Monthly Archives: March 2022

Traveling on the road

The Cheapest Ways to Travel 

It can be difficult when your goal for the year is to see more of the world, but you don’t have a huge budget to work with. Between flights, lodging and food, a quick weekend trip can turn into a trip that breaks the bank. Here are some ways to still experience the thrill of traveling while keeping the experiences relatively cheap:  

Go Camping  

There’s nothing quite as bonding as a fun family camping trip! Whether you have a camper, know someone with a camper, or want to go the old-fashioned route and pitch a tent, camping is a relatively cheap option.   

Book Your Flights Far in Advance  

The earlier you book your flights, the cheaper the rates usually are. Try to avoid planning last-minute trips since everything tends to cost more that way. Most airlines have flights available 11 months in advance which gives you lots of time to compare prices and book flights early. Keep your eye out for deals on flights to your desired location as well.  

Choose a Cheaper Airport  

Your local airport is close by and convenient, but smaller airports typically come with higher rates. It’s worth it to drive a couple of extra hours to make it to a bigger airport with more flight options as well as much lower rates.  

Go On a Cruise  

The great part about cruises is that you typically pay a single price that covers all expenses such as food, lodging and entertainment. Plus, you get to visit numerous locations all in one trip, making for a memorable and reasonably priced family vacation.  

Fly a Budget Airline  

Allegiant Air and Spirit are two examples of budget airlines that make flying a bit less expensive. The downfall of these airlines is the fact that things that are normally free with other airlines cost extra, such as carry-on luggage or seat assignments. Nevertheless, these budget airlines can save you hundreds of dollars and are a great financial choice.  

Airbnb Over Hotel  

Airbnb’s are located just about anywhere nowadays. Open the Airbnb app, enter the location and number of guests and you’ll be given lots of options. Not only is renting an Airbnb usually cheaper than a hotel, but they have a lot more character and feel more home-y.  

Now that you’ve read these helpful travel tips, it’s time to print your boarding pass and pack your bags! We hope your next adventure is fun, memorable and most importantly, budget friendly.   

  

Peoples Bank & Trust Co. 

Member FDIC 

Equal Housing Lender 

Student paying off loans

How Do I Pay Off Student Loans Quickly? 

Paying off student loans isn’t going to happen overnight – it takes time, and most importantly, discipline. There are some steps you can take to speed up the process and be debt-free sooner rather than later. If you’re in need of some advice on this subject, you’re in the right place.   

1. Pay MORE than the minimum.  

If you’ve only been paying the minimum, odds are you haven’t seen a whole lot of progress. Plus, the interest you’re piling up isn’t helping either. Instead of worrying about saving as much as you can, focus on putting a bigger chunk of your money towards your student loan debt to make the payoff process much faster.  

2. Put all promotions, tax refunds and bonuses towards your student loans.  

It may seem tempting to reward yourself when you get a promotion or a bonus, but take a step back before spending impulsively. Make the decision to put all your “extra” money towards paying off your student loans rather than spending it all.  

3. Pick up a side hustle.  

If you have some extra time on your hands before or after work or on the weekends, consider picking up a side job for extra cash. You could waitress on the weekends or evenings, start your own side business involving a hobby of yours or sign up to be an Instacart driver or DoorDasher.  

4. Re-evaluate your budget (and stick with it).  

Take a look at your current budget if you already have one and figure out what adjustments can be made. You’ll most likely have to make some sacrifices, but they’ll be worth it in the long run when you’re finally debt-free. Once you’ve adjusted your budget and left plenty of room for money to go towards your student loans, stay disciplined and make it a priority to stick with your budget.  

5. Don’t give up – stay motivated.  

Paying off student loans takes time and patience – you won’t see results in a week or month. The key is to stay positive and consistent in your payments and you’ll be debt-free before you know it.   

Today’s the day to make a change! Your future self will thank you for ridding yourself of debt as soon as possible. Peoples Bank & Trust believes in you and is here to help! 

Peoples Bank & Trust Co. 

Member FDIC 

Equal Housing Lender 

Beginner's Guide to IRAs

A Beginner’s Guide to IRAs 

Why should I worry about saving for retirement right now? Are IRAs really that important? If you are wondering the importance of saving for retirement and how much that can drastically affect your future, you’ll want to continue reading. We wanted to provide a beginner’s guide to IRAs so you can understand your options and the differences between IRAs.  

What is an IRA?  

An individual retirement account (IRA) is basically a savings account with tax advantages for you to use to prepare for retirement. There are several different types of IRAs, including Traditional IRAs, Roth IRAs, SEP IRAs and SIMPLE IRAs.  

What are different IRA options?  

A Roth IRA or Traditional IRA are two options. These will be explained in the next section. Other options may be a SEP IRA which stands for simplified employee pension. A nondeductible IRA may be an option if you (or your spouse) have a retirement plan at work and your income exceeds the IRA income limits, then you may not be able to deduct your traditional IRA contributions. A SIMPLE IRA stands for Savings Incentive Match Plan for Employees – it mainly exists for small companies and the self-employed. There are others out there, but these are the most common you would come across based on your employment.  

What is the difference between a Roth and Traditional IRA?  

For starters, with a Roth IRA, you contribute after-tax dollars, your money grows tax-free, and you can generally make tax- and penalty-free withdrawals after age 59½. With a Traditional IRA, you contribute pre- or after-tax dollars, your money grows tax-deferred, and withdrawals are taxed as current income after age 59½. Investopedia states, “Roth IRAs are similar to traditional IRAs, with the biggest distinction between the two being how they’re taxed. Roth IRAs are funded with after-tax dollars; this means that the contributions are not tax-deductible. But once you start withdrawing funds, the money is tax free. Conversely, traditional IRA deposits are generally made with pretax dollars; you usually get a tax deduction on your contribution and pay income tax when you withdraw the money from the account during retirement.” To learn more, click here: https://www.irs.gov/retirement-plans/traditional-and-roth-iras   

How much should I be saving for retirement?  

There are lots of different ways to be sure you are saving enough for retirement. When you retire, you’ll need to factor in monthly bills, living expenses, rent, loans, medical bills, travel and so on – so it does add up quickly! One way to be sure you are saving enough is to look at your age. In your twenties, one rule of thumb is to save 10% to 15% of your pay for retirement. By thirty, you’ll want it to be at least 15%. At 40, you should aim to save 3 times your salary. Consulting a financial advisor will also be helpful, so you can determine how much to save and also how much to contribute to other areas such as a savings account or 401k.  

We hope this helps you feel more confident about beginning to save for retirement with an IRA. We offer solutions for you along with any other help you may need financially. Reach out to us today! 

Peoples Bank & Trust Co. 

Member FDIC 

Equal Housing Lender  

Cyberhacker on a computer

How to Spot Cybercriminal Activity 

When we think of cybersecurity and cybercriminal activity, we often think about businesses being at risk. It’s important to know that anyone can be affected, so there are certain precautions to take when it comes to protecting yourself and your personal information.   

Things to Keep an Eye Out For:  

1. Unusual Account Activity  

One reason why it’s crucial to have notifications turned on for your bank accounts is so you can be alerted when withdrawals occur. If you get an alert and you weren’t the one to use your card, you can take immediate action and contact your bank to figure out the issue. Having these alerts turned on will give you peace of mind about your finances.  

2. Emails From an Unknown Sender  

Be careful with emails from an unknown sender as they may contain files or links that are meant to infect your machine with viruses and malware. Cybercriminals have a way of making their emails look legitimate, so even if it looks like it’s from an e-commerce site or financial institution, double check before clicking around.  

3. Messages Asking for Money or Personal Information  

Just as cybercriminals can mask themselves as businesses, they can also pretend to be people you know. It’s easy to figure out the names of friends and family members with the help of social media. If you get a message or email from someone claiming to be a person you know, always check with that individual over the phone or in person. Plus, you should avoid sharing personal or financial information over email or messenger – wait until you can talk on the phone or see them.  

Ways to Take Action:   

1. Always Keep Your Machines Updated  

One of the best ways to keep attackers out is to keep the software on your devices up to date.   

2. Better Safe Than Sorry  

If the email you receive looks legitimate but you’re still not sure, it’s better to be safe than sorry. When in doubt, just delete it.  

3. Multi-Factor Authentication  

Most of your accounts give you the option to set up multi-factor authentication. This is always a good idea just in case a cybercriminal is able to get past the first layer of account security.  

Remember that when it comes to cybercriminal activity, it’s always better to be skeptical than to assume the best. Keep you and your financial information secure by following these helpful tips!  

  

Peoples Bank & Trust Co. 

Member FDIC 

Equal Housing Lender 

old-man

Cybersecurity Tips for Your Elderly Loved Ones

When it comes to older individuals, cybersecurity is something that can be commonly overlooked. Instead of hoping for the best, it’s important that we take steps to educate those who might not know how to spot cybercriminal activity. Here are some important things to remind your elderly loved ones: 

Even if an email looks legitimate, there’s still a chance it isn’t. 

Cybercriminals do a great job masking their identities by making emails and messages look like they’re coming from a reliable source. This can be tricky for people to differentiate, so make sure your elderly loved one knows that not all emails and messages are reliable, even if it looks like it. If they’re using the name of someone you know, always check with that person to make sure. If they’re using the name of a retail store, financial institution or other business, you can call that place and see if the message you received is really from them. 

If you’re making online purchases, use your credit card. 

Credit cards tend to be much safer than debit cards when you’re making purchases online because there’s better fraud protection. Encourage them to keep a close eye on their banking activity as well, especially if they aren’t alerted when purchases are made. Check with their financial institution to see if you can set up bank alerts so they’re notified whenever a purchase is made. This will give both you and your elderly loved one peace of mind. 

Keep your software updated. 

Not everyone understands the purpose or importance of keeping your software up to date, but cybersecurity is a big reason. These updates often include critical patches to security holes along with enhanced features. 

Shop on reliable websites that you know are real. 

There are countless websites out there, many of which are designed to scam you and take your money without sending you an actual product. It can be tricky to figure out which websites are real and reliable and which ones aren’t. Teach your loved one that the best choice is to only make purchases from websites that you know are real, have purchased from before or know someone who has purchased from them successfully. 

When it comes to cybersecurity, it’s always better to be safe than sorry. 

At the end of the day, it’s always better to take the safe route when it comes to cybersecurity. Continue to remind your aging loved one that it’s better to skip out on a supposed “great deal” than have your card information compromised by a website that is unfamiliar. Play it safe, delete unknown emails, avoid clicking on links from unknown senders, be careful what you download and always safeguard your financial information. 

These are reminders that should continue to be mentioned to your elderly loved ones as time goes on. Cybersecurity is extremely important, so we hope this helps you and the people you care about the most! 

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender