Making Money Personal

Episode 48: Why You Need a Business Exit Plan with Eric Cooper

Moving through stages of life can be confusing and stressful and it can be especially stressful if you don't have a plan in place for when transitions occur.
In this episode, we talk with Eric Cooper financial planner and certified Exit Planning Advisor about why it's important to have a financial exit strategy when you make any move in life or business.
Links: 
Learn more about Triangle Financial Group
Contact Eric about Business Exit Planning
Check out the books Start with Why and Find Your Why by Simon Sinek
Learn more about Triangle Business Solutions
Follow our podcast Facebook, Instagram and Twitter
View episode transcript.
 
 
 

Simple Ways to Pay Down Debt Faster - Money Tip Tuesday

How would you like to be debt free sooner, or at least lower your existing debt to ease up on some financial stress? It’s time to take some simple steps that will help you pay down your debt faster and reach financial freedom sooner.
Links:
Learn more about using a personal loan for debt consolidation 
Check out the current rates for various loans and contact Triangle if you have questions about refinancing
Learn more about Triangle's Money Management tool for getting out of debt
Total Money Makeover by Dave Ramsey
Get the Hell out of Debt by Erin Skye Kelley
Money Rules by Jean Chatzsky
Follow our podcast Facebook, Instagram and Twitter
Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast.  
If you’re tired of feeling buried in debt and want to start making moves to get out of it there are steps to take that will get you debt free sooner than you think. 
First, you can make extra payments towards your debt. Next time you pay your bill, try adding a little more to that payment. Round it up to the nearest $50 or maybe $100 or whatever you can afford. If you do this consistently over time, you’ll be able to shave months, and maybe years, off your loan. You could also try to pay more frequently, like twice a month.  Keep in mind though, that before doing this, check with the lender to verify there are no penalties for making extra payments. 
Second, if you can, consolidate multiple debts into one using a debt consolidation personal loan. This will help you stay organized by combining your debt into a single, easy payment. Plus, a debt consolidation personal loan will most likely offer you a lower interest rate than what you’re already paying. 
Third, you can refinance your loan. Refinancing will allow you to do one of two things. You can refinance the loan for a shorter term, which means you’ll pay it off earlier, or you can refinance at the same term, but for a lower rate. If you choose to go with a lower rate, you can then throw the extra money you have towards the new bill as an extra payment towards principle. 
Fourth, you can adjust your spending habits to better manage cash flow. By keeping your expenses lower you’ll be able to free up cash to put towards extra loan payments. You can try freezing your credit card spending, rebalance your budget to cut out unnecessary expenses and renegotiate certain bills like insurance and others to see if you can lower any of those costs. 
Fifth, get inspired and organized by using an app or other tool. Do an internet search for debt management apps that keep all your information organized and offer strategies and plans to stay on track. Triangle also has a useful Money Manager tool within your online and mobile banking account that you can start using to set goals on getting out of debt. If you’re a reader, check out some top-rated books for more tips and inspiration on getting out of debt like Total Money Makeover by Dave Ramsey, Get the Hell out of Debt by Erin Skye Kelley, and Money Rules by Jean Chatzsky. Explore other resources like videos and podcasts if you’re looking for more inspiration. 
Getting out of debt is a journey. It requires focus, discipline and effort. But if you’re motivated to be debt free, or at least reduce the burden that you’re carrying, making these efforts can fast track you towards that goal. 
If there are any other tips or topics you’d like us to cover, let us know at tcupodcast@trianglecu.org and don't forget to like and follow our Making Money Personal Facebook and Instagram pages and look for our sponsor, Triangle Credit Union on Instagram and LinkedIn to share your thoughts.  
Thanks for listening to today’s Money Tip Tuesday and be sure to check out our other tips and episodes on the Making Money Personal podcast.  
Have a great day! 

