Monthly Archives: October 2020

money-jars

A Beginner’s Guide to Saving Money

While saving money isn’t the easiest task, the first step is often the hardest part. If you’re new to the finance scene and are hoping to learn about some basic, money-saving tips, you’re in the right place! Setting realistic and doable goals is the key and we’re here to help give the push you need to get going.  

Track Your Spending 

The first step to knowing how to save is figuring out what your spending habits look like. Spend a few weeks tracking everything you spend, from each coffee run to the cash you tip the waiter. There are many money-tracking apps out there to make the process easier, otherwise the old-fashioned pen-and-paper method works great. 

Analyze What You Tracked 

Now that you figured out exactly what you spend, it’s time to break it up into categories and get a closer look. Organize the data into sections like food, rent/mortgage, gas, clothes, etc. Putting this into a chart is a great way to understand your habits visually. Most of the money-tracking apps will automatically show you organized categories of what you’ve spent for your convenience. 

Make Spending Adjustments 

Now is where the budget comes into play. Looking at the data you tracked, what did you spend the most on? What amounts surprised you? Pick out some things that weren’t necessary to spend money on and adjust your spending. Now that you know how much you spend, you can limit that amount and create a budget. 

Set Up Automatic Transfer 

This step is crucial! If you haven’t already set up automatic transfer to your savings account, now’s the time. You get to choose exactly how much along with when the money will be transferred, making saving money a breeze. This also limits the temptation of reaching for the extra cash you set aside since it’s in an account instead. 

Create Realistic Goals 

We’re not done yet! It’s time to set both short-term and long-term goals to make the most of your savings. Whether you’re saving for a car, hoping to buy a house, building an emergency fund or more, having goals to work for gives you the motivation to keep going. Figure out some short-term goals of how much you want to save along the way, leading to your long-term goals. 

Now that you know the steps towards smart saving, you’re ready to start! Saving your money leads to a great reward and allows you to practice patience and persistence. If you have any questions or are looking to open a savings account, contact Peoples Bank & Trust. 

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

groceries

How Do I Trim My Grocery Bill for Good?

Did you know it’s possible to cut your grocery bill in half by making some simple changes? Many consumers are spending much more on food than is necessary and those grocery bills can add up faster than expected. Before you take your next trip to the store, read these five helpful tips. 

Always plan ahead and stick to the plan. 

The grocery store is the prime place for impulse purchases to rack up. Rather than figuring out what you need once you get there, plan your meals for the week and stick to the plan. Avoid the tempting aisles that you don’t need to visit and only get the food that’s on your list. 

Keep an eye out for deals. 

There’s a good chance you can find what you need either in bulk or on sale. Buying something in bulk will last you much longer and often ends up being a much better deal than the smaller portions. When things you use frequently go on sale, like spices, canned goods or packaged snacks, you might as well stock up so you’re saving money down the road and getting the best deal.  

Limit the grocery trips. 

The more often you go to the store, the easier it becomes to make purchases you don’t really need. Going once a week or once every two weeks is doable rather than making shorter and more frequent visits. 

Generic is the way to go. 

The biggest difference between name-brand and generic brands is the packaging. Save yourself some money by sticking with the off-brand products – they’re practically the same thing except much cheaper. 

Check the prices at checkout.  

Pricing errors are more common than you think. Keep an eye on the register as your items are being scanned, so you know the price it was advertised as is what you’re paying. Prices are constantly changing at grocery stores, so you might catch a pricing error and get an additional discount if you’re lucky. 

If you’re looking for some lifestyle changes to make that will have a positive impact on your bank account, your grocery bill is a great place to start. Become an expert grocery shopper and say goodbye to spending most of your income on food! 

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

computer

Cybersecurity 101 for Seniors

Seniors are a big target for cybercriminals since they often leave their devices and networks unprotected. No matter what age you are, there’s a good chance you find yourself using some sort of technology on a daily basis. If you or your loved one is of older age, keep reading to make sure all of your cybersecurity bases are covered. 

Common Ways Seniors Use the Internet 

You may think the older generations are much more disconnected from the online world, but they use the Internet in a variety of ways all of the time: 

  • Managing finances online instead of at the bank 
  • Reading or watching the news 
  • Messaging or video chatting loved ones 
  • Shopping online 
  • Distracting themselves during free time or boredom 

Why Are Seniors a High-Risk Group? 

There are many reasons why seniors are an attractive target for cybercriminals. Here are a few: 

  • High likelihood to shop online 
  • Often not as tech-savvy 
  • Easily trust others online 
  • Less alert or less likely to notice a scam 

How Can Seniors Stay Safe? 

Implementing cybersecurity safety tips into everyday life can be quite simple and makes a world of a difference. Make sure you’re following all of the below: 

  • Secure websites only: Before visiting a website and especially before making any purchases or entering information, check for the “https” at the beginning of the link. The “s” tells you that the site is secure, and if it’s not, your information is not always being kept private. 
  • Read messages/emails carefully: If you receive an email that looks suspicious, is too good to be true, asking for personal information or contains misspellings, there’s a good chance it’s a scam. 
  • Create strong and secure passwords: The most obvious way to keep your accounts and information private is by locking them. Using a different password for each account helps you avoid being hacked on multiple ends. Password managers are great for keeping everything organized. 
  • Keep your software updated: Enable auto-update in the settings section of the applications you use to ensure your apps are up-to-date and protected. 
  • Watch what you share: Social media is a great way to stay connected to family and friends and give important life updates. Make sure your profile is private, you’re friends with people you know and you don’t overshare personal information like your address. 

Seniors are no longer disconnected from the world of Internet, so cybersecurity has never been more important than it is today. Reminding yourself frequently of just how dangerous the online world can be is always a good idea. Keep yourself, your friends and your family protected by following these effective tips to improve your safety online. 

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

money

Our Top 5 Money Management Secrets

Figuring out how to properly manage your finances can be overwhelming when there are hundreds of dos and don’ts you may have heard. Following these five tips will make a huge difference in the way you handle your finances and can give you a clear slate of basic rules to follow. When it comes to starting good money habits, the sooner you begin, the better! 

1. Have and Follow Your Budget 

Setting a budget is one thing but sticking to it consistently isn’t simple. It’s easier now than ever to follow your budget with the various money management apps out there. Make a realistic, time-based budget and find an accountability partner if you need help sticking to it. 

2. Always Compare Before You Buy 

Before buying anything, even the small things, make sure you’re paying the best price. Is there a different grocery store nearby that has the same item? Can you find the same shoes on sale at another store? Is there a sale coming up you can wait for? Avoid making impulse purchases and look around at other cheaper options first. 

3. Automatic Transfer is the Answer 

If you haven’t already opened a savings account and set up automatic transfer, now is the time. Putting a certain amount away every month makes a massive difference over time, and it’s even easier when it’s automatic. This is a great way to help you or your children build healthy financial habits. 

4. Track Everything You Spend 

Keeping your receipts and writing everything down that you spend puts your money habits into perspective. Tracking what you spend also allows you to see exactly what you’re overspending on so you can make adjustments. One of the best things about today’s technology is how easy it is to manage your money. To better keep track of what you spend, download a budgeting or money management app. 

5. Practice Makes Perfect 

When you first start making money, it’s not always first nature to manage your finances wisely. Building good money habits takes time, life experiences, mistakes and lessons to learn from. Don’t let a couple mistakes throw you off course – a little financial bump won’t destroy your success. If finances are new to you, give yourself time to practice and adjust your spending habits overtime.  

There’s no better time than now to make sure you’re on the right road with your money. It all starts with creating a smart plan, sticking to it and watching your money grow. Your hard work and patience will pay off in the future! For more financial assistance and to learn about the services we offer, contact Peoples Bank & Trust.  

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender