County National Bank

Have you ever taken $40 out of the ATM and a few hours later asked yourself where that money went? Or, do you use your debit card to make purchases but don’t keep track of them…and then wonder how your balance got so low?

While everyone can benefit from learning about money management and taking a more hands-on approach with their finances, young adults – including those just starting a career or a family and others still in high school or college – have plenty to gain by learning to be smart about money, and a lot to lose by making uninformed decisions.

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It’s that time of year – the time to ring out the old and ring in the new, to ditch bad habits and replace them with good ones. We can’t guarantee you’ll lose weight, or become a better human being, but we can give you some suggestions to help you whip your finances into shape. Here are our top 11 tips for 2011.

1. Save and invest. Don’t underestimate your ability to save and invest. With compound interest, even modest investments now can grow over time.
2. Lighten your credit load. Paying off high-interest debt may be your best investment strategy. Few investments pay off as well, or with less risk than, eliminating high-interest debt on credit cards or other loans.
3. Boost your “rainy-day” fund. Many experts recommend keeping about six months of expenses in a federally insured account to cover sudden unemployment or other emergencies.
4. “Sure thing” is fine as an expression but not as an investment pitch. Promises of guaranteed high returns, with little or no risk, are a classic warning sign of fraud. The potential for greater returns typically comes with greater risk. You know the saying — if it sounds too good to be true, it probably is.
5. Take charge of your money. If you don’t know where it goes, start keeping track. There are plenty of tools to help you set a monthly budget and stick to it.
6. Pay yourself first. Put yourself at the top of your “payee” list. Regular automatic deductions from your paycheck or bank account into a savings or investment account will keep you on track toward your short and long-term financial goals.
7. Know your investment self. You’re the best judge of yourself. Use that knowledge to find investments that are a good match for you, based on your goals and your ability to tolerate risks.
8. Make sure your older investments still fit you. Take time to review your holdings and see if they’re still appropriate for you. If you’ve outgrown them, it’s probably time to sell them and buy something better suited to you.
9. Don’t put all your eggs in one basket. One way to reduce the risks of investing is to diversify your investment holdings. Think twice before investing heavily in shares of your employer’s stock or any single investment.
10. Ignorance isn’t always bliss, especially when it comes to your account statements. Sure, it can hurt to look at statements when investments are losing value. But if you don’t review your statements, you may miss problems in your accounts that are unrelated to performance.
11. Do your homework. Asking questions about financial opportunities and checking out the answers with unbiased sources can help you make informed choices and avoid fraud.

© The Office of Investor Education and Advocacy

1. Don’t give your account number and bank routing information to anyone you don’t know.

   Give out your account information for transactions only if you are familiar with the company you are dealing with. And if you have not done business with a company before, give out account information only if you have initiated the transaction. Criminals may ask you for your bank account number and then withdraw money from your account by creating a demand draft (sometimes called a “remotely created check”) or making an electronic transfer. They may also ask for your debit or credit card number and other personal information. Don’t fall for these scams and don’t let yourself be pressured into “free trial offers.” To be removed from telemarketing lists, sign up for the National Do Not Call Registry online (www.donotcall.gov/default.aspx) or by calling, toll-free, 1-888-382-1222.

2. Review your monthly statement.

   Make sure all the checks, debits, automatic payments, and other withdrawals are ones you authorized. If you see a transaction you did not authorize, notify your bank immediately. If your bank has online banking, you don’t have to wait until your bank statement comes—you can check your transactions at any time.

3. Notify your bank about any problems as soon as possible.

   The sooner you alert your bank to a problem, the sooner they can get it resolved. In some cases, your bank may require you to notify them in writing. Keep copies of any documents you give the bank until the problem is resolved. If you think the problem is a result of fraud, you should also contact your state attorney general.

4. If you don’t have enough money in your account, don’t write the check or authorize the debit.

   Checks are being processed more quickly these days, which means the money may be debited from your account sooner. Also, many stores and utility, insurance, and credit card companies will convert your check to an electronic payment, which also means the money will be debited from your account sooner. If you don’t have enough money in your account when you write a check or authorize a debit, you could find yourself paying a fee. For more information, see the Federal Reserve Board’s publications “What You Should Know about Your Checks” (www.federalreserve.gov/pubs/check21/shouldknow.htm) and “Protecting Yourself from Overdraft and Bounced-Check Fees” (www.federalreserve.gov/pubs/bounce/default.htm).

5. Know your rights under consumer protection laws.

   If you have a problem with an electronic debit or electronic fund transfer, you have certain rights under the federal Electronic Fund Transfer Act (EFTA), as explained in the Board’s Credit Protection Laws (www.federalreserve.gov/creditcard/regs.html). You also have rights under the EFTA if you have a problem with a check that has been converted, as described in the Board brochure “When Is Your Check Not a Check?” (www.federalreserve.gov/pubs/checkconv/default.htm). The Federal Trade Commission’s publication “Automatic Debit Scams” (www.ftc.gov/bcp/edu/pubs/consumer/telemarketing/tel06.shtm) explains your rights and what to do if you have a problem with a demand draft or remotely created check.

© Federal Reserve