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Teach your kids about saving money Money management is a complicated subject even adults have trouble mastering. So, it’s understandable that the prospect of teaching your kids about money might not be your favorite parental to-do. Start simply with a simple savings account to teach your kids the fundamentals of saving money. Setup an Account Speak with a Personal Banker who will walk you and your child through the process of opening a savings account or certificate of deposit. Seeing their name on the account will provide your child with a sense of ownership over their money and incentivize...

Practices that reduce your spending and save you money The foundation of successfully managing your finances is budgeting, and a pillar of budgeting is learning to distinguish your needs from your wants. If you can’t differentiate those, you could wind up overspending on luxuries that you can’t afford. Give your budgeting skills a refresher by improving your ability to distinguish your wants from your needs. Why Should You Budget For Your Wants? If something makes you happy, why should you deny yourself that pleasure? Haven’t you earned that indulgence for working hard every day? The problem...

Avoid Using Your Savings For the Unneeded Things Sometimes there’s not enough room in the budget for extras. Perhaps you have your eye on a new pair of shoes, are eager to upgrade your living room with a new couch or you have to be the first in your friend group to possess the latest gadget. If you need funds for a shopping spree or splurge, consider the following tips to earn extra money. Get a Side Gig A part-time job or side gig is one way to earn another paycheck to cover wanted expenses. If you love dogs, offer your services as a dog sitter or dog walker. NerdWallet recommends the Wag...

Recent legislation has allowed for significant capital-gains tax savings on investments in designated opportunity zones (“OZs”). There are over 8,000 Opportunity Zones spread throughout all 50 states and U.S. territories, with the entire island of Puerto Rico being one. In general, the zones were designated by governors and located within low-to-moderate income census tracts. This program could offer considerable benefits for investors, lenders and the communities located in OZs, but the benefits do come with risk and some unknowns. In a very basic sense, Opportunity Zone legislation reduces...

Every business owner’s story is unique, yet many will reach a point where they ask the same question – how can I help my business grow? Sometimes the answer to that question is a loan, and knowing ahead of time what lenders will look for can help you simplify the process and secure financing faster. A business loan or line of credit could enable you to take on larger projects and manage business growth, while maintaining positive cash flow. Bankers want to know your plans for financing, followed by what your aspirations are for growing your business. Bankers also consider the “Five C’s,” which...