Financial etiquette: How to keep money from being awkward

Holiday time is here, and ‘tis the season for group outings, shared gifts, and carpooling rideshares. But with all the fun often comes shared bills, which can turn a fun evening into sour grapes, especially if money makes you awkward. Want to improve your money manners? Keep reading to see some common situations and how to handle the finances without fighting.

Class gifts

During the holidays, we often want to show our appreciation for friends, family, and other influential people in our lives, like a teacher, with a gift. And sometimes, it seems easier to go all-in on a group gift from the whole class. But what do you do if the shared cost is still out of your budget? The best thing to do is to thank the person for including you but politely decline contributing as you already had a gift or plan. It’s okay to say no, and you may not be the only parent unable to contribute.

Splitting the tab

Going out with friends can be the highlight of a rough week. But what do you do to ensure you’re not stuck with one big bill? Be proactive and let both your friends and the server know you’re wanting separate checks. Some restaurants have moved to QR codes for menus and payments, which can allow you to easily split the bill or cover your costs. Transparency in situations like this is helpful and respectful for all parties involved.

Skipping the invite

Throughout the year, we’re often invited to celebrate with our friends, and the invitations can pick up during the holidays. Whether it’s a destination wedding or a Michelin-level dinner, it’s exciting to be invited, but sometimes these events just aren’t in your budget.

The best thing to do is be upfront that it’s not feasible for you right now and potentially express an alternative. Let’s say you’re invited to an out-of-town bachelor or bachelorette party that you can’t afford. First, express your gratitude for being invited, before then proposing an alternative that’s more aligned with your financial goals like a night out together in your city. Or, if a gift feels more appropriate, sending something to acknowledge the occasion can be a great and affordable way to join in the celebration.

It can feel awkward saying no and honestly, sometimes it’s not fun missing out. But providing an alternative that fits your budget can help you avoid the FOMO and allow you to say yes more in the future.

Group getaways

If you managed to save for that group trip, get ready for a bunch of shared expenses.

The key to successfully traveling as a group is clear communication and a budget. Discuss your expectations before anything is booked so you can make sure you’re all on the same page. Some people prefer to travel more luxuriously or splurge on experiences rather than accommodations. Set a clear personal budget, define your priorities, and then determine what expenses will be shared and how to split them. It can be helpful to designate a point person to manage trip logistics, but only if everyone agrees, or use an app like Splitwise to keep track of expenses.

Another rule of thumb is to make people feel comfortable opting out of activities. Group trips can be fun but not everyone may want to participate in every activity, and that’s okay! Sometimes a quiet evening to regroup can help keep the trip on track and help individuals better regulate their spending and energy.

Pay it back

Sometimes having one check is just unavoidable, and tools like Pay a Person and Venmo have made requesting and sending money easy. When requesting money, be sure to do so promptly and include a description to ensure the recipient knows exactly what they’re paying for. It’s also good to discuss ahead of time how much you’re requesting and that the amount is fair. Don’t wait weeks to request money, unless the date has been prearranged.

Uncomfortable questions

There’s something about large group events that inevitably lead to awkward questions. Nosy relatives or that friend-of-a-friend want to know about your new job, new car, or that last vacation, and the underlying subtext is: how much money?

If someone is asking about a specific experience or restaurant abroad, you may feel comfortable sharing the cost and whether you enjoyed the experience or not—especially if you had an exceptionally noteworthy time. However, some questions are not only invasive, but also flat out rude. If someone asks how you’re able to afford something, an easy way to evade the details is to simply say it was worth the investment. Then keep the conversation moving with a quick subject switch. Most people will take the hint you’re not interested in discussing specifics. If they keep pushing, you should directly express your boundary and tell them you’re not comfortable sharing that information. Unless you share a joint bank account with this person, you have every right keep your financial details private.

Bottom line

Splitting bills can cause tension but hopefully these tips help you navigate common financial situations and how to have good money manners. It might feel rude to say no to group gifts or sharing financial details, but overall, honesty is the best policy, and good financial habits now can lead to more opportunities for fun down the road. Do you have any money manners you live by? Drop them in the comments below!

 

5 ways to protect your online presence

In our increasingly digital world, almost every aspect of our lives is online: managing finances, shopping, staying connected with friends and family, and even working remotely. That convenience, however, comes with more exposure—and more vulnerability points. But, with a few smart habits, you can significantly reduce your risk and keep your personal information safer.

Here are five essential strategies you can implement today.

1. Enable two-step authentication

Also known as multi- or two-factor authentication (MFA/2FA) or login approval, two-step verification provides an extra layer of security beyond your username and password to protect against account hijacking. When using this security feature, you will log in using your password and then be prompted to verify your identity again. This second verification is usually done via a biometric (fingerprint or face scan), security keys or a unique one-time code through an app on your mobile device.

Passwords can be phished, guessed, reused, or leaked. When an attacker gets your password, that’s all it takes to breach an account. But with 2FA turned on, they’ll need that additional factor—which significantly raises the bar. Security firms note that enabling 2FA/MFA prevents a large percentage of account takeovers.

Many websites and companies offer two-step verification, and they make it easy to set up this second layer—usually found in the settings section of your account. Using two-step authentication can help you feel more secure, especially for sites containing your financial information, like online banking. Keep a backup method in case you lose your primary device, and turn on notifications for unusual login attempts so you’re alerted immediately if someone tries to access your account.

