Category: Education

7 Absolutely FREE Activities for the Kids

Financial Education

Whether it’s during the summer or after school, keeping your children occupied takes a truly creative mind! This season, Raccoon Valley Bank is excited to share some of our favorite and affordable activities for all of your little ones to enjoy!

 

  1. Take advantage of your local library and their summer and afterschool programs. Even if it’s only an hour a day, this simple strategy can keep your child learning while they play, saving you some green along the way. To bring that fun home, register your child for a library card, and show them how to check out books and take them back. ! Extra tip: If you make a game out of reading, such as who can finish a new book first, you may even instill a passion in them for reading and learning.
  2. Set up camp in your backyard, tent and all. There’s nothing like the great outdoors, except when the indoors are just steps away! Ease your little one’s into the wilderness by creating a camp in your own backyard. You can complete the evening with a s’more roast, campfire stories, and stargazing to make the most of the nighttime.
  3. Bike around town, and enjoy a pit stop at the park. Set a route for a bike ride, and see if you can end at a park close to your home. The bike ride can allow your kids to explore the town, and burn some extra energy before winding down with some playtime outdoors.
  4. Head out for a swim at your local state park and enjoy the cool water or beach. Every state has some unique local parks, many with their own watering hole! Instead of paying the fee to visit your local pool, consider making a day trip to enjoy the warm sand and cool waters of your nearby rivers or lakes. For extra savings, pack a lunch and cooler to make the most of your day without having to spend a dime on admission or food.
  5. Create a fun scavenger hunt around your home or neighborhood.  A scavenger hunt can be as simple or as complex as you make it. For some of the younger kids, it may be beneficial to keep it around your home. However, if you have pre-teens to keep occupied, creating a neighborhood or town-wide scavenger hunt could be the perfect afternoon activity. Setting up the scavenger hunt ahead of time, will help you plan your route, and determine the best prize for those who finish it.
  6. Bring some grub, and have a picnic at the park. You can do this fun-filled activity for lunch, dinner, or both! Pack a bag or cooler with some great bites to eat, and find a table or bench at your nearby park. The kids can run and play for a bit, and then come enjoy a delicious homemade meal before diving back in for round two. If you want to really make this activity sweet, pack some of these individual cherry pies for dessert!
  7. Volunteer for local organizations and give back to your community. Keeping busy isn’t always about entertaining your children or yourself. Sometimes, it can be about something greater, like helping others. Organizations such as The Salvation Army, your local Food Bank, and the County Humane Society, are always looking for helping hands to assist in their day-to-day activities. Let your little ones choose which one they want to be a part of, and see if volunteering once or several times a week can fit into their schedule!

 

We love getting children involved in personal finance at an early age. If you’re searching for more affordable activities for your little one to enjoy, consider some of these fun-filled games to help them understand the basics of personal finance! Everything from mobile apps to hands-on activities can help them grow their own financial education.

Money Advice Gone Wrong

Money Management

Sometimes the best intentions can lend themselves to producing the worst results. While many friends and family members may offer quick solutions to your financial anguish, often times, the best education, is understanding those lessons first hand. At Raccoon Valley Bank we’d like to showcase several of the most common pieces of advice we hear, and what you can do to remedy these particular miscommunications.

 

Bad Advice #1: You have to go to college to get a decent job.

While a college degree does open additional doors, it is not required for many well-paying jobs available around the nation. Social figures like Mike Rowe, have made it their personal mission to spread the message that you can earn a living without having to sink into debt. Whether you’re interested in IT, manufacturing, grocery management, or other skilled work, you can find numerous positions through technical training or management programs, and avoid the majority of debt most four year college students incur.

 

Bad Advice #2: Having debt is okay if you pay your minimum payments.

While it is important to make installments on your loans or debts, eliminating them all together should be the desired end goal. Did you know that when credit reporting companies review your credit score, there are five factors considered? The two most important factors are your payment history and your debt to income ratio. If your monthly debt payments require more than 43 percent of your income, that may raise a flag to any future potential lenders.

 

Bad Advice #3: To build your credit score you need to purchase everything on your credit card.

While it certainly helps to have a long and healthy track record associated with your credit card usage; having an on time payment history is far more important. This payment history represents the largest factor of your credit score, which the reporting bureaus track. By never spending more than you have, you can make certain you are able to pay your bill in full each and every month. This action may have the potential to help foster growth for your credit score.

 

Bad Advice #4: Retirement savings can wait.

Contrary to what many young adults think, right now is the most important time to start saving for retirement. While later in life you might have more disposable income to save, you’ll also have less time before you need those funds. Once compound interest enters any equation, time becomes the most valuable commodity for growing your wealth. For instance, if you saved the Roth IRA maximum of $5,500/year starting at age 25, you’d have $1.17 Million by the time you’re 65. Who wouldn’t want to capitalize on those kinds of savings?

