Monthly Archives: August 2020

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Finance Tips for Newlyweds

Whether you’re getting married in the coming years or just recently said “I Do,” this exciting time of your life comes with things to think about and discuss. How you manage money will change and be adjusted once you get married, so planning it out beforehand is a must. Here are some tips for you and your partner to remember for after the wedding day. 

Talk about your debt 

Honesty is key in a relationship, which means it’s time to be honest about what debt you have. Whether you have student loans, a car loan, credit card debt or something else, knowing how much there is left to pay is important before planning your budget. This might not be the most fun conversation to have, but it’s an important one nonetheless. 

Discuss your financial past 

How your family handled money when you grew up can play a part in how you deal with finances when you’re older. It’s always a good idea to hear where your partner or spouse is coming from to get a better understanding of why they do things a certain way when it comes to their finances. 

Plan a new budget 

Once you get married, your individual budgets become one. Figuring out a monthly household budget is important so you’re on the same page. A good place to start is listing all of your monthly expenses, then deciding which ones aren’t necessary. Knowing what your budget is will help both of you avoid overspending. 

Decide on a bank account option 

Something to consider is whether you plan on having a separate or joint bank account. While there are pros and cons to both, one decision might benefit you over another. Once you decide what to go with, you’ll have to go over the cons of that choice and figure out how to handle issues that may arise in the future. For example, if you choose separate bank accounts, you’ll have to decide how to handle separating bills. On the other hand, with a joint bank account, budgeting can become a future issue. 

Think about retirement 

Retirement might seem far out, but it’s something that will play a big role in your life together. It’s better to start saving for retirement sooner rather than later. 

Keep the conversation going 

Continue talking about finances after you get married – conversations about money are important in every phase of life. Keep the financial talks going so you stay on the same page. 

Congratulations on your soon-to-be or new marriage! We wish you and your spouse the best and hope these financial tips can be beneficial to your relationship. Contact us to learn more about our financial services!

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

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Simple Money-Saving Advice for Big Families

With each new addition to the family, expenses rise and finances can become more difficult to handle. That’s no reason not to enjoy having a big family, though! With these simple and effective money-saving tips, you can maintain peace of mind knowing you’re handling your money in the best way possible. 

Check the Discount Stores 

Going to a thrift store or discount store is especially helpful when shopping for kids’ clothing. Since the day they’re born, children grow out of their clothes faster than ever and the new clothes shopping can seem endless. Secondhand stores can be lifesavers for large and growing families! 

Do Your Research 

Before making larger purchases, make sure to do some research and compare what different stores have to offer. You can also find out if any sales are coming up as well as find coupons online. Putting a little bit of extra time towards research can save you lots of money! 

Don’t Fly When You Can Drive 

If you’re planning a family vacation, driving instead of flying will save you hundreds if not thousands. When you drive, you can take your entire family on vacation for the same price as just one airplane ticket. If you don’t want to take the family vehicle, you can rent a car for a much lower price than flying. Not only will it save you money, but it provides time for some great family bonding, too! 

Make Grocery Lists 

Going into a grocery store with your big family without a list is a recipe for disaster. Avoid the hassle of everyone throwing what they want in the cart by making a list and taking fewer people along. Relying on your grocery list can help you stay away from buying more items than you need, plus it can help you stick with healthier choices, too. 

Save for the Future 

The time will come when all of your kids will be old enough to need money for a whole new range of things. Whether it’s for a high school prom dress, a first car or a new iPhone, the expenses will continue to rack up. Eventually, they’ll be heading off to college and you’ll want to be prepared for those costs, too. Keep in mind what future payments will be down the road so you can adjust your budget accordingly. 

Having a big family comes with all sorts of wonderful experiences, and every member of the family is just another person to love. Keeping up with the finances of a large family can be tricky, but it’s doable – sticking to these helpful tips will make a big difference! Start by opening a savings account with us today.

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

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Cybersecurity Tips for Small Businesses

Concerns about cyberattacks on small businesses continue to grow, and knowing how to protect your business is crucial. Because smaller businesses don’t have the same amount of security as a big businesses, they’re prime victims for cybercriminals. Keep reading to learn the best ways to keep your small business out of online danger. 

Always use strong and secure passwords 

This is the most obvious and well-known cybersecurity tip, but it’s one of the most important. If you want any sort of protection from hackers, your passwords must be strong, secure and updated regularly. You can take extra precautions by having a strong password created for you online rather than creating your own. 

Never use the same password for multiple accounts 

Going along with the first tip, password security is a must. Not only should your passwords be strong and updated, but they should differ on each account. Using the same password for multiple accounts is risky because if one account is compromised, they all are. There are online password managers you can utilize to help with keeping track of the multiple passwords you have on varying accounts. 

Keep your software updated 

Outdated and old versions of apps can be more vulnerable to hacker access. A great way to keep your software secure is to install all updates for software and applications as soon as they’re made available.  

Use VPNs (Virtual Private Networks) 

VPNs are made to encrypt all traffic that leaves and enters your device. Using a VPN is a smart step towards securing your business’s information. If a cybercriminal somehow hacks you and intercepts your information, it will all be encrypted data which is useless for them. 

Train your employees properly 

Being consistent with your employee is extremely important for your small business’s online safety. Make sure all employees know what precautions to take, how to use and handle business information and what the penalties are for failing to follow those rules. 

Try hacking your own system  

Hiring an IT specialist to analyze and audit your system to search for weaknesses is a great way to see what needs to be improved. Doing this will help you understand how to better protect your small business. 

Most small businesses are very under-protected when it comes to cyber safety and protecting their information. We hope you’ll follow these tips and take all the necessary precautions in order to keep your small business out of harm’s way. Contact us for all of your finance needs!

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

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How Can My Teenager Start Saving for the Future?

High school years are often tricky when it comes to money. Your teenager might have a part-time job, but how can they start using that money wisely and investing in their future? Keep reading to find out how you can guide your child towards smart financial decisions.  

Open a savings account and don’t touch it! 

The first step is for your child to open a savings account. Here they can stash a percentage of the money they’re making for future use. Time works wonders on money, so investing what they have will allow it to grow and become much more than it once was. That’s not all, though – make sure their savings account is strictly for saving and that it’s not being tapped into for other reasons. This will help them work on patience and self-control, too! 

Record and keep track of purchases. 

A great way for your teenager to find out if they’re overspending is to put it on paper. Have them keep a book and write down all the purchases they make. At the end of each week or month, they can look back at what they’ve spent and know what changes to make in their spending habits. 

Find a part-time or summer job. 

If your child is too busy to work during the school year, a great solution is to help them get a summer job. If weekends are open, they could even find a part-time, weekends-only job during the school year to help rake in some extra money. Working during summer break might not sound appealing to them, but many jobs aren’t bad if they are interested in what they’re doing. A common summer job that many high school students enjoy is lifeguarding since they can still be outdoors. 

Get a jumpstart on an emergency fund. 

If you haven’t talked to your teenager about the importance of an emergency fund, now’s a good time to do so. If they start putting money aside for emergencies only, they’ll be way ahead of the game by the time they need one as an adult. It’s never too early for your child to start investing in their future. Odds are, down the road they’ll need that emergency fund and will be more than thankful they started it early. 

Plan ahead and set goals. 

Once your high schooler graduates, they’ll be paying for things they might not have thought about. One smart move is to think ahead about what they’ll need to pay for so they can set a goal amount to save. For example, maybe they’ll need to buy a car, pay for college, move out and pay for rent, etc. Whatever it may be, having a goal in mind is a good motivator. 

There’s nothing better than planning ahead, achieving your goals and getting a jumpstart on the future. Your teenager will thank you later for guiding them towards smart financial decisions, and the best time for them to start implementing these tips into their life is now! To help them start saving, set up a savings account with us today! 

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

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Online Safety Tips for Remote Workers

Whether you’ve been working from home for a while or just recently started, getting a refresher on staying safe online is always a good idea. Working remotely comes with being at risk for a cyber-attack, which can be dangerous for your private work data. Read these online security tips to ensure you’re doing what you can to keep cybercriminals away. 

Keep Your Work Covered 

It’s always nice to change up the scenery and visit a park or coffee shop to get some work done. Working in public does come with its concerns, so make sure you’re playing it safe. Don’t let those around you peek at your screen or see what work you’re doing. You never know what strangers are up to and it’s better to be safe than sorry. Cybercriminals can be anywhere! 

Always Use Strong Passwords 

Not only should your accounts be protected with a strong password, but your devices should be, too. Make sure your laptop, phone and other devices are locked with a secure password. Remember not to use the same password across multiple accounts – if one password is compromised, then all of your accounts could be taken over. A great tool for this is a password manager, which will create and remember strong and secure passwords for you. 

Set Up Two-Factor Authentication 

Along with having a strong password comes the importance of two-factor authentication. This will add an additional step to your login process to make sure your account is protected and not being hacked. Some common ways this works is through an email/text confirmation or fingerprint scan. Two-factor authentication ensures that, even if your password is compromised, you still have a backup plan in action. 

Beware of Public Wi-Fi 

Using public Wi-Fi is the prime way that cybercriminals are able to access your data. They’re using the same network as you, making it much easier for them to hack your device or accounts. If you’re doing work in a public place, use a personal hotspot or a VPN to encrypt your internet traffic, which would make it unreadable to others. 

We hope these tips were good reminders for those of you who work remotely. Cybersecurity is becoming more and more important as technology advances, so be sure to share this information with coworkers, family, friends and others you know who are working from home! 

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender