OVB BANKit! Set to Kick Off This Fall

bankitsupplies

As the 2017-2018 academic year is officially underway, Ohio Valley Bank is once again ready to bring back their BANKit program to area high schools.

The OVB BANKit program, which spans the entire length of the school year, reached 445 students last year from six participating schools in Ohio and West Virginia. Students ranged from freshmen to senior grade levels.

Created in 2010, the OVB BANKit program brings real-life banking lessons to the classroom. OVB Financial Literacy Leader Hope Roush conducts each lesson, which typically takes place on a monthly basis at participating schools. 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 accounts, basic checking accounts and savings accounts. 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 unexpected cash. During this time students also have a chance to manage their banking and make deposits/withdrawals in their accounts. This portion of the program is important as students learn to fill out basic bank paper work as well as practice money management.

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

  1. Basic differences in account types
  2. Filling out basic bank paper work, including 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

Along with planned lessons, if teachers have requests pertaining to other financial topics, OVB will often accommodate them.

For more information on the OVB BANKit program, contact Hope Roush at hdroush@ovbc.com.

College student savings survival guide

Concept of expensive textbooks with female student

As students are preparing to go back to school this fall, many of them will start their first year of college. College is no doubt an exciting time, and for many college freshmen it marks the first step to “freedom.” However, this newfound freedom often comes with more responsibility, including managing money for the first time.

College freshman often find themselves overwhelmed when it comes to their finances. Rest assured, there are ways to avoid the “broke college student” stereotype. The first step is to create and stick with a budget. A college student’s budget doesn’t have to be complicated. A simple budget that outlines money coming in compared to expected monthly expenses is a great way to get started. Setting an allowance for extra activities, such as special events, games, and concerts, is another factor to include in the budget.

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. Ohio Valley Bank offers the Right Start Checking account for customers ages 16-25, which makes it a perfect option for college students. 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.

If you are off to college for the first time or are returning and want to better manage your finances, check out these additional tips:

  1. Keep your eyes peeled for student discounts. You may be surprised by how many businesses and restaurants offer student discounts. It doesn’t hurt to ask as this isn’t always advertised. Make sure to always have your student I.D. with you to take advantage of any discounts offered.
  2. Take advantage of free campus events. It may seem tempting to go off campus to see a movie or attend a concert, but many college student unions sponsor a variety of free entertainment events. From movie screenings to dances to festivals and more, look to see what is being offered for free on campus. This allows you to still have fun with friends without breaking the bank.
  3. Utilize your student meal plan. While it may be tempting to dine off campus, it’s also an unnecessary expense when you are already paying for a meal plan. If you still aren’t sold on your school’s food, perhaps opt out of your meal plan entirely so you can use that money to purchase your own groceries.
  4. Share with friends. When it comes to eating out consider splitting the cost of a pizza with friends. This way you can still get a treat and save money. Sharing costs for other things like groceries or movie streaming services is another great way to save.
  5. Be careful when it comes to credit. If you use credit cards wisely it is a good thing as it will help you raise your credit score. However, not making good credit choices can be quite problematic. With a credit card comes new responsibility and using too much credit is a problem when you find yourself unable to pay your bill. Remember to only use credit when you know that you have enough money to pay the balance. Also be selective when choosing a credit card. Research the card’s annual percentage rate as well as any annual and penalty fees that may be associated with it.
  6. If you can, pick up a part-time job. Of course school should be your number one priority, but if you are able, a part-time job can help you tremendously. Many colleges offer work study programs to students who qualify. If you can’t get into a work study program, look for other job options that can work around your class schedule. Also, if it’s possible look into a job and/or internship related to your field of study, which would not only provide you with extra cash but also give you valuable career-related experience.
  7. Shop wisely at the campus bookstore. Most college courses require you to purchase textbooks, which when bought new can be expensive. If the option is available, purchase used books. This is typically a much cheaper option. Also, sell back your used textbooks at the end of the semester to make some extra cash. If the book store prices are simply not affordable, check out online retailers, such as Amazon, to see if you can get the textbook you need at a reduced price. Another idea is to check with friends who previously took the same course to see if you could borrow their textbook. If you can make it work, sharing textbook costs with friends is a great money saver.
  8. Start saving now. Most financially successful adults begin saving their money at a young age. While it might be tempting to spend the money you have and earn while in school, you can help your future self tremendously by saving your money at a young age. Even if it’s a small amount that you set aside for your savings account each week, it will be beneficial to your future. Saving money in college can help you pay off your debts, such as student loans, faster.

College is a great time to grow and take the first steps into adulthood. Making smart financial choices in college is a good path to take on the journey to a successful career. OVB wishes all first time and returning college students a wonderful semester!

 

It’s time to go back to school

Back to school

Summer sun has been fun, but now it’s time to be cool and go back to school.

While it’s always sad when summer comes to a close, going back to school can be an exciting time. Autumn temperatures, new academic challenges, and fall sports mark the start of the school year. For many parents, however, the new school year can also be expensive. With the increasing costs of school supplies, clothing, meals, and athletics, many families find their budgets to be a bit tighter than usual.

To make sure you don’t overspend on school supplies, contact your child’s school first and request a list. Many schools already have supply lists available, and often each list is organized per grade level. By sticking to the list you won’t waste money on items that will be provided by the school and you will know exactly what to purchase to avoid overspending. In Ohio, take advantage of the Sales Tax Holiday, slated for Aug. 4-5, to help save money. For more information, visit http://www.tax.ohio.gov/sales_and_use/salestaxholiday.aspx .

If you missed or are unable to shop during the Sales Tax Holiday, many retailers already start rolling back prices on school supplies in August. Keep your eyes peeled for any sales. Once your child begins classes make sure to again look through their school provided items. If you purchased any items that the school already has, either return them or put them aside for next year. Many schools will gladly accept a donation of your unused supplies as well.

When it comes to new clothes for the school year, with growing children many parents find themselves having to purchase entirely new wardrobes. If you are still working on your back to school clothes shopping, check area retailers for seasonal sales. In many climates, winter clothes are not necessary until a few months into the school year. However, many retailers already have their winter attire front and center. The good news is quite often the summer and early fall pieces are now in the sale section. Taking advantage of seasonal sales can help you save tremendously on back to school clothes.

As kids continue to grow out of their current sizes at a rapid rate, consider the value of buying from consignment shops. Many consignment shops offer fashionable clothing at a significantly lower price. In addition, many consignment shops will offer credit in exchange for gently used items.

Another expense of the new school year is lunch costs. When it comes to school lunches the amount parents spend can vary greatly. Fortunately in our local area, many schools offer a free lunch program. However, if your child’s school does not have this program in place or if you have a picky eater, you may have to find other ways to save on lunch expenses. The best way to start is including school lunch costs in your monthly budget. Advance planning is also key. By knowing what foods your child likes as well as an estimated cost, you can create menus to help with your meal prep. Be sure to involve your child in the meal planning. By keeping your kids interested it assures the food won’t go to waste and they will learn a financial lesson on budgeting as well.

When planning your child’s lunches, also make sure to take advantage of coupons while grocery shopping. Keep track of coupons in your local newspaper as well as look around the store for any deals. Another helpful tip to cut down on lunch costs is purchasing items that have a long shelf life. Stock your pantry full of these items and you will be set for weeks to come.

Locally, students are set to return to school on the following dates:

  • Cabell County Schools – Thursday, August 10
  • Jackson City Schools – Wednesday, August 16
  • Washington City Schools – Wednesday, August 16
  • Miami Trace Schools – Wednesday, August 16
  • Mason County Schools – Thursday, August 17
  • Westfall Schools – Thursday, August 17
  • Wellston Local Schools – Monday, August 21
  • Gallipolis City Schools – Monday, August 21
  • Madison Plains Schools – Monday, August 21
  • Eastern Local Schools (Pike) – Tuesday, August 22
  • Gallia County Schools – Wednesday, August 23
  • Oak Hill Union Local Schools – Wednesday, August 23
  • Meigs Local Schools – Wednesday, August 23
  • Western Local Schools – Wednesday, August 23
  • Waverly City Schools – Wednesday, August 23
  • Southern Local Schools – Thursday, August 24
  • Eastern Local Schools (Meigs) –Thursday, August 24

Ohio Valley Bank offers best wishes for another great school year. For information on OVB’s financial literacy programs, visit www.ovbc.com or e-mail OVB Financial Literacy Leader Hope Roush at hdroush@ovbc.com.

Students React to OVBC Shareholders Meeting

IMG_3401

L-R: OVBC Chairman Jeff Smith, RVHS Teacher Michelle Alderman, RVHS Student Julia Nutter, SGHS Student Nickole Beaver, SGHS Student Gavin Bevan, SGHS Student Tristan Janey, OVBC President and CEO Tom Wiseman, and SGHS Teacher Jeff Fowler.

Ohio Valley Banc Corp. recently held its Annual Shareholders Meeting. This year’s event featured some special guests as students from River Valley High School and South Gallia High School attended.

