Brad Branscone, Grenada Guaranty Bank President, discusses the banking experience at the new Grenada office and what it means to be part of the Grenada community.
Fall is often referred to as the other “New Year.” When kids head back to school, and the seasons change, it can feel like a fresh start. Similarly, to the first of the year, it is a great time to set new goals, or reevaluate the ones you already have and make sure you’re still on track.
Check your Emergency Fund
An emergency fund is typically considered to be 3-6 months of living expenses. Not necessarily 3-6 months of income, just however much it would cost to cover the basics for 3-6 months. The basics typically include housing, groceries, transportation, clothing and any medical needs. If 3-6 months of expenses feels like a lot to save, start small with what you can. Anything is better than nothing. If you have had to dip into an emergency fund recently, now may be a good time to think about how to replenish it.
Check your credit report
You can pull your credit report for free (during the COVID-19 Pandemic, you can pull your report free weekly) at annualcreditreport.com. Assessing your score can be a great way to figure out your financial goals. If your score is on the low side and you want to work to improve it, you set goals around improving your score. You can also use this opportunity to check for anything that seems out of place. If you notice anything suspicious, make sure to report it right away.
Pay off debt
If paying off debit is one of your goals, now may be a good time to make a strategy. Some people start with the debt with the highest interest rate, and some start with the debt with the largest (or sometimes even smallest) total sum. It’s important to find a strategy that works best for you.
Update your budget
Summer is often the time when budgets fall by the wayside since there is a lot of fun to be had (no shame!). The turn of the new season can be a good time to assess where you are and consider your goals. There are several budgeting apps that can make this process easier to track.
Set up Auto Pay
You can set up auto pay through Bill Pay in Online Banking. Auto pay can help ensure you never miss a payment deadline which, in turn can help you build your credit score. It can also help you keep records of payments.
Check on your investments
Take the time to log into your investment accounts and see how they’re doing. You could also set up a meeting with a financial advisor to learn more about how to handle your investments. Maybe you have an old retirement account from a previous employer that you could roll over into a new plan. Take the time to assess where your investments stand, determine where you want to be and make a plan for how to get there.
Compare service providers
Now may be a good time to assess the cost of the services you pay for regularly like your cell phone, cable, internet, insurance, credit card, and more. You may be able to negotiate a lower rate with your current provider, or if not, you can shop around and potentially switch providers so you can secure a lower rate and create more room in your budget.
Set goals for the coming months
Now is a great time to look forward to what you want to accomplish in the next season. Maybe you want to plan a winter vacation or are in the market for a new house. Consider everything from your big goals, to your small goals. Take a look at your budget and consider how you can rev up your saving in order to reach your goals faster.
Home improvement
Home improvement projects can be really fun and exciting, but they can also take planning and time. Fall can be a great time to launch home improvement projects. Maybe you need to prepare your home for colder months, or maybe you want to plan ahead and add some outside space for summer. Either way, fall is a great time to get started on planning and researching.
Holiday shopping
Get a jump start on your holiday shopping. By thinking about your holiday shopping earlier in the season, you may have a chance to find deals for particular items. Make a list of everyone you want to buy something for, or just anything you want to buy in general, and begin scouting out items early. When the holidays roll around, you may already be done with shopping and you won’t have to worry about it anymore.
Financial goals can change regularly so it’s important to take the time to reevaluate where you stand and take stock of where you want to be. Ultimately, a little bit of planning and reflection can help you set yourself up for financial success in the long run.
GRENADA – Hue Townsend, President and CEO of Guaranty Bank & Trust Company, today announced that Chris Savage, CPA, has joined the bank and will serve as Vice President and Senior Portfolio Manager in its Grenada Office.
Savage is a 1986 graduate of Grenada High School and earned his Bachelor of Business Administration degree in Accounting and Management from Delta State University in 1991. He has been a Certified Public Accountant since 1993 and brings to the bank more than 18 years of financial management experience.
Active in the community, Savage serves on the Fireworks Committee for Thunder on Water and as a volunteer with Operation HOPE, an entrepreneurial and financial literacy community outreach program.
Savage and his wife, the former Beth Hobson of Holcomb, have two sons: Josh and Kyle. He attends Emmanuel Baptist Church in Grenada and is an avid crappie fisherman.
“The financial complexities our customers face each day require that we are staffed with qualified, experienced professionals,” Townsend said. “I am pleased to welcome Chris, knowing that he brings such experience, knowledge of the community, and a commitment to our brand of personal and commercial banking.”
Press Contact:
Meagan Grisham
Marketing Assistant
210 N. Hayden Street
Belzoni, MS 39028
meagan.grisham@gbtonline.com
Keep your personal information safe online
Keeping your personal information safe by maintaining vigilant cyber security is more important than ever. Scammers are always coming up with new ways to hack into your personal computer, phone, tablet or internet accounts to gain access to your personal information. There are several common strategies used by scammers so it is important to learn about them so you can protect yourself and your loved ones. Below are just a few tactics scammers take to get a hold of your personal information.
Phishing Scams
Phishing scams are when a scammer creates a fake email or web page that is designed to look like it’s from a legitimate person or organization. Typically, the email or web page will ask for personal information like your bank account information, Social Security number or password. If you receive a suspicious email, check the email address and review the content of the email for grammar, misspellings, or design issues. If it looks off, it probably is. Make sure to report it to your email provider, or employer immediately and delete the email.
Ransomware
Ransomware is a type of malware used by cybercriminals. Typically, it is used to freeze a computer, phone or tablet in order to steal important data while demanding that a ransom be paid. To avoid ransomware, don’t click on links or attachments in emails from email addresses you don’t recognize. Your best defense against these attacks is to keep your software up to date on all of your devices.
Charity Scams
Supporting organizations that help others is a great thing to do, but unfortunately, fraudsters have been known to take advantage of well-meaning people who are trying to support others. They may send fraudulent emails or set up donation pages that mimic a legitimate charity, or sound like they could be a legitimate charity. Before donating your hard-earned money, make sure to research the organization to make sure they are legitimate, and that they’re using the money in the way you want them to.
Bank/FDIC Scams
Unfortunately scammers sometimes also pretend to be bank employees. They may call you or get in touch via email or social media and falsely claim that they are making changes to your bank account. A legitimate bank representative will never call you to share this type of information. If you are suspicious of the person you’re talking to, reach out to your bank or financial institution right away.
Investment Scams
Many people invest in the stock market in order to get a return on their money. While historically, money often sees a return over a long period of time, there are scammers out there who make promises about helping you make a lot of money quickly. Investing in the stock market involves risk and returns are not guaranteed. You should be skeptical of anyone who promises big returns. Do not share personal information or access to your accounts with anyone who is not a trusted and legitimate advisor.
COVID-19 Scams
Unfortunately, since the start of the Coronavirus (COVID-19) pandemic, scammers have found new ways to scam people including offering fake treatments, fake test kits, medical supplies that don’t exist and more. Scammers have also attempted to go after the stimulus payments that many Americans received from the government. When it comes to COVID-19 information, make sure to get information from legitimate sources like the Centers for Disease Control and Prevention (CDC) or your state’s website.
To keep up with the latest scams that have been reported, you can visit StaySafeOnline.org for updates and information about how to keep your personal details safe on the internet. The Federal Trade Commission (FTC) is also a great source of information. They highlight the scam reports that they receive throughout the year so you can stay up to date on the latest tactics.
If you receive a suspicious email or if you suspect that you have been the victim of a scam, contact your financial institutions right away so you can begin to discuss a recovery plan. You can also contact the three credit bureaus, Equifax, Experian, and TransUnion to freeze your credit. You can also sign up for credit or identity monitoring services that can alert you if you have become the victim of a scam.
Back to school season means back to school supplies. New school supplies are always fun to get however, the long list of recommended supplies from teachers can add up quickly. Luckily, there are many ways to save money on your list, all it takes is a little bit of planning and research.
Assess what’s needed
Sometimes the lists are wish lists, not needs list. Think of your student and how they operate. Do they actually use white-out, or do they just cross out corrections on a paper? Will they need a hole punch, or does their teacher typically have one they can use? In some cases, you can eliminate several things on the list by being realistic about what your student actually needs. If school starts and it turns out they actually do need a certain item, you can always get it later.
