(BPT) - You work hard for your money. Unfortunately, crooks work hard as well, attempting various tactics to take your money. If you fall for a scam, little can be done to help you get your money back. In order to keep your financial and personal information safe, it’s necessary to look for red flags and be proactive about security.

Know the red flags

From classic methods to using sophisticated technology, criminals will try a variety of strategies to gain access to your money. If you experience any of the following, consider it a red flag and pause before you act:

• A person calls or emails, pretending to be someone you trust, such as a family member, government official or a well-known business or nonprofit organization. The intention is for you to let your guard down immediately.
• They push you to make decisions in a hurry, ask for personal information such as an authorization code, often threatening legal action or using intimidation tactics to get you to act. They know fast action can mean you won't think things through, causing you to make mistakes.
• They will ask for money through undetectable methods such as wire transfers and gift cards, or they may even send a check and ask you to return some of the money through these methods.

Learn the do's and don'ts

The Bank of America Privacy and Security Center provides key actions you can take to help protect yourself from becoming the victim of a scam:

• Don’t send money or give out your personal information in response to an unsolicited text, phone call or email. Companies will never call you and ask you for an authorization code.
• Don’t be rushed to respond to unexpected requests. If they tell you not to tell anyone or they provide you with talking points to say to your bank or family, you can be absolutely sure it is a scam. Research, validate or talk to someone you trust. Look up the business and phone number online and contact them directly.
• Don’t trust caller ID. Scammers can fake caller ID information so don’t always trust the name and number that appears on-screen. If the caller asks for money or personal information, hang up and call back through a validated number.
• Don’t deposit a check and immediately send back funds. Scammers will send a check and ask you to send a portion of it back by wire transfer, gift card codes or a form of cash payment. You might send the money back right away, but their check could still be returned unpaid, leaving you without any money.
• Don’t fall for work from home scams. No legitimate company will require you to buy things or pay for equipment up front. Car logo, mystery shoppers, baby-sitting services are a few ways consumers are targeted.
• Do protect your devices by keeping your phone, tablet and computer updated with the latest browser, operating system and antivirus software. If you see a Microsoft pop-up claiming you have a virus on your computer and receive a phone call stating they need to take control of your computer to get rid of the malware, absolutely DO NOT fall for it. Take your laptop to a trusted company to physically clean your device.
• Do use secure methods of payment such as Zelle^® and Bill Pay. Zelle is a fast, safe and easy way to send and receive money in minutes¹ with friends and family and others you trust. It only uses your U.S. mobile number or email so your account information remains private. Bill Pay allows you to manage all your bills securely in a single place online, so you can pay bills with confidence.
• Do stay on top of account activity and ensure all contact information is up-to-date. With Bank of America’s mobile app, turn on alerts and enable security features such as Face ID or Fingerprint Scanner to allow for simple and secure login.
• Do trust your gut. If it doesn't feel right, it probably isn't. Your intuition is usually correct, so take the time to pause and evaluate before sharing personal info, sending money or revealing private data.

Learn more and find out about the latest scam and fraud prevention news by visiting www.bankofamerica.com/security.

¹Transactions typically occur in minutes when the recipient’s email address or U.S. mobile number is already enrolled with Zelle.

Zelle and the Zelle-related marks are wholly owned by Early Warning Services, LLC and are used herein under license.

Preparing to buy your first home is both exciting and stressful. Before you start down the road of home ownership, it is vital that you have all of your finances in order and that you fully understand what is in store for your budget. Here are three things to know financially when buying your first home.

Mortgage and Down Payments

The world of mortgages and down payments can be confusing for the first-time homebuyer. Understanding the differences between a fixed-rate and an adjustable mortgage will help you to make a more informed decision. You also need to plan how much money you want to put down on the home. There are several advantages of placing a 5 percent down payment, but it’s important to consider what works best for you and your financial situation. Keep in mind that if you put less than 20 percent down, it is likely you will be charged a monthly fee for private mortgage insurance (PMI). Consider the pros and cons as you're weighing the offsetting advantages of placing a 5 percent down payment.

Set a Price Range

Picking the right price range is an imperative step in finding the right house for your personal needs and your budget. When it comes to real estate, timing is everything. If you are shopping in a buyer's market, you are going to get more for your dollar. There are a host of online tools to help you figure out how much home you can afford. A lot of times, a real estate agent can also help you to figure out how much you can afford. You also need to examine your current and projected lifestyle to determine how much you can spend. For example, if you plan on having children in the future, you need to add these costs to your overall budget, especially if one parent plans on staying home with the kids.

Budget for Extra Expenses

The costs of purchasing a house go well beyond the basic outlay for the down payment and insurance. Chances are that if this is your first home, you will be upgrading to a significant amount of additional space. This will likely necessitate that you set aside extra money for new furnishings. If you are moving into a newly constructed home, it is also probable that you will need a budget for landscaping. Depending on the condition of the home, you will want to have some cash on hand for repairs and renovations.

Equipping yourself with the right tools and knowledge will help the process of buying your first home go more smoothly. All of the stress will be worth it once you are relaxing in a place you own.

Related: Real Estate in the Digital Age: Why you still want an agent by your side

Buying your first home counts as one of life's rites of passage. It's an exciting time, but it's also fraught with some legitimate concerns. It's best to deal with those concerns before you get too involved in the process. This allows you to make better decisions overall. Here are some factors to keep in mind as you're moving through the pre-buying process.

Determine Your Price Range

Probably the biggest factor in your home-buying venture is price. You'll have to determine how much money you can afford to pay for a home mortgage each month. While it's natural to want to dream a bit when you're buying your first home, it's easy to get carried away with these feelings. If this happens, you could wind up trying to buy a home you can't afford. It's better to find a home that doesn't force you to pay more than you currently do for rent. It's even better if you find a home that costs less.

Mortgage and Down Payments

Many banks require you to have at least 20% of the home's purchase cost to put down before they even think about lending you money. However, that can be a significant amount for someone to put aside. For example, if you want to buy a home worth $300,000, you're looking at a $60,000 down payment. If you find yourself in this predicament, you may want to look for a lender who will work with you and accept a down payment closer to 5%.

There are several advantages of a 5% down-payment, but determine what's right for you. Here's a look at a few of them. First, you don't have to wait quite as long to build up savings if you pay 5% down. On a $300,000 home, that's $15K instead of $60K. That's a much easier amount to set aside. Second, if you get into a home quicker, then you're paying to own a home instead of paying rent. You're contributing to an investment. Finally, paying this amount also allows you to keep more money in savings, which can come in handy come home improvement time. Keep these advantages of placing a 5% down-payment in mind.

Get Your Credit in Order

Unless you're paying for a house outright, you're probably going to have to borrow money. Start getting a handle on your credit score long before you start the buying process. It isn't unreasonable to plan on working on your credit for a year or two if you have some problems

with your credit.

While this thought may seem like a lot of work, it'll be worth it come buying time. A solid credit score will only help you, especially if you want to pay a lower amount down. A banker will be more inclined to lend you money if they know that you have a good payment history.

Buying your first home comes with a lot of challenges. Factors like home prices, down payment and credit scores all play a role. Your best bet is to do your research and start getting your finances in order. Doing this will help you regardless of where you are in the home-buying process.

Here is another article you might enjoy: 3 Automotive Companies That Really Revolutionized The Industry

How to pick the right homeowners insurance

(BPT) - If you're like many Americans, your home may be your most valuable asset. That's why it's so important to protect it with homeowners insurance. Plus, it's probably a requirement of your mortgage. Setting up your coverage the right way starts with understanding the major parts of a homeowners policy.

Consider the following information and tips from the USAA Home Learning Center:

Dwelling protection

This protection covers the cost of repairing or rebuilding your home if it's damaged or destroyed. When you select the amount, keep in mind the cost to rebuild your home is different from its market value.

It's important to get the dwelling coverage right and to monitor it over time to make sure it keeps up with construction costs to rebuild. Under most homeowners policies, if you file a claim and have underinsured your home, your payout may be reduced.

Some insurers will help you estimate the rebuilding cost. They take into account the features, materials and finishes that make your home unique.

Personal property protection

This protection covers your furniture, clothing and pretty much everything else inside your home. Most policies set the amount of personal property protection as a percentage of the dwelling coverage.

It may not be enough, though. Homeowners plans set limits on certain high-value items. If you own expensive jewelry, art, guns, stamps, furs, cameras, computers, silver or collectibles, you'll want to consider buying valuable personal property insurance. This is sometimes called a "personal articles floater."

When you set up your homeowners policy, you may have to make an important choice about how to reimburse losses. There are two approaches:

• Replacement cost. This coverage is the amount needed to replace the property with a comparable, new item.
• Actual cash value. This coverage considers depreciation in the value of your property. If your 10-year-old couch is destroyed, you'd receive what it was worth at the time of loss, not the money you'd need to buy a new one.

To make your recovery from a loss as smooth as possible, replacement cost coverage is recommended.

Liability coverage

This is one of the most important and least appreciated forms of protection offered through homeowners coverage. It protects you if you're found to be at fault for someone's injury or property damage. It even covers you for non-automobile incidents away from your home. Generally, it also covers your legal costs associated with such claims against you.

As a rule, your liability coverage should at least be equal to the total value of your assets for both your homeowners and auto insurance. If your assets are higher than the maximum coverage allowed under the policy, consider purchasing umbrella insurance to cover the difference. This is important to protect the savings and other assets you've worked hard to acquire.

Deductibles

As with other types of insurance, a deductible is the part of a loss that you're responsible for covering out of your own pocket. The higher your deductible, the lower your monthly premium.

Choosing a higher deductible can save you money with a lower monthly premium but increases the risk you take. Consider the amount of cash you typically have on hand in your emergency fund or checking and savings accounts. Make sure you can cover the deductible amount comfortably.

What may not be covered

Your policy's basic coverage won't cover some special risks.

• Floods: While a standard policy covers most weather-related events, floods aren't one of them. Flood insurance is inexpensive and the federal government offers it through insurers. While it's mandatory when you have a mortgage and live in a flood zone, you should give it strong consideration no matter where you live. Whether it's a flash flood or a few inches of excess water, flooding can cause massive damage to your dwelling and its contents.
• Earthquakes: You can add coverage for earth movements to your policy with an extra premium. If you live in an area prone to earthquakes, consider reinforcing your home protection with this coverage.
• Home businesses: Homeowners plans provide limited coverage for business equipment. If you run your business from home or have expensive office equipment, you may need to consider additional coverage. Your homeowners policy may not cover injuries to someone if they're related to your business.

For additional information on protecting your home, visit USAA.com/Homeowners.

(BPT) - The new year is just around the corner and it’s never too early to think about your 2020 goals — and for many, this means prioritizing finances. Taking the time to focus on your goals and determine what’s important to you financially is the best way to set yourself up for success, but actually following through can be difficult. These easy financial exercises from Vanderbilt Mortgage will help you reach your goals in the new decade.

1. Outline your plan

If you don’t already have one, establish your plan. Write down short-term financial goals, such as creating a monthly budget, and long-term goals, such as paying off a debt or buying a home. Defining these goals will help as you set your budget for the next year.

2. Create a monthly budget

Gather pay statements, bills and bank statements to get started. You can write down all this information or use a budget tool. Start by calculating your monthly income, which includes not only the amount you may get from a regular paycheck, but also any money you get in government aid, child support or pensions. The next step is to look at your bills and bank statements to find out exactly what you spend in various categories of expenses such as utilities, auto, medical, personal, insurance, etc. This accurate information will empower you to take control of your spending.

