Thursday, September 14, 2017

5 Helpful Tips That Can Help You Save When Having a LARGE Family

You're at that point in your life where you are married with kids and happy, but struggling to afford it due to the large size of your family. With each child you have, your expenses increase and at times it can be hard to keep up. Believe it or not, there are things you can do to help with this struggle. Your bank at the Lake of the Ozarks would like you to know the following 5 helpful tips you can implement into your daily, hectic life to help you better financially handle having a LARGE family.





5 Helpful Tips That Can Help You Save When Having a LARGE Family



1. Recycle, Recycle, Recycle!



Recycle the items that you can reuse, such as:

  • Bunk beds
  • Cribs
  • Books
  • Toys
  • Cars
  • School Textbooks
  • Clothes


If you can't recycle these items, you can often find these products for cheaper prices online, on sites such as Craig’s List or eBay or even on clearance, in garage sales, or sidewalk sales.



2. Only buy what you need.



This one may sound obvious, but it’s important. It can be very tempting to buy unnecessary items when there is a new baby or for the first day of school, but it’s ok to resist. You will most likely receive many new things for your baby during the baby shower.



3. Save on medical and dental bills.



Teach your children the importance of dental hygiene, healthy eating and exercising. Feed your kids good, healthy food. Child obesity is a huge problem in the U.S. and these all are good ways to help prevent that from happening to your kids. Teach them to floss, brush their teeth regularly, get lots of fresh air, and to participate in fun, active activities with one another. This alone can help prevent costly dental and medical bills.



4. Consider various school options.



When you consider everything a child needs for school, supplies, sports equipment etc., it can get quite expensive. Private schools can be even more expensive. Consider public school or homeschool. Both options can be much cheaper than private school.



5. Change your mindset.



It’s ok for kids to share rooms. Children can work hard without elaborate birthday parties or fancy gadgets. When you teach your kids to be hard workers without over the top, materialistic things, they can be better for it in the long run. You can teach the true value of the dollar and your kids can then, hopefully, grow up into hard-working adults who support themselves rather than into spoiled, entitled people.





You Can Do It!



Again, we know the financial struggle is real, but you can do it. First Bank of the Lake is your local trusted bank at the Lake of the Ozarks. We understand how hard it can be to save, especially in rough times, but just by changing a few daily habits, you could possibly make a HUGE difference in your savings for your LARGE family. If you ever have questions about saving money, please call our bank at 573-348-2265.



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First Bank of the Lake - Striving For Excellence
Member FDIC. Equal Housing Lender.


Located at the entrance to the Osage Beach Premium Outlets!

4558 Osage Beach Parkway

Suite 100
Osage Beach, MO 65065






(573) 348-2265

Thursday, September 7, 2017

5 Tips for Saving for College in 2017

Getting a college degree is more expensive than ever. Student debt is growing and may be a real problem for recent graduates. According to the Federal Reserve Board, students in the USA now hold a whopping $1.4 trillion dollars of student debt. This means on average, that each graduate owes $30,000 or more just when they are joining the workforce! Another recent report shows that more than 11% of graduates default on these student loans by their third year of repayment. Don’t let student debt start you off on the wrong foot. Here are some tips from the best bank at the Lake of the Ozarks to help you prepare financially for college!




5 Tips for Saving for College in 2017



1. Choose the right college for YOU.


As the time to choose your college approaches, you may feel pressure from fellow classmates, friends, or even your parents to choose a certain college. It’s important to choose the best school for YOU because you are most likely the person that will end up paying for your education. Certain colleges are more expensive than others, especially if you are considering attending college out of state. Out of state tuition typically runs higher than in state tuition. Schedule some college visits, speak to advisors, current, and former students. They can give you a better perspective on whether that school is good for your major. You can also receive an inside look at how financially realistic that college is for you because they themselves are either paying for their education or advising students who are paying for their education.


2. Apply for scholarships and grants early.


Certain students are eligible to receive federal grants once they complete their FAFSA application. There are thousands of scholarships available as well and not just within your school. Check with local churches and charities, you may qualify for more scholarships than you think.


3. Save early on.


From the moment, you get that first part time job in high school, start putting a little away each month. It is never too early to start putting away money for college. You will be happy that you did when you are older.



4. Try “crowdfunding.”


Crowdfunding has become a popular source for college financing these days. Crowdfunding requires visiting a site such as:

GoFundMe
ScholarMatch

These sites are designed to help students raise money for college. You simply set up an account, upload a photo of yourself, add your personal story and then share this with your friends and family on your social media platforms.



5. Earn college credit, while still in high school to maximize your savings.


Some high schools offer college credited classes and they tend to be much more budget friendly than the classes in college. Take courses such as these when you get the chance. It can not only save you money, but also shorten the amount of time it takes to get your bachelor’s degree.



Need a Savings Account to Get You Started?


Stop by First Bank of the Lake and ask one our friendly banking staff members in Osage Beach about opening a savings account. They can recommend which type of savings account will work best for your needs.



Want More Awesome Finance Tips? Sign Up For Our Newsletter!


First Bank of the Lake - Striving For Excellence
Member FDIC. Equal Housing Lender.


Located at the entrance to the Osage Beach Premium Outlets!

4558 Osage Beach Parkway

Suite 100
Osage Beach, MO 65065






(573) 348-2265


Friday, September 1, 2017

3 KEY Ways to Protect Against Debit Card Fraud!

Debit card fraud can happen to anyone at anytime. You may even know someone who has been affected by debit card fraud, whether it be a family member, friend, or co-worker. First Bank of the Lake feels it's extremely important that you know ways to try and prevent debit card fraud from happening. In today's day and age, it can be very easy for someone to get ahold of your debit card or private information. In this blog, our bank at the Lake of the Ozarks is going to list some ways to prevent debit card fraud from happening.




Ways to Prevent Debit Card Fraud From Happening


1. Let the card issuer know your travel date and where you are going. 


If your card is stolen while you on vacation, the card issuer may decline the suspicious transaction before it actually goes through. This can save you a lot of trouble and possibly allow for you to have a much better, more relaxing vacation.

2. Only Use ATMs located at banks and protect/cover your pin number. 


When using an ATM, consider only using ATMs at banks during business hours. Banks have bright lights and cameras and are at a much lesser risk for debit card fraud. Also, when you are inputting your pin number, make sure you use your hand to cover the number pad as you enter it. Doing this can help prevent people nearby from snapping a picture of your number.


3. Keep as little cash as you can in your checking account.


There are so many opportunities to access money from your checking account, which means the greater the chance the culprit can steal your money. Checking accounts have many ways to access money such as debit cards, of course, checks, and automatic debits. 


  • Checks - If someone knows your routing number and checking account number, which are both written at the bottom of your check, they can possibly hack your online banking account and access your money.
Try keeping as small amount of money as possible in your checking account. You then can transfer money from your checking to your savings every month. This will provide you a higher interest rate on your savings but also allow you to save for emergencies or special occasions better and give those potential fraudsters less of a chance to access/steal your money.



Need a Bank You Can Trust to Help You Protect Your Debit Card Against Fraud?


First Bank of the Lake has a few Kasasa checking or savings products your can try. The Free Kasasa Cash Checking, Free Kasasa Cash Back Checking, and Free Kasasa Saver are all great options to invest your money. Also, the Kasasa Protect allows you to keep your information yours and yours alone. Kasasa Protect is affordable and comprehensive fraud PROTECTION, that you can add to your First Bank of the Lake checking account. 


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First Bank of the Lake - Striving For Excellence
Member FDIC. Equal Housing Lender.


Located at the entrance to the Osage Beach Premium Outlets!

4558 Osage Beach Parkway

Suite 100
Osage Beach, MO 65065






(573) 348-2265

Thursday, August 24, 2017

15 Financial Tips for Preparing to Have a Baby: Part 2

Last week, we covered 15 Financial Tips for Preparing to Have a Baby: Part 1 and your bank at the Lake of the Ozarks gave you 6 financial tips for before your baby has been delivered. This week First Bank of the Lake is here to give you more tips that can help for while you are in the hospital, within the baby's first 30 days, and beyond the first month.


15 Financial Tips for Preparing to Have a Baby Continued

While You Are in the Hospital

7. Order your baby's birth certificate and Social Security Card.

You may contact your state's office of vital records for the birth certificate and your local Social Security office to get a Social Security card. The hospital staff should provide you with the necessary paperwork to get your baby's Social Security number and birth certificate, but if they don't you can contact the state's office.


Within the Baby's First 30 Days

8. Add your baby to your health insurance.

In many cases, you will usually have about 30 days from your baby's birth date to add them to your existing insurance policy. Some policies have a 60-day rule. Either way sooner is better than later!

9. Look into life insurance for your baby.

The rates for these policies are usually low because the likelihood of losing a child is generally low.

