Q1 Newsletter 2024
New Year, New Financial Goals
It’s a new year with an all-new you. We have some tips for your financial goals to accompany the new you and bring you success.
Save for emergencies. If you haven’t already, set up automatic transfers to a savings account to make saving easier and work to have at least three to six months' worth of living expenses.
Focus on paying down debt. If you’ve accrued debt, whether it’s from credit cards or short-term loans, prioritize paying down or consolidating any high-interest debt.
Save for the future. Set up a 401(k). Contribute beyond the minimum, especially when your employer offers matching contributions up to a specific limit.
Start your home-buying journey. If you want to begin the home-buying process, set a savings goal to cover down payment costs. Take into account any other fees like closing costs.
Create an education fund. By starting or contributing to a tax-advantaged education fund like our Coverdell plan, you can ensure that you and your loved ones are financially prepared for educational expenses.
Credit Score: Truths vs. Myths
Your credit score is essential and affects loan approvals and credit card interest rates. Many myths surround it, so we're here to separate fact from fiction.
Myth: Checking your credit hurts your score.
Truth: Checking your credit score is a "soft inquiry" and does not harm your credit. Monitor your credit regularly.
Myth: Closing credit cards improves your score.
Truth: Closing credit cards can lower your score. Keep older accounts open to maintain a good credit history.
Myth: You need to carry a balance for good credit.
Truth: Paying off your credit card balances on time shows responsible credit use.
Myth: Income affects your credit score.
Truth: Your income doesn't affect your credit score. Your credit history, payment history, credit utilization, and other credit factors determine your score.
Myth: Closing an account removes negative information.
Truth: Closing accounts does NOT erase negative information. Late payments remain on your credit report for up to seven years.
To have a strong credit score, use credit responsibly, make timely payments, and maintain a healthy credit mix.
Debt Consolidation
In the spirit of resolutions, the new year is a perfect time to focus on your financial goals and consolidate your debt. Managing debts with different due dates, rates, and payment amounts is exhausting. Consolidating them all into one payment is easier to keep track of and can lower your overall interest rate and, in turn, your monthly payment. You also reduce the risk of missing a payment and avoid any potential late fees. Best of all, you will significantly improve your overall credit health. It’s always best to carefully consider the terms of the new loan and the financial behaviors that may have led to the accumulation in the first place.
Ways to Save on House Repairs
Home repairs can quickly add up, but there are ways you can save without having to compromise on quality.
Firstly, prioritize regular maintenance. As you take your car for a periodic oil change, your home needs routine TLC. Clean your gutters, check for leaks in your pipes, and replace your air filters regularly.
If something seems like a minor fix, consider repairing yourself. There are a vast number of online tutorials with step-by-step guides.
On the flip side, do your research. You don't want to make a mistake that will cost you. Hiring a professional will save you time and money in the long run if it requires more expertise.
Lastly, allocate a small amount of money every month to go towards a repair budget so you can have funds ready to help cover the costs of unexpected repairs you will run into as a homeowner.
Regular maintenance can help you catch and address issues early, preventing more significant problems and saving you money. Create a maintenance schedule and stay proactive in caring for your home.
Fraud Protection
In the modern age, information has become a valuable currency, and some unsavory individuals will employ a variety of dishonest tactics to obtain your information. Here are a couple of common scams to watch out for and what to do if you encounter them:
Spoofing: You might see a call from a local number claiming to be with us and needing to verify transactions with you. They’ll then provide inaccurate numbers that don’t match and have you provide your account or card number. DO NOT give out or confirm sensitive information like SSN, account number, DOB, etc. Calls and texts from our fraud department do not come from a local number. When in doubt, hang up and call us directly. If you do happen to give your information, you will want to contact us, use card controls to block your card ASAP, change your passwords for your online banking and email, and report it to the Federal Trade Commission through their website.
Phishing: Another common thing you might see is a text or email from what appears to be a legitimate source that might claim that your account is compromised with a link to click on. NEVER click on these links. These are phishing attempts designed to steal your personal and financial information. Again, when in doubt, contact us directly to verify.
Online banking is safe when secure technology is used by us AND you!
With advances in technology, we see advances in online fraud. Scammers use technology to their advantage and depend on consumers to be too busy to keep up with the newest scams. Every year, more money is lost to fraudsters. 2023 will see a loss of over 133 billion dollars. Online shopping on social media, prizes using a QR Code, sweepstakes and lotteries, investments, such as cryptocurrency, and employment opportunities round up the top five most reported scams in 2023. Artificial Intelligence scams are set to take over the fraud landscape in 2024.
How can you protect your account?
- Change your password every 72 days. Always follow password protocol. Use long and complex passwords. Never use the same password for all accounts. Do not use your password on public Wi-Fi.
- Check your bank account balances and activity at least once a week to spot fraudulent charges early. Report suspicious activity ASAP.
- Enable two-factor (2FA) or multi-factor authentication (MFA). Set up text alerts and email notifications.
- Keep anti-virus software current on all devices and keep your apps up to date.
- Don't share your personal information over email or messaging platforms, even with someone you trust.
- Question everything. Stay skeptical of scams. When in doubt, call us first at (913) 651-6575!
Avoid online purchase scams!
Scrutinize online stores before shopping because scammers can set up shops with ill intent. Here are precautions you can take when making online transactions:
- Use care when purchasing from websites found on social media ads. A deal that seems too good to be true probably is.
- Look carefully at the web address. Is it for the merchant you are intending to shop with? Scammers often steal the names, logos & graphics of legitimate merchants. The web address may be slightly or entirely different.
- Check for "https" (the "s" means secure) before the website name in the address bar and/or a padlock icon next to it.
- Consider paying with a credit card or a prepaid card when paying online to protect your account.
Products:
Debt Consolidation (Personal Loan)
Leave your financial worries behind! Consolidate your high-interest debts with our Personal Loan and enjoy lower interest rates with a more manageable payment plan.
Auto Loan
Buying a car shouldn’t be a headache. We make buying your next vehicle easy, from pre-approval to payments with our Auto Loan. Get affordable financing hassle-free from Frontier.
Financial Services
Your financial goals are our priority. Whether you're planning for significant life events, managing your day-to-day finances, or seeking financial education, we are here to support you every step of the way.
Fixed-Rate Credit Cards
With our fixed-rate credit cards, there is no more stress of fluctuating rates. Consistency is key! Enjoy the peace of mind that comes with consistent payments, and confidently manage your credit today!
Closures:
New Year's Day - Monday, January 1, 2024
MLK Day - Monday, January 15, 2024
Presidents Day - Monday, February 19, 2024