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Establishing Good Financial Habits

Establishing Good Financial Habits

We all tend to develop habits that provide a rhythm or structure to our daily lives.  Once these habits are developed, they can be hard to break.  Building good financial habits can provide a rhythm, or sense of control, for your financial life.  Here are ten good financial habits that can help you build a sound financial foundation and help you reach all your financial goals:

  1. Make sure your financial information and records are organized.  Knowing where important financial information is located and having a system will save time and aggravation.
  2. Use direct deposit for your paycheck.  This saves time and gets you money working for you faster.  It is also safer.
  3. Use automated savings plans to save for near term purchases and long term financial goals.  This involves having MutualBank or your employer transfer a set amount each month into your savings account to be available for a vacation or a major purchase. 
  4. Prepare a household spending worksheet.  The process of preparing your first one will help you identify potential areas for reducing expenses.  Analyzing your spending on a regular basis (perhaps annually) will help you monitor your spending and develop savings habits.
  5. Prepare a personal balance sheet periodically.  Having a current, or relatively current, personal balance sheet can be handy when you are considering applying for a loan.  Over time, you will be able to monitor your progress toward your long term financial goals.
  6. Reconcile your checking account.  Using tools like online banking and MutualMobile help you to avoid bouncing checks.  It is much easier to do this every month than to skip a month or two and then have to deal with multiple statements.
  7. Review all your bills and statements as soon as you receive them.  Even if you are not going to pay the bills immediately when you receive them, by reviewing your bills and statements you can identify and correct any errors.
  8. Make credit card payments promptly and pay more than the minimum.  If possible, pay your balance in full each month. Avoid late payment fees and reduce the amount of interest you may owe on unpaid balances by making sure your payments arrive before the due date.  Paying only the minimum will cost you more interest and it will take much longer to pay off the balance.
  9. Be sensitive to fees.  Some fees can not be avoided, but choosing to walk an extra block to use an ATM that does not charge a fee instead of using an ATM outside your network can be worth the effort.  Also, be sure to understand any fees that may be associated with your checking or savings accounts based on minimum balances.  There is no sense in paying fees if you do not have to.
  10. Learn more about handling your finances.  The more you know, the easier handling your finances will seem.  Try to read the personal finance columns in newspapers or perhaps even subscribe to a personal finance magazine.

Your habit of a morning coffee may be a good start to your day.  A few good financial habits can be the start of a good financial life. Go ahead...live a better life!

Contact a Representative Today

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  • Mutualfirst Financial, Inc. Announces Agreement With Major Stockholder 

    Muncie, Indiana - February 27, 2015 – MutualFirst...

    Monday, March 2, 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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Establishing Good Financial Habits

Establishing Good Financial Habits

We all tend to develop habits that provide a rhythm or structure to our daily lives.  Once these habits are developed, they can be hard to break.  Building good financial habits can provide a rhythm, or sense of control, for your financial life.  Here are ten good financial habits that can help you build a sound financial foundation and help you reach all your financial goals:

  1. Make sure your financial information and records are organized.  Knowing where important financial information is located and having a system will save time and aggravation.
  2. Use direct deposit for your paycheck.  This saves time and gets you money working for you faster.  It is also safer.
  3. Use automated savings plans to save for near term purchases and long term financial goals.  This involves having MutualBank or your employer transfer a set amount each month into your savings account to be available for a vacation or a major purchase. 
  4. Prepare a household spending worksheet.  The process of preparing your first one will help you identify potential areas for reducing expenses.  Analyzing your spending on a regular basis (perhaps annually) will help you monitor your spending and develop savings habits.
  5. Prepare a personal balance sheet periodically.  Having a current, or relatively current, personal balance sheet can be handy when you are considering applying for a loan.  Over time, you will be able to monitor your progress toward your long term financial goals.
  6. Reconcile your checking account.  Using tools like online banking and MutualMobile help you to avoid bouncing checks.  It is much easier to do this every month than to skip a month or two and then have to deal with multiple statements.
  7. Review all your bills and statements as soon as you receive them.  Even if you are not going to pay the bills immediately when you receive them, by reviewing your bills and statements you can identify and correct any errors.
  8. Make credit card payments promptly and pay more than the minimum.  If possible, pay your balance in full each month. Avoid late payment fees and reduce the amount of interest you may owe on unpaid balances by making sure your payments arrive before the due date.  Paying only the minimum will cost you more interest and it will take much longer to pay off the balance.
  9. Be sensitive to fees.  Some fees can not be avoided, but choosing to walk an extra block to use an ATM that does not charge a fee instead of using an ATM outside your network can be worth the effort.  Also, be sure to understand any fees that may be associated with your checking or savings accounts based on minimum balances.  There is no sense in paying fees if you do not have to.
  10. Learn more about handling your finances.  The more you know, the easier handling your finances will seem.  Try to read the personal finance columns in newspapers or perhaps even subscribe to a personal finance magazine.

Your habit of a morning coffee may be a good start to your day.  A few good financial habits can be the start of a good financial life. Go ahead...live a better life!

Contact a Representative Today

Back to Education Resources

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