Monthly Archives: May 2018

7 Ways to Get the Most Out of Your Tax Refund

tax

So you’ve either gotten, or are about to receive, your long awaited refund. There’s quite a buzz of excitement as many Americans decide what types of things they are going to buy with their extra cash. But if you are looking to do something different with your money this year, we have come up with some great ways for you to not spend away your money, but to get the very most out of it!

  1. Establish a Savings Account

We’re sure you’re not surprised with us telling you this, but pay yourself first! You have just given the government an interest-free loan, so immediately taking that back and putting it in a high interest savings account is a great option!

  1.   Keep Your Eye on the Prize: Retirement

Another wise move to make with this return is to invest the entire amount towards your future. If you get in the habit of doing this every year, think how large this amount can accumulate over time. Contact Peoples Bank & Trust to get an IRA started now.

  1. Grow your 9-1-1

You never know when a disaster can take a blow to your savings account, snowballing you into debt you didn’t plan for to cover emergency expenses like illness or car problems. Adding some extra cushion to your life is a way to keep you on top of your game.

  1. Grow Your Potential

This might be just the money motivation you needed to amp up your education! Get certified in a specialty area of your field, or attend a conference to network with other professionals. Many people don’t go back to school because of the costs, but this seed money could potentially help you to earn more in the future.

  1. Update Your Home

If you are looking to put your house on the market soon, a great investment would be to improve an area of your home that would give you a good return on your investment. Maybe this is updating the kitchen sink or redoing the bathroom floor. You may make your money back and then some if you do it yourself!

  1. Pay Down Your Debt

If you have gotten yourself in a bad spot when it comes to high interest debts, now might be the time to start paying those down. Getting those out of the way can make more room for savings and investments.

  1.  Invest in Your Emotional Health

Maybe it’s been a rough year for you, and you just need to getaway. Getting the most out of your return for you may be to take a vacation. You might want to just have the chance to restore and recalibrate your dreams and goals. Creating memories will last for years to come, and may be what you need in order to move forward this next year.

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

Four Emotions That Are Interfering With Your Finances

emotions

Who doesn’t want a healthy financial life? Yet, the number of people who actually have one is decreasing. Americans’ total credit card debt grew by 8 percent in 2017, with an overall 12.96 trillion in debt. While there are many underlying factors, one component that can be limited in your budget is emotions. You may feel helpless when it comes to taking control of your finances, but one of the biggest hindrances is your emotional state. The good news is, where you are at doesn’t have to be where you stay!

Keep your finances in check by thinking through these emotions when it comes to financial decisions.

  1. Sadness

Most likely you have heard the phrase, “You can’t buy happiness.” Even though many might know this, they have purchase habits that speak otherwise. Negative emotions like sadness have twice the intensity of positive emotions. This creates a feeling of a need or weakness to be remedied. For many, this is impulse purchases such as new shoes or ordering takeout after a bad day of work. The next time you’re down, remind yourself of your goals that will inevitably make you happier in the long run. Maybe even make a list of what you are grateful for, instead of being down about circumstances beyond your control.

  1. Anger

Similar to sadness, acting on anger can have damaging consequences. You may even have a feeling of hatred towards money because you think it is the source of all your problems. Feeling like you are constantly struggling with your finances is frustrating, and can cause you to think there is no point in making wise decisions, so why not buy yourself that new TV? You’re angry and begin taking bigger risks than you should. Take a deep breath and remember that being consistent is key to success. Emotions are anything but steady.

  1. Fear

Have you ever been told that your money defines you? We are here to tell you that you define your money. Maybe you are out of debt, but are paralyzed from making investment decisions because you fear falling back into old habits and feelings of guilt. Perhaps you worry about being accepted in society, so you break your budget to buy the latest name brand sunglasses.

  1. Happiness

You’re happy, and that’s fantastic! Even so, emotions and finances don’t mix. If you let happiness rule your spending, you may lose sight of reality, becoming overconfident with the number in your bank account.

Letting emotions creep into your finances will slow you down in getting to your goals. Meet with a trusted customer service representative at Peoples Bank & Trust to help you make calculated decisions and create a monthly budget so you can set yourself on a path for success.