OVB was pleased to include the local teens, the future of our community. As for the students, most agreed that the Shareholders Meeting was very different than they imagined. Gavin Bevan of South Gallia High School was surprised at the amount of people in attendance. Read more of this post

Get Smart About Credit this October

Credit CardsOctober is time for spooky thoughts of Halloween. While ghosts and goblins might give you a fright, don’t let your finances give you nightmares too.

Credit doesn’t have to be scary. To equip youth with a better understanding of credit, the American Bankers Association is hosting Get Smart About Credit Day this October. Once again, Ohio Valley Bank plans to participate in the program.

The 14th annual event will be celebrated Oct. 20, however the American Bankers Association encourages participants to host Get Smart About Credit presentations throughout the entirety of October as well as anytime in 2016.

To celebrate the event, OVB will be working credit lessons into their financial education programs. At the high school level, Get Smart About Credit will be incorporated into the OVB BANKit program. In addition, Adventures in Credit presentations, featuring the Centsables, are planned for area elementary schools. Ohio Valley Bank is also offering a smart, limited-time offer on new Visa Platinum credit cards. Details on the offer are available at any Ohio Valley Bank location.

The main goal of Get Smart About Credit is to share with students the “credit facts of life.” According to the American Bankers Association, the event stresses the importance of credit in all aspects of life. The campaign aims to show students that credit education isn’t just about paying for college, credit cards and loans, but also encompasses budgeting, understanding a credit report and identity protection.

What can you do to raise your credit score? Check out the following tips:

  • Take advantage of your annual free credit report. You should have your credit checked once a year to review for errors or inaccuracies. Visit annualcreditreport.com for more information.
  • Pay your credit card bill on time. Also, pay your bills in full if you are able to do so.
  • Set and stick with a budget. Adhering to a spending plan is really your first step to financial freedom. By following a budget and saving money you will be less likely to overspend on credit cards, which will also help you save on added fees such as interest costs.
  • Watch for warning signs of credit trouble. For example, if you find yourself continually making late payments, are only able to pay the minimum each month, or find yourself using credit for every day expenses, you’re already in trouble.
  • Think before you buy. Do not pay for things using credit without thinking about how it could affect your budget first. Make sure you will have the means to make payments on your purchase before you swipe your credit card.

For more information on Get Smart about Credit or to schedule a presentation for your school/event, contact OVB Financial Literacy Leader Hope Roush at hdroush@ovbc.com.

Saving Money In College

Jar with label and money on the table.

College is an exciting time. For many college freshmen it’s the first step to “freedom.” However, with that freedom often comes a new responsibility; managing money on your own for the first time. Doing so without the watchful eye of mom and dad can be quite stressful as well. There are ways to avoid becoming the “broke college student” stereotype. Being mindful of your finances and creating a budget is step number one.

A college student’s budget doesn’t have to be overly complicated. A simple budget outlining how much money you receive and what your expected expenses are each month is a good way to start. Adding an allowance for extra activities, such as special events, games and concerts, is another aspect to include in your budget. By setting an allowance, you are less likely to overspend. This also means you will still have money available for necessary purchases, such as textbooks and meal plan costs.

Opening a checking account is another great tool for college students to better manage their money. Not only does a checking account provide a safe and secure place to keep money, it also can make sticking with a budget easier. At Ohio Valley Bank, customers’ ages 16-25 are eligible to open a Right Start Checking account. This account is perfect for students on a tight budget as there is no monthly service fee. Right Start Checking customers are also allowed five free non-OVB ATM transactions per month. In addition, Right Start Checking enables access to eDelivery statements as well as free online and mobile banking. Mobile banking is especially beneficial to college students who are attending school away from home. Through this feature, students are able to deposit a check using their smartphone from the comfort of their dorm room! By taking advantage of mobile banking students can keep their relationship with their hometown bank.

There are other steps college students can take to cut costs. We recommend the following tips to make the most of your college experience without breaking the bank:

1. Look for student discounts. Many businesses and restaurants offer student discounts, however this is not always advertised. Make sure to keep your college I.D. with you at all times and ask if there are student discounts available. This can help you save tremendously.

2. Avoid spending too much on textbooks. Of course textbooks are a necessary item for most classes, however the cost for such items can vary greatly. Most new versions of textbooks in campus bookstores will carry a high price tag. However, many bookstores offer cheaper, used versions of the same textbooks for purchase at a much lower cost. In addition, retailers such as Amazon.com, usually offer textbooks at a significantly reduced price. At the end of the semester, most bookstores will allow you to sell back your textbooks as well.