3. Set a savings goal

Saving is another important aspect of financial health. Whether you’re using a general savings account, adding to an emergency fund, or setting aside funds for a new home, saving for larger financial goals helps you prepare and gives you peace of mind no matter where life takes you. If you’re new to saving, start small. Simply skipping your daily latte from the coffee shop a few times a week can add up quickly.

4. Stick to it

The statistics on how many people actually follow through and keep their New Year’s resolutions are rather bleak, but sticking with your financial goals will pay off. Stay on track by monitoring your progress each week. As you get closer to your goals, excitement will build and you’ll be motivated to keep budgeting and saving.

Vanderbilt Mortgage offers helpful online resources whether you are looking to purchase a new home or keep your current home in great shape. “Here at Vanderbilt, we want to use our years of experience to help current and future homeowners.” Said Eric Hamilton, President of Vanderbilt Mortgage, “Providing educational materials for every step of homeownership is one of the ways Vanderbilt is with customers every step of the way.”

Vanderbilt Mortgage and Finance, Inc., 500 Alcoa Trail, Maryville, TN 37804, 865-380-3000, NMLS #1561, (http://www.nmlsconsumeraccess.org/), AZ Lic. #BK-0902616, Loans made or arranged pursuant to a California Finance Lenders Law license, GA Residential Mortgage (Lic. #6911), MT Lic. #1561, Licensed by PA Dept. of Banking. Sponsored ad content from Vanderbilt Mortgage and Finance, Inc.

5 Financial Tips for Teens

(Family Features) When it comes to economics, many teens’ mouths write checks their knowledge can’t cash.

While 93% of American teens say they know how the economy works, 29% have had no economic schooling, according to a survey of 1,000 U.S. teens ages 13-18 by Wakefield Research on behalf of Junior Achievement and the Charles Koch Foundation. Even in light of their false confidence, teens are aware of the importance of financial education.

Although the study identified numerous gaps in economic and financial knowledge, it also showed teens do know where to look for credible information. Two-thirds (67%) recognize they should use their school as a resource.

“One of the things we hear often is that some textbooks are written too academically for most students to understand the concepts,” said Jack E. Kosakowski, president and CEO of Junior Achievement USA. “Our programs, which work as a complement to the school curriculum, are written from the perspective of today’s teens and use digital content to help bring economic concepts to life for students.”

Beyond the classroom, another 63% of students believe they should use their parents as resources for economics education. Help influence the financial literacy of a teen in your life with these practical money-management tips adapted from the curriculum.

Set goals. Managing your money is more meaningful when you’re doing it with purpose. This might mean budgeting to ensure you have enough money to maintain your auto insurance and keep gas in your car, or you may be saving for a big senior trip. Knowing what you want to achieve with your money can help you plan how you spend it more wisely.

Weigh needs vs. wants. When you begin making your own money, it’s easier to indulge your own wishes and spend money on things you don’t necessarily need. To some extent, that’s not a bad thing; rewarding yourself is fine when you do so within reason. That means not exceeding your available funds, and not forsaking things you truly need, like gas money to get to and from a job or school.

Get a debit card. Most people find that having cash on hand makes it easier to spend. If you use a debit card instead, you’re an extra step away from spending so you have a little more time to consider your purchase. Another benefit of a debit card is it helps track your purchases in real time so you can keep constant tabs on your balance and ensure you don’t overdraft your account.

Start a savings habit. Even if your income doesn’t allow for much, it’s a good idea to get in the habit of setting aside a portion of each check. It may only be $10, but over time each $10 deposit can build your account toward a long-range goal.

Protect your privacy. Teens who’ve grown up in the digital age tend to be less skeptical and cautious about privacy matters than their elder counterparts. It’s important that young people understand the potential impact of failing to protect their privacy when it comes to financial matters, including the possibility that their identities could be stolen and all of their money siphoned away. Teaching kids about security is an essential lesson in economics.

Visit ja.org for more tips and information to help raise your teen’s financial literacy.

Photo courtesy of Getty Images