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

What Sports Can Teach Your Kids About Finances

kids

As a parent, you want to do your best to give your children a great childhood and prepare them to be successful, contributing members of society. One of the ways that many parents are doing this is by encouraging youth sports. They realize that there are great lessons learned from athletics like how to be a part of a team and physical health. It’s also a good way to get kids away from the screens! By the same token, you may not realize that sports, particularly pay to play, have additional benefits of teaching your children about money, if handled correctly.

Spending on youth sports has grown incredibly high. So high, in fact, that it has prevented many kids from being able to participate at all. It’s estimated that, spending has grown up to 10.5 percent of gross income.  While we certainly don’t recommend you sacrifice your retirement for your children to play, developing a spending plan within your budget, and including your children in the process will help them to understand that this does come at a cost. Yet, spending too much may have the reverse effect, putting extreme pressure on youth to perform worthy of the costs. It’s important to set boundaries, and stick to one or two sports. The more you involve kids in your finances, the more comfortable they will be with money in their adult life.

Earn

Most schools don’t teach financial literacy to minors, and even if they do, the national average of financial literacy is still at 59.6 percent. Instead of throwing money at the costs, have your children earn the money for participation or athletic gear. They could complete additional chores around the house, mow neighborhood lawns, or even help with training others younger than them. At any age, this is setting them up for the simple realization that things cost money, a concept muffled for many younger children.

Save

Encourage your children to save at least 15 percent of what they earn for next season, or incidentals. No matter what they are working for, it is incredibly important to teach them the habit of saving a portion of their earnings. This provides opportunities for them to understand spending on what you want now vs. what you may need in the future.

Give

Whether in time or their finances, helping your child understand that not every youth has the means to participate in pay to play sports, will be relatable to them in various ways later in life. If they would like to give a small percentage towards helping others pay for gear or participation it would be a relatable opportunity for them to understand how much meaning there is in giving. They could even give of their time to mentor others to help refine their skills.

In whatever way you want to teach your children about finances, getting the conversation started is the most important step for them being comfortable and competent with money!

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

Landscaping: 5 Tips to Increase Your Home’s Value

landscape

Home improvement projects can be overwhelming and who wants to spend their free time camped out inside covered in sawdust on a beautiful spring day? Whether you want to put your home on the market now or in the future, here are a few simple tips to get you outdoors while increasing the resale value on your house!

  1. Have a Strategy in Mind

Before taking a shovel to your whole yard, have a strategy in place for the design you want. You could even hire a professional landscaper to come up with a design for you. You don’t typically have to hire them to complete the design, but do it yourself. Think about what goes with the design of your home, what plants might need the most time to grow and how to stay on budget. Some of your ideas might take some time to accomplish, so break up what you want to get done into separate timelines.

  1. Keep it Green

Planting trees is not only great for the planet, but they will help cut down on energy costs from the shade they provide. They make your home more attractive to visitors and potential buyers. Did you know that one study even shows that neighborhoods with a lot of vegetation report less crime? That sounds like a win-win to us!

  1. Think Low Maintenance

While you may want to go all out in landscaping your home, less is more. Unless a potential buyer is a master-gardener, a majority of people will translate a yard with extreme detail as more work. Focus on simplicity and utility to attract a wide range of spectators.

  1. Front Side Curb Appeal

Some experts say to spend 10 percent of the value of your home into landscaping. However, this might not guarantee a 15 percent increase in resale value as suggested, nor be in your budget. There is curb appeal for a reason, and we recommend starting with the first side of the home that people see. It doesn’t even necessarily have to be with vegetation. Paint your front door or upgrade the numbers on your home. These are easy updates that will draw your visitors in.

  1. Consider All Seasons

When deciding on plants, try to have an array of species that will make your home stand out all year long. From tulips in the spring, to chokeberry bushes in the winter, having an assortment will make it easier to draw potential buyers in all year long-whenever you decide it’s time put the house on the market. Try opting for plants that are drought-friendly, so you are not having to worry about daily watering.

When the time comes and you are ready to move onto your next home, Peoples Bank & Trust will be right beside you.

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender