while large, transaction based banks fulfilled only 58%. Small businesses drive employment in our country. Community banks which control less than 20% of the banking systems assets, provided more than half of all of the small business loans in this country in 2016, and they did this with 75% of the customers reporting being very satisfied with their overall contact and experience.

Our economy and financial system does not need the concentration of 50% of banking assets and deposits in the hands of just 6 banks who are not committed to any local area or their customers. We need the diversification of 7,000 community banks spread across the country who are relationship based and customer focused.

– Dave Eastburn, Chairman of the Board