Students React to OVBC Shareholders Meeting

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.

Don’t Miss These 5 Opportunities for Automatic Savings

By Janet Alvarez, Wise Bread

Most of us understand that saving regularly is one of the simplest ways to reach our financial goals, but we don’t all take advantage of easy ways to automate our savings. As part of America Saves Week, we’ve devised a list of five automatic savings opportunities that are often overlooked. These go a step beyond mere automatic transfers from checking to savings. They’re easy, straight-forward ways to save money automatically that most of us don’t take advantage of yet, and they increase your chances of reaching your goals even faster.

1.  Direct Deposit Your Tax Refund Into Savings
According to the IRS, the average American’s tax refund now stands at over $3,100. Don’t let that windfall slip through your fingers. Deposit all or part of it into your savings account, instead, and watch your money grow. Plus, the IRS allows direct deposits into one or more accounts, such as a checking and savings account, which means you can choose to spend a portion and save the rest. (I’d recommend saving all you can.) Conveniently, you can also direct deposit all or part of your refund into your Individual Retirement Account (IRA), or use it to purchase up to $5,000 in U.S. Series I Savings Bonds. You can split your refund using tax preparation software, or Form 8888, if you use paper filing.

2. Don’t Forget Bonuses or Commissions
Do you get quarterly or yearly bonuses? Are commissions a part of your earnings? Then don’t forget to direct deposit all or part of these funds into your savings. Consult with your employer about direct depositing the funds into your savings account, or set up automatic transfers from your checking to savings accounts when you expect the funds.

Another alternative? Increase the contributions on your employer-sponsored retirement plan, such as a 401(k), during those times you receive extra earnings. It’ll help you max out your contributions faster and earn any applicable company match to boost your savings even further. Consult with your HR representative or your company’s online retirement plan portal to manage your contributions.

3. Save Your Spare Change
Some banks and credit unions offer programs which automatically round up to the next dollar on any purchases you make, and transfer the spare change from your checking to savings account. These programs are free, and provide a fool-proof way to jumpstart your savings and always pay yourself first. You probably won’t miss the spare change in your checking account, but your savings will sure be glad for the extra boost. Even small amounts saved over time add up.

4. Credit Card Rewards Can Boost Savings, Too
Many popular credit cards rewards programs offer several rewards options, ranging from airline miles or hotel points to cash back. Sadly, many credit card rewards perks often go unused, making them less than rewarding. But if you choose to receive rewards in the form of cash back, instead, many cards will deposit the rewards sum directly into an account of your choice. If you’re limited to receiving the funds into checking, you can always transfer the funds to savings. Either way, you’re boosting your savings painlessly. Don’t forget to pay off the balance on your card at the end of every month to avoid costly interest fees, otherwise you’ll spend more on interest than you’ll receive in rewards.

5. Set Your Savings Rate Higher
So, you think you’re a savings pro now that you’ve got regular transfers or direct deposits into your savings account? Well, you can go a step further still by periodically increasing your savings rate, whether to your employer-sponsored retirement plan or your savings account. Many 401(k) plans allow users to opt-in to periodic increases in their savings rates, such as a 1 percent increase in their contributions per year. If you prefer to contribute to a savings account or other savings vehicle, consider increasing your contributions regularly, such as every time you get a raise.

Having the foresight to automate your savings can help you beat temptation and stay ahead financially. And the techniques described above are easy ways to take your savings to the next level.

Janet Alvarez is the Executive Editor for Wise Bread and a contributor to TheStreet.com and U.S. News & World Report.

Save Money with Creative Christmas Gifts

Exchanging gifts is a wonderful part of Christmas…and it doesn’t have to break your budget!

 

‘Tis the season to be merry! And ‘tis the season to spend probably more than you should. Gift giving at Christmas can put quite a strain on your wallet, but it doesn’t have to be that way.

 

You can still give wonderful presents this holiday without breaking the bank. If you already missed those Black Friday sales, never fear we are here to help you make this Christmas both fun and financially savvy.

 

Christmas shopping to find great presents for your loved ones is sometimes stressful as well as pricey. The perfect present doesn’t have to be expensive. Homemade gifts can be unique and won’t cost you nearly as much. There is usually more sentimental value to a homemade present as well. Making gifts that come from the heart is a great way to show someone you care this holiday season. If you aren’t a creative person, have no fear! Check out some of our homemade gift ideas:

 