Beyond the First Month

10. Consider disability insurance.

Disability insurance can cover your expenses partially, while you're out of work caring for your child during maternity leave. Be sure that you have the right amount of coverage, enough to cover your expenses now that you have a new addition.

11. Create a will.

Unexpected tragic things can happen and you want to be prepared. Designate a guardian for your kids for if you and your spouse were to pass away. 


12. If you have a will, adjust it.

Be sure to add your children to your existing will accordingly. Be sure a guardian is designated.

13. Don't forget about your retirement.

It can be very easy to forget about your normal monthly bills with the new baby in your home, but they are still important. Stay on top of your retirement savings so your child doesn't have to financially support you in your old age.

14. Save for your child's education.

College can be very expensive and the earlier you save for it the better. Your child will be so thankful that you have saved for them, once the time has come where they are old enough to understand how costly that next step in life can be.


15. Adjust your beneficiaries. 

If you already have life insurance, you may consider adding your child as a beneficiary to your policy. However, you might need to make adjustments to ensure that they can access the money. A trust and/or will can accomplish this.


Your bank at the Lake of the Ozarks just wants to say congratulations on the new addition to your family! Those sweet bundles of joy are life changing. Financially planning throughout the whole pregnancy process from pre delivery to post delivery can really do your family some good!


Want More Awesome Finance Tips? Sign Up For Our Newsletter!


First Bank of the Lake - Striving For Excellence
Member FDIC. Equal Housing Lender.


Located at the entrance to the Osage Beach Premium Outlets!

4558 Osage Beach Parkway

Suite 100
Osage Beach, MO 65065




(573) 348-2265

Wednesday, August 16, 2017

15 Financial Tips for Preparing to Have a Baby: Part 1

You have just received some of the biggest news of your life, you are having a baby! Congratulations. Your family is growing and you couldn't be happier. Preparing for parenthood can be very exciting, but it's more than just cute baby shoes and clothes. First Bank of the Lake is here to give you some need-to-know financial steps when preparing for a baby. In this blog series, your bank at the Lake of the Ozarks is going to break down the financial preparation process to pre-delivery, while in the hospital, within the baby's first 30 days, and beyond the first month. 



Pre- Delivery Financial Planning


1. Understand what your health insurance covers and know what your costs will be.


Having a baby can be quite expensive, even for people who have health insurance. Know what your pregnancy is going to cost early on. 


2. Financially plan for maternity & paternity leave.


Every company is different and it's important to know what your company's policy is on maternity and paternity leave early on. Your household income can be greatly affected by how much time you get off and whether or not you are paid during this period.


3. Draft the pre-baby budget.


Now that you know what your out of pocket costs will be, start making a list of all of the supplies you will need to buy for your new bundle of joy. Shop smart too. Consider buying used items vs. new to keep your spending under control. Babies come with many expenses, so just keep this in mind.


4. Plan the post delivery budget.


It's best to just accept that your household expenses are going to change now for many years to come. Plan for the recurring costs, such as diapers, the extra food now that you will have a baby, and child care, now. This could make your life much easier in the long run.


5. Pick a pediatrician within your insurance network.


Your baby's first doctor appointment should occur within the first week of his or her life. Talk to your friends and family for recommendations on a pediatrician now. Just be sure when searching for the right doctor for your baby, that you check to see he or she is within your insurance network. Call your insurance company to verify so you're not hit with unexpected out-of-network charges to verify.



6. If you haven't already, start an emergency fund.


If you don't already have an emergency fund set up, now is the time! We recommend you try to have at least 3 to 6 months of living expenses covered. Kids are accident prone and you never know what can happen, so it's best to try and prepare for the unexpected now.





Your bank at the Lake of the Ozarks wishes you the best of luck with your new bundle of joy. Stay tuned next week, First Bank of the Lake will be presenting part 2 of the blog series 15 Financial Tips for Preparing to Have a Baby. We will be starting with expenses to prepare for while in the hospital.



Want More Awesome Finance Tips? Sign Up For Our Newsletter!


First Bank of the Lake - Striving For Excellence
Member FDIC. Equal Housing Lender.


Located at the entrance to the Osage Beach Premium Outlets!

4558 Osage Beach Parkway

Suite 100
Osage Beach, MO 65065




(573) 348-2265

Friday, August 11, 2017

Are Store Credit Cards Really Worth It?

Today, many stores offer store credit cards. At times, a special offer can come with signing up for one. The temptation is definitely out there, but as a bank at the Lake of the Ozarks, we feel you should know the pros and cons of getting a store credit card before you make the decision to do so.





Store Credit Card Pros


  • Store credit cards can be easier to qualify for.

The application requirements are less strict with store credit cards versus a regular credit card. You have a better chance of getting approved.

  • Helps build credit.

If you are still trying to build up your credit, store credit cards can be a great way of doing that. Experts recommend purchasing something at least once or twice a month. It's best to keep the total below 10 percent of your credit limit.  Then, you pay it off on time and in full every month to build up your credit and boost your credit score. 


  • Discounts and incentives can be provided.
Typically, stores will entice you to open a credit card by offering a discount or some other store perk. We recommend you wait until you are making a larger store purchase, this way you get the bigger discount!


Store Credit Card Cons



  • There can be high-interest rates involved.
Pay attention to the interest rates on store credit cards. Spend responsibly, while these cards can be easy to get, the interest rates can be high. 

  • Store credit cards can impact your credit score.
Please note that every time you apply for a credit card, your credit score takes a small hit. It's not a huge issue since most people will build their credit back up while using the card. Knowing this,  we would just recommend not an opening several store credit cards over a short period of time. Also, if you are planning on applying for a mortgage, you may want to hold off on opening any new lines of credit.

  • The temptation is rough.

The most difficult part of having store credit card is the temptation you have of now buying more things because you now have this discount associated with the card. 


Do You Have Questions About Your Credit?

If so, please don't hesitate to stop into First Bank of the Lake. Our friendly banking staff at the Lake of the Ozarks is happy to answer any questions you may have. Opening a new credit card for the first time can be a big deal and we are here for any financial advice you may need. With our overall banking experience, we are honored to help guide you in the right direction.


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First Bank of the Lake - Striving For Excellence
Member FDIC. Equal Housing Lender.


Located at the entrance to the Osage Beach Premium Outlets!

4558 Osage Beach Parkway

Suite 100
Osage Beach, MO 65065




(573) 348-2265

Thursday, August 3, 2017

5 Financial Tips for Newlyweds

You've just got married and taken this tremendous step. It can be so exciting and also a little hectic at times. Getting married is a life changing move, especially financially. Knowing that your bank at the Lake of the Ozarks has taken the liberty of mapping out 5 pieces of financial advice for newlyweds. 




1. Work on your debt together.

You are married now, which makes you and your spouse a team. When you get married, your spouse's debt, in a way, becomes your debt too. For example, if your spouse owes a ton of credit card debt, this could potentially make it hard for you to purchase a home together. Knowing this, create a plan together to work on paying this debt off.
2. Know what your financial priorities are.

In order to achieve the same goals, financially, you both need to be aware of what your priorities are. Are you:

  • buying a home?
  • starting a family?
  • declaring yourselves debt free?
To start, list your top goals together.


3. Figure out your financial roles in the marriage.

Who is more responsible when it comes to handling money? In some marriages, having one person handle the finances, as far as paying the bills, managing debt, taxes etc., can work best. If you do this, just be sure that both of you have a clear knowledge of the numbers. Go over them monthly or quarterly.

4. Do what works for you, as a couple.

Different things work for different couples. If you think each of you still having personal accounts but a shared account to use for joint expenses, do that. For example, if one person makes a significantly higher salary than the other, the person who makes less may want their own account so they don't feel as if they are taking advantage of the other's earnings. Everyone has their own preference and it's all about what you are comfortable with as a couple.
5. Don't be a killjoy.

A main cause for fights in a marriage can be over large expenditures. One person can get upset over the other for spending too much money on a frivolous desire. To help ease this tension, plan out what you are both allowed to spend on hobbies, clothes, trips, etc. This will help you budget better and hopefully prevent from a large unnecessary expenditure and an ever bigger fight.



Opening a Joint Account?

First Bank of the Lake would like to congratulate all newlyweds on their wedding and we wish you the best of luck in your financial actions. We hope this blog has been helpful. Just remember to work as a team, don't over react, listen to each other. If you do choose to open a joint account with your spouse, visit your trusted bank at the Lake of the Ozarks today. 




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First Bank of the Lake - Striving For Excellence
Member FDIC. Equal Housing Lender.


Located at the entrance to the Osage Beach Premium Outlets!

4558 Osage Beach Parkway

Suite 100
Osage Beach, MO 65065




(573) 348-2265