OVB celebrates Get Smart About Credit campaign

October might bring spooky frights with Halloween, but it’s also when the American Bankers Association celebrates its Get Smart About Credit campaign. While Oct. 17 was designated as Get Smart About Credit Day, OVB has celebrated the initiative all month with plans to continue doing so this fall and winter.

vintonelem3

OVB Financial Literacy Leader Hope Roush presents Adventures in Credit to area elementary school.

Get Smart About Credit is a national campaign comprised of bank volunteers who help youth understand credit and other important financial lessons. Now in its 17th year, this year’s event once again reached children across the country. According to the ABA, the primary purpose of Get Smart About Credit is to prepare students to join the workforce by making sure they have an understanding of credit and other money management skills.

OVB celebrated Get Smart About Credit Day at Point Pleasant High School on Oct. 17. The credit lesson was worked into the OVB BANKit program, which features interactive lessons on financial topics throughout the school year. OVB also presented credit focused lessons at River Valley High School. Additional credit presentations are scheduled to take place later this fall at area high schools in both Ohio and West Virginia.

Michelle Alderman, personal finance teacher at River Valley High School, emphasized the importance of teaching students how credit works.

“I think it is important for students to learn about credit early because for some in just a couple of years they will be out in the ‘real world’ making financial decisions for themselves,” Alderman said. “During the credit lessons covered by myself and through the OVB BANKit program, students learn that credit can be a positive and negative source in their lives. Students do not have any experience with credit at this point and these lessons illustrate how interest, time and monthly payments can affect the amount borrowed. We also discuss how credit can affect their ability to obtain employment and finance certain items they will need later in life. Credit is an important lesson and should be touched on as much as possible to prepare these students for borrowing for college, a home or automobile.”

In addition to OVB BANKit, credit lessons are incorporated into OVB’s other financial education programs, which include elementary grade levels. OVB plans to present Adventures in Credit, featuring the Centsables, at area elementary schools this fall and winter. The presentation includes an interactive lesson where students must help their superhero friends determine whether or not to use credit for the purchase of a new mega bike. As students learn the pros and cons of credit, they also get experience in calculating the cost of interest.

Get Smart About Credit teaches students that credit education is more than paying for college, credit cards and loans. The campaign aims to show that a true understanding of credit also encompasses budgeting, credit report comprehension and identity protection. By promoting these important lessons in area schools, OVB hopes to make an impact on our future community leaders.

Looking for ways to work in the Get Smart About Credit initiative at home with your family? We’ve got you covered with these helpful tips:

  1. Pay your bills on time. This sounds like a simple concept, right? However, too often people find themselves making late credit card payments. To make sure this doesn’t happen to you, set up alerts on your phone as a reminder to get those bills paid on time. If you are able, pay your bill in full. If not, at least make sure to pay the minimum when due.
  2. Watch for warning signs of credit trouble. If you find yourself using credit for all purchases or always making late payments and/or barely scraping by to afford your minimum amount due, you’re already in trouble. The best thing to do in this situation is pay what you can and avoid making any more purchases with your credit card. If you are feeling overwhelmed ask your bank if they have any suggestions to help you get back on track.
  3. Budget, budget, budget. Setting and sticking with a budget is the first step to financial freedom. By adhering to a spending plan and working to build your savings, you will be less likely to overspend on credit cards, which will also help you save on added fees, such as interest costs.
  4. Think before you spend. Often those who encounter credit issues make the common mistake of purchasing items via credit without truly thinking about what it is they are purchasing. Do not pay for things using credit without understanding how it may affect your budget first. Make sure that you will have the means to make payments on your purchase before you reach for the credit card.
  5. Take advantage of your annual free credit report. It is recommended to have your credit checked annually to review for any possible errors on inaccuracies. By doing this you also help protect yourself against the dangers of identity theft. Check your credit for free annually by going to annualcreditreport.com, the official site set up by law from the three national credit reporting agencies. Be sure to type in the address exactly as is since there are many “lookalike” sites, which can charge you for the report or a subscription fee as well as collect information from you for marketing purposes.
  6. Utilize your bank services. Banks are more than money in a vault. They offer valuable services that students can benefit from, including student checking accounts, debit cards, mobile and online banking, balance alerts, personal loans, direct deposit and more. OVB also offers Benjamin Tracker, a helpful tool to help you stick with your budget and not overspend. In addition, OVB also offers a variety of financial education programs.
  7. Ask questions. Whether you are a student looking for advice or an adult wanting to improve your financial circumstances, ask for help. Your local banker is a great place to start.

For more information on OVB’s financial education programs or to schedule a presentation, e-mail OVB Financial Literacy Leader Hope Roush at hdroush@ovbc.com.

 

 

Share the season without breaking the bank

Q4_2019_728x90_LPbanner

Did you know that the average person spends more than $1,000 on holiday shopping? And that doesn’t include travel, entertainment and all the other fun stuff the holidays entail.

That’s why Benjamin Tracker from Ohio Valley Bank wants to help you stay on top of your spending now, before it turns into a blizzard of bills in January.

It’s easy to set spending targets with Benjamin Tracker. And once you have them, they can keep you grounded when the festivities get going in earnest.

Setting spending targets may be the best decision you make all season! And we’ve made sure doing it is just as easy.

There are other great features that Benjamin Tracker provides like monthly cash flow, spending patterns and the like.

But let’s keep it simple. Set your spending targets before the holidays heat up. You’ll be glad you did.
How to Set a Spending Target Read more of this post

OVB Boot Camp brings financial fun to 4-H

3

Campers learn how to budget with candy.

Summer and 4-H camp go together like peanut butter and jelly. Ohio Valley Bank was pleased to once again teach a class at Mason County 4-H Camp this year. The class, OVB Boot Camp, was offered at both older and younger camps.

OVB Boot Camp has become a tradition in Mason County 4-H, and several campers returned to enjoy this year’s class. In addition, several new campers participated as well. In total, 21 campers completed the program.

“I really enjoy seeing familiar faces return and choose to take our OVB Boot Camp class each year. It’s nice to see their progress. It’s especially enjoyable when a camper moves up from younger to older camp and continues to take the class. We really get to know many of these kids and it is so much fun seeing them learn and grow,” Hope Roush, OVB financial literacy leader, said. “I also enjoy welcoming new campers into the OVB Boot Camp family. I really like seeing the veteran campers take an active role in helping the first-timers because it again shows me how much they’ve learned.”

OVB Boot Camp covered a variety of financial topics at both camps. Lessons were presented in a fun, interactive format. For example, students had to make financial decisions based on a candy budget. Additional lessons and games included the following:

  1. Basic account types
  2. Basic bank paperwork, including check writing as well deposits/withdrawals
  3. Interest
  4. Debit vs. Credit
  5. Budgeting

Along with each daily lesson, campers participated in a game where they had to juggle a mock portfolio of their bank accounts. Each day they drew a Real Life Card, which either required them to pay a bill or provided them with unexpected cash. Campers also had an opportunity during this time to make deposits and withdrawals from their accounts. In addition, campers could choose to give in to their sweet tooth temptation and spend their money on snacks or continue to save. This year’s older camp portfolio winner was Olivia Stanley, while Audrey Reynolds took top honors at younger camp.

On the final day of both camps all accounts were liquidated. Campers had the opportunity to use their mock money to bid on real prizes at the annual OVB Boot Camp auction. Everyone was able to purchase at least one fun item. Prizes included a range of snacks, toys, games, movies and gift cards. Campers were excited to take home all of their purchased prizes.

“The auction is really fun for our campers, but more importantly it’s where they really see the importance of saving money and making wise budget choices. They quickly learn that the kids who practiced those skills have the advantage as they are able to provide the highest bids for the more popular prizes. It’s another way to really show them the value of money in a semi-real world setting,” Roush said.

Both older and younger campers did a great job this year. Campers showed how much they learned every day with banking trivia and other activities. Camper Molly Fisher has taken the OVB Boot Camp class many times and said that she always learns something new.

“In OVB Boot Camp I learned about investing in the stock market, money market accounts, certificate of deposits and much more. The valuable knowledge I have gained in this class will help me with my future endeavors. This class was very beneficial to me,” she added.

Camper Lyndsey Ward, like Fisher, is another camper who has participated in OVB Boot Camp multiple times. As this was Ward’s first time in older camp, she said she was able to learn even more money management skills.

“I also learned about credit and debit cards. This is my favorite class and I learned the most here,” she added.

Camper Riley Oliver described OVB Boot Camp as a good place to learn the importance of budgeting.

“I learned how to control my money. I learned how to work with banks on loans and other things. I also learned about how interest works with credit cards,” he said.

Camper Kate Henderson agreed that learning about budgeting was important.

“In OVB Boot Camp I learned how to manage my money. I learned the different types of accounts you can have and the rewards and consequences of each. I also learned how to write a check and how to do deposit and withdrawal slips,” she said.

Camper Aiden Wallis said the budgeting game was fun because it made him appreciate his parents.

“I had to think about what my parents spend and pay each month,” he said. “I also learned how to save money and how you need to pay for insurance.”

Credit vs. Debit was an interesting lesson for Camper Cara Russell.

“I’ve learned a lot in OVB Boot Camp. One thing I learned was the difference between debit and credit cards. I also learned some of the downfalls you can encounter with a credit card. This class was really fun and I’m ready to come back again next year,” Russell said.

OVB Boot Camp was created in 2005. To schedule OVB Boot Camp or for more information on the bank’s other financial education programs, contact Roush at 740-578-3452 or e-mail hdroush@ovbc.com.

1

OVB ready for Get Smart About Credit campaign

centshq

Halloween is just around the corner. While ghosts and goblins might scare you, don’t let your credit do the same. To help promote the importance of maintaining good credit, Ohio Valley Bank is once again taking part in the American Bankers Association’s Get Smart About Credit initiative.

Get Smart About Credit is a national campaign comprised of bank volunteers who help youth understand credit and other important financial lessons. Now in its 16th year, this year’s event will again reach children across the country. Get Smart About Credit Day will be held Thursday, Oct. 18, however, OVB is set to celebrate the event throughout the month of October and the fall season.

Credit lessons will be incorporated into OVB’s financial education programs, which include elementary through high school grade levels. OVB will present Adventures in Credit, featuring the Centsables, to area elementary schools. Get Smart About Credit lessons will also be a focus in the OVB BANKit program, which is currently being conducted on a monthly basis at six local schools in Ohio and West Virginia.

The primary purpose of Get Smart About Credit is to prepare students to join the workforce by making sure they have a strong understanding of credit and other money management skills. Get Smart About Credit works to teach students that credit education is more than paying for college, credit cards and loans. The campaign aims to show that a true understanding of credit also encompasses budgeting, credit report comprehension and identity protection. By promoting these important lessons in area schools, OVB hopes to make an impact on our future generations.

Looking for ways to improve your credit or topics to help teach your kids about credit? We’ve got you covered with these helpful tips:

  1. Pay your bills on time. This sounds like a simple concept, right? However, too often people find themselves making late credit card payments. To make sure this doesn’t happen to you, set up alerts on your phone as a reminder to get those bills paid on time. If you are able, pay your bill in full. If not, at least make sure to pay the minimum when due.
  2. Watch for warning signs of credit trouble. If you find yourself using credit for all purchases or always making late payments and/or barely scraping by to afford your minimum amount due, you’re already in trouble. The best thing to do in this situation is pay what you can and avoid making any more purchases with your credit card. If you are feeling overwhelmed ask your bank if they have any suggestions to help you get back on track.
  3. Budget, budget, budget. Setting and sticking with a budget is the first step to financial freedom. By adhering to a spending plan and working to build your savings, you will be less likely to overspend on credit cards, which will also help you save on added fees, such as interest costs.
  4. Think before you spend. Often those who encounter credit issues make the common mistake of purchasing items via credit without truly thinking about what it is they are purchasing. Do not pay for things using credit without understanding how it may affect your budget first. Make sure that you will have the means to make payments on your purchase before you reach for the credit card.
  5. Take advantage of your annual free credit report. It is recommended to have your credit checked annually to review for any possible errors on inaccuracies. By doing this you also help protect yourself against the dangers of identity theft. Check your credit for free annually by going to annualcreditreport.com, the official site set up by law from the three national credit reporting agencies. Be sure to type in the address exactly as is since there are many “lookalike” sites, which can charge you for the report or a subscription fee as well as collect information from you for marketing purposes.
  6. Utilize your bank services. Banks are more than money in a vault. They offer valuable services that students can benefit from, including student checking accounts, debit cards, mobile and online banking, balance alerts, personal loans, direct deposit and more. OVB also offers Benjamin Tracker, a helpful tool to help you stick with your budget and not overspend. In addition, OVB also offers a variety of financial education programs.
  7. Ask questions. Whether you are a student looking for advice or an adult wanting to improve your financial circumstances, ask for help. Your local banker is a great place to start.

For more information on OVB’s financial education programs or to schedule a presentation, e-mail OVB Financial Literacy Leader Hope Roush at hdroush@ovbc.com.

OVB BANKit back in action

It might feel like summer with these recent sizzling temperatures, but the 2018-2019 academic year is well underway. With school in session, Ohio Valley Bank has once again resumed their BANKit program in area high schools.