2. Check a site’s SSL certificate and use safe networks

Whenever you’re shopping online and entering credit card or bank information, it’s important to make sure that website is secured to protect against hackers trying to steal your information—and ensure you’re avoiding risky environments like public WiFi networks. You can find out if a website is secure by checking its SSL (Secure Sockets Layer) certification. While this process sounds complicated, it’s actually one of the simplest and quickest things to do for your online security.

When on a website, check the URL. Does it start with “http://” or “https://”? If you notice an “s” at the end, that means your connection is encrypted and secure. Any data you enter is safely sent to the website. However, not all sites have SSL certification. They may be fine to browse but avoid sharing any financial or personal information on websites without this added layer of security.

Public WiFi networks (in coffee shops, airports, hotels) are notorious for being unprotected or compromised, making it easy for hackers to intercept your data. Avoid doing sensitive activities like online banking or account changes when connected to public WiFi. You should also turn off settings such as “Automatically connect to open WiFi networks” on your phone or laptop.

3. Don’t save financial information on shopping platforms

Many shopping sites let you save your credit card information in your online account. This setup makes it easier to make purchases in the future, as your billing and shipping addresses and credit card information are stored. However, if you can access this information, so can hackers. Rather than store your credit cards and addresses in your accounts, spend the extra minute to enter your information each time you make a purchase.

Even sites with SSL certification can be hacked. While there may not be a way yet to completely safeguard your data from hackers if you shop online, you can secure your financial information better by removing it altogether from shopping sites. When you create a new account or shop somewhere new, using a mobile wallet can provide an extra layer of security.

4. Be careful who you trust

Catfishing has made headlines numerous times in the last few years, and this online scam doesn’t seem to be letting up anytime soon. Catfishing happens when a person sets up a fake online profile—usually on social media or dating sites—and targets people with the goal of asking for money.

Catfishers are in it for the long game and may try to strike up an online relationship for months before asking for money. The losses can be extreme, averaging more than $15,000 per victim. Oversharing on social media can also give fraudsters all the pieces they need about your habits, travel plans, or identity.

To avoid catfishing, don’t accept friend requests from people you don’t know and never send money or gift cards to someone you haven’t met in person. If a situation ever feels suspicious, trust your gut and cut off contact with that individual. Review your social media friends or followers lists periodically and remove people you don’t know or trust.

5. Create strong, unique passwords

Whether it’s your social media or online banking accounts, it’s important to use strong, unique passwords. Contrary to popular belief, you don’t need to constantly change your passwords (unless you notice unauthorized access or your account is part of a data breach). But, it’s recommended to avoid reusing the same password across different accounts.

Make your password a sentence: A strong password is a sentence that is at least 12 characters long and a combination of upper- and lowercase numbers, letters, and special characters. Focus on positive sentences or phrases that you like to think about and are easy to remember (for example, “Il0v3c0untrymu$ic!”).

If you ever think your account has been compromised, change your password immediately and scan your account activity for signs of unauthorized access.

Bonus tips: because good habits matter

Review your online presence periodically

Search your name and see what comes up. Remove or secure old accounts you no longer use. Experts recommend auditing your digital footprint to maintain privacy and image.

Back up important data

Even if you think your hack or risk breach is low, losing access to your email or files due to malware or ransomware is real. Backing up your data and encrypting sensitive files adds another layer of protection.

Stay informed about new scams

Cyber threats evolve quickly. Make it a habit to read up on emerging scams and threats—knowledge is your front-line defense.

Consider your devices, too

Every phone, tablet, or laptop is a potential entry point. Use strong device passwords, enable encryption where available, keep your software updated, and enable “Find My Device” so you can remotely lock or wipe if lost.

Protect children and vulnerable family members

Older adults are often targeted by scammers, and children’s identities can be used without their knowledge. Help them implement these same practices.

Bottom line

Your online presence matters, whether you’re simply browsing, shopping, banking, or connecting with friends. Taking just a few minutes to enable security features, reviewing how you share information, and using strong passwords can make a big difference.

By following these tips, you’ll be better equipped to keep your personal and financial information safe from hackers, scammers, and identity thieves.

How to prep your finances for the holidays

The holidays are the most wonderful time of the year—but also the most demanding. Along with the joy and cheer that the holiday season brings, stress often accompanies it, especially when it comes to spending. The good news? A little planning can go a long way toward keeping your finances on track. By taking a few simple steps now, you can avoid last-minute strain, stay within your budget, and focus on what matters most this season: spending time with the people you love.

1. Create a holiday budget

First and foremost, setting a budget is the easiest way to keep you from overspending during the holiday season. Expenses add up, and we’re not just talking about gifts—most people need to account for travel, decorations, and even food (like for holiday parties). And inflation means people are spending more just to keep up.

Review what you spent last year to get an estimate on how much you should set aside and assign a realistic dollar amount to each category. Be honest with yourself—you don’t want to underestimate your spending and run out of funds (or accumulate debt). You should also track your spending as you go, whether you decide to use an app or a spreadsheet.

Pro tip: Include a small “miscellaneous” buffer in your budget for last-minute costs.

2. Start a separate holiday savings fund

Having a separate account for holiday savings is crucial—you won’t be tempted to dip into your savings, and it’ll keep holiday expenses from interfering with your regular bills or emergency fund. You can set up automatic transfers from each paycheck, making it almost effortless to save. It doesn’t need to be much, either—consistent contributions add up over time.

Let’s say you need to set aside $1,500 for your holiday spending. Between January 1st and November 1st, that’s $136 per month. If you get paid bi-weekly, that’s around $68 per paycheck. Wouldn’t you rather set aside that portion each month than stress about how you’re going to afford gifts for everyone?

3. Use rewards points or cash back strategically

You can offset holiday costs by using points or cash back you’ve already earned. Review what rewards you have available from credit cards or loyalty programs to see where you can get the most for your points. You can even stack savings by using cash-back portals or apps when shopping online, like Rakuten.

If you have a Visa Signature®, Visa® Platinum, or Student Visa, you earn Flex Rewards1 points that can be redeemed for gift cards, travel, merchandise, or statement credits.

However, you should avoid overspending just to earn rewards—it cancels out the benefit and will only strain your budget.

4. Set spending expectations with family early

Discussing money with family can be awkward, but it’s a necessary evil before we get into the weeds of the holidays. It’s uncomfortable in the moment, but it’ll prevent financial pressure and misunderstandings in the long run. How to do it?

Have an honest conversation about budgets and gift limits

Be specific about what you can (and can’t) afford and compromise. Maybe that’s foregoing traditional gift giving and opting for Secret Santa instead. Or maybe that’s cutting out gifts altogether and choosing to invest in shared experiences.

Think about functional gifts

If your family insists on giving gifts, consider practical options that’ll be beneficial in the long run. For example, if you have younger kids, their grandparents could open a college savings account. If you have a bookworm in your life, maybe get them a book club subscription.

Share the responsibility

As we get older, we tend to not want as much “stuff.” If you have siblings, splitting the cost of one nice gift for your parents is a great way to cut down on spending while still ensuring they get something meaningful. You can also trade off hosting or traveling with other family members. Did you and the kids pack up to visit your sister across town (or even across the country)? Let her brave the holiday travel this year while you brave Costco the week of Christmas.

Pro tip: Bring up the topic early before shopping starts—that way it’s easier to align expectations.

5. Shop early to take advantage of deals

Early shoppers often get better prices and avoid last-minute stress. Keep an eye on pre-Black Friday deals or early-season sales to snag those big-ticket items at a discount. Plus, by shopping early, you can spread your purchases over time to make costs more manageable, rather than spending a chunk of change all at once.

Use price-tracking tools or browser extensions like Honey search the web for you and test coupon codes at checkout to get the best deal. They even have a price tracker that lets you save items and will notify you if there’s a price drop.

But don’t give in to the temptation to buy items that aren’t on your list. Early deals often entice people to blow their budget just because they find something that’s discounted.

It’s never too early to start planning

The holiday season doesn’t have to come with a financial hangover. With a solid budget, a little preparation, and smart spending habits, you can enjoy the festivities without overspending or going into debt. Start planning now—your future self will thank you when the new year rolls around.

The rise of AI and deepfakes: what it means for your business

AI is transforming the way businesses operate. From streamlining processes to predicting market trends, AI offers significant advantages. However, with these advancements come new risks, and one of the most pressing concerns for businesses today is the rise of AI-powered threats like deepfakes. Deepfakes are realistic but artificially manipulated audio, video, or image content created using AI. While this technology can have legitimate uses in entertainment and education, it’s increasingly being exploited for fraudulent purposes.

For example, cybercriminals are using deepfake audio to impersonate executives, instructing employees to authorize fraudulent payments or transfer funds to unverified accounts—a tactic known as “audio impersonation fraud.”

As deepfake technology becomes more sophisticated, businesses must stay one step ahead. Below are tips to protect your operations and reduce the risk of fraud:

Strengthen verification processes

Rely on secure, documented processes and confirm changes to payment instructions via a trusted telephone number. Never contact an unknown number.

Educate employees

Train your team to recognize potential deepfake schemes and to verify requests for payments or sensitive data independently.

Collaborate with us

Stay connected with our treasury services team. We offer fraud prevention tools and best practices tailored to help your business mitigate emerging risks.

While AI and deepfake technology introduce risks, they also offer opportunities to improve fraud detection and operational efficiency. Together, we can ensure your business remains resilient in the face of evolving risks.

Discussing finances with your aging parents

While a majority of people over 65 will require help with daily activities at some point in their lives, many skip this aspect of retirement planning and aren’t prepared if that time comes. Moreover, families aren’t discussing their finances or how to pay for long-term care needs. According to a survey from U.S. Bank, almost half of Americans are unaware of their parents’ financial situation but still expect they’ll need to support their parents or in-laws.

Unfortunately, many people still feel that discussing finances is uncomfortable. Your parents may not need assistance in the near future, but planning ahead can save a ton of time and stress should an emergency arise. Keep reading for five tips to help you discuss finances with your parents.

1. Start your discussion early

As with most things, starting early is best. Even if your parents are still active and in great health, it’s important to have a casual conversation about finances as soon as possible. Starting the dialogue early can help you better prepare for the future, plus help you course correct should you make a financial mistake.

One way to ease into the conversation is to start sharing your own goals and financial plans. Aside from an additional layer of accountability, sharing these goals can make it easier for your parents to share their plans in return. For example, if you recently spoke with a financial planner about your own retirement options, it can be useful to talk about your experience with your parents. In return, they may share information about their financial advisor and even offer insight into their financial plans.

2. Be an ally

One of the biggest hurdles when talking to parents can be the defensive feelings that come up. Instead of feeling like they’re being offered help, talks about money can feel transactional. It’s important to remind your parents that you’re on their side and not gunning for their money. Instead, frame the conversation as one about keeping them in control of their financial future. Your goal is to help them create a plan that ensures they’re taken care of according to their wishes—and that keeps you from scrambling for financial documents in the future.

Note that all of these details probably won’t be revealed in just one conversation, and you should never pressure your parents to give up information before they’re ready. Respecting their boundaries can make these chats easier and help build more trust. Ease into it, and as you become more comfortable, you’ll likely be able to discuss more in depth.

3. Get the details

Once you’re ready to have these conversations with your parents, it can feel overwhelming to know where to start. Some of the key topics you’ll want to discuss include their goals for retirement, potential long-term care needs, and end-of-life plans. In terms of retirement, you’ll want to know what their income plan is as well as plans for healthcare. As we mentioned, most adults will eventually need long-term care, so how do they plan to pay for it should the need arise? Everyone should also have a will, especially if you have dependents. If your parents want you to have access to their assets while they’re still alive, they can designate you as an authorized signer, which typically requires an in-person meeting and possibly a signature card.

It’s also important to know about their financial accounts, like what institution they use and what types of accounts they have. You should also ensure they’ve listed a beneficiary on accounts that allow for payable on death designations. You’ll also want to know where their important documents are stored, like deeds, insurance records, and tax returns. If they have a safe deposit box, you’ll need to know where it is and where they keep the key.

In this digital age, there’s also tons of passwords to account for. Make sure you have a way to access their computer and email accounts as necessary, especially if they want you to contact people on their behalf. For more information about what documents you may need, you can check out the National Institute on Aging’s checklist of documents to prepare for the future.

4. Make an emergency plan

Emergencies happen, so it’s a good idea to talk with your parents about what to do when one arises. The National Institute on Aging recommends that advance written consent designating a specific person as their power of attorney—someone who’s legally allowed to discuss their personal affairs with professionals like doctors and financial representatives. This person should be someone trusted to act in the best interests of your parents and according to their wishes. If you’re designated power of attorney, keep records and be aware of the location of important documents. It’s also imperative that you create a transition plan—know when and how your parents will need your support. Discuss different scenarios they could encounter, like an accidental fall, and how they’d like you to support them during these incidents.

5. Know when to step in

While it’s important to have these discussions with your parents, it’s also crucial to know the signs that they’re in need of support. It can be difficult to admit we need help, so watching for warning signs can help you step in before it’s too late. Some signs may be more obvious, like physical setbacks and memory issues, which can snowball into other issues like mismanaged finances. Keeping an eye out for these issues can help protect your parents physically and also help protect them from scams, as older adults tend to be more vulnerable.

Key takeaways:

  • Start early—save time and stress down the road by having the conversation as early as possible.
  • Plan for when and how you might start helping financially.
  • Keep an eye out for signs your parents may need help.

Talking about money and the future can seem stressful, but having these early conversations can help you better prepare for the future. And with the costs of long-term care on the rise, planning ahead may be more crucial than ever. Have you had the talk with your parents? Share your tips below!

6 things you should do if you lose your job

Regardless of how you got there, unemployment is difficult to face. It’s a traumatic experience that can be scary and overwhelming, especially if you have bills to pay and a family to support. Unfortunately, companies don’t always stay open—they get acquired, file for bankruptcy, or just shut down—and some employees are left without a role. It’s an undoubtedly difficult obstacle, but it can also be an opportunity to reflect on your career and plans for the future. If you’re feeling lost while dealing with unemployment, you’re not alone. Keep reading to see six things to do after losing your job.

1. File for Unemployment Compensation

One of the first things you should do is apply for unemployment. The government offers financial benefits to workers who meet specific eligibility requirements and have lost their job “through no fault of their own,” like if your role was eliminated or you were laid off. While the dollar amount will likely be significantly less than your lost salary, it can provide some funds to help you stay afloat until you secure another job. Each state manages its own program, which can have different benefits and lengths of time. Visit the U.S. Department of Labor’s website for information on your particular state and to file a claim.

2. Review your health coverage options

Even if you don’t have any serious health issues now, you shouldn’t skip out on health insurance. At the very least, health insurance offers you protection from unexpected medical bills that can result from events like a heart attack or stroke, a broken leg, or a visit to the doctor’s office when you have the flu. When you lose your job, you’ll have the option to apply for COBRA (Consolidated Omnibus Budget Reconciliation Act) health coverage, but you can also consider an individual health insurance policy through the Health Insurance Marketplace. Losing your job is considered a “life event,” which gives you the opportunity to enroll or change health care coverage outside the usual enrollment period. This means you may also consider being added to your spouse’s health care benefits if they have a plan through their job. Lastly, depending on your income, you may be able to qualify for Medicaid and CHIP coverage.

3. Get the details on your retirement plan

While we’re on employee benefits, you should also find out what happens to your company-sponsored retirement plan. Some plans allow you to leave your account intact with the current administrator, but you will no longer be able to make contributions, and many retirement plans won’t let you stay in the plan if your account balance is under a certain amount. If you are required to take a distribution, there may be some tax penalties if you don’t roll it over to another retirement account within 60 days. If you’re considering using your retirement savings during this period of unemployment, be sure to get the details and consult with a tax advisor before making any financial decisions as there could be consequences to dipping into this money.

4. Re-evaluate your budget

Once all the formalities are out of the way, it’s important that you review your finances and potentially rework your budget. Consider all of the non-essential bills you pay and items you purchase on a regular basis and see where you can trim the fat. Skip your daily Starbucks run, cut your own grass if you’re able, or consider putting your gym membership on hold. While nobody wants to give up their favorite luxuries, the fewer bills you have when you’re unemployed, the more financial breathing room you’ll have while you’re between jobs. Plus, this isn’t forever—this is just a temporary measure while you get back on your feet. You should also check your emergency fund and savings to determine how long you may be able to pull from those to cover any additional expenses.

5. Start your job search

Applying for a new role can feel daunting, but before you start, be sure to update your resume with your most recent position. Add any additional skills you’ve learned, training you’ve completed, or recognition you’ve earned. Resumes have changed over the years, so if you haven’t needed one in a while, review the current best practices. You may also consider looking at some of the role requirements of potential jobs, and reframing some of your experience to include those keywords.

Don’t forget to update your LinkedIn profile, as well. The majority of job interviews are earned through networking, and that includes via social media, so be sure to market yourself. Connect with everyone in your professional network—in person and virtually—and let them know you’re searching for a new position. Look for local networking events in your community, schedule informational interview meetings with people in your industry, and reach out to your alumni network. You never know where your connections will lead.

Another part of marketing yourself may involve a Google search of your own name. Employers will likely search for your name to see what you’ve been up to before they ask you to join their company. Make sure it’s all positive, appropriate, and employer-friendly. If not, this is your chance to clean up your social media accounts and adjust your privacy settings.

6. Take your time

Losing your job can be extremely stressful, so one of the most important things to do is to take your time processing your emotions. Not only is it frustrating to lose a job, but being unemployed can really hurt your self-esteem. And then it can be hard not to feel discouraged when you don’t see progress looking for a new role. Keep networking, keep sending out resumes, and keep going. It’ll be well worth it when you find the right job. In the meantime, work on the things you’ve never had time for; go for a run in the middle of the day, volunteer at the food pantry, organize that closet, or read a good book. This may be the only chance you’ll get, so use it wisely.

Key takeaways

  • Review your final paycheck and file for unemployment as soon as possible.
  • Check in with your health insurance and retirement plan options.
  • Give yourself some grace—losing a job is tough, and it takes time to process.

Losing your job can be a big challenge and leave you feeling drained, emotionally and financially. But you’re not alone, and there are resources available to help you get through. We hope this helps provide you with some peace of mind while facing the unexpected.

How deferred payments can help you through a financial crisis

Right now, many people have been unwillingly thrust into difficult financial situations. It leaves some wondering how they’ll continue making payments on their cars, credit cards, or other loans they may have. As a way to relieve some financial burden, you could apply to temporarily defer your payments. Not sure if that’s the right option for you—or even what deferring entails? Don’t worry, we’re here to help. Keep reading as we break down the ins and outs of suspending payment.

What is a deferred payment?

Deferred payments, sometimes called payment holidays, allow you to temporarily delay or suspend payments on a loan—generally a consumer loan—for a set period of time. The length of deferment varies based on type of loan and per institution. Deferred payments are useful if you’re experiencing financial hardship, as it temporarily halts the burden of making repayments. However, it could impact you in the long run—you may end up with higher monthly payments, and your loan term will increase. It’s important to understand that a deferred payment isn’t debt forgiveness, and the amount owed eventually becomes due. But, deferring is better than accumulating multiple missed payments and additional late fees.

How does a deferred payment work?

To start, you’ll need to fill out an application with your lender. Once your application is approved, you can suspend your qualifying payment without worrying about late fees. You must continue making payments until you have verification of your application’s approval. When your deferred payment period ends, you’ll resume your regular payments.

What types of loans can I defer?

Overall, consumer installment loans are typically eligible for deferment, such as student loans, personal loans, and auto loans, though each lender will have different requirements for deferment.

Student loans

Both federal student loans and private student loans can be deferred, and are usually automatically deferred while you’re in school. Student loan deferment delays your repayment, and subsidized direct federal loans don’t accrue interest while in deferment. After graduation, federal student loans offer several opportunities to qualify for deferment, while private student loans offer more limited options.

Personal loans

Personal loan deferment is typically restricted to those who can show they’re experiencing financial hardship, like loss of income or medical emergencies, and cannot make their loan payment. Depending on your lender, you may be required to show proof of hardship to be approved for deferment.

Auto loans

Auto loan deferment is similar to that of personal loans, though often referred to as a postponement or an extension instead of deferred payment. The option and qualifications for deferment vary by lender, and again, you’ll likely need to show proof of financial hardship.

Does a deferred payment affect your credit?

The short answer—no, a deferred payment generally doesn’t affect your credit score. When your application is approved, your lender reports to the credit bureau that your payments are deferred. But, if you stop making payments or miss a payment due date before you’re approved, those missed payments could damage your credit. If you missed payments before you applied for a payment holiday, those won’t be removed from your credit history, either.

Is interest still charged on deferred payments?

You may be responsible for interest that accrues while your payment is postponed. You could potentially receive a break if your interest rate only applies to your principal balance—which means you won’t be charged interest on the interest that accrues. However, once you restart payments, the interest that accrued during your payment holiday could be added to your principal balance, and your interest rate would then be applied to the new, larger principal balance—meaning even more interest could accumulate once you resume your regular payments. This all depends on your loan type and lender, so it’s best to confirm with them.

Pros & Cons of Deferred Payments
Pros Cons
Helps avoid late or missed payments, which protects your credit score Increases your total cost, especially if interest continues accruing
Frees up cash for essential expenses Extends repayment period
Offers short-term relief Approval not guaranteed

What alternatives are there?

If you ultimately decide you don’t want to defer your payments, there are other options available if you need financial support. Depending on the loan type, you could consider refinancing. Your new loan could potentially have longer terms or lower interest rates, leading to lower monthly payments. You may also consider forbearance or a debt consolidation loan, though you should check with your lender to discuss potential alternatives.

Key takeaways:

  • Deferring loan payments allows you to temporarily delay or suspend payments on a loan for a set period.
  • Deferred payments can help relieve some financial strain if you’re dealing with short-term financial issues.
  • You may also consider refinancing, forbearance, or debt consolidation.

Deferring a loan payment is a personal choice, but now that you understand how deferring a payment works and what your alternatives may be, you can feel more confident about making the right choice for you. Still need some insight? Consider speaking with a financial advisor or financial planner to get personalized advice. You can meet with a financial advisor from Georgia’s Own at no cost and no obligation to discuss your situation and determine what’s best for you.

How to protect your mobile devices

That smartphone in your pocket, the tablet on your coffee table, or that laptop on your desk contains practically everything there is to know about you, your friends, and your family. This includes contact information, photos, and even location data. Because of this, your mobile devices need safeguarding. We have a few simple security precautions you can follow to ensure you enjoy your mobile tech with peace of mind.

Keep a clean mobile machine

Update software and security programs on all devices

Having the most up-to-date mobile security software, web browser, operating system, and apps is the best defense against viruses, malware, and other online threats. Always keep your software updated when new updates become available, and only download updates from the company that created it.

Remembering to update your software can be a hassle—automatic updates allow you to get the latest security fixes without doing anything. You can let your device do all the work when newer software or app versions are available.

Delete apps when done

Many of us download apps for specific purposes, such as planning vacations, and have no use for them later. You might also lose interest or need for certain apps. Delete any apps and accounts you no longer use or need. Doing so will help manage your digital footprint, plus ensure you’re protected from cybercriminals and spam marketers or left off of mailing lists.

Shield your information

Secure your devices

Use strong passphrases, passcodes, PINs, or other features like facial identification to lock your devices. These passwords are your first level of defense if your device is lost or stolen. Avoid using sequential letters or numbers, like “qwerty” or “1234.”

Treat personal information like it’s money

Information about you, such as what you search for online or where you live, has value—just like money. Think about what services or people request that information and how it’s collected through apps and websites before providing it.

The National Cybersecurity Alliance has a tool that compiles privacy-setting information for most digital providers. You can usually limit what data these services collect about you, plus see what information has already been collected.

Own your online presence

Use security and privacy settings on websites and apps, especially social media platforms, to manage what is shared about you and who sees it. Regularly monitor privacy settings to ensure they’re set to your preference.

Even if your profiles or apps are on total lockdown, you should still watch what you post. Avoid posting personal information on social networking sites, and get in the habit of occasionally cleaning up your friend list.

Connect with caution

Turn off WiFi and Bluetooth when not in use

Some physical stores and locations look for devices with WiFi or Bluetooth turned on to track your movements while you’re within range. Cybercriminals can use this technology, too. Disable WiFi and Bluetooth when you aren’t using it.

Get savvy about WiFi hotspots

Public wireless networks and hotspots are not secure, so anyone could potentially see what you’re doing on your laptop or smartphone while you’re connected. Limit what you do on public WiFi, and avoid logging in to key accounts like email and financial services. Consider using a virtual private network (VPN) or a personal/mobile hotspot if you need a more secure connection.

VPNs encrypt your online traffic and anonymize your location so you can browse securely. Even if your traffic is intercepted, hackers can’t view your activity.

When in doubt, don’t respond

Fraudulent text messages, calls, and voicemails—known as vishing—have become extremely common, especially with the rise of AI. Cybercriminals can change how caller ID appears, for example pretending to be someone from your bank, or they can mimic a loved one’s voice, faking that they’re in an emergency and need money immediately.

Like emails, mobile requests for personal data or immediate action are almost always scams. Treat spammy text messages and phone calls as you’d treat email spam—block and report.

Bottom line

Your personal information is at your fingertips, and it’s crucial to make sure you’re covered if it falls into the wrong hands. Following the above guidelines will ensure you can enjoy your phone or tablet worry-free.

What’s a conversion fee on a credit or debit card?

Have you ever looked at your credit or debit card statement after a trip or an online purchase from an international website and noticed a small, unexpected charge? Or, while on your trip, were you charged an additional fee when making a purchase or exchanging currency? These extra amounts are different types of currency conversion fees. While they may seem minor, they can add up over time.

Not all conversion fees are created equal, and in many cases, you may end up paying more than you need to. We’re breaking down the different types of currency conversion fees, how they work, how much they typically cost, and (most importantly) how to minimize those costs.

What’s a conversion fee?

A conversion fee is a percentage added to purchases made in another country outside of where your credit or debit card was issued. This typically happens when you buy something while traveling overseas or make an online purchase with a foreign store. Other conversion-related fees can also apply when you withdraw cash from foreign ATMs or swap out your currency at a currency exchange business.

Why it matters

Small fees can add up over time with frequent international use, especially if you’re someone who travels often. They may seem nominal on smaller purchases, but if you’re buying a big-ticket item, it can also significantly increase your total.

You have a few types of currency conversion fees:

  1. Foreign transaction fee: Many card issuers—like credit unions or banks—charge their own foreign transaction fee for purchases made in a foreign country or processed by a foreign bank. These often range from 1% to 3%, which can be in addition to any currency conversion fees (if applicable).
  2. Dynamic Currency Conversion (DCC) fee: A DCC fee is where you opt for having the merchant convert the transaction to your home currency at the point of sale or withdrawal. This fee is typically around 1% of the transaction amount but can be as high as 12%. A DCC can be assessed by a payment network but can also be charged by a foreign merchant or foreign ATM operator.
  3. Commission or service fee: A commission or service fee is typically assessed by currency exchange services, like banks and credit unions or dedicated exchange bureaus, for converting one currency to another. Commission fees and service fees are typically a percentage of the transaction’s amount, which can range from 1% to 8%. The fee percentage often varies based on the location and convenience. For example, you can expect to pay a higher commission or service fee at an airport than you would if you exchanged your currency at a local financial service.

Foreign transaction fees

Let’s say you’re traveling in France and use your card at a restaurant. When you use your card that charges a foreign transaction fee, you’ll be charged an extra amount on top of your total depending on your issuer’s policy. If your bill comes out to $300, you’ll pay an additional $9 with a 2% foreign transaction fee and 1% currency conversion fee.

How does it work?

When you make a purchase in a foreign currency, that amount must be converted into U.S. dollars (USD) so it can be processed and reflected on your statement. This is where foreign transaction fees come into play.

Let’s say you’re traveling in France and use your card at a restaurant. When you use your card that charges a foreign transaction fee, you’ll be charged an extra amount on top of your total depending on your issuer’s policy. If your bill comes out to $300, you’ll pay an additional $9 with a 2% foreign transaction fee and 1% currency conversion fee.

What are the fees?

Card issuers and networks have different policies, but foreign transaction fees typically range from 1% to 3%. You can find this information in the rates and fees section of your card’s agreement.

What determines the total fee?

Your card issuer’s policy, the type of card you’re using, and where you’re spending determines the total fee. Some issuers charge more, while others (like travel-focused cards) may waive the fee entirely. Even online purchases from international merchants trigger these fees—so it’s not just about traveling abroad.

Understanding the range of fees helps you spot extra charges on your statement and empowers you to pick the right card for your lifestyle.

Georgia’s Own imposes a fee of 2.00% of the amount of the transaction, calculated in U.S. dollars, on all foreign transactions. A foreign transaction is any transaction that a member or a merchant completes on a Visa® credit or debit card outside of the United States, with some rare exceptions. This fee is charged because of the exchange rate between the transaction currency and the billing currency used for processing international transactions. You’ll see this on your Statement of Accounts and in your online banking history with a description of “Foreign Transaction Fee Conversion” or “International Transaction Fee.”

What about Dynamic Currency Conversion fees?

Currency conversion fees are different from foreign transaction fees and are the result of Dynamic Currency Conversion (DCC). DCC is a currency conversion performed by overseas merchants or ATM operators—often with a 3% to 12% markup.

For example, you’re still on your trip in France and need to withdraw €200 from an ATM. When you make the withdrawal, it’ll ask if you want to pay in local currency or let the ATM convert it to USD. Here’s a breakdown of that cost difference:

Withdrawing €200 from an ATM in France
DCC (Charged in USD) Local Currency (Charged in EUR)
Exchange Rate Used 1 EUR = $1.18 (includes markup) 1 EUR = $1.10 (payment network rate)
Converted Amount $236 $220
Foreign Transaction Fee (2%) $4.72 $4.40
Total Withdrawal Cost $240.72 $224.40
Difference Overpaid by $16.32 Saved by choosing local currency

It’s usually recommended to pay in the local currency when using your card abroad. It may feel counterintuitive, but letting the payment network handle the conversion gives you the better deal and helps you avoid inflated exchange rates from ATMs or merchants.

Commission or service fee

In addition to conversion fees charged when you use your card or withdraw cash abroad, you may also run into commission or service fees. These are charges assessed by currency exchange services—like banks or credit unions, airport kiosks, or dedicated exchange bureaus—when converting one currency to another.

How they work

  • Percentage based: Many exchange providers charge a percentage of the transaction amount, often from 2% to 5%.
  • Flat fee add-ons: Some add a flat fee on top of the percentage, especially for smaller transactions.
  • Hidden in the rate: Even if an exchange booth advertises “no fee,” the cost is often built into a weaker exchange rate, which means you’re still paying a commission.

Where you’ll see them

  • Airport and hotel kiosks: Usually the most convenient option but often charge the highest fees and markups.
  • Dedicated exchange bureaus: May appear cheaper but many hide commissions within less favorable exchange rates.
  • Banks or credit unions: Banks and credit unions tend to offer more reliable rates but many still apply a commission or service charge.

For example, if you exchange $500 USD at an airport kiosk with a 3% commission or service fee, you’ll pay $15 in fees, plus whatever markup is built into the posted exchange rate.

How do foreign transaction fees impact you?

Foreign transaction fees might seem small at first, but they can add up quickly—especially if you’re frequently traveling internationally or shopping on websites based outside of the U.S.

Here’s how these fees can impact you:

  • Increased purchase cost: Whether you’re swiping your card abroad or making an online purchase in another currency, you could end up paying 1% to 3% more than the listed price due to conversion and foreign transaction fees.
  • Reduced travel budget: On a $2,000 trip, even a 2% fee amounts to an extra $40 in fees. That’s money you could’ve spent on a meal or souvenir.
  • Not reward eligible: Most credit card reward programs exclude foreign transaction fees from cash back, points, or miles earnings. So that fee doesn’t help you earn more—it just costs you more.

Being aware of these fees helps you make smarter decisions, like which card to use, how to pay, or whether to consider other alternatives.

How can you avoid or reduce fees?

The good news is with a little planning you can avoid or reduce the fees associated with currency conversion and foreign transactions. You can save by:

  • Paying in local currency: Always opt to pay in the country’s native currency instead of USD. If an ATM or card reader offers to convert your purchase to USD “for convenience,” decline—it’s rarely a better deal.
  • Withdraw larger amounts less frequently: If your card charges a flat fee for ATM withdrawals abroad, reduce fees by withdrawing more at once instead of making frequent, small withdrawals.

Planning and knowing how your card works internationally can minimize unnecessary charges and keep more money in your wallet.

Key takeaways:

  • Foreign transaction fees are a 1% to 3% fee charged by card issuers when purchases are made in another country outside of where your credit or debit card was issued.
  • Foreign transaction fees are different than currency conversion fees, which are charged by overseas merchants or ATM operators. You can avoid these by opting to pay in local currency.
  • Foreign transaction fees add up over time, especially if you’re a frequent international traveler.
  • You can avoid or reduce fees by making one large ATM withdrawal instead of small, frequent withdrawals.

Tailgating on a budget

Summer ending can be sad…until you remember that means it’s football season! Whether you’re rooting for the pros or your hometown heroes, tailgating is a tradition that everyone loves. If you’re gearing up for gameday this year but don’t want to break the bank, we’ve got you covered. Check out these seven tips for how to tailgate like a champ, whether you’re at home or at the stadium.

1. Plan ahead

When it comes to tailgating, planning is key to an easy event—and saving money. While it can be fun to plan a spontaneous tailgate, and you should feel free to go with the flow on gameday, planning in advance allows you to secure things like a tailgate spot at a better price. Tailgating at your house? Double-check your TV package to make sure you have access to the right channel before game time.

2. Make a budget and check your lineup

Once you decide you’re going to tailgate, the next thing to do is make a budget, especially if you’re a tailgating freshman. With rising costs of tickets, concessions, plus parking passes and potential travel expenses, you may be looking at a bigger price tag than anticipated. But that doesn’t mean you can’t still have fun within your desired price range. Start by making a list of what you need, what things you really want, and then work to prioritize them. Once you know what’s important to you, you can decide where you want to spend the most, like merch after you win the big game instead of a Big Green Egg.

If you’ve tailgated before, you may already have an idea of how much things will cost, as well as some supplies already on hand. Go through your list and cross off anything redundant, separate things you already have or can borrow, and then focus on what’s left. You may have more backstock than you realized, freeing up room in your budget to finally upgrade your worn-out tailgating chairs.

3. Score on sales

Planning ahead can also help you save at the grocery store. If you know you’re hosting a big tailgate next month, or have multiple planned throughout the season, be sure to stock up on your favorites if you see them on sale. Don’t forget to check the weekly sales flyers or the store’s apps to see if there are any additional discounts.

4. Bulk up

Is your house tailgate central? For some of us, weekends are booked through the end of football season. If that sounds like you, a trip to the warehouse club may be in order. Stock up on essentials like paper plates and napkins, and score snacks that you can pull out all season without having to restock.

5. Dress like a champion

While team colors rarely change, new merch is available yearly—new player jerseys, throwback designs, and other exciting options abound. But new merch isn’t cheap. Want to show your spirit without breaking the bank? Organize a swag swap! Grab your friends and fellow fans and get out your extra team gear. This can be a great way to get rid of things that no longer fit or you don’t use and have been taking up space. You can also set ground rules, like certain items may be borrow-only, while others are traded for keeps.

Didn’t find what you were hoping for at the swap? Skip the retail stores and head for secondhand or thrift shops. You may not find the newest items but luck out on some awesome retro team apparel.

6. Teamwork makes the dream work

One of the best parts of tailgating is seeing your friends and getting ready to cheer on your team. If you’re going with a group, consider divvying up the responsibilities so no one shoulders too much of the burden. Maybe one person can cover food, while another provides the plates, napkins, and cutlery, and a third brings and sets up the tent. Traveling together can also help reduce gas costs and save on parking passes. You’ll still want to plan and budget so you can ensure things are divided fairly, but you’ll be able to make more winning plays by working together.

7. Be a fan favorite

One of the easiest ways to score deals on your favorite team’s tickets is to sign up for their fan incentive group. Sometimes these organizations have membership fees, but more often than not, these groups put you on a text or email list at no cost. Once you’ve signed up, you’ll get access to deals only available to members, like reduced ticket prices, merch packages, and more. You may also have access to priority seating and higher-cost items for a reduced price. It pays to be a fan!

Key takeaways:

  • Plan and budget to make gameday as smooth as possible.
  • Check your weekly circulars or warehouse clubs for the best deals on tailgating essentials.
  • Sign up for your team’s fan club for exclusive merchandise and ticket opportunities.

Tailgates are some of the best parts of fall, but you don’t have to spend a fortune to make it happen. We hope these tips help you have the best gamedays this season. Are you tailgating this season? Share your favorite team or tailgating tip in the comments below!