Monthly Archives: June 2021

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Protect Yourself from Identity Theft

The Federal Trade Commission defines identity theft as theft that happens “when someone uses your Social Security number or other personal information to open new accounts, make purchases, or get a tax refund.” This kind of theft not only steals your money, but your precious time as you work to figure out what accounts are compromised and finding safe ways to re-open them. Keep reading to prevent identity theft. 

Start by Educating Yourself 

The first step to protecting yourself from identity theft is to learn what type of information a thief might be after. Different types of identity theft where criminals gather information about you include financial fraud, medical identity theft, social security theft, child identity theft, tax theft and others. For example: 

  • Financial Fraud – spending money with your debit and/or credit card numbers.  
  • Medical Identity Theft – personal information such as SSN, date of birth, etc. used to receive medical services under your name. 
  • Social Security Theft – using your SSN to open fraudulent accounts in your name. 
  • Child Identity Theft – family members who use a child’s SSN, birthday and address to open fraudulent accounts in the child’s name. 
  • Tax Identity Theft – using your personal information to file a tax return under your name and receive a refund. 

Next Step: Protecting Yourself 

Use can these tips to start protecting yourself from identity theft right away. It’s much more easy to prevent fraud than it is to recover from it, so you can save yourself a lot of trouble by taking the initiative to follow our guidelines as soon as you can. 

  • Check your bank account activity at least once a week to make sure there aren’t any suspicious transactions. With an online banking account, you can quickly see all transaction history and alert your bank if you suspect fraud.  
  • Shred important documents instead of throwing them in the garbage. It’s odd, we know, but people even sift through trash to find things like bank statements with account information or medical bills with your personal information. Shredding it will make it impossible for someone to use paper documents against you.  
  • Guard your pin number when typing it into a card reader or ATM. You never know when someone is looking over your shoulder! Better yet, use the “tap” method on your card if you have it. Then you won’t be asked to punch in a pin at all. 
  • Don’t click on suspicious links in your email. Watch your emails for links that contain spam. If you ever receive an email asking for personal or banking information, verify it’s legitimate before replying. 
  • Make sure the sites are secure before making an online purchase. When banking and shopping online, check to make sure the sites security is enabled. A site with “https://” is secure, while one with “http://” is not secure. 

If you’re ever in the situation where you think your identity has been stolen, report it immediately! You can get in touch with your bank and the FTC and they will both be able to help you recover information or close fraudulent accounts. If you have more questions or you’re wondering if your identity has been stolen, contact us and we’ll set up a time to chat. 

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

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How Can I Lower My Monthly Bills?

It’s the question that every household asks. What can I do to cut my monthly costs? And it’s a great question! No one wants to spend unnecessary money when there are mouths to feed and basketball uniforms to pay for. While you can tighten the budget by setting strict guidelines for yourself, your experts here at Peoples Bank & Trust have a few more realistic ways to lower monthly bills. 

Plan Meals Ahead of Time 

At first glance, planning meals ahead of time may not sound like it has anything to do with your finances but trust us – this can make a huge difference! When you plan meals ahead, you can write down the list of ingredients you need at the store that week. Taking a list to the store can help you cut down on wandering down the aisles and picking up food you don’t need. While getting groceries, you can also choose the store brand instead of the name brand! Lastly, having a plan in place for meals, with all the ingredients to cook them, will help you avoid eating out or ordering to your door. This saves you from spending extra cash on delivery fees, tips and expensive food. 

Refinance Your Mortgage 

Chat with one of our mortgage lenders to refinance your mortgage. We can give you options to try and lower your interest rate which can save you hundreds of dollars every month. The better your credit score, the better your interest rate will be. You can also check out our mortgage calculator to get an idea of how much you can save by lowering your interest rate just a little bit. 

Bundle Your Bills 

Bundling is when you purchase multiple products or services with a company to get a discount on each product. You can bundle with almost anything if you look into it! For example, most insurance companies will let you bundle services like home and auto insurance. You can also bundle: cable and internet, different TV streaming services (like the Hulu, Disney+ and ESPN+ bundle) and more. 

Set Up Automatic Payments 

We can’t stress this enough! Not only do many companies offer a small discount for setting up automatic payments, but it’s a great way to avoid late fees. That way you aren’t paying additional money every month that you didn’t budget for. We encourage you to check out the discounts for your wireless carrier, most will save you $5-$10 for automatic payments! 

Keep Track of Your Transactions 

Whether you do paperless banking or receive your monthly statement by mail, it’s easy to forget how costly everyday expenses are. Be sure to check those monthly statements to track how much you actually spent, instead of going off your own assumptions. We tend to think we spent less than we really did! You should also check individual transactions from throughout the month to be sure you don’t have any unwanted subscriptions. One way companies lure you in is by giving you a free trial, only after you give your credit card information, so you’re automatically charged after the trial. People often forget to unsubscribe if they weren’t happy with the free trial which is a really easy way to lose money. 

If you need more help managing your finances, check out other tips in our blog or contact us to chat. We’re here to help you save money and build your wealth to provide the future you want for your family. 

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Home Buying 101

Becoming a homeowner for the first time is no easy task! You’ve probably heard horror stories from friends about overpaying or missing a crucial piece of information before committing to an offer. Here are a few tips to help you prepare for buying your first (or next) home so you feel confident in the home you choose to buy! 

Before You Buy 

  • Start Saving Early – the earlier you start saving, the better! Many first-time homeowners assume they just need to save for a down payment, but home buyers must also pay closing costs up front! Closing costs include the down payment, title insurance, homeowner’s insurance, property tax, closing or escrow fee and others depending on your lender. Plus, the larger your down payment, the less you’ll pay in interest as you pay off the home loan. 
     
  • Strengthen Your Credit Score – if you know you’re going to purchase a house in the next few years, it’s a good idea to take action to earn a higher credit score. Start by making sure your bills are paid on time, pay off debt you have and keep credit card balances low. 
     
  • Learn About Mortgage Options – there are several different mortgage options to look into before you commit to a home loan. These include conventional loans, Federal Housing Administration (FHA) loans, U.S. Department of Agriculture (USDA) loans and loans from the Department of Federal Affairs. 
     
  • Find First-Time Home Buyer Programs – many states will assist with your down payment! Check with us to see what programs we recommend. 
     
  • Decide How Much You Can Afford – it’s a good idea to set your budget before you start shopping or get pre-approved for a home loan. Check out this tool from NerdWallet to see how much house you can afford.  

While You Look for the Perfect Home 

  • Get Pre-Approved – ask your lender to draft a pre-approval letter to send to a potential seller when you’re ready. If it’s all sorted out beforehand, you can put an offer in on your dream house quickly. 
     
  • Don’t Look at Houses Over Your Budget – this is a great rule of thumb for sticking to any budget, don’t look at what you can’t afford! You don’t want to fall in love with something that’s not realistic for your income level and prior financial commitments. 
     
  • Create a Priority List – decide what home features are important to you. This will help you weigh the pros and cons of each house. For example, if an office space is more important to you than having a large backyard, you’ll be able to narrow down your search easier. 

When You’re Ready to Make an Offer 

  • Pay for an Inspection – not only do inspections help you negotiate the price of a home down, but they also help you know what you’re paying for.  
     
  • Negotiate with the Seller – don’t be afraid to negotiate! In most instances, the worst-case scenario is that the seller will come back with a counteroffer. 
     
  • Buy the Right Home Insurance – home insurance covers the cost to repair or replace your home and belongings if they’re damaged by an incident covered in the policy. It also provides liability insurance if you’re held responsible for an injury or accident. Buy enough home insurance to cover the cost of rebuilding the home if it’s destroyed. 

If you’re in the market to buy a home, reach out to us! We’re here to help you find the right home loan for your budget. 

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

NMLS# 407724

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Spring Savings Guide

Spring is the perfect season for fresh starts, personal growth and positive changes. This season, along with the loads of spring cleaning and organizing, consider making your finances a priority. A great first step is to read through this practical guide to saving money so you’re ready for summer! 

1. Prepare for the heat by making sure your cooling system runs efficiently. 

Summer is on its way which means you’ll be cranking the AC before you know it. The best way to cool your home affordably is to schedule regular maintenance for your cooling equipment. Before the temperatures rise, you can make sure that your cooling system is running correctly and you’re not overpaying because of a leak or other issue. 

2. Revisit your budget. 

Something many people often forget to do is adjust their budget periodically. Life changes and so do your expenses, so make sure your budget matches your current stage of life. If there’s been an addition to your family, you’ve moved to another apartment or home or are starting to save for a new car, your budget should reflect those changes. 

3. Contribute to your emergency fund. 

Whether you’ve had an emergency fund for years or haven’t started one, it’s important to continue adding to it over time. You never know when unemployment or times of financial crisis may hit, so the more you decide to save for emergencies, the better. 

4. Make transferring money to your savings account automatic. 

A common issue that individuals run into is either forgetting to contribute to their savings each month or skipping it to avoid transferring money. By automating your savings, you’re contributing to the account without even thinking about it.  

5. Focus on getting rid of your debt. 

Contributing to your savings can seem difficult if a big portion of your income is going towards paying off debt. Getting rid of debt can be a big hurdle in the way of contributing to your savings, so it’s smart to make being debt-free a priority. Once you no longer have those monthly payments, you can put a much larger portion of your income towards your savings account. 

6. Reward yourself for reaching goals. 

Motivating yourself is easier when there’s a reward waiting for you once you reach your goals. Whether you’ve been eyeing a new item of clothing or want to go out to eat at a nice restaurant, treating yourself occasionally is a great incentive. Set a goal every month with small rewards or a long-term goal with a larger reward. 

This spring and summer, make it a goal to contribute to your savings account as much as possible. If this past year has taught us anything, it’s that you never know what’s coming and how it could affect you financially. To learn more about how we could assist you in your financial journey, contact Peoples Bank & Trust today! 

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender