Financial Education for College Students: Why It’s Important

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When you send your student off to college, it is important that they have a good financial foundation. Financial education for college students gives them the ability to properly make important decisions based on their finances. College is often the first time that a budding adult has to make daily financial decisions, and it’s absolutely essential that they feel prepared.

Why is financial literacy so important for college students? Because college is often the first time these students are on their ...

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Emotional Spending & Navigating Peer Pressure

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Managing money can be hard enough when it is just yourself. When friends and peers get involved things can get even more complicated. Everyone struggles at one point or another to balance pleasing friends and being responsible with money.

How can we deal with situations that pull at both our friendships and our wallets? Here are 5 tips that have worked for others. Practicing these can help set you up for a lifetime of healthy spending habits and better navigate peer ...

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4 Simple Financial Fitness Activities that Parents & Students Can Do at Home

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With COVID-19 driving widespread closures of our nation’s schools, many parents are facing new obstacles that they hadn’t anticipated. While this looks different for everyone, many families are now challenged to deliver remote learning instruction to their children or keep kids occupied while juggling the demands of their job.

As the novelty of this “new normal” wears off, you may be starting to hear, “What are we doing today?” or the dreaded, “I’m bored.” Maybe you’re on ...

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Money Matters: Email Fraud

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How do you know if an email is fraud? 

  • The name and company are real
  • Their request is real
  • Sending in the account information
  • BUT these things do not add up to the correct accounts and people

How do you avoid email fraud?

  • Always double check any suspicious requests
  • A quick phone call can verify transfers
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Money Matters: Personal Cyber Security

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People should be well-informed about the rise in cyber attacks since millions happen every day.

How do we prevent security worries?

  • Be aware of the risks and stay up-to-date on the best practices.
  • Change passwords frequently
  • Don’t click strange email links
  • Password protect your devices

What about cyber protection services?

  • They’re worth investing in.

All Southern Bank checking accounts include free ID theft coverage.

  • Expense reimbursement
  • Identity recovery services
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Money Matters: Down Payments

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Over half of renters in the United States believe owning a home is more affordable than renting.

What is some advice when it comes to down payments?

Decide how much payment is needed
Talk to home lender about qualification
Set up a savings plan

Are there zero percent down payment options?

0% options for active and veteran service members
As low as 3% for general public
Higher the down payment the lower the monthly payment

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Money Matters: Financing a Business

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Here are some important things to consider if you are starting a business.

What do businesses need to finance? 

  • Line of credit
  • Capital investments
  • Leases and loans

What are other considerations? 

  • Business savings accounts
  • Business credit cards

What is the most important thing for businesses to have before financing?

  • Detailed business plan
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Money Matters: Tips on Mortgages with Taylor Harrell

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  • What should you consider? 
    • Monthly Income 
    • Down payment 
    • Monthly payment 
    • Payback period 
    • Current level of debt 
  • What are some mortgage tips? 
    • Payments should be less than 25% of your monthly income 
    • Total monthly payments should be less than 40% of monthly income 
    • Put down 20% to reduce payments 
    • Ask about 15 to 20 year loans because these reduce interest in the long-run. 
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Money Matters: Home Improvement Loans

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Today, a lot of people are choosing to stay in their present home rather than buying something new. That often leads to home improvement.

What is considered as home improvements projects?

  • HVAC units
  • Roofing
  • Kitchen and bathroom remodeling
  • Great room renovations and garages

What are the different financing options?

  • Savings plans
  • Home equity lines
  • Home improvement loans
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