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Living on One Income vs. Two

Living on One Income Instead of Two

With unemployment levels near record highs,* many American families are shifting from a dual income lifestyle to a single income – and fast. While layoffs and economic unease can be exceptionally stressful, the outlook isn't all bad. In fact, this may be just the motivation you need to implement a family budget, trim wasteful spending and devote more time to family. Even those who remain gainfully employed may benefit from spending less, saving more and taking a critical look at their finances.

The changes you make now could reap powerful advantages long after the economy improves. In addition to gaining a better perspective on your personal finances, you may also realize just how adaptable, supported and strong you are. The following tips may help you put a positive spin on your situation and outlook.

Draft a budget. We all know we should have one, but how many of us actually get around to making one? Well, here's your chance. Start by calculating how much money you have coming in, then monitor your spending to determine how much you have flowing out. Now you can decide what expenses can stay and which ones need to go. Involving the entire family can help boost your budget's chance of success.

Trim wasteful spending. It will be simple – perhaps even liberating – to cut some costs. Slashing that daily latte or lunch out with co-workers will improve your fiscal and physical picture. Cancelling your rarely used gym membership and vowing to be more active outdoors may save you monthly dues and improve your fitness level. And swapping weekly evenings out with friends for a potluck supper at home could create a more relaxing and fun atmosphere for bonding.

Hone your skills. If you were part of a mass layoff, your former employer may have money available to you for education or career development, such as classes to improve your skills or memberships in professional organizations. Even if there are no such funds available, this could be a great time to pursue a different career or interest. Consider freelancing or consulting from home, exploring the feasibility of being a stay-at-home parent or working part time.

Use online resources. In addition to being a hub of job-hunting resources, the Internet can also help you save money on personal expenses. Sites like Craigslist.com, RetailMeNot.com and FatWallet.com** are a great way to find used items or coupons or discounts on new merchandise.

Let Us Help

We understand there's nothing fun about a layoff. But it can be an opportunity for professional, personal and financial growth. Here at MutualBank, we can help you survive the rough times and position you for success once the economy rebounds.  To learn more about how we can assist you, call 800-382-8031 or visit with your MutualBanker today. Go ahead…live a better life.



 

* Source: Bureau of Labor Statistics, www.bls.gov.
** Web sites listed for information only. No endorsement is implied.

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  • MutualFirst Financial, Inc. Declares 20% Increase in Dividend

    Muncie, Indiana – MutualFirst Financial, Inc....

    Monday, February 23, 2015

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Proactive Steps to Take in Light of Anthem Data Breach

Chances are you are a person who has Anthem insurance coverage or you know someone who does. As a result, either you or your friend has a reason to be concerned.

A typical data breach includes a compromise of debit card numbers or partial personal identifying information. This kind of breach, though inconvenient, can typically be ‘fixed’. An initial investigation indicates that the Anthem breach includes a compromise of name, birthday and/or social security number. This kind of information is all one needs to steal someone’s identity.

According to Anthem this particular breach could affect up to 80 million people. Instead of trying to ignore this has happened or just being upset, it’s now time for you to be educated and try to protect yourself as best as you can. We have some tips that will help you accomplish that.


1. Review Your Statements


First, take a moment each month to view your eStatement or monthly statement. You can monitor your accounts throughout the month with Online Banking and the MutualBank App. Monitoring your accounts will give you the quickest opportunity to see if your accounts have been compromised. If you notice any transactions that are unfamiliar or questionable, please get in touch with your MutualBanker. Call us at 800-382-8031.


2. Be Cautious with Any Anthem Emails You Receive


Next, if you receive an email stating it is from Anthem, be cautious. Anthem’s website warns customers not to reply with information, click any links or open any attachments within the email. Anthem is not calling their customers and will not ask for information. Never give your credit card information, social security number, or other sensitive information to someone via email or over the phone.


3. Consider Freezing Your Credit


If you are a resident in Indiana, the Attorney General’s office website (http://www.in.gov/attorneygeneral/2853.htm) is offering and encouraging you to sign up for a free credit freeze with each of the three credit bureaus. A credit freeze places a hold on your credit where a new line of credit could not be obtained without you unfreezing your credit. This doesn’t affect already open credit lines like an existing credit card, yet helps to protect you against someone opening new lines of credit in your name.


4. Keep in the Know


Finally, try to keep in the loop on the Anthem Breach. The best source for current information about this breach can be found at Anthem’s Frequently Asked Questions. (http://www.anthemfacts.com/faq)

MutualBank is here to help inform you of ways to help protect against identity theft. Thank you for trusting us.

Sunday, February 15, 2015

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Living on One Income vs. Two

Living on One Income Instead of Two

With unemployment levels near record highs,* many American families are shifting from a dual income lifestyle to a single income – and fast. While layoffs and economic unease can be exceptionally stressful, the outlook isn't all bad. In fact, this may be just the motivation you need to implement a family budget, trim wasteful spending and devote more time to family. Even those who remain gainfully employed may benefit from spending less, saving more and taking a critical look at their finances.

The changes you make now could reap powerful advantages long after the economy improves. In addition to gaining a better perspective on your personal finances, you may also realize just how adaptable, supported and strong you are. The following tips may help you put a positive spin on your situation and outlook.

Draft a budget. We all know we should have one, but how many of us actually get around to making one? Well, here's your chance. Start by calculating how much money you have coming in, then monitor your spending to determine how much you have flowing out. Now you can decide what expenses can stay and which ones need to go. Involving the entire family can help boost your budget's chance of success.

Trim wasteful spending. It will be simple – perhaps even liberating – to cut some costs. Slashing that daily latte or lunch out with co-workers will improve your fiscal and physical picture. Cancelling your rarely used gym membership and vowing to be more active outdoors may save you monthly dues and improve your fitness level. And swapping weekly evenings out with friends for a potluck supper at home could create a more relaxing and fun atmosphere for bonding.

Hone your skills. If you were part of a mass layoff, your former employer may have money available to you for education or career development, such as classes to improve your skills or memberships in professional organizations. Even if there are no such funds available, this could be a great time to pursue a different career or interest. Consider freelancing or consulting from home, exploring the feasibility of being a stay-at-home parent or working part time.

Use online resources. In addition to being a hub of job-hunting resources, the Internet can also help you save money on personal expenses. Sites like Craigslist.com, RetailMeNot.com and FatWallet.com** are a great way to find used items or coupons or discounts on new merchandise.

Let Us Help

We understand there's nothing fun about a layoff. But it can be an opportunity for professional, personal and financial growth. Here at MutualBank, we can help you survive the rough times and position you for success once the economy rebounds.  To learn more about how we can assist you, call 800-382-8031 or visit with your MutualBanker today. Go ahead…live a better life.



 

* Source: Bureau of Labor Statistics, www.bls.gov.
** Web sites listed for information only. No endorsement is implied.

Contact a Representative Today

Back to Education Resources

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