Monthly Archives: August 2015

Starting a New Job: Bank Accounts You Need

These accounts can help set you up for long-term success, even if you’re only starting your first job.

Whether you are just getting your first job, or you recently accepted your first full-time position, now is a great time to reevaluate or open a variety of bank accounts.

Assuming that you are starting from scratch, let’s start with the basics:

Checking Account – As you start to receive paychecks, you will need a place to safely store your money, and a checking account is just the place to do so. Not only can you safely keep your money in a checking account, but a checking account can offer a variety of services:

A checkbook and an ATM/Debit Card for making everyday purchases.
Some checking accounts offer interest on your account to help your money grow.
Many employers utilize a direct deposit paycheck system where they pay your checking account directly, eliminating the need to always cash out your paychecks.

Savings Account – Whereas a checking account is great for everyday use, your savings account is used for, well, saving money! There are a variety of savings account options out there for you to choose from, but your basic savings account will include certain benefits:

Safely store larger amounts of money as you begin to build wealth.
Most savings account have some sort of interest payments to help your money grow.
Even though your savings account is not used for constant use, you still have easy access to your savings account.

Retirement Accounts – This is probably not the first time you’ve heard this and it probably won’t be the last: the sooner you start saving for retirement the better! If you just started a full-time position, your company may offer a 401(k). Take advantage of this retirement savings account through your employer and devote as much as you can to your 401(k) out of each paycheck.

If your employer does not offer 401(k) services, consider opening an Individual Retirement Account (IRA) with your local bank. Peoples Bank & Trust offers a couple IRA options to make saving for retirement easy and hassle free.

Long-Term Savings Accounts and Investment Accounts – A typical savings account can hold large amounts of money and is pretty easy to access if you need to do so. A long-term savings account, such as a certificate of deposit (CD), offers a place for your money to grow over a long period of time. A CD is more of an investment than a savings account and is a good idea to think about when your finances are a little more mature.

The bank accounts that you need depend on your stage in life. If you recently started a job and are just beginning to accumulate wealth, start with a checking account and go from there. Remember, Peoples Bank & Trust is here for you along the way!

Peoples Bank & Trust

Equal Housing Lender

Member FDIC

Preparing for Student Loans

Make sure you’re ready to pay back your student loans using these tips.

It is back-to-school season and if you graduated this past spring, this may be the first time in your life you are not returning to school. With the autumn season quickly approaching, you are probably already established in a full-time position or are working as an intern. While you may be enjoying your new job with a steady income, it is only a matter of time before those pesky student loans start to kick in.

Making student loan payments can be trying on your finances if you aren’t prepared, so Peoples Bank & Trust is offering you a few tips on how to properly prepare to pay off your student loans:

Tip #1- Organize your Loans: If you have a variety of loans (i.e. federal, private) it is important to track down the basic information about each loan. Check for the start date of the payments, how much you owe and what your monthly payments will look like.

Tip #2 – Talk with your Loan Provider: Start the relationship with your loan servicer now by updating your contact information and discussing any questions you have with your loans. Developing a positive relationship now will help build accountability and respect between you and your loan servicer.

Tip #3 – Explore Repayment Options: There are a variety of terms and interest amounts that can affect your loan payments. If you recently got a job, this will help you better understand your monthly income and what you can afford each month.

Tip #4 – Make a Budget: Making a monthly budget is important for endless reasons! But starting a budget during your grace period will help you build good habits as well as get a better picture of what your finances will look like when you start making student loan payments. Getting comfortable with your budget now will ease the shock when student loans kick in.

Tip #5 – Relax! If you are preparing to pay your student loans ahead of time, then you’re already ahead of the game. Continue speaking with your loan provider, financial aid office from your university and don’t be afraid to seek advice from your local bank or parents.

We hope that these tips leave you feeling ready to tackle your student loans payments in just a few months. If there is anything Peoples Bank & Trust can do to help, just let us know!

Peoples Bank & Trust

Equal Housing Lender

Member FDIC

Finding Financial Success as a New College Student

Prepare yourself for college with these financial tips for new college students.

You’ve purchased your dorm room furniture, met your roommate and have your fall class schedule in hand, so you must be all set for college, right? Think again!

Going off to college is a major life changing event as you are one step closer to entering the adult world. Part of being an adult is responsibly managing your bank accounts. Peoples Bank & Trust wants to make sure you are supplied with the tools necessary to find financial success as a college student.

Consider this “off to college banking checklist” to before you head to campus this fall:

Set up a checking account. Set up a basic checking account with a debit card. This is an easy way to get introduced to banking responsibilities without having to worry about additional payments and bills. Peoples Bank & Trust offers a variety of checking accounts that you can choose from.
Learn how to balance a check book. Once you have a checking account set up, understand how to balance your transactions and follow your accounts. It is much harder to know how much money you have if you use a card rather than cash, so it is important to track your checking account to prevent overspending.
Understand check writing basics and how to pay bills. Depending on your living situation at college, you may need to make rent and/or utility payments. While many landlords and utility companies offer an online payment option, knowing how to write and send a check is still a very important skill to have. Making regular and on-time payments is the base of building good financial habits.
Access online banking services. In today’s world, we understand that you are more likely to do your banking from your phone rather than physically going into the bank. You can access, make transfers and manage your accounts by utilizing Peoples Bank & Trust’s online and mobile banking services.
Create a budget. At this point, your financial goals are probably to eat dinner tomorrow night and to pay for school. However, taking time to sit down and creating a list of your financial goals can help you create a budget that is realistic for you at this time in your life.

We hope that you have a great first semester of college and are able to find success managing your money! You are always welcome to contact Peoples Bank & Trust if you have any questions or concerns.

Peoples Bank & Trust

Equal Housing Lender

Member FDIC

Back-to-School Savings

Send your kids back to school with everything they need without spending all your hard-earned money using these tips.

Summer is coming to an end and back-to-school season is upon us. While your kids may be excited for the new school year, the thought of fitting back-to-school shopping expenses within your monthly budget is just another reason you are wishing it was the start of summer all over again.

Peoples Bank & Trust wants to help ease the cost of back-to-school shopping. Give these tips a thought before you hit the school supply section this month:

Stick to a list. From new clothes and shoes to school supplies, write out everything your kids need before you start any shopping. Once your list is made, only purchase items from this list when you get to the store.

Look for deals. Many folks choose to purchase all of their school supplies in one store. However, if you look through ads and do your research, you may discover that you can find some items from your list at more affordable prices in a variety of stores. Don’t forget to be coupon cutting as you search through store ads!

Get thrifty. After you have made your list, ask yourself if you or your kids already have any of these items. Reuse notebooks and pencils from last school year to help save a few extra bucks. When it comes to new clothes, check out lightly used clothing stores for the brand name clothes your kids want at the prices you can afford.

Get your kids involved. Let your kids be a part of the process when you create a list and budget for back-to-school shopping. Teach them the importance of saving and managing money. You can even make it a game by comparing costs and choosing the best deals.

Peoples Bank & Trust hopes that your kids have a great start to the new school year!

Peoples Bank & Trust

Equal Housing Lender

Member FDIC

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