Monthly Archives: February 2019

Stay Secure While Staying Connected: Top Myths of Security

It’s nearly unavoidable to have some semblance of a social life if you are not using technology to connect with the outside world. From social media and texting to phone applications, we are always connected. Many are uninformed of how to maintain this social connection while at the same time protecting themselves from the most basic security threats. We are combating this by busting the most common notions or myths about cybersecurity.

MYTH: Hackers aren’t interested in what I have.

If you have a social security number, hackers are interested in you. Even if you feel like your personal wealth is not very high, your social security number is incredibly valuable. With your number, they can conduct financial theft by applying for loans and credit cards in your name. They could also use your number to incur their healthcare costs or even legal obligations. In an even darker scenario, your identity can be sold to other hackers to use over and over again. Thereby creating a tumultuous problem. Realize that you have something worth protecting!

MYTH: My email application blocks all of the spam for me.

It only takes one accidental or wrong click to open yourself up to malware. And as great as some email applications are, they aren’t able to block every suspicious email from entering your inbox. Did you know that 1.5 percent of spam emails are malicious? Considering how many you likely get in a day, you are at risk every time you click. There are many ways to add additional filters to your email, but the best line of defense is actually you. If you have even the slightest suspicion about an email, report it. Only communicate with those you know without a doubt are secure sources.

MYTH: I’d be safer to go off the grid.

While it may sound alluring to some nomads, unplugging from digital connection can put you in a position of higher risk. This is because there is less day to day monitoring of your accounts. This makes your accounts a terrific target for hackers to attack and go by unnoticed.

MYTH: I have cybersecurity software, so I am not at risk.

If you’ve invested in anti-virus software, good for you for taking steps to protect yourself! However, hackers are becoming more advanced and finding ways to bypass hundreds of protective measures every day. Also, they can still attack you from other sources such as social media. A great way to combat this is to never click on unfamiliar links and to limit the information you put on social media, including your birthdate.

Stay safe while staying connected with these great tips. Remember, we offer safe and secure banking products to keep your information protected.

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

Money Management for College Students

If you’re fortunate, your parents may have taught you how to save your allowance or a certain percentage of each paycheck. However, if those skills weren’t taught to you or you just plain didn’t listen, we are here to help you at the beginning of your financial journey as an adult! Stay tuned for some simple tips you can start doing now to strengthen your current and future financial habits.

1. Create a Budget

Most adults who have been managing their money for years have yet to figure out how to stick to a budget. You now have the opportunity to stay ahead of the curve by building the right habits now. Most people are under the false assumption that they have to have a lot of money in order to budget. This is not true, as no matter how much money you do or don’t have, everyone should have a budget. This will help you to control your spending and saving.

You first need to decide what amount you want to put into savings every month. Next, determine how much money you need to spend on rent, food and other bills. You can make as many categories as you like. You especially need to have a category for fun. Use it as you please, but when it is gone, it’s gone. You are making a promise to yourself that your financial security is more important than a splurge.

2. Buy Used, Not New

Unfortunately, the cost of new textbooks is astronomical. As a college student, it is most often going to be wiser to buy used than new. With a used textbook, you will pay significantly less and may even be lucky to see the former owner’s notes. Think about what other purchases you need to make and if it would be better to buy them used. The answer will often be yes.

3. Be Smart With Your Credit

It is a great idea to start building up your credit history. However, if you aren’t paying off what is due at the end of every month, a credit card may not be the right choice for you. Deep credit card debt burdens many because they made purchases that they could simply not afford. Be sure to use the card for needed items and not sudden splurges.

4. Take Advantage of Free Entertainment

One great part of being a college student is all of the free activities that your campus has to offer! There’s no reason you need to spend money going to a big movie theater when most college campuses have their own movie showings free for students every weekend. Check out your campus Student Activities Board to see what free fun you can get in on!

5. Use Cash
This is a great rule for anyone, not only college students. However, we believe it is a helpful habit to start now. If you have a problem with impulse purchases, we recommend using the “fun money” portion of your budget as cash only.

If you go out to have fun with friends for the night, you know the exact amount of money you have to spend. No more, no less. For some reason, it is much harder to spend cash than it is to make a purchase on a card. This will help you to control your spending when you’re having fun.

We have plenty of savings options available for college students looking to grow their funds! Take a look to see what option suits your needs best.

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

5 Creative Ways to Save for Your New Home

You’ve made the decision that you are tired of renting and ready to step into the world of home ownership. Good for you! You may be wondering what your next steps should be in order to be financially prepared for this major investment. Here are some creative ways to ramp up your savings for this exciting adventure!

1. Consider a Move Now

Is the place you’re living now truly the most cost effective for your budget? Consider moving to a temporary location that can significantly trim your monthly expenses. This is especially helpful if your home purchase is far into the future. No, it might not be the nicest place you’ve ever lived in, but imagine your dream home even closer on the horizon because of the sacrifices you are making right now. Place all of the added savings directly into your savings account.

2. Show Up for Your Budget

Many people begin the new year with excitement about all of the ways they are going to change their purchasing habits in order to achieve their big financial goals. However, like most resolutions, they are abandoned within the first few months. This is the time for you to show up for yourself, your goals and your budget. How? By continually reviewing how you are meeting or faltering your savings goal on a weekly basis. This will keep the financial goal of buying your first home at the forefront of your mind.

3. Purge and Sell Your Belongings

This is a great way to prepare for the big move in more ways than one. Like many adults, we have plenty of items that we don’t need or use gathering dust in our closet. It’s time to part ways and sell them at a garage sale or post them online. Put the profits directly into saving for the down payment that will likely be a minimum of 3.5 percent.

4. Look for a Side Gig

Every little bit counts! If you even have ten hours a week extra that you could commit towards another job, it can be a big boost to your savings. Whether it’s freelance work in an area you are experienced in or applying to be a server at a local restaurant, this is a great way to see your savings climb.

5. Automate Savings

Although this isn’t exactly creative, we would be remiss to not include this incredibly important part of any savings plan. For every amount of money you take in, automate a percentage of that towards your savings account to take any of the temptations of spending out of the mix.

Open a savings account today to begin to build the funds you need for your dream home.

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

Saving For Retirement in Your 30’s

Congratulations, after your roaring twenties, you have made it to the thriving thirties. Unfortunately, with another candle added to the cake comes another responsibility. People in their thirties have a very high amount of expenses from a house payment to the cost of little ones, which is why we wanted to offer the following solutions to saving.

Automate Savings

You have hopefully already begun a savings account for the other financial goals in your life. If not, no worries! You’ve likely decided that this needs to be a priority now, or you wouldn’t be reading this blog. A simple way to start is to set up a percentage to be automatically put into a 401(k).

Many employers will automatically do this for you with each of your paychecks. If they don’t, this is something you will be able to set up on your own, so you don’t accidentally spend the money instead of investing in your future! If they already do this for you, consider increasing the amount even more.

Compound Interest

You’ve probably been saving for retirement since you became an adult, right? We would be very surprised if you did! A majority of Americans in their 20s and 30s have less than 10k saved towards retirement. If you’re late to the party, that’s okay! If you are thirty now, you still have until you are 65 to gain compound interest on your savings. Saving a little now will grow tremendously over the next thirty years.

Don’t Cash Out

You’ve probably been working for a while and have had a few different jobs. Even more likely, you will have more than one job within the next twenty years. A hard rule of thumb is to never cash out of your retirement policy when you switch employers. The money may be enticing, but it is crucial to roll it into your next retirement account to avoid the fees of withdrawing early. If you roll the money into a new account, it can be worth ten times the amount come retirement.

Keep Your Eye On That Golden Sunset

We understand you have many responsibilities you are managing daily. It can be difficult to picture retirement when you have so many other things or people fighting for your attention. However, retirement will come and the responsibilities will dissipate if you plan correctly. Try to not let the urgent things of today take priority over the important things of tomorrow. Instead of splurging on that brand new car, consider buying used and put extra money away for your golden years!

If you need help planning for your retirement, come see us at Peoples Bank & Trust for guidance! We have numerous solutions to help you save for the future.

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

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