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Are You Dreaming of a Vacation?

With the Memorial Day weekend right around the corner, who isn’t ready for a vacation? If you are itching to travel or enjoy a long weekend break, Memorial Day officially kicks off a time of spending time away to explore, refresh, and renew.

If you are planning a trip, here are five ways to save money. Some you may not have thought of, but they really work!

1. Join a local travel social media group
It may be a great way to crowdsource your travel savings. Local members will alert the group when an airline offers a sweet deal from nearby airports, for example.

2. Ask for cash and travel-related gift cards for birthdays and holidays
People may be giving you gifts, so why not make it something towards decreasing the cost of your next vacation? This could be a win-win for you and the gift-giver!

3. Establish a travel ...

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April is Financial Literacy Month, and the FDIC asks, "How money smart are you?"

Our financial lives can get complicated quickly. It’s easy to lose track of spending and savings. But if you take the time to nurture good financial habits and follow the FDIC website suggestions from their award-winning Money Smart program, these and other important aspects of your financial health will be “built-in.”

Here are the 5 good money habits everyone should work to develop:

  1. Keeping a Budget. Making even a simple budget doesn’t have to be difficult when you have access to past bank statements as a guide.  Monthly expenses are easy but don’t forget those surprise, once-a-year expenses like insurance payments that draft annually or every six months.  You’ll find a budget is one of the most effective money management tools, and it’s free!
  2. Automate Savings.  You’re more likely to do something if it’s easy.  That’s just human nature. So automate your savings. First, if your employer offers a ...

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How to Prevent Fake Check Scams

Fake check scams are occurring more than ever, and scammers are being more and more clever with their tactics. Here's how a fake check scam typically works.

Someone you don't know sends you a check. It could be from a company, like UPS or John Deere. The person will ask you to deposit the check and send some of the money to them or another person in return. The scammer always has a reason to explain why you were sent the check and why you can't keep all the money. If you deposit a fake check and send money to the scammer, you will be responsible for that money. This can sometimes be thousands of dollars!

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Below is a comparison of the two SBA relief programs that are available in response to the Coronavirus pandemic. This is intended to be a high-level, easy-to-understand comparison.

  Economic Injury Disaster Loan (EIDL) Paycheck Protection Program (PPP)
Who will give me my loan? The loan will be directly with the SBA. As a qualified and preferred SBA lender, First Reliance Bank can make the loan.
How much can I borrow? The maximum loan amount under the EIDL is $2 million. The lesser amount of:
Your Avg. Monthly Payroll* Costs x 2.5
– or –
$10 million.
*Payroll includes salaries, commissions, tips, certain employee benefits (including health insurance and retirement benefits), state and local taxes and certain types of compensation to sole proprietors or independent contractors. Payroll costs specifically exclude employees who are compensated at $100,000 or greater, foreign employees, FICA and income tax withholdings.
What is the annual interest ...

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World Elder Abuse Awareness DayEvery year, millions of seniors fall victim to financial fraud. Studies show elder financial abuse costs seniors approximately $2.9 billion each year. In recognition of World Elder Abuse Awareness Day on June 15, First Reliance Bank is urging older customers and their trusted caregivers to safeguard all personal information and stay alert to the common signs of financial abuse. “Fraudsters often prey on seniors experiencing cognitive decline, limited mobility and other disabilities that require them to rely more heavily on others for help,” said Rick Saunders, President and CEO. “Appointing someone you know and trust to handle your financial matters aids tremendously in the fight against these crimes.” First Reliance Bank is offering the following tips:

  • Plan ahead to protect your assets and to ensure your wishes are followed. Talk to someone at your financial institution, an attorney, or financial advisor about the best options for you.
  • Carefully choose a ...

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What to Look For in a Smart Bathroom

Many home buyers today are looking for home automation that integrates smart devices and technology to make their lives easier and more comfortable. Smart technology ranges from remotely controlling the temperature of your home to seeing what's inside of your refrigerator while you're at the store. The bathroom is an important room in your home, so let's look at five areas where smart technology can elevate your bathroom experience.

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Sticking to a budget during your holiday shopping can be a nightmare, but it is doable. The trick to it is to have a bit of foresight, and planning. If you're just buying whatever, whenever, then of course you're going to over spend. Now, let's go over some tips for sticking to your holiday spending budget that will help you to not only not overspend, but to also manage your purchasing habits more wisely going forward.

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Ways to Trim Your Holiday Expenses

The holidays can put an emotional and financial strain on families, and American consumers know all too well, how just a bit of overspending can have consequences long after that holiday spirit has worn away. With that in mind, here are a few ways to reduce your holiday spending before, during, and after the holiday season.