The OVB BANKit program, which spans the entire length of the school year, reached approximately 390 students last year from participating schools in Ohio and West Virginia, including Gallia Academy High School, South Gallia High School, River Valley High School, Point Pleasant High School, Wahama High School, and the Mason County Career Center, which is comprised of students from Point Pleasant, Wahama and Hannan High Schools. Students ranged from freshmen to senior grade levels.

Created in 2010, the OVB BANKit program brings real-life banking lessons to the classroom in a fun, interactive format. OVB Financial Literacy Leader Hope Roush conducts each lesson, which typically takes place on a monthly basis at each participating school. The program works as a game in which students are given $100 in “buzz bucks,” the OVB BANKit currency. Students have the option to invest their buzz bucks as they wish among different accounts, including CDs, money market, basic checking and savings. They also have the option to purchase and sell shares of stock in the game’s mock company, Pseudosoft.

During each visit students draw a Real Life Card, which may force them to pay an unforeseen bill or provide them with expected cash. Students also have a chance to manage their banking and make deposits/withdrawals in their accounts. This interactive portion of the program is essential as students learn to fill out basic bank paperwork as well as practice vital money management skills.

In addition to the game aspect, each BANKit visit includes a lesson on a financial topic. Lessons set for this academic year include:

  1. Basic differences in bank account types
  2. Filling out bank paperwork, such as deposits and withdrawals; check writing; updating check register
  3. Reading a bank statement
  4. Credit/Cost of Credit/Credit Reports/Credit Scores
  5. Budgeting
  6. Identity Theft
  7. Credit vs. Debit
  8. Interest

For more information on the OVB BANKit program and other financial education programs, visit http://www.ovbc.com and/or contact Roush at hdroush@ovbc.com.

Don’t get bogged down by college costs

2018 College Savings Pic

Starting college is an exciting, challenging time for many young adults. With college comes new responsibilities, such as living away from home for the first time. One of the most difficult aspects of college is the expense.

Managing money as a college student can be made easier by opening a checking account. A checking account is a great tool that can help students stick to their budgets as well as keep money safe and secure. Students who will be going away to school can still choose the comfort of their hometown bank with Ohio Valley Bank’s Right Start Checking for customers ages 16-25. This account has no monthly service fee and allows five free non-OVB ATM transactions per month. In addition, Right Start Checking enables access to eDelivery statements and free online mobile banking. For students who are away at school, mobile banking is a great asset. Through this feature, students are able to deposit a check using their smartphone from the comfort of campus.

Parents should also make having a conversation about budgeting with their college-aged children a priority. By keeping the lines of communication open, college students may not feel as overwhelmed knowing they can still turn to parents for financial advice.

Creating a budget with your college student doesn’t have to be complicated. A simple budget outlining money coming in compared to projected monthly expenses is the first step. Once that has been determined, calculate an “allowance” amount, which can go toward the expense of extra activities including special events, games and concerts. Make sure to keep track of all expenditures. Take advantage of helpful budgeting tools, such as OVB’s Benjamin Tracker.

If you have a student starting college this fall, or are headed off to school yourself, we’ve put together some additional tips to help you stick to your budget:

