Monthly Archives: June 2019

safety

Online Safety Tips for Older Adults: Myths & Facts You Must Know

Anyone can fall prey to a scam or a cyberattack online. Many older adults have adapted well to the digital world, but they can still fall victim to cybercrime. Today, we will take on common conceptions and misconceptions about online safety. Jump on board as we confront the biggest issues threatening safety online.

Sharing personal information online is never safe.

MYTH

While we should always be suspicious of potential scams, there are times when it is appropriate to share personal information online. For example, a person may need to enter personal information on their banking site in order to login to mobile banking. Typically, once a mobile account is established, they will only need their login information moving forward.

Getting spam in your email is dangerous.

MYTH

It’s not receiving the junk mail or spam that is dangerous, it’s interacting or clicking on the hazardous emails. Junk emails can come from legitimate sources like from a company you have bought a product from online. They may have put you on a mailing list, but there is usually a link at the bottom of their email to “unsubscribe.” Unfortunately, if it is a true spam email, this won’t be an option and you will want to make sure to not interact with the post. You should be sure your email account has the spam filter to ward off potential attacks. It may sound like it’s coming from a legitimate person, but it is best to make a rule to not respond to unsolicited emails.

Don’t send money.

TRUE

Never send money online to someone you don’t know and that isn’t first solicited by you. Suspicion should always be held when anyone is asking for money from you, regardless of their explanatory need for it. This can often happen in the form of a scam from online dating, threatening you in some way or begging for money for a family emergency. If you don’t know what to do, ask a trusted source if you find yourself tempted to send money. However, it is best to never give into requests for money.

Passwords are a first line of defense for cybersecurity.

TRUE

Passwords are a powerful form of protection. A strong password will be a mix of characters and numbers. Too often, many older adults do not password protect their physical devices. This puts them at great risk of not only having their device stolen, but also puts the personal information on their device in the hands of a criminal. Simply be sure to have a password on everything possible that you can and change the password twice a year.

We hope these tips can help you and your loved ones stay safe online. Stay safe and secure with our Online & Mobile Banking services!

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

finances

How to Set and Reach Your Financial Goals

A dream is just a dream until a plan is created and executed. It can be a challenge to know where to start, as some days the expenses seem to come in faster than you can keep up. It’s time to take a step back, think about what you want for your life and begin building that future today.

How to Set

You are probably familiar with the concept of goal setting in your everyday life. Often, they take on the form of dreams, like someday having a vacation home in Hawaii or being able to complete a half a marathon. It’s fantastic that you have these dreams and dare to imagine bold things for your life.

However, financial goals should be approached differently. This is why it is difficult for many people to ever achieve their goals, because they don’t know how to set them. A great place to start is taking the time to really think about what is most important to you. Where do you see yourself in five years based on the current financial decisions you are making? Are you happy with this? If not, why? What needs to change? You may want to sit with your partner as you both talk about your goals. You may be surprised at what they have to say and how it may spark ideas of your own! Some examples of other’s financial goals are: paying off credit card debt, starting an emergency fund or saving for a down payment on a vacation home.

How to Attain

If you haven’t heard of the acronym SMART, it’s time to apply it to your financial strategy.

S – Specific

Your financial goals need to be specific. What is it exactly you want? Instead of saying, “I want to be a better saver,” change it to, “I will be a better saver in the entertainment part of my budget. I will do this by…”

M – Measurable

Because we are dealing with numbers to begin with, your financial goal should be something that can be measured. This is so that you can tell how far or close you are to the mark. “I will increase our emergency savings by 10 percent.”

A – Achievable

Are your goals out of this world? That may be good for daydreams, but if you are wanting an action plan, it should be attainable. For example, saying that you hope to win the lottery by buying tickets isn’t exactly achievable. Have a goal that is within reach and motivating.

R – Relevant

Is the goal relevant to your life? Does it make sense? If your goal is to buy a luxury vehicle, but you still have many other debts, it may not be a good goal. If it isn’t relevant to your life at this time, it can be put on the back burner.  It’s all about the climb.

T – Time Bound

Every goal needs a time stamp. If there isn’t, the goal will just be floating in your mind. This can make it less motivating to accomplish, ensuring that it will never get done. Have an end date in mind. Once this date comes, evaluate where you are and what you did well. Take the time to recognize what you can work on for the next goal. Keep building off of this until you get to where you want to be financially!

Once you start setting some financial goals, open an account with us to help you continue that success!

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

home

7 House Buying Tips to Save Money

It’s finally house hunting season and you could not be more excited to get the ball rolling on your big purchase! Before you hit the road or the search bar, take these 7 tips into consideration.

1. Know Your Limits

Before signing the papers or falling in love with the first home you see be realistic about what is in your budget. We recommend spending no more than 25 percent of your monthly income on the mortgage. When you know what this number is, be sure to stick with homes in that price range. Don’t even go into homes that are going to be proportionately out of that limit, or you may kick yourself later as you feel straddled with a home you can’t afford.

2. Be Realistic About Fixer Uppers

While they are fun to watch on TV, if you don’t have the skillset to actually fix homes, a house that needs a lot of TLC is likely not for you. Many see a low price on a home and jump on it, thinking the work needed will be minimal and easy. When it comes to home improvement, no fix is simple and this is even more true if you are a newbie to the renovation game. Often people do not realize the time commitment and additional cost that come with dramatic improvements.

3. Provide a Strong Down Payment

The more you are able to give for a down payment, the greater equity you will already have in the home in addition to a lower monthly payment. This will save you money on interest in the long run.

4. De-clutter the Current Space

It’s time to spring clean your “extras.” We all have things sitting around our home that go untouched and unneeded. Start selling these items at a local thrift store or posting them for sale online. This will help to make your move easier and be a helpful way to start saving for the down payment!

5. Take Your Time When Shopping

Don’t let the desire to get out of your current living space cloud the judgement of the purchase. Take your time studying each home and realize that this is one of the most important big purchases you will make in your lifetime. It needs to be a thoughtful, decisive purchase.

6. Eliminate Other Debts

Get a great deal on the mortgage by making sure your credit score is in tip-top shape. A large purchase with a loan or credit card right before you buy a home will certainly have an impact on your mortgage rate. Boost your credit score by paying down the debt you have and stay away from any other purchases until after the home is in your possession.

7. Conduct a Personal Roof to Basement Inspection

Know the property backwards and forwards before signing the dotted line. This means hiring a trusted inspector and having a contractor come to confirm the findings. After this, there is still a final step. You need to conduct a thorough inspection to ensure that you know exactly what you are in for. This is a great checks and balances system to confirm that you are getting a fair deal that won’t end up costing you thousands in repairs later.

Be smart with your finances and don’t spend all your money on a “dream home.” We’re here to help you know how much house you can afford, while offering mortgage solutions to fit your needs.

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

NMLS #407724

budget

Budgeting Basics: How to Save on Inconsistent Income

While budgeting for a fluctuating income can be difficult, Peoples Bank & Trust is here to help offer a few strategies to lessen the madness. Finding a process to help soften the blow of the months where revenue drops is a perfect solution. Check out the following rules you should follow when living on an inconsistent income.

Know Your Baseline

Always having an idea of your lowest point for income will help you prepare for the months where fewer dollars come through the door. You’ll also need to know your bare-bones budget, as in how much money do you need that month to make it through – like groceries, utilities, rent, childcare and so on. By knowing the minimum amount of money you need, you’ll be able to compare that to the minimum amount of money you’d potentially make that month. This will help you know what costs to cut, so you can break even!

Build Your Rainy Day Fund

Your emergency fund is there for times like this. If your income is fluctuating, you will need to prepare for the unexpected. The general rule of thumb for your rainy day fund is to accumulate three to six months of living expenses. Work on building up to the six months, and then add a little more for a buffer, in case your income is lower for a longer period of time than expected. This will save you from having to dip into a savings account if a large expense comes your way.

Give Yourself A Grace Period

It takes time to get into the budgeting rhythm, so don’t give up the first month if you don’t hit your goals. Keep your eyes on the prize and learn from your budgeting mistakes. If your income is unpredictable, it doesn’t mean your budget has to be. Utilize apps on your phone or make an old school spreadsheet – whatever works best for you! These tools will help you keep track of expenses, so you can stay on target as the months pass.

Spend Based Off Your Lowest Paycheck

When your income fluctuates from paycheck to paycheck, depending on how many sources of income you have, try basing your budget on your lowest paycheck. This will help you learn to keep your expenses low, while offering extra cash to pay off debt or add to your emergency fund.

We hope these budgeting basics help you continue to save and stay financially sturdy with an income that rises and falls. If you’re looking for a safe place to keep your savings, we have a savings account option for you! Peoples Bank & Trust also offers different solutions to grow your money, so feel free to discover more about the benefits of banking with us.

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender