Create a budget and stick to it

Fake check scams have become more prevalent as online auction sites and classified ads have gained popularity. Tri-County Bank wants to educate customers by exposing the scam and offering tips to avoid becoming a victim.

There are many variations of the fake check scam, but the common thread is a stranger proposing to send the victim a check and have the victim wire money in return. The stranger may be someone offering to buy something you advertised for sale, pay you to work at home, or give you an advance on a sweepstakes you won.

“Regardless of how the contact is initiated, the bottom line is this: if someone you don’t know wants to pay you by check but wants you to wire money back, it’s a scam,” said Mindy Burbach, Director of Marketing.

Today’s technology enables fraudsters to create fake checks that look so real it is often difficult for experts to determine they are fake with the naked eye.

In these tough economic times, it is more important than ever for families to develop a budget and stick to it. Rainy-day funds, savings for college, or just making your rent payment can all be made easier with a budget. Tri-County Bank supports its customer’s efforts to budget and save by offering expert guidance.
“A financial goal can be very motivating,” said Richard Flood, President. “Whether you are saving for a family vacation, a down payment for a house or a new pair of shoes, if you stick to a plan, you’re likely to achieve your goal.”
Putting together a household budget requires time and effort. Tri-County Bank offers the following steps to create a budget:
• Be a Spending Sleuth. Track every penny you spend for a month. Keep receipts and write everything down. This will be an eye-opening experience and will help you see where you can cut back.

• Count Your Money. Determine the total amount of money coming in. Include only your take home pay (your salary minus taxes and deductions). Your income may also include tips, child support, investment income, etc.

• Itemize, Categorize, Organize. Review the records and receipts you’ve been collecting over the last month. Categorize your spending using a budget sheet like the one offered by the American Bankers Association Education Foundation (also available in Spanish).

• He Shoots, He Scores. Set a realistic financial goal and develop your budget to achieve that goal. Subtract your monthly expenses from your monthly income. Find ways to cut spending and set limits on things like entertainment expenses.

• Save, Save, Save. Make one of your financial goals to save a certain dollar amount each month. Start an emergency fund if you don’t already have one. You never know when you may need it.

• Stick to it. Keep track of your spending every month. Update your budget as expenses or incomes change. Once you achieve your financial goal, set another.

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