Cornhusker Bank is pleased to welcome you to our blog. You’ll find tips and advice from our collaborative associates, as well as updates on the bank and events. Cornhusker Bank associates feel it is important to share insights and we love bringing you into the conversation. Our posts on this blog are an extension of our relationship with you, and we hope you find value here which proves our commitment to your success!
The spring and summer months are a time for barbeques, swimming by the pool, and yard work. They also are a time for severe weather…thunderstorms, hail, floods, and tornados. Severe weather can cause a considerable amount of damage to your home, car, and property. So, how can you make sure your belongings are protected in the event of severe weather? The following tips can help!
Before the storm:
Be sure you have adequate coverage and deductibles that are reasonable for your needs by examining your homeowner or renter’s coverage, as well as auto insurance policies.
Tornadoes are considered “wind-storms” and damages caused by them are covered under homeowners insurance policies. If a tornado damages your car, protection is provided under the comprehensive portion of your auto policy.
Compile a detailed written inventory of your home and belongings, and supplement that inventory with a videotape or photographs. Keep the inventory off-premises in a safety deposit box. This will assist in settling claims.
Check on the necessity and availability of flood insurance in your area. Flood insurance is not included in typical homeowner and renter’s insurance policies. Call the National Flood Insurance Program at 1-800-638-6620 to learn about flood insurance in your neighborhood.
Check to see if your policy has “loss of use” or “additional expense” coverage. This will help pay for temporary housing if you can’t stay in your home due to damage caused by a storm. Many policies cover such expenses up to a stated amount.
During the storm:
Create an emergency plan, including places the family will gather in response to emergency weather alerts.
When at home or in a building and threatening weather approaches, go to the basement or interior hall. Stay away from windows.
Keep on hand basic supplies like water, food, flashlights and a battery-operated radio.
If you’re in a car or mobile home when a tornado approaches, leave immediately. Do not try to outrun a tornado. If you cannot locate immediate underground shelter, lie flat in a gully or ditch. Do not get under an overpass or a bridge!
After the storm:
Call your insurance agent as soon as you can.
Try to protect your property and salvage what you can.
Closely inspect property and cars for damage. Note and photograph any damage and losses. This will assist in settling claims.
Be sure your agent knows how to contact you if you can’t stay in your home.
Above all, do not make a hasty settlement. If possible, seek assistance from a third party.
Be sure everything is considered in your claim. Back up claims with written estimates.
Beware of home repair rip-offs. Carefully check the background of contractors and others who promise “cheap” repairs. Don’t pay the entire cost of repairs up-front, and try to only do business with local, established contractors. Before signing any contract, read the entire document, and contact your local Better Business Bureau to see if the company has a good customer service record.
It’s almost the end of February! Have you stuck with your resolutions for 2018?
If you’re like most people – 80% of resolutions fail by the second week of February – you’re bored with your resolutions as the holiday pace wears off and winter seems to wear on.
Like many people, your new year intentions likely included improving your finances. Now is a great time to take another look. A good motivator (especially during this time of the year) is to begin envisioning what your summer vacation and financial situation will look like.
ASSESS YOUR SITUATION
- Take a look at your January – April bank statements from the previous year.
- Where is your financial pace compared to what you wanted to improve from last year?
- What was a positive financial decision in January to replicate next month?
- What were your budget-blowing decisions in the first quarter of last year?
- How can you avoid these this year?
ONE QUANTIFIABLE STEP AT A TIME
Achieving goals takes time and planning. Goals are reached by outlining steps. Each step in your financial goal can and should be measured. For instance, to pay off your holiday credit cards by May, what’s the total to pay off, and how many months do you have to achieve your goal? Take into account your interest rate when making your payments. Total debt/number of months in your goal + following through each pay period = goal success. Stick to it, and remember that a summer vacation is part of your reward!
REVIEW YOUR PROCESSES (AND PROGRESS!)
Having a written monthly budget or journal is an essential tool to helping you stay on track (and celebrate progress). Each line item, each step, each reason is part of your journey toward your goals. Start by taking your monthly income and deducting the payments you’ll need to make each month. From the remainder, decide what needs to be put aside for expenses like gas and groceries. Put the rest away for savings or use it to pay down other debts. If you want more control, narrow your budgeting to a weekly max spend. Controlling your budget on short term can sometimes be more attainable than looking at a month-long plan.
FIND A FINANCIAL PARTNER
Cornhusker Bank has all the tools to help you achieve your financial goals – we are committed to your success! You can check out our online Education Center or “Your Goals” tab at our website. Personal Solutions tab provides more info about savings, Certificates of Deposits, and money Markets. You can contact Cornhusker Bank by mail, phone, and email. Our 24 hr Account Line is always open! 402-434-2275.
What is One Day Without Shoes?
April 10, 2018 will be the 8th Annual One Day Without Shoes event held by Cornhusker Bank. Cornhusker Bank was inspired to start promoting this event by TOMS Shoes which donates a pair of shoes to a child in need in a third-world country for every pair of Tom’s Shoes which are sold. Cornhusker Bank recognized the needs in our community for those with inadequate footwear and partnered with People’s City Mission to help satisfy those needs.
View our One Day Without Shoes video.
How can you be involved?
- By contacting Cornhusker Bank to arrange placement of a People’s City Mission donation barrel or box for new and used shoes in your place of business April 2nd through the 13th, 2018.
- By making a monetary donation to the People’s City Mission for the One Day Without Shoes event.
- By dropping off donations of new or used footwear at any Cornhusker Bank or partner location April 2nd through the 13th, 2018.
- By joining us for a walk from the Cornhusker Bank Center at 84th & O to the People’s City Mission Help Center at 68th & P on April 10th, 2018 at 11 a.m. to help raise awareness of the need for shoes.
- By going shoeless on April 10th to help raise awareness of this event and the importance of adequate footwear.
One Day Without Shoes Events have been a Huge Success
In 2011 Cornhusker Bank and People’s City Mission partnered to help raise awareness of the impact a pair of shoes can have on a person’s life by hosting a One Day Without Shoes event annually. The public has been encouraged to bring their new or used shoes, or cash donations to help put shoes on the feet of Lincoln’s less fortunate. In the first seven years of hosting this event, Cornhusker Bank’s six locations and numerous business partners have collected over 95,500 pairs of shoes and monetary donations totaling over $58,500!
Pastor Tom Barber, Executive Director of the People’s City Mission reported, “With this amazing amount of shoes and money we collected we will be able to help thousands of people. Thank you Cornhusker Bank for creating this event and thank you, all of Lincoln for all your kindness.”
For more information, please call 402-434-3788.
AARP Nebraska & BBB Foundation present:
Eva Velasquez, President, Identity Theft Resource Center (ITRC), nationally known speaker on consumer fraud and scams.
Join us for this special FREE program on Identity Theft, Data Breaches and Cybersecurity/Privacy. ITRC is a non-proft organization established to support victims of identity theft in resolving their cases, and to broaden public education and awareness of identity theft and related issues.
It’s a matter of when your identity will be targeted by a scammer, not if. Be prepared!
Lincoln, Nebraska | Tuesday, April 10, 2018 | 6:30 – 8:00 p.m.
Cornhusker Bank, 8310 O St., Lincoln, NE 68510
A “sweet treat” with Q & A included
Entrance and parking on the north side of the building.
There is no cost for this event but RSVP is required by April 3. Register at aarp.cvent.com/IDTheft_Lincoln_41018 or call 1-877-926-8300 toll free
If you are looking to get a little boost to your credit, or if you have little to no credit, people always say the best thing you can do is get a credit card. Having a credit card establishes and starts building credit. While this sounds great, new credit card users can become quickly overwhelmed and find themselves in credit card debt. When used responsibly, credit cards are great, but here are some top credit card mistakes you should avoid.
Avoid applying for multiple cards
Applying for multiple credit cards in a short time frame will actually damage your credit. If you are opening a credit card to help build your credit this will do the opposite. Less is more when it comes to credit cards. Every time you apply for a credit card the lender does a hard inquiry which actually lowers your score a few points. Too many of these at once and you can see your credit score drop significantly.
Make more than the minimum payment
It can be tempting to just make the minimum payments on your credit card, but by doing that you are increasing the amount of interest you will pay overall on the balance. This means that you end up paying more in the long run for items purchased with a credit card.
Avoid late payments
While this seems pretty self-explanatory, avoid paying your credit card late. Be mindful of payment dates, and that payments can take time to process and post to your account. A good practice is to pay your bill as soon as you receive the statement, that way it doesn’t get lost in the shuffle.
Don’t max out your available credit
Just because you have a $5,000 limit doesn’t mean you should charge $5,000 on your card. Maxing out your available credit actually reflects poorly on your credit. A good rule is to not spend more than 30% of your available credit.
Don’t take out a cash advance
Cash advances have a much higher interest rate than normal purchases and usually come with their own set of fees. If you need cash during an emergency a cash advance can seem tempting but it will actually just put you further behind.
Wait to cancel your card
When people start getting into trouble with credit cards they think the best course of action is to cancel their card. Doing this actually shortens the length of credit history and reduces your credit utilization (remember the 30% of available credit. Cancelling a card reduces your available amount). Your best option is to not use the card while you pay down the balance.
With the new year upon us everyone is looking for a New Year’s Resolution. If you are still struggling to find yours it is not too late, we have a suggestion! We want to make 2018 the year of saving money. While this always sounds like a good idea, a plan is needed if you actually want to start saving! Here are our New Year’s Resolutions to start saving money!
Divide up any extra income
If you find yourself come into any extra money, us the rule of thirds to decide how to use it!
Designate one third to pay on a debt owed
Put one third into savings
Use the last third on a purchase for yourself!
Contribute to your emergency fund
If an emergency pops up, are you financially ready? A lot of Americans are not prepared for large, unexpected expenses. How much is enough? While it is hard to say how much you need because emergencies, by their nature, are unpredictable, a good rule of thumb is to have at least 3 months’ worth of your monthly expenses. Take your monthly budget for everything you spend money on and just multiply by three. Doing this can prevent your savings account getting wiped out in an emergency.
Leave your debit card at home
One challenge you can make for yourself is to have a set amount of walking around money, and then leave your debit card at home! It’s a lot easier to stick to your budget when you have a finite amount of cash on you.
If you don’t have a budget, make one! (and stick to it!)
The easiest thing you can do to start improving your financial health is to write out a budget and stick to it. Write out your monthly expenses and your monthly income. Add up all of the totals of your expenses versus your income. The most important thing is to make sure you are bringing in more money than you are spending.
Make 2018 the year of saving with these simple resolutions! If you have any questions about budgeting or investing, visit our website or call us today to speak with a banker!
New Year’s Day
Martin Luther King Day
Social media networks and dating websites have become increasingly popular tools for meeting and communicating. Unfortunately, fraudsters have capitalized on this trend and often create fake profiles to lure in victims, establish romantic relationships and eventually, extort money.
According to the FBI, over $220 million was lost in 2016 to online romance scam artists. Older Americans in particular have been targeted by this type of scam.
“While online dating can open doors to relationships, we are receiving more and more reports of criminals using these platforms to take advantage of unsuspecting users,” said Haley Coufal, Security/Risk Management Officer. “Approach these relationships with caution so you don’t end up with an empty wallet.”
If you’re concerned that you or a loved one are being scammed, we recommend taking the following precautions:
- Talk to someone you trust. Don’t let a scammer rush you.
- Never wire money, put money on a gift or cash reload card, or send cash to an online love interest. You won’t get it back.
- Contact your bank right away if you think you’ve sent money to a scammer.
- Report your experience to:
- The online dating site
To learn more about online dating scams, view the ABA Foundation and FTC’s infographic.
Cornhusker Bank is pleased to announce the addition of Allen Chaffee, Market President, Greater Omaha area, to our staff.
Allen has over 19 years of banking experience, 14 in the greater Omaha area. He graduated from the University of Kansas with a business and economic degree and from the Colorado Graduate School of Banking. According to Barry Lockard, Cornhusker Bank President/CEO, “Allen is a gifted leader and a great fit with our team at Cornhusker Bank. His experience in both retail and commercial banking will serve our team and customers well as we continue to develop the greater Omaha market. In his position as Market President of the greater Omaha area, Allen will be challenged with developing the market and working with our existing team to execute our growth strategies. Allen lives out our motto with clients and associates, ‘Committed to Your Success’ to the utmost degree.”
Allen is a member of the Greater Omaha Chamber Leadership Omaha Class 40, the Vice Board Chair of the Blair Family YMCA, sits on the board of the Omaha Outward Bound School, is a Past Grand Knight and Trustee of the Knights of Columbus, and is active in many other organizations in the Greater Omaha and Blair areas. Allen noted he is excited to bring Cornhusker Bank’s rich history, full service, products and true community banking to the Omaha market. John F. Dittman, Cornhusker Bank Chairman reported, “Allen Chaffee provides strong banking and relationship skills which bring significant benefits to our Omaha market clientele, all while remaining within the context of Cornhusker Bank’s community banking mindset.”
Cornhusker Bank, chartered in 1903, remains the oldest locally owned bank, demonstrating stability, soundness, and investing in the future growth of the community, valued customers and associates. For more information please visit us at www.CornhuskerBank.com.
We’ve talked about simple ways to teach your children about finances but what about teaching your teen? This is a great time in life to re-hone some of the basic money saving strategies you taught when they were younger but on a larger scale. They’re more likely to have a job, have more items they are saving for and will soon be off on their own.
Here are simple ways to teach your teens how to be a better money manager that they will take with them through life and set them up for success.
Show how to save
While growing up, you may have instilled saving habits in your children for smaller items they want to buy, such as a candy or toy of their choice. During their teen years though, it’s important for them to understand what saving is like for large ticket times, like a car.
If you were going to purchase a car for your teen, try just paying for half or three-fourths of the vehicle. Then, your teen can save up for the remainder and learn the value of saving for something they truly want and need.
Assemble a Budget with them
It is important that your teens know the money they make through a paycheck, allowance or gifts needs to be spent wisely. Instead of giving them funds as needs come up, teach them to save the money they earn. And part of saving means a budget!
There are awesome teen budgets online to help you with this if you’re not sure where to begin. Remember, make sure to cover the basics of a budget; calculate your income (from work, allowance, etc.), what percent to place in savings each month, a list of necessities (like gas) and what they should allow for spending money.
Walk the Talk
Again, these are important to teach your teens because they won’t necessarily get taught all these skills in school. It’s helpful if they have a good role model to look up to with money management and finances; remember to practice what you preach.
If you’re compiling a budget with your teen, share with them an example of you budget for. If you’re having them save money for a car, share what you are saving up money for. The more teens see their parents practicing money management skills, the more likely they are to do the same.
If you have questions on budgeting or teen banking, visit us online at cornhuskerbank.com. We are happy to walk alongside you and your family through any stage of life!