3. Limit off campus dining. If you are already paying for a college meal plan, make sure you are actually using it. While it may be tempting to frequent restaurants with friends or order pizza with roommates, it can also be a contributing factor to quickly running out of spending money.

4. Avoid extra ATM charges. Be careful when using ATMs that are not affiliated with your financial institution. Additional service fees often result if you do not have an account with the ATMs institution. If your bank does not have an ATM near campus, take advantage of cash back opportunities when using your debit cards at businesses that offer this service, such as grocery stores. Also, ask your bank if they belong to a surcharge free network such as Money Pass.

5. Use credit wisely. College might be a time when you get your first credit card. However, it’s important to remember that a credit card doesn’t equate to “free money.” A credit card can be a great way to build your credit if you use it responsibly. Make sure to not spend more than you have with a credit card. Only use the card when you know you have enough money to pay the balance. Before choosing a credit card be sure to research the card’s annual percentage rate as well as any annual fees and penalty fees that might be associated with it.

6. Consider working a part-time job. If you have time to balance a part-time job while you are in school it can be a good way to earn extra money. Many colleges offer work study programs on campus to qualifying students.
7. SAVE. Even though college budgets are usually pretty tight, try to always keep money aside in savings. Saving money while in college can help you pay off your debt faster when you graduate. It’s never too early to think about your future, especially when it comes to your finances.

College is a time of learning, growth, and excitement. Hopefully these tips will help you on your successful college journey. Best wishes for what is sure to be a wonderful school year!

Back to School Time

Back to school vector sketch lettering and hand drawn watercolor alarm clock.

It’s back to school time!

 

Now that students have soaked up the summer sun, it’s time to dust off the books and head back to school.

A new school year brings with it change as well as many new challenges. Often these challenges can cause many parents financial stress. From the increasing costs of school supplies, clothing, athletics, and meals, many families find their budgets becoming a little tighter during the academic year. However, there are ways to save money with proper planning.

When it comes to school lunches the amount parents spend can vary greatly. Fortunately in our local area, many schools offer a free lunch program. However, if your child’s school does not have such program in place or if you have a picky eater you can still find ways to cut costs. Budgeting is key when making school lunches. Advance planning is also helpful. By knowing about how much lunch costs will be you can create menus early. Take advantage of coupons and deals when grocery shopping. In addition, stock your pantry with lunch items that have a long shelf life so you will be set for weeks to come. Involve your child in the planning of meals as well. Not only do they learn a financial lesson on budgeting and costs, but it also assures that the food you pack won’t go to waste.

School supplies are another costly back to school expense. If you missed out on your state’s tax free holiday or if your state did not have such event, there are still ways you can save money. With many retailers having rolled out their school supplies mid-summer, now is the time to check for sales. Once your child begins classes be sure to look through their school provided items. If you purchased items that the school also provided, either return your items or put them aside for next school year. In addition, many schools gladly accept donations of school supplies.

If you still haven’t finished your back to school clothes shopping, check area retailers for seasonal sales. Generally as late fall/winter clothing are already front and center on the racks in most stores, many retailers often have their summer/early fall clothing prices slashed. Taking advantage of off-season sales can make a huge difference on your wallet. Keep this in mind as you shop throughout the school year as well. Also, take advantage of your local consignment shops. Many consignment shops offer fashionable clothing for kids at a significantly lower price. Purchasing clothing at consignment shop prices also can be the perfect opportunity for parents who find themselves buying more kids clothing than usual due to their child’s ongoing growth spurts. In addition, many consignment shops will offer credit in exchange for gently used clothes.

Locally, Cabell County students returned to school last week. Other area schools are scheduled to start on the following dates:

 

  • Jackson City Schools – Wednesday, August 17
  • Wellston Local Schools – Wednesday, August 17
  • Gallia County Schools – Wednesday, August 17
  • Mason County Schools – Thursday, August 18
  • Oak Hill Union Local Schools – Monday, August 22
  • Gallipolis City Schools – Tuesday, August 23
  • Meigs Local Schools – Wednesday, August 24
  • Western Local Schools – Wednesday, August 24
  • Southern Local Schools – Wednesday, August 24
  • Waverly City Schools – Thursday, August 25
  • Eastern Local Schools (Pike) – Thursday, August 25
  • Eastern Local Schools (Meigs) –Thursday, August 25

 

Ohio Valley Bank offers best wishes for another great school year. For information on OVB’s financial literacy programs, visit www.ovbc.com or e-mail OVB Financial Literacy Leader Hope Roush at hdroush@ovbc.com.