Have you recently fallen off the budget wagon? Have no fear, Peoples Bank & Trust is here to help! Creating a budget is one thing but sticking to it is often hard. If you’re someone who struggles sticking to their budget, read these tips to get back to budgeting. 

Total Your Monthly Bills 

If it’s been a while since you last followed a monthly budget, it’s a good idea to double check your monthly bills. Take a look at your monthly bank statement as an easy way to total up your bills. Write down what each bill costs and then write down the total as well. This is your new budget base – a.k.a the amount you need for essentials every single month.  

Set Up Automatic Payments 

After you check your bank statement to remember what monthly bills need to be paid, set up automatic payments for all monthly plans and subscriptions! Then you don’t need to worry about obtaining late fees you didn’t plan on. If you’re worried about spending your paycheck before all the bills are paid, schedule your automatic payments to be paid on the first of the month. That way your essentials are taken care of first thing and you don’t need to worry about overspending to the point where you can’t afford to pay those. 

Cap Your Fun Money 

When we fall off the budget wagon, it’s most likely because we’re spending money whenever we feel like it, instead of giving ourselves healthy spending restrictions. After you total your monthly bills, essentials (gas and groceries) and determine how much to send to savings each month, set a limit for “fun money.” Fun money is the amount you let yourself spend on absolutely anything you want, but after you spend x amount, it’s time to stop! If you have your eye on something particularly expensive, try not spending the fun money for a few months so you can afford the item! 

Open Online Bank Accounts 

The easiest way to keep track of your money is setting up online banking for your checking and savings accounts. Online banking lets you see account activity for any account you have with the bank at the drop of a hat! Setting up online banking can help you keep track of your spending and savings habits to hold yourself accountable to your budget. 

If you need help managing your finances further, feel free to reach out! Our experts are more than happy to sit down with you or give you a call to go over financial strategies that fit your goals and lifestyle. 

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

With spring comes a freshness that everyone enjoys. There’s different weather, new things are happening and the winter blues begin to fade away. Spring also brings spring cleaning! Peoples Bank & Trust wants to focus on different actions you can take to spring clean the way you save. By giving you six ways to save this spring, we hope you can begin to enhance your financial journey. 

1. Find Ways to Go Fee Free 

If certain fees suit your needs, that is okay. You don’t have to go fee free for everything, but it doesn’t hurt to see if there are some different options for a few items. When it comes to savings and checking accounts for example, there are many solutions that don’t require fees. If that works for you, then open an account like that. Another example would be credit cards. Find a credit card that offers no fees and other rewards to help you save money. 

2. Create a Fun Fund 

With all of the stress from COVID-19, it’s important to make sure you are taking care of yourself and still enjoying life during the new season. Put money aside into a fund meant for something you’ll enjoy. Be sure to continue to travel (maybe not oversees but there’s plenty of great outdoor travel options to continue social distancing here in the US). Another way to spend it could be renting a movie, getting your favorite takeout, buying something fun for the house and so on. 

3. Collect Change & Loose Bills 

You’ve heard about this before, but have you actually tried it? By collecting any change and loose bills you have lying around the house, in a purse, in your pockets, and so forth, you’ll begin to accumulate more than you realize. You can place a mason jar in your laundry room as a reminder to check for change there. Then use the savings for something special, whether it be your fun fund, child’s savings or a new pair of shoes. 

4. Download a Savings App 

By utilizing your online and mobile banking account features to stay on track of finances and also downloading a saving or budgeting app, you’ll be more connected on where you fall each month with your finances. There are many apps available that allow you to organize and plan out your expenses and savings. This will help those who have a hard time saving or sticking to a budget, as it will make you more accountable. 

5. Inspect Your Home 

By making any needed updates to your home, you’ll be sure things are running smoothly as the warm weather begins to come. Check your A/C, look for leaks on your roof, add insulation to the attic and so on. By making sure your home is in tip-top shape for the spring and summer, you’ll help avoid any random costs that may pop up in the future regarding updates or fixes. 

6. Make Use of Your Tax Refund 

If you received a tax refund, try not to spend the money. Put it into a savings or retirement account to help set you up for future success. If you don’t really need that money, be strict with yourself to not dip in and use it. 

We hope you found one or two helpful ideas that will encourage you save this season! If you’re looking for help, we have the products and professional experience to find the perfect solution for you. 

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender