Welcome to the Lincoln Savings Bank Senseless Spending Support Group, where you’ll never be judged. The truth is most of us overspend every day on things we don’t really need, and then complain when it comes time to pay the bills or purchase something we actually need.

Employing some spending strategies can help make this
sight a thing of the past.

No more! It’s time to get rid of our useless spending habits and make smarter decisions with our money! Here’s how to get lean with your spending:

Save at Sales- alright, so you badly need dress shirts for work, and, would you look at that, your favorite dress shirts are 50 percent off! You should grab as many as possible, right? Wrong. Only purchase what you need and make the sale actually worth it so that you’re spending less on what you really need.

Earn Cash Back- use LSB’s debit card so you can earn cash back on your purchases.  LSB’s debit card offers real-time visibility to carefully track your spending via online or mobile banking, so you can carefully monitor all your transactions. 

Be Frugal with Food- did you know Americans waste 40 percent of the food they buy at grocery stores? Before you check out, do an inventory of what’s in the cart and ask, “Do I really need that?” You can also keep track of your total bill on a phone calculator as you go.

Get Budgety- basic advice, but it works. Track your normal spending for a month.  If you are a pen to paper kind of person, get receipts for everything then tally everything up at the end of the month.  If you like to use technology, try LSB’sBudget Plus tool in online banking.  It’s an easy and FREE way of tracking, categorizing and monitoring your spending. Are there places you can cut back? Of course there are, so try to do better the next month.  Budget Plus will also help predict future spending and help you stay within your budget.

These tips are nothing new or groundbreaking, but rather simple fixes that have been used by many to successfully reduce their spending and have more money without making a cent more. For more in-depth savings plans or if you’re looking to save for your future, a Lincoln Savings Bank staff member will gladly help.

Our next post later this week will look at what financial steps you should be taking in different parts of your life to live the way you want. Be sure to check back on Thursday, and have a great week!

Before long, college-aged kids will be heading back to campus or moving in for the first time. This can be an anxious time for parents, especially financially speaking. This is a good time to teach your kids to be responsible with money because they will likely be coming out of their college experience with debt.

Be sure your child is ready financially before they go
off to college.

We’ve come up with a list of things to talk to your college-aged kids about when it comes to money:

“With more independence comes more responsibility”- let them know you’ll always be there for them, but that they are in charge of their money. Their ability manage it successfully will help them, while being loose with it could have severe consequences.

“Save a portion of all the money you make”- college can be a pressure cooker when it comes to wanting things that others have. Teach your child that while instant gratification can feel great, saving pays off more when push comes to shove.

“Not everything has to be new”- buying used is a great way to save money through college. Whether its textbooks (new ones are horribly overpriced) or a bike to get to class, teaching them the value of save a few bucks here and there by buying used items is a lesson that sticks around for life.

“Use the resources available to you”- this is particularly important if your child has a debit or credit card, or has their bank account set up online through your bank. Online banking offers 24x7 visibility to bank accounts and is a very useful tool to track and manage accounts.

“Don’t be afraid to ask for help”- money can be confusing and hard to talk about, especially if your child has messed up. Let them know that you’ll support them and be there for them (to a certain point) if things get bad.

You can also make sure they have the phone number for your Lincoln Savings Bank saved into their phone or our website bookmarked on the computer.

We know sending your child off to college can be hard, but hopefully having conversations like the ones above can bring a little relief. If there’s anything we can do to help your child financially through college, please don’t hesitate to let us know.

So, you've graduated college, got the job, and now have a steady income.  Congrats!  The next step is to begin managing your money by creating your first budget.  A great budget can help you get rid of those pesky loans and credit card bills while also building wealth for yourself.  Your Lincoln Savings Bank contact can personally assist you in creating the budget you need, but here are some helpful steps to start shaping up your first budget.

Groceries are just one part of a new
budget you need to account for.

1. Identify your income and what you have to spend, identify what you currently spend your income on, and identify what you need to spend your income on.  This may take you a while to figure out and can get frustrating, but stick with it!  It will be worth it once your budget is created!
2. Evaluate your long term financial goals and objectives.  Here, you can evaluate what money you have to invest each month to help you build that wealth.  Also, long term evaluation assists you in preparing for retirement and can help you begin to set aside money into a college account for your (future) children.
3. Create an emergency fund.  An emergency fund is like insurance for those unexpected events in life and can help cushion the blow on your monthly budget.  A Lincoln Savings Banker can help you set up your emergency fund by opening a separate savings or money market account.
4. Track!  Once your budget is in full swing, it is important to pay attention to any leakage that you are not accounting for in your budget.  ATM fee's, extra fee's or taxes may creep through and will eventually take its toll on your bank account.  Don't stress yourself out on all the little details, but just be sure you know where your money is going!

Many households in the United States that make $50,000 or less are spending more a year than they actually bring in.  Don't let this be you!  Lincoln Savings Bank can help your manage your money today by helping you create your first budget and by setting up the new accounts you may need. 

A new baby brings joy and is a blessing to any loving family.  However, having a new baby adds many extra costs to your monthly budget.  According to the U.S. Department of Agriculture, a middle income family will spend about $165,000 on one child until the age of 18, not including education costs.  Parents will also spend up to $10,000 on new baby costs before the baby is even born!  Once you have a baby on your mind, it's time to re-organize your budget.

Your new bundle of joy also brings with them a bundle of expenses.

1. Write up your normal budget for the month including bills, car payments, groceries, etc.  Then add in future baby costs, such as diapers, bottles, etc.  This will help you prepare for the extra costs baby will bring.
2. If you are investing or saving money each month, it may be helpful to divert some of this money into a separate baby fund.  A baby fund could be its own savings account.  Ask your Lincoln Savings Bank representative for more information on preparing a baby fund account.
3. Cut back on luxuries!  Some entertainment, restaurants, and those cute pair of shoes are added expenses that you could be using towards baby.  Also, check out cheaper cable, internet, and cell phone services.  There are lots of ways to maintain cable and internet without through-the-roof prices.
4. Consider refinancing.  Right now rates are still pretty low, and it could be a good time for you to refinance your home to put a little extra cash in your pocket.  Speak with one of our Mortgage Bankers to learn more about refinancing or apply online at www.lsbmortgage.com.
5. Having a credit card can help you build the credit that you need, but with a baby on the way it can be a hectic time, putting credit card bills on the back burner.  Be sure to pay these on time as it can be an added burden you don't need when baby arrives!
6. Lastly, consider secondhand baby furniture and supplies.  Many of the expensive baby necessities will come to you as gifts, but for the other items, safe used or secondhand supplies will work just fine and save you big bucks!

Having a new baby is an exciting and joyful time.  Lincoln Savings Bank can help you prepare your budget and accounts so that when baby comes, you can enjoy all the love and happiness that baby will bring. 

For some people, summer can be down time since school is out.  With all the fun activities summer brings, making extra money can help you stay busy this summer without breaking the bank.  Whether you are a student out for the summer or looking for a part-time job, these ideas may help you make that extra summer money you are looking for. 

What ideas do you have for making a little extra cash?

1. Turn your spring cleaning into summer cash.  From large furniture to little knick-knacks and collectables, try selling your old stuff through online sites or through a garage sale.  You may be surprised at how much these things will go for!
2. If you are a college student out for the summer, a school teacher, or are very knowledgeable on various school subjects, check out becoming a summer tutor.  Being a summer tutor can look great on a resume and may get you some extra money for just a few hours of your time.
3. Start up your own lawn maintenance services or join up with an existing one.  The extra burden of lawn care in the summer time can be daunting for busy families. Cash in on this by providing an affordable service to friends and neighbors. With the heavy use of parks and community centers in the summer, you might also check into mowing and lawn care for the city where you live.
4. Apply for jobs that thrive in the summer time!  Just like lawn care, jobs that require you to be outdoors and are only around in the summer are great second part-time jobs.  Amusement parks, golf courses, ball parks, and lawn and home care department stores are all great ideas to make extra money in the summer time.
5. Browse the internet!  In today's world, the internet is key to just about everything.  Browse the internet for easy money by doing online surveys, customer service jobs, or online assistance jobs.

Whether you are in need of extra summer money for fun summer activities or need a little help with student loans or paying the bills, the summer is a great opportunity for you to get the extra money you need!  Lincoln Savings Bank can help you save, invest, and use the extra money you make this summer. 

In our blog post earlier this week we touched on keeping yourself safe when online shopping. We’re still on the topic of cyber security, but today we’ll focus on identifying and avoiding scams hidden on websites, in emails and even in text messages. 

Be sure you play it smart online and with suspicious texts to your phone.

Cyber criminals are always trying to up their game when it comes to getting your information, and Americans lost over $10 million last year to online crimes. Here’s how to make sure you don’t lose a cent.

Website Safety

Everything you search and click on is cataloged, and marketers use this information to show you ads for things you might be interested in. Unfortunately, criminals can do this as well. If you go to a website searching for something in particular, be cautious about the ads you see. Some are legitimate, but others aren’t.

Be cautious when clicking ads. You can hover over the ad so the web address you’ll be taken to by clicking will either pop-up next to your cursor or will appear in the bottom left corner of the browser window. This is an easy way to see if the ad is valid or not.

Email Safety

We’ve covered this topic before, but here’s a little refresher:

·        Check the email address of the sender. If you don’t recognize or the name of the sender and the address don’t match up, it could be a scammer

·        Obvious typos in the body of the message are also a huge red flag

·        Hover over links in the message. If they take you to an address that has nothing to do with the message or the sender, DON’T CLICK THEM!

Almost all companies have policies not to email customers asking for personal or financial information. If you receive a suspicious email, go here to file a complaint, then delete the email immediately.

Phone Safety

You’ve most likely heard about harassing calls from people saying they are from your bank asking for personal information over the phone. However, criminals are now sending texts with links in them posing as stores like Wal-Mart. All it takes for them to have your personal information is selecting the link. If you get one of these texts, delete it immediately.

There will always be those that try to use technology to steal from others. However, acting slowly and taking a little extra time to examine an ad, email or text closely can prevent the unthinkable from happening.

If you ever receive a suspicious communication from someone claiming to be from Lincoln Savings Bank, please call us immediately to check. Your financial safety is of our utmost concern, and we will do everything we can to help keep your information private.

The rise of the internet and the availability of online shopping has turned us into a nation of bed and couch shoppers. Last year alone, e-commerce sales in the United States alone amounted to $289 billion dollars! 

Take time to look over a checkout page before typing in your card information

However, legitimate retailers aren’t the only ones cashing in on the online shopping boom; hackers, scammers and other “e-criminals” are also getting in on the craze by luring shoppers into inadvertently giving them personal and financial information.

We want to take this opportunity to educate our customers about the perils of online shopping and how to ensure your transactions are safe and secure.

Find the Extra “S”- First and foremost, never make an online transaction or even input your name and address without first checking that the address at the top of the page starts with “https.” There should also be a padlock signaling that these pages are encrypted and safe to type in personal and financial information.

Beware of Public Wi-fi- Yes, shopping while chowing down on a Big Mac or while getting groceries may be convenient, but it’s also convenient for criminals to get your personal info when you’re on a public Wi-Fi network. Wait until your back at home to purchase your goods.

Update Often- Whether you’re using your desktop or laptop computer, smartphone or tablet, be sure security and apps are up to date. Updates are general fixes for backdoors or gaps that hackers can infiltrate, so stop hitting “update later” and take a little time for better security.

Extra Credit- Most cards offer payment protection if your card number is stolen, and lost money can almost always be recouped.

Sure, online shopping is convenient and can be done from almost anywhere these days. However, in order to prevent someone from going on a shopping splurge with your information, use these steps to protect yourself online.

If you think your card number or other information has been compromised, we encourage you to call your Lincoln Savings Bank branch immediately so we can help.

Until our next post later this week, shop safe and stay alert online!