Monthly Archives: March 2018

Giving back in the New Year: Practicing Selflessness

Many individuals have goals and resolutions they are striving for this year. They are fostering hope for a better tomorrow and realize they need to add or dilute some of their habits in order to have the life they envision. Many, if not most, of these resolutions fail for lack of motivation. In fact, only about 8 percent of individuals end up sticking with their resolutions and that could be attributed to the type of goals made.

A majority of resolutions are self-focused. Very few of them strive for the betterment of others, which could be one of the underlying reasons for failure. While it may not be for lack of trying, goals crafted that solely benefit the self, have less success than those that are others oriented. Although, practicing selflessness can indeed improve your own happiness and household economy in other ways.

Tax Deduction

When you decide on a charity, you want to be sure they are reputable. Check out Charity Navigator to find out if you should be giving to a certain organization. Giving to these organizations may enable you to deduct from your income tax if you itemize deductions. Be sure to do your research before giving if you would like to take advantage of this benefit.

Better Money Management

Deciding on giving monetarily to a cause will encourage you to monitor your budget. Don’t have a budget? Now you have another reason to make one! Do you need to make cuts elsewhere to excessive spending? Having cause to review your monthly statements can only help your finances. Come see us at Peoples Bank & Trust to set up an automatic withdrawal to your savings account for your giving; we want to make it easy for you! When you are able to focus your attention to those in need, you are investing in yourself emotionally and financially.  Even if you are only able to give your time through volunteering, it may give rise to gratitude for what you have; decreasing your desire to purchase items you do not need with money you do not have.

What Goes Around Comes Around

Although your primary goal in helping others isn’t to help yourself, getting involved can create opportunities for you and even your children. People in need will remember those who helped them at their lowest. Maybe someday you will be in need of a favor and they will happily assist you. It enables you to make connections with others, which can help you to better establish yourself professionally.  Is your child socially anxious? Kindness has been shown to reduce social anxiety and can help set your children on a stable track for the future including scholarships and job prospects.

 

Peoples Bank & Trust Co.

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How Reading Can Improve Your Financial Well Being

Does being a reader make you more of a leader? Well that might be the case in life and the financial world.  When infamous Warren Buffett was asked about his success he pointed to a stack of books and said, “Read 500 pages like this every day. That’s how knowledge works. It builds up, like compound interest. All of you can do it, but I guarantee not many of you will do it.” Most likely if you’re reading this article, you already see some value in the declaration and are here for affirmation. However, for those of you who still aren’t convinced and maybe even guffawed at the notion of fitting in that much reading into an already hectic schedule, let Peoples Bank & Trust give you some insight to consider.

It’s a Low-Cost Investment

Instead of taking an expensive flight to a costly conference, you might consider swinging by your nearest bookstore. Because there is no limit to where knowledge can take you, investing in books is a low investment, with an infinite ROI. You can learn from the best in your business field, or pick up a novel.  The jury is still out on whether memory or comprehension is better with print vs. digital, so get what works best for your lifestyle. Owning the book is preferred if you want to become more engaged by writing in the margins, but stopping at your local library is another great option!

Makes You More Employable

You can make a great difference in your success by expanding your education. Generally, knowledge cannot be lost. What you learn from reading a few books will set you apart, in that you already know something that has taken others years to learn from experience. Unfortunately, only 42% of adults will read a book after they graduate from college-just think about how much of an advantage that can give you! You will be a great resource for your team and have greater ability to think on your feet because of the reading “vitamins” you consume. This makes you desirable to potential employers and encourages a higher salary because of the value you bring to the workplace.

Boosts Brain Power

You’ve heard it said, knowledge is power. Are you unhappy about your financial situation? Pick up the Wall Street Journal or the financial matters section in newspapers. You are sure to gain a wealth of information to help you out of your current situation. Some studies show reading will help strengthen your analytical skills, increase your vocabulary and help you to prioritize goals. Your knowledge of the world will be stronger, and you may just notice your financial skills sharpening as your mind is being refined. This is especially true when you read chapter books, as it encourages deep reading and assessment.

The majority of what you read will not only make you a more rounded individual, it will help you to make more sound, financial decisions. You will be a greater financial asset to your company, and yourself. So grab a book, a hot cup of coffee and settle into your next lesson!

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

Creative Money Making Ideas for Teens

If you’re a teen, you know that making adequate money for your college fund and paying for the rising cost of items is challenging. School has never been as time-consuming and with the economic pressure to go to college and the rising rate in unpaid internships, you may be at a loss as to whether flipping burgers will help you in the short and long term.

We have come up with a list of creative ways you can earn some extra cash – without having to sacrifice your studies. Studies show that working 10-15 hours a week during the school year will even help to improve your grades. These can even be jobs you proudly add to your resume.  With all of these ideas, be sure to check with your parents to be sure it is a safe situation!

Make Money Online

You know the older generation shreds you for it anyways – so you might as well make some money at it! There are so many legitimate ways to make money by simply being on your phone or computer. You can do this from home, so your parents don’t have to worry about where you are.

Try out Swagbucks, where you can earn free gift cards for answering surveys and watching entertaining videos. Another legitimate site is Inbox Dollars, where you take surveys and try new products. If you’re thrifty, try out Ebay or BookScouter to make a profit off used items!  Be very careful which sites you try to work with, and double check with your parents before starting as there are many scams out there.

Start a House Cleaning Business

There are many different types of people who need help cleaning their homes. They may not have the time or be physically incapable. With a little overhead of buying your own cleaning products, you could easily make $15 an hour if you are a great cleaner. Many of these people hire professional cleaning services which will charge double that, so you will be a competitive contender!

Turn Your Hobby into a Gig

Want to have your perfect employer? Go into business for yourself! This is not only a chance to earn some money loving what you do, but you will learn a lot about what it takes to be in business. You will be your own HR Department, Secretary, Marketing Department and Executive. There isn’t always a chance to do this as an adult, so go after your hobbies in full force now! You can refine your craft and find yourself accumulating many of the hard and soft skills it takes to be successful professionally.

Teach a Class

Do you have a skill that you would like to share with others? Maybe you are really good with computers. You could teach senior citizens the basics of the internet. Are you really good at math? Teach or tutor your peers. If you play an instrument, there will be hordes of parents ready to get a deal to have their children learn.

There are so many avenues of jobs you can do as a teen, although the options may seem scant at first glance. Build off of our ideas, or come up with your own. Having a worthwhile job will help to teach you independence and how to budget your money.

“Tell me and I forget

Teach me and I remember

Involve me and I learn.”

Benjamin Franklin

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

Tips to Reduce Financial Stress – From Panic to Plan

If you are feeling overwhelmed and losing sleep at night because of your finances, you are not alone. There are many factors that can contribute to financial stress such as: kids, marriage, debt, pregnancy, job status and physical health.  According to the American Psychological Association’s 2015 survey, 64% of stress is attributed to money. If you are experiencing a creeping sense of panic over your finances, take a deep breath and exhale. We are going to walk you through a simple plan to get you back in control.

1).  Identify Stressors

Take time to write out a list of everything that is weighing on you. This can be financial burdens or anything that adds to your anxieties. Maybe you are struggling to meet your mortgage payments or taking care of an aging parent. Maybe it’s an addiction to spending with a mountain of debt surrounding you. Everyone has a story and struggle. Listing out and identifying these is not only therapeutic, but will be the start to knowing what you can and cannot change. What are the problems, and what are your realistic goals?

2). Create a Budget

This will be the map to the end of your tunnel. Doubtless, you have heard the importance of budgeting. Now it is time to heed those words into your plan. There are many financial gurus out there with their preferred budgeting outlines. We would recommend speaking to one of our helpful customer service representatives at Peoples Bank & Trust, or learning more about people like Dave Ramsey and his program. When you are crafting your budget, keep in mind the goals you have created and the daily habits you want to develop. This is how you learn to make the most of your income. By adding a goal of establishing an Emergency Fund, you will help to eliminate future stressors should and when misfortune occurs.

3). Stay Positive & Get Help

The key to staying on track, is staying positive. Once you have your budget set, you are able to track your spending. You may fall off the wagon a time or two, but don’t let shame keep you from starting over. Reach out to a trusted friend or join an accountability group like Shopaholics Anonymous. Be sure to let them know your goals and your struggles. Having someone to keep you accountable will help you to not only relieve current stress but prevent future panic.

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender