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Financial Literacy Month: Little Known Financial Facts

financial analysis; checks, graphs, money, calculator

April is Financial Literacy Month and Northeast Security Bank wants to bring you little known financial facts. Today’s blog will provide interesting information that you probably didn’t know before. Northeast Security Bank is your hometown financial institution offering helpful banking information and financial services.

Little Known Financial Facts:

  1. You don’t have to use your bank’s ATM to deposit a check. As technology continues to advance, you no longer have to use only a Northeast Security Bank ATM to deposit a check. Remember this if you’re ever on the go and need to deposit the money into your account and you’re out of town.
  2. There are more benefits to the Friendship Club than just friendship. Besides making lifelong friends, the Friendship Club includes a wide array of amenities. From copying services to free debit/ATM cards, our Friendship Club is ideal for anyone 50 and older looking for a great group of people to be friends with.
  3. Online Banking can save you time. In the on-the-go world we live in, convenience can make life much simpler. Instead of having to go into the bank to transfer money between your accounts, you can use online banking from the comfort of your own home. It’s ideal for travel, living elsewhere for college, or for convenience.
  4. There is no federal law regulating what credit card companies can charge for interest. Before signing up for a new credit card, read the fine print to see what the interest rate is. Northeast Security Bank offers a Visa credit card. This card can be used anywhere and there’s no gimmicks.

Northeast Security Bank wants you to be financially literate throughout April and every month.  Come to us for your personal loan, mortgage and all banking needs. Contact us today to see how we can help you succeed financially.

Smart Ways to Use your Tax Return

Posted on March 25th, 2015 in Bank Services, Customer Service, General, IRAs by NSBblogger |

Hundred dollar bills, keyboard calculator and female hand on computer mouse.

It’s tax time again and you may have a tax return coming your way within a few short weeks. It may be tempting to splurge with your return money by going shopping or spending the money on unnecessary items. Although these options seem exciting, Northeast Security Bank has some realistic ways for you to spend your tax return money.

Smart ways to use your tax return:

  1. Build an emergency fund- whether or not your family already has an emergency fund, it’s never a bad idea to add more money to it. An emergency fund can help your family in any time of need. Keep the money in a money market account so it is easily accessible, yet still earning interest.
  2. Pay off credit card debt- credit cards typically carries higher interest rates, so it is best to make paying them off a priority. Paying your credit card off now can help you avoid paying hundreds of dollars in interest.
  3. Contribute extra to your retirement savings- it’s never a bad idea to contribute money to your future savings. The investment service professionals at Northeast Security Bank can help you decide what is best for your retirement savings.
  4. Save for a family vacation- a vacation is always well deserved, so why not start saving now? If you had plans to take the family to Disney World or the beach this summer and you’ve already booked it, pay some of your tax return towards the vacation.
  5. Pay a little extra on your mortgage- your tax return can help pay off the mortgage a little sooner than expected. You will save on interest whenever you contribute a little more to the mortgage payment.

Northeast Security Bank encourages you to responsibly spend your tax return. If you have questions about our investment services, savings accounts, or credit cards, contact us today.

Create your Own Luck of the Irish

Posted on March 14th, 2015 in Bank Services, Best Financial Advice, Financial Tips, General by NSBblogger |

 

Today is St. Patrick’s Day, a day that is typically for celebrating the Irish heritage and partying with green everything. Northeast Security Bank wants to put a twist on St. Patrick’s Day by bringing you tips on how to create your own luck of the Irish. Lush green four leaf clover on a white background

When it comes to money and savings, it takes more than luck to have a successful financial future. You can make your own luck when it comes to finances and we will show you how.

Create your own luck of the Irish:

  • Create a budget. There are many benefits to a budget that can make you feel lucky. Set a goal and a reason why you are going to have a budget. At the end of six to twelve months, you will have saved enough money to go do something you’ve always dreamed of. Take the family on vacation, make a down payment on a house, or upgrade your car.
  • Frequently contribute to a savings account. It’s hard to say when your family may need to fall back onto a savings account. When you frequently add to a savings account, you will feel lucky to have the money if you lose your job or need it in case of an emergency.
  • Build your retirement savings. The more money you add to a retirement account, the sooner you are able to retire. Now that is luck! Imagine if you are able to retire two years sooner by contributing a couple thousand dollars more each year. Not only is it smart to always build your retirement savings, there are tax advantages to doing so.

Northeast Security Bank hopes the luck of the Irish is with you this St. Patrick’s Day. Contact us today if you are ready to be smart with your money and build your savings or retirement fund.

Bad Spending Habits 101: Things to Stop Wasting your Money on Right Now

Posted on February 25th, 2015 in Bank Services, Best Financial Advice, Customer Service, Financial Tips by NSBblogger |

credit card and dollar close-up

No matter what your age or what your financial status is, we all may be guilty of bad spending habits and financial decisions. It may not seem so bad that you go out to lunch at least three times a week, but in reality you are spending at least $100 a month doing so. Now is the time to kick those bad spending habits to the curb and stop wasting your money. Today, Northeast Security Bank will be hitting the money wasters that may be part of your daily life.

  1. Food and grocery shopping. Here’s a tip that will immediately save you money: don’t go to the grocery store hungry. When you go hungry, you buy items that sound good at the time. Try buying store brand items compared to name brand. You will typically save at least 50 cents per item, which will add up when you check out.
  2. Cable and internet bundles. Have you looked at your cable and internet bill recently? If you thought you really needed the gold package that came with hundreds of channels, think again. It is likely that you have a select number of channels you actually watch, so nix the big bundles and keep it simple. You will likely save around $50 a month by taking a more basic plan.
  3. Carrying over credit card balances. It may not seem like too big of a deal to carry over a couple hundred dollars on a credit card from month to month, but consider how much you’re spending on interest. Pay off your credit card balances to the best of your abilities and you could save hundreds of dollars on interest each year.

Northeast Security Bank hopes you can save money with these tips. If you need help deciding how to save your money, we can help, so contact NSB today.

 

Get Romantic with your Finances: Personal Finance Habits to Start by Valentine’s Day

Posted on February 11th, 2015 in Bank Services, Best Financial Advice, Savings by NSBblogger |

two red roses with small droplets on white surface

February is filled with the season of love and it doesn’t have to just be with your relationships. Northeast Security Bank wants you to get romantic with your finances through spending quality time with your budgets, spending habits, and savings. You will fall in love with your personal finances again if you dedicate a little bit of your time to them. Today, we are going to show you how easy it is to get romantic with your finances.

Personal Finance Habits

Sit down and make a budget. Just like with any relationship, communication is a key to financial success. Communicate on your budget to make it clear what you are spending and how much you should be saving. Sticking to this budget can eventually help you meet your personal financial goals of travel, buying a home, or purchasing a new car. Budgets may seem hard to stick to, so remember when making one to be realistic.

Evaluate your spending habits. Are you guilty of going out to eat too much? Or do you hit the mall more often than you should? By evaluating your spending habits, you can put into perspective how much money you’re really spending. This may be a hard thing to do because you may realize you are spending more than you should be on unnecessary material items.

Save before you spend. Before each purchase you make, take the time to think about if you really need it. Most of the time, it is not a necessary item you need. Here’s a good rule of thumb: if there is something at the store you want, don’t purchase it right away. If you’re still thinking about it the next day, go back and purchase it, but most of the time you will forget about it.

Northeast Security Bank wants you to fall in love with personal finance this month by spending time on your budget. Contact us today if you have questions about savings and checking accounts.

 

Habits of Financially Successful People

Posted on January 20th, 2015 in Accounts, Best Financial Advice, Debt Reduction, Financial Tips, General by NSBblogger |

Happy woman ready to take money out of an ATM

Financially successful people have confidence and control of their money. These people make attainable goals, invest wisely, and take risks. Do you want to be financially successful? Northeast Security Bank is bringing you advice for the New Year on how to be a financially successful person.