  1. Explore campus events. It might be tempting to go out in your new college town, but with that comes added expense. Fortunately, most college campuses offer a variety of free or low-cost events to students. From concerts to dances to cook-outs, your university most likely has a schedule of campus events on tap.
  2. Seek out student discounts. You might be surprised at the amount of student discounts available. Most places that offer discounts simply need to see a copy of your student ID. If you aren’t sure where to start, visit your campus student union to see if they have a list of restaurants and businesses that offer student discounts.
  3. Sharing is caring. If you have roommates who don’t mind sharing, divvy up the items needed for your dorm/apartment to both save money and avoid having duplicates. Consider going in together for snacks, cleaning products, and other necessities. For example, splitting the cost of a coffee maker for your dorm can be a cost-saver in the long run as it will help you avoid the temptation of buying gourmet coffee every morning.
  4. Look for work study opportunities or a part-time job. If you are confident you can balance it with your classwork, a part-time job can be a great way to earn extra money while at school. If you qualify for a work study program, look into that opportunity. If not check out what part-time jobs are available on or close to campus. Even better if you can find a job that works as an internship, which could give you class credit as well as valuable experience.
  5. Purchase used textbooks if available. College textbooks can be very expensive, but are absolutely necessary. Many university book stores offer used textbooks at a much cheaper price. Also, a great way to make money is to sell your textbooks after the semester. Many campus bookstores will buy back both used and new textbooks. If you have a classmate you trust, consider going in together to purchase textbooks to share.
  6. Look for deals on computers. The start of the academic year usually brings sales on laptops and desktop computers. If you’ve already purchased your computer make sure to protect it with virus software. That may be an extra expense at first, but it will not only keep your computer secure but can save you money in the long run by avoiding repair costs. If a computer is simply out of your budget, fortunately most colleges have free computer labs on campus.
  7. Be wary of credit. Overusing credit cards is a common problem with all ages, but often first-time users are affected. If you have a credit card make sure to only use it knowing you will have the funds to make your payments on time. Avoid cards with an annual fee and look for ones with a low interest rate. Do not rely on credit for day-to-day expenses.
  8. Avoid eating out. It might be tempting to dine out with your friends, however, that can make quite a dent in your budget. If you are already paying for a school meal plan, absolutely make sure you are using it. When you want a change of pace split the cost of a pizza with roommates or plan on going out to eat only once a week if your budget allows.
  9. Cut cable. If your campus housing provides cable, great and lucky you. If not, cable is an expense that really isn’t necessary while in school. With the accessibility of streaming services you can easily survive without cable and your wallet will thank you.
  10. Look for free transportation. If you are on a large campus rather than drive everywhere wasting gas, see what type of free transportation is available. Many large campuses offer complimentary shuttle services to students. When going out with friends chip in for the cost of gas money or split the cost of a transportation service, such as Uber or Lyft.
  11. Watch application dates. Many scholarships renew as long as you fill out the necessary paperwork/application on time. Do not miss these dates as they could drastically affect the cost of your classes.
  12. Remember to save. Saving money might seem difficult when you are running a tight budget, but any amount can help you in the future. It’s a good idea to always have money tucked away in a savings account. Any amount you can save will be helpful, even if it’s the spare change you find in your car.
  13. Save on laundry expense. It’s always a great idea to do your laundry for free when you visit home on the weekends. However, if you aren’t able to do so consider purchasing a drying rack, which can help you save money by avoiding dryer expense. Keep a jar of change to use for laundry so you can avoid having to withdrawal cash from your account.
  14. Focus on school. The most important tip is to remember that classes should be your number one focus. By keeping school itself as your top priority you will be less likely to spend in other places.

Remember that college is an opportunity to grow into adulthood, and making sound financial decisions is the right step to being successful. OVB wishes all first-time and returning college students a great semester!

OVB celebrates Teach Children to Save Day

The key to building financially strong individuals and communities is education at a young age. Many people see financial responsibility as limited to adults, but it’s never too early to teach children how to be money savvy.

In an effort to help children understand the value of a dollar, the American Bankers Association established Teach Children to Save Day, which is being celebrated today. April also serves as Financial Literacy Month. According to the ABA, Teach Children to Save along with the foundation’s other financial education initiatives has reached 9.1 million young people through the commitment of more than 225,000 banker volunteers, including Ohio Valley Bank.

OVB celebrates Teach Children to Save the entirety of spring, and will do program presentations in the fall and winter upon request. Recently OVB took part in a Career Day at Washington Elementary in Gallipolis, Ohio. OVB Financial Literacy Leader Hope Roush discussed the different careers in banking as well as stressed the importance of saving. Along with materials provided by the ABA, OVB also uses the campaign as an opportunity to utilize the Centsables Adventures in Saving program, which is a fun, interactive lesson on saving. Topics included in the presentation focus on the following:

  1. Wants vs. needs
  2. Creating a savings plan
  3. Making deposits

Parents are encouraged to share the Teach Children to Save message as well. Both the ABA and OVB offer the following tips to help parents teach their children valuable financial skills:

  1. Set the example by being responsible yourself. This is accomplished by paying your bills on time, being a conscientious spender and an active saver. Remember children often emulate their parents’ personal finance habits.
  2. Talk openly about money with your kids. Communicate your values and experiences with money. Encourage your children to ask you questions, and be prepared to answer them.
  3. Teach them to understand the difference between needs and wants. Discuss the value of saving and budgeting as well as the consequences of not doing so.
  4. Open a savings account for your children. Take them with you to make deposits so they can learn how to be hands-on in their money management. At OVB ask about our Statement Savings account, which does not require a minimum balance for customers ages 18 and under.
  5. Tell your family and friends about your child’s savings goal. This can help your child save money with the cash they receive for special occasions, such as holidays and birthdays.
  6. Encourage kids to use Benjamin Tracker inside OVB NetTeller to keep track of savings goals. It’s a great visual to show the benefits of savings.

To schedule a Teach Children to Save presentation or for more information on OVB’s financial education programs for children and youth, contact Roush at hdroush@ovbc.com. Presentations are currently being scheduled now through December 2018.