Spring Cleaning for your Finances

Spring time is here, and, as we emerge from our winter hibernation and start the annual ritual of spring cleaning around the house, it’s the perfect time to do the same with your finances. Warmer weather motivates people to get things done, and Magyar Bank wants to help encourage you to add financial organization to your spring cleaning list. Take this opportunity to look closely at your savings and spending habits. By putting just a little work into it now, it will make the rest of the year easier for you to plan. Here are six tips to get you started: 

• Review your budget. A lot can change in a year. If you’ve been promoted, had a child, or became a new homeowner or renter, be sure to update your budget. Determine what expenses demand the most money and identify areas where you can realistically cut back. Develop a strategy for spending and saving – and stick to it.

• Evaluate and pay down debt. Take a look at how much you owe and what you are paying in interest. Begin paying off existing debt, whether that’s by chipping away at loans with the highest interest rates or eliminating smaller debt first.

• Set up automatic bill pay. By signing up for automatic bill pay, you’ll never have to worry about a missed payment impacting your credit score. You can set it so that money is withdrawn from your checking account on the same day each month.

• Sign up for e-statements, paperless billing and text alerts. Converting to paperless billing will help keep your house—physical and financial—more clean and organized, and will help protect you from fraud.

• Check your credit report. Every year, you are guaranteed one free credit report from each of the three credit bureaus. Take advantage of these free reports and check them for any possible errors. Mistakes can drag down your score and prevent you from getting a loan, or cause you to pay a higher than necessary interest rate. 

• Manage your money on the go. Utilize the Magyar Bank mobile app to check your balance, pay your bills, transfer funds, deposit a check and send money to friends from wherever you are.

And, while you're at it. start cleaning up old documents in your house and have them safely destroyed.  Magyar Bank is holding its annual Shred Days this spring, it’s a Free service for the entire community. Check out the dates when you can come by and shred your Stuff, visit our website.

Lost your wallet?  Don’t worry, just don’t lose your phone.

If you’re old enough to remember what it was like before smartphones, you remember the panic losing your wallet could cause.  Everything was in it, not just cash.  Credit cards, drivers license, maybe even the gym membership card.  If you lost it, you had a ton of work in front of you to get everything replaced.

Today, your smartphone has replaced your wallet.  Sure, you may still carry one, but look and see how much is left inside.  You can pay with your phone at most merchants, cash is not used as much anymore to pay for things, it’s mostly credit cards, and apps have replaced gym memberships, rewards cards and so many other items that used to be in your wallet.

Losing your smartphone today is just as daunting as losing your wallet.  Its actually even worse as the phone is your connection to the world, if you lose it, no more text messages, notifications, and yes, phone calls. Your smartphone is also a lot more vulnerable than your wallet. Hackers will try and extract information off your phone and as is the case with any device connected to the internet, there is some risk.

To help protect your smartphone, and other devices, Magyar Bank has put together some tips to protect your mobile device.

• Use the passcode lock on your smartphone and other devices. This will make it more difficult for thieves to access your information if your device is lost or stolen.
• Log out completely when you finish a mobile banking session.
• Protect your phone from viruses and malicious software, or malware, just like you do for your computer by installing mobile security software.
• Use caution when downloading apps. Apps can contain malicious software, worms, and viruses. Beware of apps that ask for unnecessary “permissions.”
• Download the updates for your phone and mobile apps.
• Avoid storing sensitive information like passwords or a social security number on your mobile device.
• Tell your financial institution immediately if you change your phone number or lose your mobile device.
• Be aware of shoulder surfers. The most basic form of information theft is observation. Be aware of your surroundings especially when you’re punching in sensitive information.
• Wipe your mobile device before you donate, sell or trade it using specialized software or using the manufacturer’s recommended technique. Some software allows you to wipe your device remotely if it is lost or stolen.
• Beware of mobile phishing. Avoid opening links and attachments in emails and texts, especially from senders you don’t know. And be wary of ads (not from your security provider) claiming that your device is infected.
• Watch out for public Wi-Fi. Public connections aren't very secure, so don’t perform banking transactions on a public network. If you need to access your account, try disabling the Wi-Fi and switching to your mobile network. Consider using a Virtual Private Network (VPN) app to secure and encrypt your communications when connecting to a public Wi-Fi network.
• Report any suspected fraud to your bank immediately.

If you have not yet downloaded the Magar Bank mobile app, you can do so in Google Play or the App store. For more information on our app, visit https://www.magbank.com/Mobile-Banking.aspx.