. . . And Stuff

Life Hacks and Other

Good Information

The prevalence of self-care messaging reminds us to nurture our physical and mental well-being.
—with mindfulness practices, exercise routines, and virtual detoxing. But what about financial self-care?
When we cultivate positive money habits and plan for our future we are (quite literally) investing in ourselves. Financial self-care is rooted in self-awareness, discipline, and intentionality. Here are several ways you can practice financial self-care, starting now.

Build a Budget

Building a budget is akin to giving yourself the gift of clarity: it allows you to track expenses, identify potential areas where you can trim spending, and allocate funds to help you achieve financial goals. Rather than seeing budgeting as a restrictive practice, frame it as a tool that grants you freedom to spend where it matters. Connect with your financial institution to see what budgeting tools they offer and check out this interactive budgeting worksheet in the meantime.

Create an Emergency Fund

More than half of Americans fear they wouldn’t be able to cover daily living expenses for a month if they lost their income tomorrow, according to a recent Bankrate survey. Invest in your future peace of mind: set up an automatic, recurring savings deposit with the goal of setting three to six months' worth of living expenses aside. If you’re living paycheck to paycheck, you can start small by setting aside 2% of your net income and gradually increasing your contribution rate when possible.

Tackle Debt

With recent federal interest rate hikes, borrowing costs have reached historic highs which means even your debt is costing you more money. If you’re feeling overwhelmed, you’re not alone. Taking proactive steps towards debt reduction can improve your financial health and significantly reduce your stress. Unsure where to begin? Explore a Debt Management Program, designed to pay off your debt in 3-5 years and deepen your financial resilience.

Plan for Retirement

If your employer offers a 401(k) retirement plan, take advantage of this benefit (especially if your company matches part or all of your contribution). Don’t have a workplace retirement account? You can still open a Roth IRA a tax-advantaged retirement savings account. If you find it challenging to save throughout the year, consider setting aside part or all of your tax refund as a way to begin investing without impacting your day-to- day budget.

Understanding Phishing
Phishing is a technique employed by cybercriminals to deceive individuals into divulging sensitive information or installing malware on their devices.  This method is executed through various channels such as phone calls, emails, SMS texts, or even social media messages. The term "phishing" was coined in the late 1990s when hackers began using email lures to "fish" for passwords and financial data from unsuspecting internet users. 
 
Types of Phishing Attacks
1. Email Phishing:  Attackers send fraudulent emails that mimic reputable sources, such as banks, government agencies, or popular online services. These emails often create a sense of urgency, urging recipients to click on malicious links or provide personal information. 
2. Spear Phishing: This targeted approach focuses on specific individuals or organizations.  Cybercriminals gather personal information to craft tailored messages that appear authentic, often impersonating colleagues, vendors, or clients to manipulate victims into revealing sensitive data. 
3. Smishing and Vishing: Phishing attacks have extended beyond emails. "Smishing" refers to fraudulent text messages, while "vishing" occurs through voice calls. These tactics rely on social engineering to deceive victims into sharing personal information or clicking on malicious links. 

Avoid and Identify Phishing Attempts
1. Stay Vigilant: Be cautious of unsolicited emails, especially those requesting sensitive information or containing urgent request. Look for signs of poor grammar, generic greetings, or email addresses that don't match the claimed sender.  
2. Verify the Sources: Before sharing any personal or financial information, independently verify the legitimacy of email or message.  Contact the organization directly through their website or customer service channels to confirm the request's authenticity.
3. Be Wary of Links and Attachments: Hover over hyperlinks to reveal their true destination before clicking. Avoid downloading attachments or files from untrusted sources, as they may contain malware of ransomware. 
4. Strengthen Passwords and Enable Two-Factor Authentication:  Use unique, complex passwords for each online account. Enable two-factor authentication whenever possible, adding an extra layer of security to your accounts. 
5. Keep Software Updated: Regularly update your operating system, web browsers, and antivirus software. Software updates often security patches and help protect against known vulnerabilities. 
6. Educate Yourself and Others:   Stay informed about the latest phishing techniques and trends. Share knowledge with friends, family, and colleagues to raise awareness and help them avoid falling victim to phishing attacks. 


Employement Scams

Scammers pose as a potential employers for an exclusively online or remote job.  They will ask you to purchase computes and office equipment with the promise of reimbursement or claim to have overpaid you for your work.  Reimbursement and over payments will be reversed, leaving you responsible for the funds. 

Payment Scams

Scammers often provide customers with illegitimate bank information, offering to pay off your credit card balance - and possible asking for gift cards or cash in return.  But the payment is frequently reversed, leaving you responsible for the entire credit card balance. 

Social Media Marketplace Scams

Scammers are placing ads on social media marketplaces for selling goods and services. Often, these deals require the customers to pay in advance. Once you pay the scammers, you won't be able to get in touch with them again. 

Tips to Protect Yourself and Your Family

Don't click on anything in an unsolicited e-mail or text message asking you to update or verify account information.  Look up the company's phone number from a legitimate source - do;t use the one a potential scammer is providing - and call the company to ask if the request is authentic. 
As you’re probably already aware, your credit score can impact your financial picture across several categories. Lenders evaluate your score in determining whether you’ll be approved for a loan or credit card, what interest rate they’ll charge, and even whether you’ll be eligible for job or security clearance. If you need to give your credit a boost, we have five suggestions for helping you get back on track. But first: the basics.
 
What is a Credit Score?
A credit score uses historical information about a person’s past use of credit to calculate the likelihood that they will pay back what they owe on time and in full. Ranging from a low of 300 to a high of 850 (sometimes referred to as “perfect credit”), credit scores are calculated based on payment history, amount owed, length of credit history, types of credit used, and new applications for credit.In general, a score of 660 and above would make a borrower eligible for credit with favorable interest rates. A score below 600 may result in difficulty getting approved for credit and is likely to be subject to high-interest rates.If you don’t know your credit score, you can contact one of the three major credit bureaus; Equifax, Experian or Transunion.
1. Be punctual with payments
Paying your bills on time is the biggest single factor used to calculate your credit score. Late payments, past due accounts, and accounts in collections have a negative impact on your credit. Always aim for consistent, timely payment (even it’s the minimum amount). Punctuality pays off: a positive payment history across 18 months or longer increases the likelihood that you’ll receive more favorable loan terms from lenders.If you’re falling behind, be proactive in your financial planning. Create a realistic monthly budget that accounts for bills and everyday expenses like gas and groceries. Struggling to keep track of multiple bills? Consider automation. Automated payments can minimize late fees. If you know you will miss a due date, call your credit card company or lender. They may be able to help by moving your due date out.
2. Pay down your debt
How much you owe is another big factor when it comes to credit score calculation. If you have a large amount of debt or are carrying balances on credit accounts for extended periods of time, it can negatively affect your score.Make it a goal to pay down your debt. Take inventory of any categories where you can reduce non-essential spending so that you pay a little extra on your credit accounts. A credit counselor can walk you through different options for dealing with debt and may be able to help you pay it off more quickly.
3. Don’t max out your credit limit
The amount of credit you use (also called credit utilization) also affects your score. Our financial counselors suggest using less than 30 to 40% of your available credit. Spending above that threshold or carrying high balances relative to your credit limit will cause your score to fall. If you are using more of your credit limit than you would like, consider making adjustments in your budget and spending choices to reduce your overall reliance on credit.Keep in mind that regularly utilizing small amounts of credit (and paying it off) will increase your score. People without established credit history typically receive lower credit scores.
4. Maintain good habits
Your credit score is built on patterns over time, with an emphasis on more recent activity. Improving credit and rebuilding a credit score that has fallen will take some patience, but it can be done! Credit scores can and do change.A history of timely payments and accounts that you have held for five years or longer have a positive effect on your credit score. Quickly opening multiple accounts, carrying high balances for a sustained period, or even closing unused accounts have a negative effect on your score.Events like foreclosure and bankruptcy, while they serve an important purpose for those with severe debt, have a significant and lengthy impact on your credit score. (We are not lawyers, and this is not legal advice. If you are considering one of these options, we encourage you to consult a legal professional and to investigate other alternatives as well.)
5. Chat with a credit counselor
While talking to a credit counselor won’t have a direct effect on your credit score, you can gain valuable insight and information. We will work with you to understand your financial situation, explore different options, and make a personalized plan. We can help you review and understand your credit report. If debt is preventing you from making progress, we can help you explore debt management plans and other options that can accelerate your path forward.

As you’re probably already aware, your credit score can impact your financial picture across several categories. Lenders evaluate your score in determining whether you’ll be approved for a loan or credit card, what interest rate they’ll charge, and even whether you’ll be eligible for job or security clearance. If you need to give your credit a boost, we have five suggestions for helping you get back on track. But first: the basics.

What is a Credit Score?

A credit score uses historical information about a person’s past use of credit to calculate the likelihood that they will pay back what they owe on time and in full. Ranging from a low of 300 to a high of 850 (sometimes referred to as “perfect credit”), credit scores are calculated based on payment history, amount owed, length of credit history, types of credit used, and new applications for credit.In general, a score of 660 and above would make a borrower eligible for credit with favorable interest rates. A score below 600 may result in difficulty getting approved for credit and is likely to be subject to high-interest rates.If you don’t know your credit score, you can contact one of the three major credit bureaus; Equifax, Experian or Transunion.

1. Be punctual with payments

Paying your bills on time is the biggest single factor used to calculate your credit score. Late payments, past due accounts, and accounts in collections have a negative impact on your credit. Always aim for consistent, timely payment (even it’s the minimum amount). Punctuality pays off: a positive payment history across 18 months or longer increases the likelihood that you’ll receive more favorable loan terms from lenders.If you’re falling behind, be proactive in your financial planning. Create a realistic monthly budget that accounts for bills and everyday expenses like gas and groceries. Struggling to keep track of multiple bills? Consider automation. Automated payments can minimize late fees. If you know you will miss a due date, call your credit card company or lender. They may be able to help by moving your due date out.

2. Pay down your debt

How much you owe is another big factor when it comes to credit score calculation. If you have a large amount of debt or are carrying balances on credit accounts for extended periods of time, it can negatively affect your score.Make it a goal to pay down your debt. Take inventory of any categories where you can reduce non-essential spending so that you pay a little extra on your credit accounts. A credit counselor can walk you through different options for dealing with debt and may be able to help you pay it off more quickly.

3. Don’t max out your credit limit

The amount of credit you use (also called credit utilization) also affects your score. Our financial counselors suggest using less than 30 to 40% of your available credit. Spending above that threshold or carrying high balances relative to your credit limit will cause your score to fall. If you are using more of your credit limit than you would like, consider making adjustments in your budget and spending choices to reduce your overall reliance on credit.Keep in mind that regularly utilizing small amounts of credit (and paying it off) will increase your score. People without established credit history typically receive lower credit scores.

4. Maintain good habits

Your credit score is built on patterns over time, with an emphasis on more recent activity. Improving credit and rebuilding a credit score that has fallen will take some patience, but it can be done! Credit scores can and do change.A history of timely payments and accounts that you have held for five years or longer have a positive effect on your credit score. Quickly opening multiple accounts, carrying high balances for a sustained period, or even closing unused accounts have a negative effect on your score.Events like foreclosure and bankruptcy, while they serve an important purpose for those with severe debt, have a significant and lengthy impact on your credit score. (We are not lawyers, and this is not legal advice. If you are considering one of these options, we encourage you to consult a legal professional and to investigate other alternatives as well.)

5. Chat with a credit counselor

While talking to a credit counselor won’t have a direct effect on your credit score, you can gain valuable insight and information. We will work with you to understand your financial situation, explore different options, and make a personalized plan. We can help you review and understand your credit report. If debt is preventing you from making progress, we can help you explore debt management plans and other options that can accelerate your path forward.