 

We think you can tackle any piece of advice with a few grains of salt. If you’re curious what your next financial move should be, stop by Raccoon Valley Bank and speak to one of our dedicated personal bankers. Our team of financial experts is here to help you and your family succeed; get started today!

When to SAVE and When to SPLURGE

Budgeting

When you and your sweetheart set your budget each month, there are a variety of factors at play. Where can you get the best deals on groceries? How many date nights will you have each week? Do the kids have any sporting activities that require new equipment? At Raccoon Valley Bank we recognize that everyone’s budget is different. No matter which categories you enjoy most, we’d love to showcase some great examples to help you find extra ways to save, and better identify which costs are worth the splurge.

 

SAVE: The best areas to find savings.

 

  • Weekly Groceries: If you don’t need the atmosphere or the free samples, there are numerous discount grocers which can save you BIG for weekly grocery runs. Coupling those savings with a pre-planned menu, and sale scanning can further reduce your overall food costs.
  • Kids Activities: During both the summer months and those after school hours, you may find yourself searching for activities to keep your children occupied. Whether that’s going to the pool, attending various summer camps, or finding an after school caretaker, keeping your kiddos active can be easier said than done. To help reduce these costs, we recommend season passes to recurring parks/activities, along with fun and affordable activities at home, which you can do with a number of household supplies.
  • Exercise: If you have ever purchased a gym membership you didn’t use, you are not alone! Many Americans see a gym membership as automatic attendance, when truly, it may be easier for you to workout at home. With so many new calisthenic exercises, yoga, and free-weight routines, there are a variety of tools out there to help you stay in shape without having to pay that monthly membership fee.
  • Travel: Searching “travel savings” on Google will inevitably leave you with pages of results. One fantastic tip we’ve found is purchasing travel through membership programs such as Costco, even if there’s not one in your area! There are countless reports of happy customers who not only saved money but had a much better experience when compared to booking it themselves.

 

SPLURGE: The expenditures worth the extra cost.

  • Budgeted Special Occasions: Occasions like your child’s birthday or you and your spouse’s 30th anniversary deserve a special treat. While we do recommend saving for these outings in advance, so long as the funds are budgeted for, feel no regret in celebrating your family’s happiness.
  • Childcare: Raising a child is no simple task, and for most parents the number one expense after a mortgage is childcare. We recognize that there are certainly savings opportunities to be had, however, in the long you’ll find that a friendly and reliable caretaker can make the world of difference on your child’s happiness, and your sanity, for years to come.
  • Healthcare: Your health and the health of your family members is paramount to everything else in life. Whether you’re looking to find a reliable family practice physician, or are seeking long-term care treatment, now is not the time to scrimp and save. Making sure that your family is well taken care of and continues to live a happy and healthy life means you’ll have plenty of time to save for nearly everything else life throws your way.
  • Toiletries: Toilet paper, toothpaste, shampoo, etc.; these are items you use every day. If you’re using poor quality products to save a few cents you may find yourself with dry skin or poor hygiene. While it’s not necessary to purchase the most expensive option available, know that spending the extra dollar or two is well worth the cost to avoid potential problems.

 

Whether you’re looking for a place to store your savings, or budget your spending, Raccoon Valley Bank has the perfect solutions for you. Stop by your nearest branch today and learn about our personal savings and checking services.

Red Flags to Look for on Your Credit Score

Credit Score

Everyone and their brother seems to be sharing the importance of checking your credit score, but once you have the information, how do you actually know what it means? At Raccoon Valley Bank, we want you to not only have the information about your personal finances but be able to understand and act upon it as well. If you see any of the following red flags while viewing your report, you may want to look into the appropriate remedies as quickly as possible.

 

Missed or Late Payments

Your credit report should accurately showcase your current repayment history, which accounts for approximately 35 percent of your credit score. This area of the report should indicate if any payments have been missed and have been reported to the bureau as late. If you see a payment that you were unaware of, be sure to reach out to the company listed and contact them to pay off the bill in question.

 

Fraudulent Activity

It is possible to view your credit report and find bills or inquiries that you did not initiate. In this instance, it is important to take the appropriate steps to report identity theft and begin recovering your financial reputation. The sooner you alert the authorities and lending organizations to this unfortunate dilemma, the less likely you are to suffer any long-term side effects.

 

Excessive New Accounts

While having more than one account open can positively affect your credit score, attempting to open too many in a short time period can cause a negative reaction. If you see more than two accounts opened in the last three months, you may want to wait before attempting to apply for a credit card or other lending option.

 

Active Collections Accounts

If you haven’t checked your credit score in a few years, any potential missed or late payments may now have spiraled into active collection attempts. In this instance, the best practice is to contact the companies listed and discuss repayment options. Many times if you are actively working to pay down an account receivable, the company will work with you to structure monthly installments that fit within your personal budget.

 

At Raccoon Valley Bank, we recommend checking your credit score each month. Tools such as Capital One’s CreditWise make it affordable to see your score without having to pay any associated fees. If you’d like more information on how to increase your credit score, stop in today. One of our trusted personal bankers would be happy to answer any questions or curiosities that you have.

