Teach young children the importance of saving money to begin building their account.
“A penny saved is a penny earned.” The sooner someone can commit to building a savings account, the better. With a plan in place and discipline in mind, creating a savings account can be a success.
At Northeast Security Bank we encourage parents to teach their children the importance of saving at a young age. Kids may receive a small income from lemonade stands, weekly allowances, or selling clothes they have grown out of. While it may be easy for them to spend any amount of money that is in their little pockets, parents can help them understand the importance of saving.
Northeast Security Bank encourages you to open a savings account for yourself and your family members. With a minimum $100 opening deposit, you can begin to save a little income every month that will add up in the long run.
Below are several tips for helping children and teens save. We hope you find a way to incorporate these into your life and begin saving today!
- Talk about the positive aspects of saving money, such as something you are saving for and how it’s important to look towards the future.
- Children will watch what you do more than listen to what you say. When you go to the store, clip coupons and look for deals. Explain the importance of what you are doing and encourage them to help you in the process.
- Help your child come up with a plan to save money. If they are hoping to save for something specific, such as a new bike or video game, create a budget of what they have, what they need, and how to make it happen.
- Try the envelope budgeting system. Have the child draw on separate envelopes a picture of what they are saving for. As they make money, help them put aside money into the different envelopes and explain how some items may take longer to save for than others.
- Talk about how advertisements target kids and to think critically about the messages they are sending.
- Allow your child to make mistakes. Sometimes this is the best way for them to learn a lesson. They may rush out of the house with their birthday money and spend it all without realizing they won’t have enough for what they really want.
Northeast Security Bank encourages parents to begin teaching the importance of saving at a young age. Childhood come and goes quickly, which is why kids must be prepared with lessons to take with them for the rest of their lives. Stop by or call Northeast Security Bank for further questions and advice. We look forward to hearing from you!
Iowa is filled with attractions for the whole family to see.
Most people who don’t live in Iowa or have never visited think of it as a flat, flyover state. Little do they know that it is filled with adventure and must see attractions. Iowa is a place to call home for over three million people and is known as America’s Heartland. Northeast Security Bank is proudly located in Iowa and we encourage you to explore all it has to offer. While we understand that our own part of Iowa is amazing, there are great destinations throughout our state.
We have compiled a list of four must see attractions across Iowa, so pack up the family and take a road trip across your favorite state.
Four must see places in Iowa:
- The Amana Colonies are full of history and culture. German Settlers came to the area nearly 150 years ago and the colony is like taking a step back in time. The area is known for the food, theater performances, and historical tours. It is a must see for people of all ages.
- Pella, Iowa and the Dutch Tulips Festival. Anytime of the year is great to visit Pella because of the Dutch History and historical village area. May is the annual Tulip Time and it is a sight to see. The children can learn about Iowa’s history all while enjoying themselves.
- Lake Okoboji is a summertime getaway the family will never forget. Spend a weekend away at one of Iowa’s most fun boating attractions. It is one of Iowa’s hidden gems when it comes to water sports and beaches.
- Stay in the area and immerse yourself in Decorah’s Nordic history and college town atmosphere. Spend a day downtown and enjoy the delicious food options or take the kids camping and canoeing. No matter what you want to do, Decorah has it all.
Now that you have an idea of where your next visit in Iowa will be, start planning. Start a savings account today so you can check these must see places in Iowa off your bucket list. Whether you travel near or far, you should also be sure to let us know of your travel plans. Most importantly, travel safe and make some great memories with your traveling companions.
There are a few easy fixes available to help you increase your savings to make your piggy bank happier!
Northeast Security Bank knows that it is always a good option to increase your savings and that takes the initiative from you to limit your spending. There are many benefits of having a savings account as a security blanket.
A savings account can protect you from financial ruin in case you were to lose your job or were suddenly diagnosed with a serious illness. Limiting your spending now could save you from a stressful situation in the future.
Northeast Security Bank has many options for you to work with as you get serious about finding ways to increase your savings by limiting your spending. We know that for your convenience, access to your accounts 24/7 is practical. That is why we have online banking services you can access virtually and you do not have to go into the bank to make transfers, pay bills, and see your statement.
Being able to access your bank information from the comfort of your home or office will give you an insider look at where you are spending your money and how much you need to be saving. We also provide e-statements to be more environmentally friendly and convenient for you.
To see all features of Northeast Security Bank’s online service, visit our online banking page.
Increasing savings at an early age will help to limit spending later on in life because you or your child will become accustom to saving money each week. Teaching children early on in life about the value of limiting their spending will surely be beneficial later on in life, especially for those teenagers who are starting their first part time jobs.
Reevaluate your current spending habits. You may not realize what bad habits you are spending your money on until you look at your expenditure trends. You might be going out to lunch one too many times during the work week or your family spends more on take out than they should. This problem can be easily fixed with a little bit of family planning.
Whether you have the goal of a family vacation in the near future or are working on increasing your savings for unknown problems, we hope these tips help you reach your goals.
Keeping your home pleasant this summer doesn’t mean you have to pay a huge cooling bill!
With the summer weather finally here in full swing, your energy bill is beginning to rise because of air conditioning use. There are some easy home fixes for keeping your cooling bill low throughout June and into July.
Eight tips for easy home fixes for keeping your cooling bill low:
- Use bathroom and kitchen exhaust fans sparingly. These fans can warm an entire home within an hour if they are left running, so be careful about keeping them on for too long.
- Using curtains can keep the sun from beating into your home. Be especially aware of the west and south facing areas of the home because those spaces are targeted by the sun during the day.
- Weather stripping the doors will keep cool air in and seal the cracks that can quickly become costly.
- Circuiting air throughout the house with box fans will increase the flow of the air conditioning to each room without paying too much on your utility bill.
- Utilize your basement area. A good way to stay cool in the summertime is to hang out in the basement as it is the coolest spot of the house.
- Avoid using the oven and stovetop. These appliances can quickly heat up not only the kitchen, but the entire house. Use smaller appliances like the microwave or toaster oven as they use much less energy as well.
- Don’t cool unused areas. Close doors and registers in rooms that are not occupied by your family.
- Installing an automatic setback on your thermostat so your air will start shortly before you get home. This will save you money because it cuts back on costs during times of the day that you are not around.
Northeast Security Bank knows everyone wants to stay cool when the weather gets hot, so we found ways for you to do so while saving money on your energy costs. These easy home fixes for keeping your cooling bill low will surely save some green.
It is once again May, and along with the upswing in good weather, there is also a lot of celebrating going on. High school and college graduation mark a significant step in a young person’s life, whether they are leaving high school behind or getting ready to join the real world.
While various rules and responsibilities may change in these transitions, there is at least one concept that stays the same: the need for financial responsibility. Your graduate will face unique monetary challenges in college or in adjusting to the world outside of school, so Northeast Security Bank is here to help. We’ve put together this “gift basket” of financial wisdom to help the graduate in your life stay financially responsible and live a little easier.
A Few Financial Tips for our Graduates
- Easy on the credit cards- you’ll be targeted by credit card companies with offers that seem too good to be true, because they are. Credit cards should be used almost exclusively for emergencies, and only if you know you will be able to pay the balance off quickly.
- Student and other loans- sure, an extra little bit of money couldn’t hurt. Or can it? Borrow only what you need, whether it’s for tuition or replacing a totaled vehicle. Anything extra is just more interest you will have to pay out of your pocket.
- Be smart during your grace period- if you’ve just graduated from college, you will most likely have a six-month grace period before you have to start loan payments. Be sure you are taking this time to save money and create a smart budget to incorporate loan payments.
- Save for emergencies- cars need repairs, you can get sick or injured or you can even lose your job. Having money stashed away for these emergencies will help you keep your head above water.
- Create good credit habits- this works into going easy on the credit cards. By using them responsibly and paying down the balance without missing payment dates you are creating a good foundation for your credit history.
- Don’t fly by the seat of your pants- “winging it” may work for some things in life, but not so much for spending in saving. Budgeting and having specific savings goals helps you stay on track and out of the red.
- Invest in your future- it may hurt and mean some lifestyle tradeoffs, but the power of compound interest is more than enough to make it worth it. Plus, if you think Social Security benefits will be enough for your retirement, you are sorely mistaken (if they are around at all).
We’re not saying you will never face financial difficulties if you follow these rules. Life happens, and new costs can pop up at inopportune times. However, if you have a solid financial foundation established, you can make it through just about anything.
Northeast Security Bank would be glad to help our high school and college graduates any way we can. Don’t hesitate to call or come by any of our locations today for help!
Spring, specifically late April and early May, brings a great deal of excitement and anticipation to our communities and the rest of Iowa. Corn and soybean planting seasons are the beginning of a time that results in billions of dollars in revenue for the entire state. With much of our local economy resting on an agricultural foundation, it is critical for our local farmers to have the equipment and supplies necessary for the best crop production. That’s where Northeast Security Bank comes in.
Simply put, we know agriculture in Northeast Iowa. Many of us grew up on farms as part of farm families that have been in this area for decades; many of our staff members that work with agricultural customers still live on farms themselves. The relationships we’ve built with local farm families are about more than just being where you keep your money or service your loan. In our eyes, each farm family we work with is a success story in the making, another chance to help a hard working family achieve their financial and life goals.
Whether your agricultural banking needs are basic or a little more complex, Northeast Security Bank has a solution.
- Personal and Interest Checking- a variety of accounts with different benefits; you work hard, so why shouldn’t your money?
- Ag Loans- our ag lending officers listen to your unique needs and provide you with loan solutions tailored to your situation.
- Debit Cards, Credit Cards and Online Services- the convenience these services provide help you spend less time worrying about your finances and more time concentrating on your farm.
Many people may think we’re in the banking business, but Northeast Security Bank is in the business of helping our customers succeed. We wish good luck to all of our farmers this season, and we’re hoping for the best possible weather for a great yield!
The Merriam-Webster Dictionary defines “debt” as “an amount of money that you owe to a person, bank, company, etc.” While most Americans know the definition of the word, what they don’t know is how to avoid it or get out of it. As of the beginning of March, Americans owed $11.52 TRILLION in debt: over $8 trillion in mortgages, just over one trillion in student loan debt, $856.5 billion in credit card debt and the rest of the total made up from a variety of sources.
Simply put, Americans are illiterate when it comes to money. It’s not an opinion, but a fact. In a 2008 report by the JumpStart Coalition for Personal Financial Literacy, almost three-fourths of 6,856 high school students who took a 31-question exam covering a range of financial topics, failed. While college seniors fared better, the JumpStart report pointed out that “the good news is that most college graduates are financially literate. The bad news is that only 28 percent of Americans graduate from college, leaving nearly three quarters ill-equipped to make critical financial decisions.”
A few other shocking statistics about the lack of financial knowledge in the U.S.:
- 56 percent of U.S. adults do not have a budget
- 39 percent of U.S. adults have no non-retirement savings
- 60 percent of U.S. adults have no emergency funds in place
- 55 percent of Americans spend equal to or more than their household income
So, what does this mean to you as a customer of Northeast Security Bank? First, it means you are banking with a community bank that pursues responsible banking and lending strategies in order to prevent customers from taking our loans or mortgages that they will only fall behind on.
Second, it means we’re here to help as much as possible. The following are resources you can use to help identify your financial weaknesses and work toward a more balanced, debt-free lifestyle:
- MyMoney.gov- this introduces the MyMoneyFive concepts and offers money quizzes and other tools.
- JumpStart.org- even more resources and tools, as well as news and activities for people of all ages.
- PracticalMoneySkills.com- personal finance tips, resources for educators, games, calculators and videos about a range of financial topics.
- Wisebread.com- Financial tips and advice for personal finances and more including debt management, insurance, investments, taxes and frugal living.
- Our blog! Our archives are full of great strategies aimed at reducing debt, spending wisely and many other aspects of your financial life.
Becoming financially literate and responsible is a team effort, and Northeast Security Bank looks forward to help you becoming more informed about the various aspects of your financial life.