Cybersecurity for Small Businesses - Money Tip Tuesday

Cyber-attacks are becoming more and more frequent in today’s digital age. However, according to a survey by CNBC and SurveyMonkey, most small businesses aren’t ready. Here are some tips to up the cybersecurity for your small business. 
Links: 
For other small business resources visit trianglecu.org
Learn more about KnowBe4 and their fraud prevention services
Follow our podcast Facebook, Instagram and Twitter
Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast. 
Why does cybersecurity matter? According to the U.S. Small Business Administration, “Cyberattacks cost the U.S. economy billions of dollars a year and pose a threat for individuals and organizations.” Small businesses can be easy targets for cybercriminals, as they don’t have the security infrastructure that larger businesses do. Small businesses are actually three times more likely to be attacked than larger businesses. Another reason that cybersecurity matters to your business is that according to the CNBC and SurveyMonkey poll, 55% of people in the U.S. say they would be less likely to continue doing business with a brand after a cyber-attack. So not only will the cybercriminals steal your data, they will also steal your business away.  
Less than half of small businesses have strengthened their passwords, have multi-factor authentication, backed up their data on an external hard drive and have an anti-virus or malware software installed. This leaves their business open for attack, and with no protection, cybercriminals have easy access to their data. Strengthening your passwords and enabling multi-factor authentication is a quick and free step to start protecting your business. Remember, strong passwords shouldn’t be easy to guess. The more complex the password is, the better. Having multi-factor authentication in place also makes it more difficult for cybercriminals to gain access as it adds an extra layer of protection to your password.  
Backing up your data on an external hard drive is important – if the cybercriminals get into your data and decide to erase all of it you still have an extra copy. Having an anti-virus program installed will help protect against malware and viruses and can also help remove them from your computer if it does become infected. Always make sure that your anti-virus program is up to date. It would probably be a good idea to turn automatic updates on.  
If you have employees, you should train them on internet usage best practices. Employees and their communication is one of the leading causes of data breaches for small businesses. Show them how to spot phishing emails, safe internet browsing practices, avoid downloading anything suspicious, and to protect sensitive information. Some cybersecurity companies like Knowbe4 offers security awareness training and simulated phishing attacks. 
It is important to keep your internet connection safe as well. Always encrypt information and use a firewall on your network. If you are using Wi-Fi, add a password to it. You can also set up your router, so it doesn’t broadcast the network name.  
If your small business has been compromised, it’s important to contain the damage. Figure out what has been compromised. If there’s any malware, run your anti-virus program to remove it. If any passwords have been compromised, change them immediately. You then need to inform your employees, customers, and vendors about the breach. Being transparent is important, if you try and hide it, their data may be at risk as well. If necessary, get legal advice from a lawyer that specializes in Internet law.  
If there are any other tips or topics you’d like us to cover, let us know at tcupodcast@trianglecu.org and don't forget to like and follow our Making Money Personal Facebook and Instagram pages and look for our sponsor, Triangle Credit Union on Instagram and LinkedIn to share your thoughts.  
Thanks for listening to today’s Money Tip Tuesday and be sure to check out our other tips and episodes on the Making Money Personal podcast.  
Have a great day! 

The Benefits of Banking with a Credit Union - Money Tip Tuesday

How often do you think about the companies you do business with, particularly your financial institution? You’ve probably known there is a difference between a bank and a credit union, but do you really know the benefits a credit union can offer you? 
Links:
Learn more about Triangle Credit Union
Visit the Credit Union National Association website
Follow our podcast Facebook, Instagram and Twitter
Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast. 
When it comes to banking, most people want a place where they feel their money is secure, and they’ll have access to it whenever they need it. Today, credit unions are rising in popularity due to their unique ability to provide great products coupled with personalized services. 
Your financial institution is more than where you have your checking account. It’s a pivotal part of your financial plan.  
Why wouldn’t you want your financial institution to be your ally? To be a place you can trust with not only your money, but your financial future?  
If you’re listening to this, you’re likely already a credit union member. If you’re not yet, you should seriously consider banking with one. 
Here are some of the top benefits of banking with a credit union.  
The first benefit is that credit unions offer lower loan rates than big banks. Lower rates mean lower payments and credit unions offer lower rates for auto loans, personal loans, mortgages and more. If you’re looking for a way to lower your monthly payments on your loans, consider refinancing with a credit union to free up some cash flow. The other side of this benefit is that credit unions also offer higher deposit rates, so you can earn more interest on your deposits.  
Another benefit is that credit unions don’t charge as many fees. Credit unions are not-for-profit institutions, and they also enjoy certain tax breaks that enable them to put more of the money they make back into their products and services. Because of this, credit unions don’t have to charge hefty fees for accounts and other penalties. Common fees you’d see at a bank like annual account fees, overdraft fees and transaction fees tend to be significantly lower at a credit union if they’re even there at all. 
Perhaps the most unique benefit of banking at a credit union is that you’re a part owner of the institution. Unlike banks, who have customers, credit unions have members (shareholders). Every member owns a part share in the institution and the credit union focuses on keeping those members satisfied. Joining a credit union is a great way to become a part of the institution instead of feeling like just a number. You also get certain opportunities to participate in institutional changes and vote to elect Board members. Try doing that at a big bank! 
Another benefit is that credit unions provide local servicing. If you’re intentional about keeping your money local, you can’t get more local than a credit union. One of the best features of credit unions is that your funds actually help other members in the community. When you deposit money into an account, that money is combined with other members’ funds which are then used to lend to other members who need them. It’s a great way to be a contributing part of your community and to help others who need it. Local service is better service because you’ll build relationships with people who care about you and that relationship gives you the ability to work with the institution if you need help or assistance with any of your accounts or loan payments.  
Credit unions are known for their community involvement. They are highly focused on giving back to their communities. It’s a cornerstone of their philosophy regarding service. They work to improve their communities, make regular donations to nonprofits, and support local events. The Credit Union National Association also known as CUNA shares on their website that, “From the biggest cities to the smallest towns, credit unions put our members ahead of the bottom line to promote financial well-being and advance the communities we serve.” Next time you visit a community or non-profit event, odds are you’ll see a local credit union there as a proud sponsor. 
So, if you’re a credit union member, we’re happy to have you join us in our mission to provide quality, local service to others. If you’re not, consider joining one. The benefits are worth the effort.  
If there are any other tips or topics you would like us to cover, let us know at tcupodcast@trianglecu.org and don't forget to like and follow our Making Money Personal FB page and look for our sponsor, Triangle Credit Union on Instagram and LinkedIn to share your thoughts.  
Thanks for listening to today’s Money Tip Tuesday and be sure to check out our other tips and episodes on the Making Money Personal podcast.  
Have a great day! 

Top Items for Your College Shopping List - Money Tip Tuesday

College is right around the corner for incoming college Freshmen. You might be wondering what you should be buying to bring with you. Here are the top items that should be on your college shopping list. 
Links: 
Learn more about Apple.com student discounts
Follow our podcast page on Facebook, Instagram and Twitter
Learn more about Triangle Credit Union at trianglecu.org
Contact us with questions or ideas at tcupodcast@trianglecu.org
Transcript: 
Welcome to Money Tip Tuesday from the Making Money Personal podcast. 
First on your list are basic toiletries. Things like toothpaste, toothbrush, deodorant, soap, shampoo, and in some cases, toilet paper! While I didn’t experience this at college, I have heard that some college bathrooms run out of toilet paper so it’s important to have your own supply—particularly if you sharing a suite, which means a shared bathroom. If you’re living in a college dorm and are sharing a bathroom, you will also want to buy a shower caddy to hold all of your toiletries. This way you can easily bring them in and out of the bathroom and not have to worry about others using your stuff. You will also want to bring a pair of shower shoes (aka, flip-flops) because you shouldn’t walk barefoot in a shared bathroom. And don’t forget your towels!  
Next, prepare yourself for those days when you just don’t feel like yourself. Make sure you have cold or allergy medicine, cough drops, ibuprofen, antacids, tissues, and any prescription medications. If you’re a college student who isn’t living close to home, ask your doctor for a 3-month prescription so you can pick up your meds in advance.  
Third, your bedding is your nest, and you want to be comfortable. Before you move in, figure out how big your bed is—most dorm beds are extra-long twins so make sure you buy extra-long twin sheets. Don't forget blankets, a mattress cover, a mattress pad, your favorite pillow and maybe a bed wedge pillow so you can do your study on your bed.  
Fourth, your college clothes. Make sure you consider the climate and changes in climate for the area you’ll be in. If your college is in a warm climate, you probably don’t need to bring your winter jacket and snow boots. In addition to your clothes, you will need laundry detergent or pods to keep them clean.  
Fifth, don’t forget your laptop and other electronics. You will need a laptop to write your papers, take notes, send emails, do your projects, submit your assignments, take your exams, and even go to class if its hybrid. If you don’t have a laptop, check out Apple for a student discount. If money is tight, Facebook Marketplace, Craigslist and eBay are good places to pick up used laptops—just make sure you have enough storage space for all your college needs. You will also want to get a nice set of headphones or earbuds to cancel out any noise so you can focus on your work.  
Other academic supplies you will want include a few notebooks and writing utensils. If you prefer taking notes on paper, you may want to get a notebook for each class that you are taking. Highlighters and sticky notes can be useful as well.  
Next, you will want to buy a refrigerator. You probably won’t want to eat cafeteria food every day, so you can store any perishable food items in a fridge in your room. Some schools also allow small microwaves so you can warm up your food. Speaking of food, you should bring some of your favorites—especially for those days when you’re feeling a little homesick. Nothing like mac-n-cheese to make you feel better!   
Other items you will want to bring are storage containers, a fan, chargers, surge protector power strips, water bottle, water filter, and a desk lamp.  
This seems like a big list, but you will probably add more to your own list like decorations to make the dorm room your own.  
This concludes our must haves at college and good luck! 
If there are any other tips or topics you would like us to cover, let us know at tcupodcast@trianglecu.org and don't forget to like and follow our Making Money Personal FB page and look for our sponsor, Triangle Credit Union on Instagram and LinkedIn to share your thoughts.  
Thanks for listening to today’s Money Tip Tuesday and be sure to check out our other tips and episodes on the Making Money Personal podcast.  
Have a great day! 
 