Habits of financially successful people:

  • Take stock of your current financial situation. Financially successful people are realistic and understand that financial wellness does not come overnight. It is a good idea to calculate your net worth at least once a year. Make it a goal this year to do so within this month or early next month.
  • Establish your financial goals. When thinking of financial goals you wish to achieve, be sure they are attainable. When goals are realistic and attainable, you are more likely to achieve them within a reasonable time.
  • Create a spending and saving plan. Most people only think of creating a saving plan, but financially successful people also make a spending plan. The spending plan will also keep you on track with a budget, leading to more savings.
  • Establish an emergency fund. Accidents and illnesses happen unexpectedly and financially successful people are prepared for these situations. Emergency savings accounts can help you with unexpected costs that come from various issues.
  • Choose diverse investments. From high risk to low risk, choose diversely when investing. Financially successful people take risks, but they also know when to be careful. Stay in frequent contact with your financial advisor at Northeast Security Bank so you always know how your investments
  • Focus on eliminating your debt. Financially successful people make it a goal to eliminate debt as soon as they are financially able to. Their philosophy is the less debt, the better.

 

Northeast Security Bank is willing to help you become a financially successful person in 2015. Contact us today if you are ready!

Breathe Some Life into Your Financial Resolutions- how to stick to financial resolutions easier

Posted on January 7th, 2015 in Accounts, Best Financial Advice, Financial Tips, General by NSBblogger |

Businessman calculating expenses or checking financial figures on a calculator

According to Statistic Brain, only 8 percent of Americans are able to keep their resolutions throughout the entire year. Some people don’t even make it through January. Northeast Security Bank wants to help you change that. If you are ready to be stick to your financial resolutions this year, keep reading for helpful tricks and tips.

Focus on one change at a time. You may have more than one financial resolution for 2015, but keep your focus on one item at a time. Change takes time, especially with your finances. Don’t expect your savings account to double within the first month of your goal, understand that it will take a while. Once you feel satisfied with one change, go ahead and work on your next financial goal.

Reach out for support. Whether you reach out to family or your financial advisor at Northeast Security Bank, support is a great way to revamp your resolution. When other people are clued in on your goals and resolutions, you are more likely to work towards them.

Build on your resolutions. Resolutions should have room for growth and change throughout the various stages. If your original goal was to save money towards your family’s savings account and you meet your goal, don’t stop there. Continue saving towards a higher, yet attainable goal. Not only will you feel accomplished by meeting the first goal, you will push yourself to the next level of accomplishment.

Celebrate your accomplishments. You deserve to be rewarded for your accomplishments. Find a rewarding activity with the family that is low cost and let them know your accomplishments. Share what you have accomplished and you are sure to attain more than you ever imagined.

Northeast Security Bank encourages you to push through this year to attain goals you never thought possible. Contact us today if you are ready to attain your financial resolutions this year.

Financial New Year’s Resolutions

Posted on December 17th, 2014 in General by NSBblogger |

resolutions

With the New Year only a few short weeks away, have you thought about what your New Year’s resolution is going to be? The beginning of a new year is a great time to take a fresh approach to something you want to improve in your life, such as your finances.

Northeast Security Bank suggests making a commitment to a financial resolution in 2015. Consider saving more towards retirement, your mortgage, or even a family vacation. Today we are going to discuss some financial New Year’s resolutions to consider.

Financial New Year’s Resolutions:

  • Set a debt reduction goal. Whether you are looking to pay off your car loan or your mortgage, setting a goal to reduce it can help you pay it off sooner. Not only will you be done with payments sooner, you will be spending considerably less on interest.
  • Consider putting more into your retirement account. It doesn’t matter if you have 20 years left until retirement or five, saving more is always helpful. An IRA can help you save a little bit more each year until you meet retirement.
  • Eliminate wasteful spending. There’s no need to go out to eat several times per week and you don’t always need that new pair of shoes that are on sale. By eliminating wasteful spending, you can save more money in the long run.
  • Stick to a budget. This task is easier said than done, but a budget can save you a tremendous amount of money. There are many great safe and secure tools on the internet for budgeting, like com.
  • Build an emergency fund. Accidents and health issues usually come on without warning. You want to be prepared if anything happens, so it is good to have a chunk of money saved away for emergencies out of our control.

The biggest obstacle most of us run into with resolutions is sticking to them, especially when things get difficult. You have to commit to a change not just on paper, but in your attitude and your behavior when it comes to your money. Northeast Security Bank is ready to help in any way we can, so come see us today!

White Elephant Etiquette

Posted on December 11th, 2014 in Financial Tips by NSBblogger |

white-elephant

The holiday season has hit and we all know what that means: White Elephant parties. Nasty Christmas. Ye ol’ Yankee Swap. Whatever you call it, most of us have participated in some kind of humorous gift exchange. While this kind of party is more about the socialization than getting an actual gift, there are certain unspoken rules that participants are expected to follow.

While a White Elephant party draws people of all kinds, there are three types of party-goers that you do not want to be:

  1. THE ONE-TRICK PONY

Every joke runs its course. There are only so many years that it is funny to wrap up the same thing that got a laugh the year before.  Unless it is a bag of prunes. For some reason, prunes are always funny. But when you continue to wrap up some unreasonable Sam’s Club size box of an obscure food year after year, it is time to get a bit more creative.

  1. THE CHEAPSKATE

While White Elephant gifts are not usually pricey, it is always a good rule of thumb to never wrap up any promotional item that you got for free at work. Nobody wants a paperweight with the company’s logo on it. We all have enough coffee mugs taking up cupboard space. If you are going to bring a gift that nobody wants, it at least needs to be funny.

  1. THE RECYCLER

If you are set on recycling a past gift or gifting your work promotional items, at least have the decency to include a $5 gift card. Everybody else has paid a little bit for their gift.  A gift card is always a safe (yet boring) bet. People will fight for it, but it isn’t overly entertaining.

People often stress about what gift to put in a White Elephant gift exchange. If you only get a couple scattered chuckles in the room, don’t worry about it! The point of White Elephant parties is to have fun. Not every gift can be a knee-slapper! When choosing your gift, use your best judgment and your sense of humor. Dig out the cheetah print Snuggie your Uncle Jerry gave you. Bag up those prunes.  As long as you bring a gift that matches your awesome sense of humor, you have done a good job!

Northeast Security Bank wants to wish you a joyful holiday season! We hope to see you soon!

Be Good for Santa: Quitting Bad Habits

Posted on December 3rd, 2014 in General by NSBblogger |

be-good-for-santa

The holiday season can mean your budget is a bit tighter because you are spending more money on presents and food than usual. If you are looking for a few ways to save this month and beyond, read on for great tips to save money.

It may be hard to admit, but you can save a lot of money by cutting back on your bad habits or even eliminating them completely. Plus, Santa is always watching, so kicking a bad habit or two is a good way to get on his “Nice List.” Northeast Security Bank is going to show you the average costs spent on bad habits by one person in a year.

The cost of bad habits:

Smoking Cigarettes- The average pack of cigarettes runs $5 and up. If you smoke a pack a day, that’s $35 per week and upwards of $140 per month. If you quit smoking, you could save almost $2,000 a year.

Morning Coffee- Have you ever thought about how much your morning coffee costs? Whether you get it at the local gas station or the coffee shop, the daily cup adds up quickly. If you average buying coffee at least 5 days per week, the annual cost is over $1,000 for the basic cup of coffee. That figure doesn’t even include the expensive specialty drinks.

Eating Fast Food- If you eat out once per day five days of the week for one meal at an average of $6, you will be spending $30 per week on fast food alone. The annual cost is over $1,500 for only one meal per day during the week. Your health could also suffer from eating out too much, meaning a possible increased in medical costs.

Excessive Shopping- With so many stores having deals every weekend to lure you in, it can be a hard temptation to resist. If you were to spend $200 per month on unneeded shopping, you will be spending around $2,400 per year.

Imagine what you could do with the money you save if you knocked some of your bad habits? Kicking certain habits could also lead to an improvement in your health. Northeast Security Bank can help you save money if you open a savings account today, so come see us today!