 

Teaching Your Children the Basics of Online Security

Financial Education

If you’re like many parents in the United States, your preteens and teenagers may be running circles around you when it comes to utilizing the latest technology. Whether that’s Facebook’s latest updates, new iPhone technology, or the latest app hitting the scene, the amount of new knowledge and innovation seems endless. For your growing adults, this may look more like an endless playground than a minefield, but at times it can be both. To help your children use technology while still remaining safe we recommend these simple suggestions:

 

Passwords are important. Instead of defaulting to the same password for every account, explain to your son or daughter why they should have a complex password for each separate account. Leary cyber criminals are able to gain access to all your accounts instead of only one when they discover the passwords are all the same. The strongest passwords contain lowercase and uppercase letters, symbols, and numbers. Great apps like LastPass can help to store all current passwords in addition to creating stronger password options.

 

Privacy matters. On Facebook and most other social media outlets, there are always options to make your profile private or public. For children, and adults, we strongly recommend keeping your personal online profile private. While you and your children can connect with friends and other known acquaintances, it can become dangerous to push your information out to anyone who wants to read it. For instance, if you post about leaving for a family vacation, and the profile is set to public, potential thieves could now view your home as an easy target while you’re away.

 

Don’t talk to strangers. Just as you had the “Stranger danger,” discussion with your son or daughter when they were younger, this message follows a similar point, but within the chat rooms and friend requests online. While in an ideal world, we wouldn’t face issues like catfishing or cyberbullying, the truth is that these actions can cause real world issues and aren’t always left online. To keep promote in-person communication, remind them of the importance of speaking with friends and family outside of the web, and if they ever do need someone to talk to you and your family are always there to listen.

 

Only use secure wifi. After school, your teen may head to a part-time job or extracurricular. If they’ll be going away from your home or school, be sure to encourage them to steer clear of unsecure wifi. While many afterschool hotspots offer free wifi for customers, often there may be potential cybercriminals broadcasting a false signal. These unsecure signals can give them access to your child’s computer if the wifi is accepted. The criminal could then access personal information, passwords, or hold the computer access for ransom. To avoid situations like this, instruct your teen or preteen to only use wifi at home and at school unless you have approved of an additional location such as the library.

 

Teach your children how to use the internet responsibly, and perhaps they can show you how to capitalize on the creative and efficiency tools it offers. At Raccoon Valley Bank, we think that family is one of the most valuable parts of life and we want to help your family grow. If you’d like to start a checking or saving account for your teen or preteen, stop in today, we’d love to help you get started.

Student Loan PSA: What Student Debt Really Looks Like

Student Loans

Obtaining your secondary education can be a landmark goal on your journey to success. By opening up opportunities, and enhancing your capabilities, the study of a discipline gives you the skills you need to conquer your future ambitions. More often than not, student loans offer a helpful supplement when financing this experience. However, many students are able to obtain these financial aids without having to budget or offer a credit history, causing a higher likelihood of default among student borrowers. To help avoid this, Raccoon Valley Bank suggests answering the following questions before choosing how to pay for your collegiate participation:

 

What are you starting with?

The first question you should ask yourself is, ‘What money do I have to begin my education?’ If you have applied for and received scholarships, those should first count towards tuition and books. Additionally, if you have any financial support from relatives, these funds may be allocated best at the base of your budget during your college planning. By totaling the sum of these two amounts, you can determine the support outside your own savings that will be contributed towards your future learning efforts. Knowing whether or not this amount will be offered on a recurring basis can help you then decide what financial steps you need to take in order to save, earn, and/or borrow the remaining funds necessary.

 

How much and how often can you contribute?

After learning your total amount of support, it is now possible to create a plan of action to facilitate the rest. Depending on your length and type of education, your costs may vary drastically. When selecting both a field and institution of study, the factor of price is an important one to consider. By thinking of your education as an investment, you can ensure that you choose both a rewarding and promising career path to help you repay any debt you do incur during this time. To help decrease overall expenditures, many students take on a part-time job to supplement the costs of their education, along with the associated room and board. Utilizing this choice can decrease the overall amount of your anticipated loan, and help you avoid the additional expense of interest. Should the cost your education still be more than you can currently cover, the option of a student loan may be a viable solution.

 

What is student debt?

While obtaining an education has potential and opportunities, the accompanying debt can often be overbearing. In order to minimize this, we recommend borrowing only the minimum amount needed. By opting for a lesser sum, you are able to save your future-self hundreds or thousands of dollars on interest alone. For example, the average debt for a United States student is approximately $37,172. With borrowers averaging ten years for repayment, the potential cost of interest alone can add up to over $9,000.

 

Choosing the best option to finance your education can affect your life well past college. To help you make the most informed decisions, our team at Raccoon Valley Bank offers sound financial advice and information. To learn more, stop by one of our locations, we’d love to get to know you and your education aspirations.

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