5 Skills to Become a Successful Entrepreneur - Money Tip Tuesday

Are you ready to pursue an entrepreneurial venture, but you’re worried you won’t be successful? If you’re preparing to start and run a business, there are effective skills you can develop to give yourself the best possible chance of success.
Check out the SBA or SCORE for resources on writing a business plan
Learn more about Triangle's business banking tools
Think and Grow Rich, by Napoleon Hill
Learn more about business cash flow: https://www.nerdwallet.com/article/small-business/business-cash-flow
Like what you heard? Go ahead and share on your social media! Visit trianglecu.org to learn more about how we can serve you and don't forget to follow us on Facebook and Twitter!
Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast. 
When it comes to starting your business, you’re probably excited but a little intimidated by the many steps and decisions involved with getting started. Starting a business is a noble venture, one with great sacrifice, but also great reward. 
You’ve probably thought many times over about the type of business you want to run and have a clear image of your product or service, your business space layout and your role in the entire process. But you might also be facing some apprehension or intimidation that comes with taking on such a big project. You may think, what if it doesn’t work? What if no one wants my product? What if I fail and look like a fool?  
Don’t despair because you’re not alone. There are many people who have gone before you and successfully started ventures that have changed the world. It wasn’t impossible for them and it’s not impossible for you either. With a little focus, discipline, and strategy you can make your business vision a reality.   
Here are some of the skills entrepreneurs develop that you too can work on to give yourself the best chance of starting and running a successful business. 
Do your market research and draw up a business plan. Market research will give you an idea of how your business will perform in the market and whether it’s a saturated or unsaturated market. Research is lengthy and involved so focus on specific questions like, who is your ideal customer? What is the size of the target market? What sets your product apart from the competition?  After your research, you’ll want to write a business plan. This is an important step of the process because it lays out the structure of your business and forces you to formulate more specific ideas about your business. Answer questions like: What problem am I solving? What is my target market? What expenses can I anticipate? Use resources online from the SBA or SCORE to help you get a business plan started. Don’t skip this step because starting with a solid plan sets up a strong foundation that’s more likely to lead to success. Use this quote as a mental guide, “If you fail to plan, you plan to fail.”
Understand and organize your cash flow. It’s critical you understand your cash flow. Keep track of all your money coming in and going out and keep it organized. Money coming in would be cash from sales or any borrowing you’ve done. Money going out refers to your expenses, payroll, and rent/operation costs. There's also something called a cash flow cycle. Get familiar with your business’ cash flow cycle to get a good idea of how much money cycles in and out of your business regularly. You may not know this right away if your business is just starting out but as your business keeps running, it’ll be easier to identify. Paying attention to your business cash flow will keep your balance sheet organized so you’re not wasting precious time sifting through receipts, organizing bills and hunting for missing cash.
Make sure you set goals. If you don’t set goals for your business, you won’t have a clear vision to work towards. Start with setting up goals for your 1-year plan and then set up a 5-year plan. This will give you clear, actionable steps to follow that will propel you towards your final vision. Even if your business is an experiment to start, you’re more likely to succeed if you have goals to achieve rather than running aimlessly. Tony Robbins, author, speaker and philanthropist, said, “Setting goals is the first step in turning the invisible into the visible.”
Stay on top of Time Management. Managing your time is just as important as managing your cash flow. Starting and running a business requires a lot of attention and discipline. If you’re not managing your time wisely, things will start to get out of hand. Make sure you section off your time to focus on specific business stuff. It will keep you productive, help you work more efficiently, and ultimately lower your stress. Running a business can take a lot of your attention, so make sure when you’re setting aside time for your business, that you’re also setting aside time for your personal life or else you could suffer from burnout.
Don’t give up – persistence is key. You’ve heard the phrase, “When the going gets tough, the tough get going.” A huge reason many entrepreneurial efforts fizzle out is that obstacles and challenges become so great, the entrepreneur decides the vision is no longer worth the pursuit. There may be times when you feel like giving up and throwing in the towel, but if you keep pressing on, and don’t give up, you’re more likely to reach success. Napoleon Hill, author of Think and Grow Rich, writes about how important persistence is to success. He studied hundreds of successful businessmen, most notably, Henry Ford, Thomas Edison, Andrew Carnegie and others to figure out what strategies they used to grow wealth. In his chapter on persistence, he writes: “Without persistence, you will be defeated even before you start. With persistence you will win.” 
Starting a business takes a lot of preparation, discipline and hard work, but take the time to develop some of the skills mentioned here, focus on your goals, don’t give up and you’ll be on the path to real business success.  
If there are any other tips or topics you’d like us to cover, let us know at tcupodcast@trianglecu.org and don't forget to like and follow our Making Money Personal FB page and look for our sponsor, Triangle Credit Union on Instagram and LinkedIn to share your thoughts.  
Thanks for listening to today’s Money Tip Tuesday and be sure to check out our other tips and episodes on the Making Money Personal podcast.  
Have a great day! 

Episode 47: Steps to Starting Your Own Business with Sunil Khadka

Are you ready to start a business but need a push or some direction for your first steps? Then this is the show for you. In this episode we talk to Triangle's commercial banking legend and serial entrepreneur, Sunil Khadka about the steps he has taken for his own success and how Triangle can help you do the same.
Check out free business resources with SCORE and the SBA
Learn more about Triangle's commercial services and how they can help you with your business planning
Check out our other podcast episodes featuring representatives from SCORE and the SBA
Connect with Sunil on LinkedIn: https://www.linkedin.com/in/knirus
View episode transcript.
Like what you heard? Go ahead and share on your social media! Visit trianglecu.org to learn more about how we can serve you and don't forget to follow us on Facebook and Twitter!

Why Your Credit Score Matters - Money Tip Tuesday

You probably know about your credit score, but do you know why it matters? In this tip we talk about your credit score, why it's important, and some tips on how to raise your credit. 
Learn more about your credit score: https://www.nerdwallet.com/article/finance/great-credit-powerful-tool
With a Triangle Better Checking account you can get a free credit report every 30 days when you register at idprotectme247.com. If you don't have your registration code contact Triangle Credit Union. 
Check out Nerdwallet or annualcreditreport.com to get a copy of your credit report.
Like what you heard? Go ahead and share on your social media! Visit trianglecu.org to learn more about how we can serve you and don't forget to follow us on Facebook and Twitter!
Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast. 
First, it's important to understand how your credit score works. There are five factors to how your credit is scored – payment history, balances owed, age of credit, credit mix, and recent activity. Payment history and balances owed have the largest impact on your score. Credit is scored on a 300 to 850 scale. Credit scored from 300 to 629 is considered bad and credit in the 630 to 689 range is considered fair. What you want to aim for is anything from 690 to 850. Credit that falls between 690 and 719 is good and a credit score of 720 to 850 is best. 
Credit scores are primarily used to determine your creditworthiness. One way this can influence you is by determining whether you’ll get approved for a loan and what interest rate you will have to pay. The higher your credit score, the better rate you will get and the lower your payment will be. For example, according to NerdWallet, “Someone with FICO scores in the 620 range would pay $65,000 more on a $200,000 mortgage than someone with FICOs over 760.” That’s a lot of money you would have to pay just because you have a lower credit score.  
Your credit score can also influence your approval rate for many other things besides loans. It can determine if you get approved for a credit card and how much you get approved for. Property owners look at credit scores to decide who they want to rent to. Insurance premiums can also go up if your credit score is low. 
Checking your credit score is easy, and typically free. Most credit card providers allow you to check your credit score for free.  
Now that you know why your credit score matters, here are a few ways you can build it up. First, always pay your bills on time, and never miss a payment. One single missed payment can take over 100 points off your score.  
Another way is to apply for a credit card and regularly use it to make purchases. Using it and paying on time is an easy way to build your credit up. Just make sure you know the credit limit on the card and only spend what you can pay back when the bill comes. Paying your balances off in full is another way to build up credit.  
Some services like Experian Boost can help boost your credit score. You can report recurring payments such as utilities, rent, and even streaming services to the credit bureau for some extra credit. 
Keep in mind that identity theft can damage your credit score, so it’s important that you monitor your credit report to make sure that no one is using your credit or making any unauthorized purchases. You can get your credit report for free at NerdWallet or annualcreditreport.com.  
If there are any other tips or topics you’d like us to cover, let us know at tcupodcast@trianglecu.org and don't forget to like and follow our Making Money Personal FB page and look for our sponsor, Triangle Credit Union on Instagram and LinkedIn to share your thoughts.  
Thanks for listening to today’s Money Tip Tuesday and be sure to check out our other tips and episodes on the Making Money Personal podcast.  
Have a great day! 

Simple Ways to Lower Energy Costs this Summer - Money Tip Tuesday

According to WMUR, New Hampshire officials are warning residents to prepare for higher utility bills, with a general increase of fifty percent expected. This tip provides some simple ways you can lower your energy costs for this summer.  
Read the WMUR article: https://www.wmur.com/article/new-hampshire-increases-electricity-bills-61622/40314355#
Check our your electricity rates: https://www.energybot.com/electricity-rates/new-hampshire/
Check out this article with additional tips to save money on your electric bill: https://www.nerdwallet.com/article/finance/how-to-save-money-on-your-electric-bill
Like what you heard? Go ahead and share on your social media! Visit trianglecu.org to learn more about how we can serve you and don't forget to follow us on Facebook and Twitter!
Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast. 
With the weather getting warmer, it’s understandable that you have fans going and the air conditioning running to stay cool. However, heating and cooling is one of the bigger expenses on your utility bill. If you’re going to leave the house, or even not go in an air conditioned room for a while, you might as well turn off the cooling. Air conditioners especially use a lot of power and can range from 500 to 3500 watts per hour, depending on the size. This can range from 3 cents to 42 cents an hour.  
Check to make sure that your doors, windows, and refrigerator are sealed properly. If they aren’t sealed, this allows the cool air to exit, which means that your air conditioner and refrigerator are going to have to work harder to run, causing an increase in energy usage. If you haven’t already, you may want to consider insulating your house, or sealing leaky windows and doors to keep as much cool air inside as possible.  
Another way to stop your refrigerator from working overtime is to keep your fridge at 38 degrees F and your freezer between 0 and 5 degrees F. At these temperatures, your food will still stay fresh and your refrigerator won’t use as much energy.  
Hot water is another big expense. There are quite a few things that you can do to lower this on your next utility bill. To begin with, take shorter showers. Even taking just two minutes off your shower can save five gallons of water, which is about 10 cents. Check your faucets to see if they are leaking. If they are, replacing them will save not only the water leaking from your tap, but also the money leaking from your wallet. You can also do your laundry with cold or warm water instead of hot. Doing this can cut your energy consumption per load in half.  
The final energy user is lights and electronics. Check your lightbulbs to make sure that they are energy efficient. Look for lightbulbs that have the Energy Star label and install dimmer switches if you can, to lower your energy consumption. Similarly to air conditioning, if you are not in the room, turn the lights off. There’s no point in lighting up a room that you aren’t in. You can also use smart power strips to lower energy costs, especially with devices that are constantly using power day and night.  
It might also be time to replace any old appliances you’re using. Newer appliances often run more energy efficient than older ones, so buying a new one might save you money in the long run.  
If there are any other tips or topics you’d like us to cover, let us know at tcupodcast@trianglecu.org and don't forget to like and follow our Making Money Personal FB page and look for our sponsor, Triangle Credit Union on Instagram and LinkedIn to share your thoughts.  
Thanks for listening to today’s Money Tip Tuesday and be sure to check out our other tips and episodes on the Making Money Personal podcast.  
Have a great day! 
 

