Money Matters: Identity Theft @757

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(Kristen) Welcome to Money Matters at 757 with Justin Chastain, and, Justin, today we’re talking about a scary topic: identity theft. So, what do we do if we are a victim?

(Justin) So, again, it is a scary topic. Seven out of ten Americans are going to be a victim, but there’s essentially three easy steps you can take.

  • One: Contact your primary financial institution so you can just let them know what’s going on.
  • Number two: Contact all three credit bureaus, and ...
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Money Matters: Why Get Insurance

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Hey! Do you ever wonder why you need insurance?

You might think it’s to protect your stuff, but actually it’s to protect your family.

Insurance is a contract made between you and the insurance company that protects you, as well as your family, from unexpected emergencies or losses.

Some forms of insurance are required by law, while others are optional.

Insurance may seem like an extra expense at first, as you have to pay a monthly premium for the policy, but long term it ...

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Money Matters: Budget Bubbles

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Hey! Did you know that budgeting doesn’t have to be painful?

Fact is, it could actually be fun!

Southern Bank offers the Budget Bubble tool in online banking. It shows where your money is going and allows you to set up your own categories. Next you assign a goal for each category. Then the tool automatically shows you when you are on target (green), close to your target (yellow), or on your target budget (red).

The Budget Bubble tool is handy since you ...

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Money Matters: Credit Scores

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Hey! Do you know the four biggest things that impact your credit score?

A credit score is a rating that banks use to make a decision when you apply for a loan.

About 35% of your score is based on your payment history. Did you pay your bills on time? And do you always pay at least the minimum amount?

About 30% is determined by what you owe and is broken into two parts: the total amount you owe your lenders and how ...

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Money Matters: 50/30/20 Rule

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Hey! Do you know about the 50-30-20 rule of budgeting?

This rule is an easy way to evaluate how much you should be spending on a monthly basis, by recommending that you spend 50% of income on needs, 30% on wants, and 20% on savings and debts.

For example, let’s say you make $1,000 in a month. 

50 percent of that is $500, and you’d put it toward something like your rent or mortgage, groceries, and utilities.

30 percent would be $300 for wants, ...

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Money Matters: Deductibles

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Hey! Let’s talk about insurance deductibles.

In a nutshell, high deductible equals low premium, but higher risk. Low deductible equals higher premium, but less risk.

So here are the details:

A premium is how much you pay each month for your insurance policy, while a deductible is how much you pay before your insurance kicks in.

This applies to auto insurance, health insurance, homeowner’s insurance and business insurance.

Say you need a $10,000 surgery. With a low deductible policy, you may have to pay $300 ...

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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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