Look through last year’s supplies
At the end of the school year, backpacks are likely to get tucked away with all of last year’s school supplies. Before going out to buy brand new supplies, consider the supplies your child already has. Can you get another year of use out of their backpack? Are their pens, pencils, and other supplies good for another year. It might take a little TLC to get them back into working condition (pencil sharpener, anyone?), but it could save you a lot of money to first take stock of what you already have.
Buy supplies out of season
The end of a school year, or early in the summer when no one is thinking about back-to-school season may be the best time to buy supplies. If you start scouting early, you may also be able to hit discounts throughout the summer.
Compare prices
Certain retailers may offer the same exact item for a cheaper price. It doesn’t hurt to do a quick google search to see what else is available. You may even be able to ask a certain retailer to price match the product.
Sign up for store emails and follow them on social media
Emails from retailers are likely the first place you’ll hear about discounts and deals. Sign up to receive their updates, and you can be on the lookout for good deals. You can also follow brands on social media like Twitter, Instagram or Facebook to get the latest updates on their sales.
Try using money-saving apps
There are apps like RetailMeNot or ShopSavvy that can help you find deals, discount codes, or that can quickly price match items for you.
Check the dollar store
Before heading to top retailers for school supplies, make sure to swing by your local dollar store. Often, they will have the exact products you’re looking for at a fraction of the price.
Buy used
Buying used can be especially helpful when purchasing electronics. Technology is used in the classroom more than ever before and it can be a huge expense. Visit websites like eBay or Craigslist or go to your local Best Buy or apple store to ask about refurbished products. You may also be able to find other supplies at thrift stores, like backpacks, clothing, shoes and more.
Try a supply swap
It’s likely that there are other people you know who are also trying to save money on supplies who would be open to a trade, or possibly even giving you hand-me-downs. Check in with your friends and family who have school aged children and ask them what supplies they may be willing to part with.
Tax-free weekend
Some states offer a tax-free weekend that typically falls in the summer. This can be particularly helpful for high ticket items like laptops, calculators and other technology. Check to see if your state offers a tax-free weekend and plan to do your shopping then.
Talk to your kids about a budget or ask them to contribute to their supplies
Many kids have an allowance that they are able to use to spend on items they really want. It may be reasonable to explain to them that you will help them buy the basic school supplies, but if they want anything extra on the list, like a new backpack (when last year’s works just fine), or new fancy erasers, etc. they can use their own money to buy it.
Ultimately, back to school is an exciting time and school supplies are a fun part of the process. It’s totally possible to buy supplies without breaking the bank, and still setting your student up for success.
Teaching your kids about financial literacy is an important lesson for children to learn as early as possible. If your child understands the importance of budgeting, saving, giving and eventually investing money, they will be set up for a lifetime of success.
Your child may not be able to earn their own money by working just yet, but to begin getting them comfortable with managing their own money, it may be a good idea to give them an allowance. The allowance money can be in exchange for chores they do around the house, or just a set amount of money that they receive regularly and can manage on their own.
If you choose to require chores in exchange for an allowance, make sure to explain what they have to do (like care for a pet, pick up their toys, etc.), how often they will be paid, and how much money they will receive. This exercise will help them start to learn the value of a dollar.
Once your child begins earning money, you can begin talking with them about the following money management topics:
Having a conversation with your child about necessary items like food, clothing, shelter, etc. and items that are unnecessary, but nice to have items like toys and vacations. Explain how money should be divided between wants and needs, but there are times when needs have to be put before wants.
Maybe they have been asking for a new skateboard, or the latest toy. Help them understand how much the item costs and how much money they will need to save to be able to afford the item. Then, talk about how long it will take for them to earn enough money to afford the item.
Help them learn to compare prices at different retailers and discuss discounts and coupons. Explain how to research different features on a product and to determine if those features are worth the extra cost. Learning to put in a little research can save them a lot in the long run.
If they have a piggy bank, they’ll be able to see their money grow. Once they’re old enough, they can open a savings account and manage their money through Online or Mobile Banking. Seeing progress with their money may help encourage them to save more.
Share the importance of saving and encourage them not to spend all of their money at once. Ideally, they would consistently save a certain percentage of all of their income, including gifts. Discuss how saved money can be put toward a long-term goal, like purchasing a car when they get their license, or paying for college.
