One new New Year’s resolution for financial well-being

MEMPHIS, Tenn., Dec. 20, 2016 -- In the midst of the busy holiday season it’s easy to get swept up in a swirl of festivities.  But don’t allow a cyber-Grinch to steal your celebration.

With the increase in online shopping, sneaky hackers are working overtime to gain uninvited access to your accounts. To help reduce the risk of identity theft, take a few moments to update the login credentials – password and perhaps even your username – for your online financial accounts.  To remain safe over time, make this part of your financial New Year’s resolutions each year. 

This is especially important if you use the same login credentials for multiple sites.

One way to help keep your information safe is to create different usernames and passwords for each of your online financial accounts. Hackers count on habits, and they often use spyware to steal a username and password from one account to gain access to your private information in others. Don’t be a victim this season – help thwart would-be hackers by updating to unique login credentials for all online financial accounts.

And now that you’re cyber savvy with New Year’s resolution #1, here are four more resolutions the bankers at First Tennessee suggest to improve your financial health in 2017.

2. Adopt a Budget – Let’s be real. In the same way that fad diets or quick-fix exercise programs often fail, unrealistic budgets usually get tossed away like old wrapping paper. Track your spending for one month to see where your money is going, and then create a sustainable budget that balances expenses versus income. Resolve to eliminate unnecessary expenditures for one month and determine a better way to use any extra funds.
3. Attack Debt – Focus first on credit cards and loans with high interest rates and resolve to pay them down as soon as possible. The sooner you get out from under the burden of high-interest debt, the sooner you can put that extra money to work for you.
4. Allocate Extra – Increase monthly loan payments for auto, college or mortgage debt. Making an additional partial loan payment each month can help reduce debt faster and potentially save thousands of dollars in interest.  You can make an additional full mortgage payment each year by simply paying half your mortgage note every other week, which is simple if you have the payments automatically deducted from your checking account.    
5. Anticipate Emergencies – Life is full of surprises, and many have price tags attached.  So prepare yourself for unexpected financial shortfalls by establishing an emergency fund. Putting aside just one dollar a day will yield $365 by this time next year, and increasing that to $1.50 each day will generate almost $550. The important thing is to develop a habit of saving that promotes financial security.

About First Tennessee Bank
First Tennessee was founded during the Civil War in 1864 and has the 14th oldest national bank charter in the country and one of the highest customer retention rates of any bank in the country. First Tennessee has the largest deposit market share in Tennessee.  The FTB Advisors wealth management group has 313 financial advisors and $27 billion in assets under administration. First Tennessee, FTN Financial and FTB Advisors are part of First Horizon National Corp. (NYSE:FHN), which has 4,300 employees. First Horizon has been recognized as one of the nation's best employers by Working Mother and American Banker. More information is available at www.FirstTennessee.com.

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Contact: James Dowd  (901) 523-4305  [email protected] 
Kim Cherry   (901) 523-4380  [email protected]