Category Archives: Finance

6 Banking Tips for Millennials

As millennials juggle a multitude of responsibilities – from school, to work, to planning for major life events – the American Bankers Association is highlighting eight banking tips to help them secure a financially sound future.

“Millennials are digital natives who understand the importance of staying connected socially, but staying connected to their bank can help their finances as they encounter life’s many milestones,” said Rob Nichols, ABA president and CEO. “From enhanced mobile resources to free budgeting tools, banks offer a variety of products and services to complement millennials’ unique lifestyles and ease their worries as they prepare to make some of life’s biggest financial decisions.”

With a recent report finding that more than 4 in 10 U.S. millennials say they are “chronically stressed” about money, ABA recommends these six tips to help them secure a strong financial footing:

  • Use bank tech to save without thinking about it. Consider automatic payroll deductions or automatic transfer from checking to savings. Arrange to have a specific amount transferred to your savings account every pay period. For more information on Stock Yard’s savings options, visit https://www.syb.com/personal/banking/savings.
  • Download your bank’s mobile app and make some smooth moves. Manage your finances from the palm of your hand. With the click of a button, you can easily make a deposit or access a record of all your recent transactions. Be sure to download the latest updates when they are available.
  • Use the personal finance tools your bank may offer. Banks offer an array of budgeting tools and resources to help you keep your finances in check. Access these via your bank’s mobile app and website. Check out Stock Yard’s calculator tools to help you organize financial goals.
  • Expect the unexpected – set up a rainy day fund. The last thing you want to be is stressed when life’s unexpected expenditures come knocking on your door. Set up a secondary checking or savings account for emergencies or link an existing account to your main account as an added layer of protection.
  • Get a head start. Banks play a major role in helping customers prepare for major life events such as buying a house and planning for retirement. Ask your banker how you can get a head start on your first major purchase by establishing credit or about starting a retirement account with a 401(k) from a previous employer.
  • Stay connected with social media. Interact with your bank via social media to get the latest news on products and services, ask bank-related questions and find links to exclusive bank content and resources. Visit Stock Yards on Facebook, Twitter and LinkedIn.

For more information on millennial bank customers, including ABA’s recent infographic on millennials compiling information from various sources, visit aba.com/Millennials.

Information provided by the American Bankers Association.

7 Financial Tips for Military Families

November is Military Family Month, and we are especially reminded of the many sacrifices service members and their families make to protect our nation. Stock Yards Bank & Trust has highlighted seven financial tips to help make the lives of military families a little easier.

  • Contribute to a Thrift Savings Plan. Military members have access to the Federal Thrift Savings Program, which offers the lowest-cost retirement-savings plan available. Have automatic contributions withdrawn from your paycheck.
  • Plan for deployment. Before deploying, have a conversation with your family about managing the household budget. Check with your bank to see if they have pre-printed forms you can use for bank accounts. Military personnel also receive additional funds while deployed. Decide on the best use for that extra cash, whether it be paying off debt or additional Thrift Savings Plan contributions.
  • Meet with your banker before active duty. The Service member Civil Relief Act offers all military personnel entering active duty a variety of financial protections. The SCRA covers issues ranging from interest rate reductions to limits on debt accrual. Ask your banker about the key provisions of this law and how they can help you.
  • Consider housing options. With mortgage rates at notably low levels, home ownership can seem like a no-brainer. However, service members should consider their options. Frequent relocations and deployments can make owning a home challenging and expensive. Renting may be a smart option for short-term assignments. Decide what’s best for your family and your finances.
  • Consult a financial advisor. Schedule a visit at a Personal Financial Management Program (PFMP) office, located in your military and family support centers. They offer free one-on-one counseling, as well as other financial education resources.
  • Budget for a single-income household. Frequent moves are an inevitable part of military life and can make it difficult for spouses to establish stable careers. As a precaution, make plans to operate on a single-income household budget. That way, should your spouse’s employment status change; your family will be prepared.
  • Set up automatic bill pay. Whether you’re stationed state-side or overseas, automatic bill pay will give you and your family one less thing to worry about each month. It can be particularly helpful during deployments in regions where internet access is unreliable and mobile banking isn’t an option.

Resource information provided by the American Bankers Association

3 Fall Activities That Won’t Break The Bank

With the first day of fall officially behind us, it’s time to start taking advantage of all the things offered during this season. As the leaves begin to change, take some time to get outside and appreciate the cooler temperatures and scenery. We’ve listed a few fall favorites that won’t put a dent in your bank account.

  • Take an extended bike ride. Autumn is the perfect season to enjoy the cooler weather with a bike ride. Get the whole family together and take in some of fall’s beautiful landscapes through your local park. Bring along a picnic and enjoy the sights and sounds. Leave the car at home and bike to your favorite farmer’s market. To get some ideas on where to go, check out this article on family friendly bike paths in Louisville.
  • Visit a pumpkin patch. A fall tradition, visiting your local pumpkin patch is a must do for you and your family. Spend one day picking out pumpkins to decorate your home or carve later in the season. Make sure to pick a few extra pumpkins to try out these great recipes for fall.
  • Get crafty. Even if you don’t consider yourself the “crafty” type, take some time this season to take part in some easy and inexpensive crafts. It’s a great activity to do as a family, and you can create a number of things such as decorations for your home and homemade Halloween costumes. This article includes great crafts to get you ready for fall.

8 Money Tips Every College Freshman Should Know

With Labor Day behind us, most colleges are underway with the fall semester. The American Bankers Association encourages college students to get an early start on securing their financial future. Check out these eight tips on how to avoid expenses now and reduce financial burden upon graduation.

  • Create a budget.  You’re an adult now and are responsible for managing your own finances. The first step is to create a realistic budget or plan and stick to it.
  • Watch spending. Keep receipts and track spending in a notebook or a mobile app.  Pace spending and increase saving by cutting unnecessary expenses like eating out or shopping so that your money can last throughout the semester.
  • Use credit wisely. Understand the responsibilities and benefits of credit.  Use it, but don’t abuse it.  How you handle your credit in college could affect you well after graduation.  Shop around for a card that best suits your needs.
  • Lookout for money. There’s a lot of money available for students — you just have to look for it. Apply for scholarships, and look for student discounts or other deals. Many national retailers offer significant discounts for those with a valid student ID.
  • Buy used.  Consider buying used books or ordering them online.  Buying books can become expensive and often used books are in just as good of shape as new ones.  Dedicate some time and research to see what deals you can find.
  • Entertain on a budget. Limit your “hanging out” fund.  There are lots of fun activities to keep you busy in college and many are free for students. Use your meal plan or sample new recipes instead of eating out. If you do go out, take advantage of special offers that occur during the week, like discount movie ticket days or weekly restaurant specials.
  • Expect the unexpected.  Things happen, and it’s important that you are financially prepared when your car or computer breaks down or you have to buy an unexpected ticket home.  You should start putting some money away immediately, no matter how small the amount.
  • Ask. This is a learning experience, so if you need help, ask.  Your parents or your bank are a good place to start, and remember—the sooner the better.

For more tips and resources on a variety of personal finance topics such as mortgages, credit cards, protecting your identity and saving for college, visit aba.com/Consumers.

Budgeting 101

Rainy-day funds, savings for college, or just making your rent payment can all be made easier with a budget. Although a simple and oftentimes overlooked strategy, budgeting your finances will help make the difference in managing your money. Putting together a household budget requires time and effort. Stock Yards offers the following steps to create a budget:

• Be a Spending Sleuth. Track every penny you spend for a month. Keep receipts and write everything down. This will be an eye-opening experience and will help you see where you can cut back.

• Count Your Money. Determine the total amount of money coming in. Include only your take home pay (your salary minus taxes and deductions). Your income may also include tips, investment income, etc.

• Itemize, Categorize, and Organize. Review the records and receipts you’ve been collecting over the last month. Categorize your spending using a budget sheet. You can utilize the free templates in Microsoft Excel to create a budget sheet that is fit for you and your family.

• Achieve Your Goals. Set a realistic financial goal and develop your budget to achieve that goal. Subtract your monthly expenses from your monthly income. Find ways to cut spending and set limits on things like entertainment expenses.

• Save, Save, Save. Make one of your financial goals to save a certain dollar amount each month. Start an emergency fund if you don’t already have one. You never know when you may need it.

• Stick to it. Keep track of your spending every month. Update your budget as expenses or incomes change. Once you achieve your financial goal, set another.

Resource information provided by American Banker’s Association.

Save or Spend: 5 Ways to Make Your Refund Count This Tax Season

According to the Internal Revenue Service, the nation’s taxpayers received an average tax refund of nearly $3,000 in 2015. This year, with more than 70 percent of taxpayers receiving a refund, the American Bankers Association is highlighting five tips to help them make the most out of their windfall.

“Tax season is a great time for consumers to reassess how they allocate extra cash,” said Corey Carlisle, executive director of the ABA Foundation. “It’s wise to take steps toward securing your financial well-being like storing your refund for rainy days or using it to get a jumpstart on saving for retirement.”

To help consumers make the most out of their money, ABA has highlighted the following tips:

• Save for emergencies. Open or add to a savings account that serves as an “emergency fund.” Ideally, it should hold about three-to-six months of living expenses in case of sudden financial hardships like losing your job or having to replace your car. Click here for more information regarding Stock Yard’s account options.

• Pay off debt. Pay down existing balances either by chipping away at loans with the highest interest rates or eliminating smaller debt first.

• Save for retirement. Open or increase contributions to a tax-deferred savings plan like a 401(k) or an IRA. Where can you get one? Stock Yards can help set up an IRA, while a 401(k) is employer-sponsored.

• Put it toward a down payment. The biggest challenge that most first-time home buyers face is coming up with enough money for a down payment. If you intend to buy a new home in the near future, putting your tax refund toward the down payment is a smart move.

• Invest in your current home. Use your refund to invest in home improvements that will pay you back in the long run by increasing the value of your home. This can include small, cost-effective upgrades like energy-efficient appliances that will pay off in both the short and long term. If you have more substantial renovations in mind, your bank can help with a home equity line of credit. Click here for more information on how to make the most of your investment.

Resource information provided by American Bankers Association