To further encourage your child to save money, you can offer a savings incentive, like matching. For example, if they commit to putting $20 a month into their savings account, you can match the amount dollar for dollar, and then they would have $40 per month. Or you could offer to give them a “bonus” when they reach certain milestones. For example, if they’re aiming to save $300, you could offer to give them $50 when they reach the halfway point.
Discuss the importance of giving money to those in need. Maybe your child would be interested in donating a portion of their money to a cause that matters to them, like an animal shelter or other local charity.
This part may be challenging to watch as a protective parent, but it’s important for kids to learn from their errors early on when the stakes are low, so they can avoid making bigger money mistakes later in life. For example, if they express remorse after spending all of their money on one item, discuss how in the future, it would be better to use the money in multiple ways like buying two cheaper items, saving, giving, etc.
Share your personal money information like your salary, your debit, your savings, how much you give, etc. Discuss your money habits and goals, like saving for their college education and your retirement. Explain how you manage money every day by making certain purchases, shopping around, etc. Be transparent and allow your child to ask questions. Over time, they will be able to learn a lot from you.
Starting to discuss money early can be very beneficial to your child. The more they understand about earning, spending, giving and saving money, the better prepared they will be to manage their money once they’re old enough to begin working and living on their own.
Estate planning gives you the opportunity to decide well in advance who will handle your estate in the event of your death or incapacitation. Thinking about your own passing is never a fun exercise, but it is necessary if you intend to leave a plan for your caretakers and loved ones to ensure that your wishes are carried out and they are taken care of in the long term.
It’s important to remember that nothing is set in stone, and you can adjust your plan as your personal and financial situation changes. Estate planning may seem overwhelming at first, but if you follow the key steps below, you will have a plan in no time.
Make a list of your stuff
When thinking about your stuff, consider both your tangible and intangible assets.
Tangible assets include items such as:
Intangible assets include:
After you have listed your tangible and intangible assets, list the value of each asset. Even if you don’t know the exact value, an estimate is a good place to start. Consider seeking out valuations if certain items like a precious antique, or your car for a more precise number.
Consider what your family will need when you pass
After you’ve tallied up your assets, consider who you want to receive each one. Make sure to note who specifically you want each individual asset to go to, or if you want them evenly spread out between several people.
Consider adding to your assets in a way that will help your loved ones once you’re gone. They’re likely to have a lot of immediate expenses like funeral costs, and a lot of long-term expenses like mortgage payments. Life insurance is a way to protect your family after you’re gone. If you have a spouse and dependents, a life insurance policy will help them to continue to pay the bills and save for bigger expenses like retirement or a college education.
Consider naming a guardian for your children. If something were to happen to you, naming a guardian can make the transfer of guardianship seamless. Similarly, you should document your wishes for your children’s care, so the new guardian has a sense of your wishes.
Establish a pet trust
Legally, pet animals are considered property. Because of this, they cannot inherit money or property when you pass. However, you can establish a pet trust with funds that you intend to take care of them after you’re gone.
Consider donating your assets
Did you know that you can donate your money and other assets after you’re gone? If you wish, you can designate all or some of your money to go to a non-profit organization as a gift. You can also give in-kind donations of your possessions. For example, if you own an antique car, you can direct that it be donated to an automobile museum when you pass.
Name a durable power of attorney
Estate planning is about what will happen with your assets when you’re gone, but it is also about how things will be handled in the event that a medical issue prevents you from being able to make decisions for yourself. A durable power of attorney (DPA) is typically a trusted relative or friend who will handle your affairs after you can no longer manage them yourself. The difference between a durable power of attorney and an ordinary power of attorney is a DPA has authority if you become incapacitated.
Create an advance health care directive
With a healthcare directive, you name a healthcare agent or proxy who ensures that your medical wishes are carried out in the event that you cannot decide for yourself. You can also document what you want them to decide for you in certain situations.
Organize your files
In the digital age, there will likely be account information for online programs like Online Banking, investments, insurance that the person in charge of carrying out your wishes will need to access. There will likely also be paper copies of original documents. Organize your digital files and passwords in a secure way that can be accessed by your executor, the person appointed to carry out the terms of your will. Paper copies should be kept in a safe, or in a safe-deposit box at the Bank.
The process of estate planning may bring up uncomfortable feelings, but ultimately it is a way to ensure your wishes are carried out. Thinking through different scenarios and having a plan will most likely make you feel better and will certainly make things easier for those you appoint to carry out your wishes.
A small business start up can be an exciting endeavor that allows you to use your skills and abilities in a unique way. If you’re thinking of starting a business, there are several things you’ll need to think through before launching.
Conduct market research
Whether you’ll be selling a product or offering a service, it’s important to get a sense of who you’ll be competing with in your area. Learning more about the needs of your area along with the competition may give you valuable information about positioning your product or service for success.
Write a business plan
At the root of every business is a business plan. Writing a business plan allows you to create a strategy for how to run and grow your business. It also provides a way to outline your goals so you can measure success down the line.
Select your location
If you are opening a brick-and-mortar business, finding the right location will be a very important piece of the puzzle. For example, if your business is a shop that requires a lot of foot traffic to draw in new customers, you may want to look for a space in a bustling city where lots of people will walk by regularly.
Find funding
Businesses need cash to get started. Having your business plan in order can help you raise or borrow capital by getting others on board with investing in or supporting your endeavor.
Choose a business structure
Some common types of business structures include sole proprietorship, partnership, limited liability company (LLC), corporation (C Corp, S Corp, or B Corp), or Nonprofit just to name a few. Each type of business structure offers various benefits and legal protections. The taxes you are required to pay may vary too, so it may be helpful to speak with a business counselor, attorney and accountant to weigh the pros and cons of each option.
Select your businesses name
This step is easier said than done. Whether you already have a name in mind, or you have no idea what you want to pick, it’s important to be thoughtful about it because changing the name down the line may be a hassle. Consider your future company’s brand and what type of culture and vibe you want to give off. Maybe your brand is going to be fun and whimsical. Maybe it will take a serious, professional tone. It’s important to consider this when picking the name. Next, make sure to google the potential name, and check for it on social media. If it is already being used, or if it has a negative connotation for any reason, you may want to go back to the drawing board.
Register your business name
Once you have picked a name, it’s time to set it in stone by making it legal. Make sure to register the name to protect it. There are several ways to protect your name. Entity name protects you at state level. Trademark protects you at a federal level. Then, secure the domain name for your business website address and secure the social media handles for any social media platforms that may be relevant like Facebook, Twitter, Instagram or LinkedIn.
Get federal and state tax IDs
Your employer identification number (EIN) will help you in the process of growing your business because you’ll need it to open a bank account or to pay taxes. It’s similar to a social security number for your business.
Apply for licenses and permits
Depending on the industry you are operating in and the product or service you’re offering, you may need to apply for licenses and permits to operate legally. Be sure to check your specific state’s requirements for your specific product or service.
Open a business bank account
No matter what type of business you are operating, you will need a way to manage your money. At Guaranty Bank, we have several different types of business accounts that could work for you depending on your business’ specific needs.
Our checking accounts include Guaranty Edge Checking, Business Analysis Checking, Civic Checking and Business Checking with Interest. All of our accounts offer free Online Banking and Bill Pay, free Online Statements with Images, and Cash Management services.
We also offer business savings accounts including a Guaranty Prime Investment Account and Commercial Money Market account.
Plus, we offer business loans and lines of credit to help with day-to-day costs, inventory, equipment, real estate and development.
Contact a member of our team to learn more about which of our accounts suit your business and your goals the best.
Heat up your savings this summer with some strategies that will give you a sunny feeling. Summer is usually a time when people spend more. The weather is warm, there’s more to do, people typically pack up for a vacation and have a more carefree approach to spending.
Create a summer fun budget
In addition to your standard monthly budget that covers standard items like bills, groceries, mortgage payments, etc, make sure you set aside some money to have fun over the summer. If the summer is a time where you like to spend more time outside, or go on adventures with loved ones, make sure you plan head and set aside money for fun. By planning and budgeting for fun, you are less likely to feel deprived and then overcompensate by overspending down the line. Plus, it will help you prioritize the things you really want to do, compared to the things you only kind of want to do.
Save money on summer fun
Once you establish your summer budgets, take a look at the areas where you can save money. Below are some areas you can start
Take a staycation
Swap out a weekend away for a thoughtful staycation and be a tourist in your own area. Check out local spots you don’t usually have time to discover.
Get the season pass
Depending on how often you go to the beach, the theme park or the museum, you may save money by buying the season pass up front.
Visit your local library (or check their website)
In addition to offering free books, movies and other entertainment, they also typically have free museum passes to local museums or aquariums.
Seek out free events
Many towns have free events like concerts in the park, outdoor movies or festivals. Visit your town’s website for local details.
Wash your own car
Everyone likes having a clean car, but the cost of bringing it in for a proper detail and car wash can add up fast. Grab a hose and some sponges and wash your car at home on a hot day.
Have a garage sale
Summer is a great time to clear out old items that you don’t want any more. Host a garage sale and you may be able to get some cash in return for your items!
Shop on tax free weekend
Some states host a tax-free weekend where you can save a lot of money on major purchases. If you were already planning to buy a big-ticket item like a couch or tv, tax free weekend might be a good time to spend the money.
Buy cheaper snacks ahead of time
Before you head out on a road trip or to an outdoor movie, plan ahead and grab some snacks at the grocery store. You’ll likely save a lot of money, and you’ll be sure to have the snacks you want.
Conserve energy
Close your blinds and curtains during the day to keep your home cooler. Consider taking on some home improvement projects that will make your home more energy efficient, like caulking your windows and doors.
Dry your laundry outside
Avoid using your dryer by hanging your clothes on a line outside to dry. They will dry naturally and have a fresh outdoor scent, and you will save money on your electric bill.
Pause your gym membership
With the warm weather, many people prefer to exercise outside. If you aren’t going to the gym anyways, it might be a good time to pause your membership in order to save money. Many gyms allow you to do so.
Make saving a priority
Once you have your fun planned, and have found additional ways to save money, it’s time to get serious about saving. Decide how much you want to save from each paycheck. If you’re doing a summer savings challenge, consider saving more than you usually do, like 20-30% or more of your paycheck. Set up automatic deposits so your money goes into your savings account before you ever have a chance to spend it.
At Guaranty Bank, we offer several different types of savings accounts to help you meet your goals. We offer money market accounts, savings accounts and certificates of deposit (CDs). If you’re aiming your savings efforts toward your retirement accounts, we also offer Individual Retirement Accounts (IRAs). Contact a member of our team today and we can help you determine which account works best for your goals.
A credit score is a three-digit score between 300 and 850 that summarizes a consumers creditworthiness based on their credit history. The scores are typically used by potential lenders to determine a consumer’s creditworthiness. The score is calculated based on several factors including a consumer’s number of open accounts, total levels of debt, repayment history. Depending on the company analyzing one’s credit, each factor may carry a different weight when determining the score.
Typically, credit scores from 580 to 669 are considered fair, 670 to 739 are considered good, 740 to 799 are considered very good, and 800 and up are considered excellent, though the ranges can vary depending on the credit scoring model being used.
There are three credit reporting bureaus in the United States, Equifax, Experian, and TransUnion and you can access your credit report by visiting AnnualCreditReport.com.
There is also a different type of credit score called a FICO® score. FICO refers to Fair, Isaac and Company. FICO uses a slightly different scoring model, but it is still based on a scale from 300 to 850.
Maintaining a high credit score is important because it can impact your ability to get a loan in the future. You may need a loan for things like a new car, boat, motorcycle, RV, house, home equity loan or line of credit or even a personal loan (like for college tuition). Credit scores can also be influential for landlords when deciding who they will rent their apartments out to. The higher the credit score you have, the more you are considered trustworthy when it comes to paying the money you owe. Higher credit scores are more appealing to lenders and they’re more likely to trust you with a higher loan amount. If you have a higher credit score, you may also be eligible for lower rates, which can save you a lot of money in the long run.
There are several ways to build your credit score
If you’re interested in trying to improve your credit score, here are a few things you can do:
Building credit or fixing a bad credit score can take time. It is important to be patient and try a few different tactics to improve your score over time. With a few changes, it should be easy to get your score to where you want it to be.