Fraud Protection: Beware of Banking Trojans - Money Tip Tuesday

Online security is important, especially when it comes to banking. Here’s what you need to know about banking trojan viruses and how to avoid them.
Learn more about Norton device protection
Learn more about BitDefender protection 
Listen to our Setting up Secure Passwords Money Tip Tuesday for more security information
Learn more about Triangle's Better Checking account with Identity Theft Protection
Like what you heard? Go ahead and share on your social media! Visit trianglecu.org to learn more about how we can serve you and don't forget to follow us on Facebook and Twitter!
Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal Podcast. 
A banking trojan is a type of malicious virus that attempts to gain access to your bank information by posing as a trustworthy website. What this means is that these websites will spoof a credit union or bank’s website to try and trick you into signing in. However, when you sign into this fake website, what you are doing is sending your personal bank information to the cybercriminals. Another danger of banking trojans is they can be downloaded and installed onto your device, where they’ll gain access to even more of your personal information. 
So how do you avoid this deadly virus? First, make sure your device and web browsers are fully up to date. Developers often add security patches when they are made aware of vulnerabilities in the system. Consider using an antivirus such as Norton or Bitdefender to add an extra layer of protection to your device.  
Second, familiarize yourself with phishing tactics. Phishing is when a cybercriminal will send you an email pretending to be someone else. In the case of banking trojans, they will pretend to be your bank or credit union. These emails will often have a link or file attachment that they will attempt to get you to click. Don’t click on these, as this is how they will steal your information.  
There are a few ways to see if the email is a phishing scam or not. Look at the domain name of the email. If it's not a domain you’ve heard of or not the official name of your bank, it's probably a phishing scam. Look at the email and how it's formatted. Does it look like an official email? Are there typos and grammatical errors? If so, it’s probably a scam. You can also hover over the link, but don’t click it, to see where it is going to redirect you to. If it's not the official website, it’s a scam. If you ever get a phishing scam in your inbox, most email services provide an option to report phishing or as spam. 
Third, to avoid banking trojans altogether, have a computer that you use only for your banking. That means no browsing the internet, no sending messages, and no downloading anything. This will limit a cybercriminal’s ability to steal your information. 
Last, it’s also important to have a strong password. We talked about how to protect your password in a previous Money Tip if you would like to check it out! 
If there are any other tips or topics you’d like us to cover, let us know at tcupodcast@trianglecu.org and don't forget to like and follow our Making Money Personal FB page and look for our sponsor, Triangle Credit Union on Instagram and LinkedIn to share your thoughts.  
Thanks for listening to today’s Money Tip Tuesday and be sure to check out our other tips and episodes on the Making Money Personal podcast.  
Have a great day!