Tag Archives: Banking

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.

6 Money Tips for Family Caregivers

According to the Caregiver Action Network, more than 90 million Americans care for a loved one living with a disability, disease or experiencing reduced financial capability as a result of aging. Financial caregivers, such as those with a power of attorney, trustee or a federal benefits fiduciary, play an important role in ensuring that all finances – from routine to complex – are managed wisely, helping their loved ones maintain the best quality of life possible. In recognition of National Family Caregiver Month, Stock Yards is helping financial caregivers better understand their role.

  • Learn the rights and restrictions that apply to your role. Financial caregivers, such as those with a power of attorney, trustees, and federal benefits fiduciaries, are fiduciaries with a duty to act and make decisions on their loved one’s behalf. Learn the legal responsibilities of your assigned authority in order to better execute your role.
  • Manage money and other assets wisely. Financial caregivers may be in charge of daily, unexpected and future expense their loved one may incur. Especially if the beneficiary has a fixed income or limited finances, it is extremely important that caregivers minimize unnecessary costs and budget accordingly to ensure that all money is properly allocated.
  • Recognize danger signs. Seniors have become major targets for financial abuse and fraud. Make sure to stay alert to signs of scams or identity theft that may put your loved one’s assets in peril.
  • Keep careful records. When acting as a financial agent, proper documentation is not only encouraged but required. Make sure you keep well-organized financial records, including up-to date lists of assets and debts and a streamline of all financial transactions.
  • Stay informed. Monitor changes in financial status of the beneficiary and take appropriate action, as needed. Also, be sure to stay up to date on changes in the laws affecting seniors.
  • Seek professional advice. Consult a banker or other professional advisors when you’re not sure what to do.

Stock Yards Bank is also providing an explanation of the various roles and responsibilities of three types of financial caregivers: power of attorney, trustee and federal fiduciary.

Understanding your role as a power of attorney.

POA is designated by your loved one and gives you the authority to act and make decisions on their behalf, including managing and having access to their bank and other financial accounts. Authority continues if loved one becomes incapacitated and ends when power is revoked or loved one dies.

Understanding your role as a trustee.
Authority is given once you are named as trustee or co-trustee of a revocable living trust. As a trustee your authority applies only to the property noted in the trust, authorizing you to protect, manage and distribute the trust’s assets as directed in the trust document. Authority continues after the death of the trust creator or grantor.

Understanding your role as a federal benefits fiduciary.
A federal benefits fiduciary is appointed to accept and delegate federal government benefit payments, such as Social Security and Veterans Affairs benefits, in the beneficiary’s best interest. Funds for the beneficiary are received through an account set up solely for this purpose. As a representative payee for Social Security benefits or a VA fiduciary for VA benefits, you are required to keep detailed records of all transactions related to the beneficiary and file annual reports detailing how benefits were used.

The Caregiver Action Network (the National Family Caregivers Association) began promoting national recognition of family caregivers in 1994. President Clinton signed the first NFC Month Presidential Proclamation in 1997 and every president since has followed suit by issuing an annual proclamation recognizing and honoring family caregivers each November.

To learn more information about National Family Caregiver Month and your role as a financial caregiver, visit www.caregiveraction.org. For tips and additional resources, visit aba.com/seniors.

Resource Information Provided by the American Bankers Association

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.

9 Tips to Green Your Home and Save Money

1. Location, location, location efficiency. Carefully consider the location of your home. If you’re close to work, shopping and entertainment, you may not need a car. Without a car you would save money on gas, car insurance and maintenance, not to mention reduce pollution. If you’re thinking about moving further out, try to find something near public transportation and shopping.

2. Light up the house, not the electric bill. Replacing incandescent light bulbs with more energy efficient compact florescent light (CFL) bulbs will save you about $6 a year in electricity costs per bulb and more than $40 over its lifetime. According to ENERGY STAR, if every American home replaced just one light bulb, we would save enough energy to prevent 9 billion pounds of greenhouse gas emissions per year. Remember to recycle used CFL bulbs. Go to http://www.epa.gov/bulbrecycling for recycling locations.

3. Some like it hot, hot, hot…or cold, cold, cold. Closely monitor your thermostat. Adjusting it just a few degrees while you’re out can save energy and money. You can make it easier by installing a programmable thermostat. Use fans and close the blinds during the warm months and let the sun in for natural warmth in the winter. Also, change your filter every three months.

4. Make it mean-green-clean. Cleaning supplies can be expensive and are made with toxic chemicals. You can save money and the environment by making your own cleaning supplies. All you need are some basic household ingredients like vinegar, lemon juice, baking soda and borax to clean everything from windows to tile.

5. Reduce, Reuse, Recycle! Sticking to this mantra can help you save money around the house. Use a rag instead of paper towels. Buy products in bulk, concentrate or refillable containers to reduce packaging waste. Look for products made from recycled content. And don’t forget to recycle!

6. Win-dos for your windows. There are a number of ways you can make your windows more energy efficient without replacing them. For better insulation from the weather you can caulk exterior joints, put shrink wrap on them or hang blackout curtains.

7. Fan the green flames. To keep your refrigerator running efficiently, keep the fan clean. The motor won’t have to work as hard if the fan is clear of debris.

8. Decorate green. Houseplants are like living air-filters. English Ivy, rubber trees, peace lilies and red-edged dracaena can help clean the air and look pretty too.

9. Vampire energy is sucking you dry. On or off, anything plugged into the wall sucks energy. Vampire power costs U.S. consumers more than $3 billion a year, according to the U.S. Energy Information Administration. Unplug your electronics and appliances when they’re not in use.

Resource information provided by American Banker’s Association. For more green home solutions, visit: epa.gov/greenhomes

Derby Week Safety Tips

We are officially in the midst of 2016 Kentucky Derby week! With “the most exciting two minutes in sports” comes a week full of great events. As we quickly approach the first Saturday in May, Stock Yard’s Security Team wants to ensure everyone has an enjoyable time while providing some essential safety tips:

Plan your trips carefully. Think about where to park ahead of time, and consider walking a little further to and from the event. Depending on the event, street closures could send you on an unexpected detour, so make sure to plan an alternate route accordingly. Designate a driver who will be responsible for getting everyone to and from safely.

Never go alone. Especially if you are in an area you are not familiar with.

Always lock your car, and hide valuables pre-trip. Don’t leave any valuables in plain sight. Additionally, ensure that your home will be safe while you are away for an extended period of time. Let a trusted neighbor know where you will be, and have them keep an eye out for any suspicious activity.

Keep your cash, ID and your cell phone in a front pocket to prevent being pickpocketed. Be conscious of where you put your cash – particularly after placing a bet at the track. Make sure that your belongings are not in a place where thieves would be able to snatch.

Ladies – If you bring a bag to the races, make sure it is not oversized. The track has some specifications on what size bag to bring, and the larger the bag, the easier it is for thieves to sneak into your belongings. Be sure not to accidentally take any of the banned items as well.

Be on the lookout for counterfeit notes. Derby time is also a time for a significant rise in counterfeit notes entering the Louisville Metro area.   Right now, the $20.00 note is the most counterfeited in America.

Be aware of your surroundings.  Situational awareness is key to staying safe in any environment.  If you need help call LMPD at 502-574-7111 and give them your location. If you find yourself in the middle of an emergency, call 911 immediately.

Be aware, be alert, be ready, and be safe. Best wishes for the winning Derby ticket and most of all have fun!

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