1. A photo collage. One of the best things about the holiday season is reflecting back on past memories. This year, create a photo collage for your loved ones that showcases the good times you’ve had together. You can print photos and make a handmade collage, or you could use a digital computer program or app on your smartphone to create your own collage. Then simply print a copy, put it in a festival holiday card, and you are good to go! For family and friends you won’t be seeing in person, e-mailing your photo collage can also be a great way to wish them a Merry Christmas.
2. Make a memory jar. This idea is perhaps the most sentimental and one of the easiest to make on our list. All you need is a Mason jar, paper, and decorative ribbon. Once you decide who this gift is for, think of your favorite memories about them. Then cut paper into strips and write down a memory on each piece. Once you are finished, fold each slip and place them in the jar. You could do a memory slip for every day of the upcoming month or even the whole year. Once your jar is full take the ribbon and add a cute bow for a festive touch.
3. Cookies. Seriously, who doesn’t love a good Christmas cookie? Sometimes the best presents are the ones we can eat! Baking cookies is an inexpensive and tasty way to spread holiday cheer. Complete the gift presentation by placing the cookies in a holiday themed tin.
4. Make a cookie/brownie mix festive jar. If you don’t have time to actually make the cookies yourself, you can give your friends and family all they need to get baking on their own. There are many recipes online, so choose one you like and measure out the needed dry ingredients. Place the ingredients in a Mason jar. Then, tie a cute ribbon on the jar with the attached recipe for the sweet treat.
5. Create your own tree ornament. This one can take you back to grade school days, but making homemade Christmas ornaments is a great way to send a little holiday spirit with your gifts. There are many DIY ornament tutorials on the internet to choose from. We suggest checking out your local craft store to get started.
6. Build a gingerbread house. Depending on your baking skills, you could either create your gingerbread house from scratch or purchase an inexpensive, pre-made kit. This particular present is great for families as it allows you to spend quality time together.
7. Make a music mix. Who says mixed tapes are a thing of the past? Maybe the cassette tape part is, but you can give it a digital upgrade. Creating a playlist mix for your friends to download or even going a little old school by burning them a CD is a fun, yet inexpensive present. Choose songs that remind you of that person. This shows you truly care.
8. Create a “coupon book.” This present is particularly good for your partner or spouse. Make “coupons” for various household chores; for example doing the laundry, vacuuming, and/or cooking dinner. You can create each coupon by hand or design them using your computer. Punch holes at the top of each coupon and then tie your coupons together with festive ribbon. This is a fun and easy gift, but just make sure you are ready in the future when your coupons are cashed in!
9. Design a calendar. This gift is one that is great for anyone, especially your relatives. You can create your very own calendar on your computer. Choose pictures of your family or pictures you think the gift receiver would like for each month. Simply print your calendar pages and then use a three-hole punch to place holes in the top of each page. Tie your pages together with ribbon or yarn. And just like that you have the perfect gift that will last the whole year.
10. Make a scarf and/or hat. As winter approaches, scarves and hats are must have items that you can never have too many of. If you know how to sew or crochet, these are perfect and easy presents to make. If you don’t know how to sew or crochet, never fear as there are several DIY tutorials on the internet to choose from.

 

If homemade gifts still aren’t your thing, keep your eyes peeled for any last minute holiday deals. Typically stores will have sales right before Christmas, so if you can handle the last minute rush this might be the best option for you.

Happy Holidays!

Get Smart About Credit this October

October 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

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

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.

Ohio’s “Tax Free” Weekend Kicks-Off Aug. 5

It’s Back To School Time!

Temperatures might still feel hot, but summer is already coming to a close as students prepare to head back to school in the coming weeks.

Going back to school means it’s time for most students to stock up on school supplies. As new clothing for school as well as other items, such as binders and notebooks, can be quite pricey it is a good idea to take advantage of Ohio’s upcoming tax free weekend. The tax free weekend begins Friday, Aug. 5 at midnight and will continue through Sunday, Aug. 7 at 11:59 p.m.

The tax free holiday will give customers and students the chance to purchase many school-necessary items at a lower price. Items that will be exempt from sales and use tax include clothing priced at $75 per item or less; school supplies priced at $20 per item or less; and school instructional material priced at $20 per item or less. Ohio is one of only 20 states participating in this year’s tax free holiday.

Clothing is perhaps one of the most expensive items needed for school, and tax free weekend is the perfect time to buy. Since the rule states under $75 PER individual item, you may purchase any number of clothing pieces within that price. Most clothing that meets the under $75 price tag is included in the tax free holiday. Examples of items not eligible include sports equipment, such as ballet shoes, spiked athletic shoes; and mouth guards. Accessories, such as hair bows, purses, wallets, and sunglasses, also are not eligible. Items purchased for use in a trade or business are also excluded.

According to www.freetaxweekend.com the following types of clothing are under the tax free umbrella:

1. Shirts
2. Blouses
3. Sweaters
4. Pants
5. Shorts
6. Skirts
7. Dresses
8. Uniforms (athletic and nonathletic)
9. Shoes
10. Underwear/socks/hosiery/pantyhose/
11. Coats and jackets
12. Gloves/mittens/hats/caps/ear muffs
13. Belts
14. Neckties and scarves
15. Aprons (household and shop)
16. Lab Coats
17. Bathing suits and caps
18. Baby receiving blankets
19. Diapers (including children and adult)
20. Formal Wear and wedding apparel

With a large variety of basic school supplies eligible for the tax free holiday, plan to save money on these items as well. School supplies accepted include: binders; book bags; calculators; cellophane tape; blackboard chalk; compasses; composition books; crayons; erasers; folders (expandable, pocket, plastic, and manila); glue; paste; paste sticks; highlighters; index cards; index card boxes; legal pads; lunch boxes; markers; notebooks; paper; loose leaf ruled notebook paper; copy paper; graph paper; tracing paper; manila paper; colored paper; poster board; construction paper; pencil boxes and other school supply boxes; pencil sharpeners; pencils; pens; protractors; rulers; scissors; and writing tablets. Items excluded from this list are taxable. In addition, any item purchased for use in a trade or business will not be tax free.

School instructional materials eligible for the tax free holiday include only the following: reference books; reference maps; globes; textbooks; and workbooks.

If you have a coupon offered by the retailer to reduce the price of an eligible item to $20, the item will qualify for tax exemption. For more information on what types of coupons/discounts accepted as well as more details regarding tax free weekend, visit www.freetaxweekend.com/ohio-tax-free-weekend/.

As always we encourage you to shop local and think Community First as you purchase your back to school necessities!