Monthly Archives: April 2022

Spring Cleaning; Budgeting

Spring Clean Your Budget 

Spring is here and that means we’ve got some spring cleaning to do! This year, you’ll want to be sure to add ‘budget’ to your to-do list. Spend some time doing a deep dive into your finances and budget plan to boost determination for the rest of the year. Give yourself a budget refresh with these 4 tips.   

1. Review and Refresh  

Reviewing and refreshing your budget is something that should be done periodically. Life changes, there are new expenses, or in general, new goals that need adjusting. It is ok to change your budget if it accurately reflects where you currently are in life, and it aligns with your savings goal. Whether you have moved, made a big purchase or have room to allocate more to your savings, be sure your budget is refreshed to reflect new changes.  

2. Rebuild Your Savings  

There is always a time of rebuilding – whether it is after purchasing a new home or welcoming a new member into your family, think about what needs to be adjusted to rebuild your savings. Another thing to keep in mind is your emergency fund. As you rebuild your savings for new financial goals, be sure to plan for the unplanned. Delegate a percentage of your income or side hustle to build strong savings for the future and unforeseen circumstances.   

3. Track Your Spending   

Do you track your spending? Tracking your day-to-day spending is a great way to address any trends that may need to be reviewed in your budget plan. Tracking your purchases gives you the opportunity to see where you are at within your budget day-to-day or weekly to ensure you’re on track. Make it a point to schedule a monthly budget meeting with yourself. It is important to look ahead and try to forecast month-specific expenses coming up.   

4. Align Your Money Goals   

Lastly, be sure to give yourself credit for reaching weekly and monthly goals. It won’t always be perfect – overspending happens and life constantly changes, but you can always give yourself grace and have the self-awareness to address concerns. Be realistic with your lifestyle to align your progress in the right direction. Treating yourself occasionally is a great incentive to drive determination for long-term success.   

As you spring clean your budget to perfection, do not hesitate to reach out to Peoples Bank & Trust to set up a savings account or to discuss how we could assist you in reaching your financial goals today! In a world full of unknowns, you have the power to be self-aware of your budget and how you can adequately save for success.  

Peoples Bank & Trust Co. 

Member FDIC 

Equal Housing Lender 

Kids On Tablet; Cybersecurity

Cybersecurity Tips Every Parent Should Know 

Today’s generation of kids knows how to operate a device before they learn their ABCs. The internet has become inevitable. Parents, exercise the 3 P’s below to ensure online protection for your family.  

1. Practice Safe Online Habits  

When it comes to practicing safe habits online, it tends to be easier for parents if their children can understand why we implement online safety practices. Having these conversations can be hard, however more times than not, the child will understand why we utilize these essential cyber skills. Start with explaining basic rules such as posting photos – we truly do not know who is seeing what we are doing and where we are, that is why we only send photos to people we know directly.   

Another basic rule to practice as a parent is the idea of ‘clicking with caution.’ Phishing is very dangerous and only takes one click for malicious software to get on any device. Checking over spelling and links prior to clicking is a safe practice to hopefully diminish phishing. It is very important to keep a clean, updated and backed-up device to defend against potential viruses.   

2. Protect Your Identity  

Protect your family by utilizing privacy settings to secure personal information. The key to privacy is being very minimal with what you share online as well as cleaning up old profiles. Old and unused apps should be checked and deleted frequently. Apps that allow for messaging should be kept private to eliminate people they do not know adding or writing them.   

Safe online practices should be talked about and consistently monitored. Engaging in these conversations with your family on cybersecurity should be specific, so they can understand exactly why we practice safe online habits and so you can learn together. Kids today face more online risks that need parental guidance. Implementing age ratings and built-in controls can control and limit access to inappropriate content. Having these rules in place and under a watchful eye can help children stray away from bad practices.   

  • Incorporate a device docking station in a common space at night.  
  • Keep devices in common spaces for usage under supervision.   
  • Control their screen time and ability to log in.   

3. Password Persistence  

Teach and practice safe password protection for all mobile devices and online profiles. Strong passwords should never be shared or reused. You really should not even be reusing passwords amongst accounts – if a hacker can get into one, they can then get into all. When creating a strong password, the best tips are:  

  • Make it unique and not personal to you or your family.   
  • Do not use your name, family name, identifying number or birth date.  
  • The longer the password, the better. Utilize both uppercase and lowercase letters, as well as numbers and symbols.   
  • Do not reuse previous passwords or something too similar. You should be changing your passwords often.   
  • Pick a password you can remember and not have to write down/have on your phone.   

Parents, it is up to you to enforce safe online habits to ensure effective cybersecurity for your kids. Having those conversations on cybersecurity, as well as creating boundaries and rules will keep your kids much more aware. The more time you spend online, the more likely you are to deal with cybersecurity threats. The hackers and scammers target young children because they often lack experience and knowledge, but not yours. Educate your kids on cybersecurity training today!   

Peoples Bank & Trust Co. 

Member FDIC 

Equal Housing Lender 

Gardening; Home Improvements

Spring Improvements to Increase Your Home’s Resale Value  

Thinking of selling your home shortly? We’re here to share some easy springtime renovations to provide you with the greatest return on your investment. Spring cleaning is lots of fun, but a spring renovation, that’s what will give you the biggest bang for your buck!  

Replace the garage door.  

Replacing the garage door not only contributes to fantastic curb appeal, but the functionality will grab the attention of potential buyers when you upgrade to a more modern door with windows and smart control features.  

Install a kitchen backsplash.  

Kitchen remodels make a huge impact on the resale value of a home. Doing small weekend projects such as replacing or adding a backsplash can do absolute wonders and make a dramatic difference in your kitchen design! Make it as easy as laying tile one day and grouting the other for a quick home improvement.  

Update the popcorn ceilings.   

Yes, it is time to update those outdated popcorn ceilings. It is a fairly simple process you can do on your own with a few products from the supply store. This is such an easy and affordable way to spruce up your home with minimal cost and effort.   

Re-roof your house.   

The exterior of your home is the first thing a buyer will notice. Make the best first impression by addressing your current roof. You do not always have to completely re-roof your home and we understand this is more costly. There are options to replace shingles, partially replace or roof over. If you think your current roof will be a topic of discussion when listing your home, add this tip to the top of the list! If the roof is in bad shape, certain loans may require it to be replaced before the final sale could take place.  

Address the hardware and fixtures.   

What seems like a small, nitpicky detail can make the biggest impression on your buyers. Contemporize your outdated hardware and light fixtures to give a more stylish and fresh appearance.   

Stay neutral.  

Finally, when making home improvements – remember to stay neutral. Whether you change the color of your siding, cabinets or walls, you can appeal to a larger number of buyers by keeping simplicity throughout. Neutral tones make it easier for potential buyers to envision what they could do with the space and make it easy for them to paint over if need be.   

We believe these top tips will advance your home’s resale and help your budget. If you’re looking for a place to put your savings for your new home, we’re here to help. We also have all the home loan options you’ve been searching for and are happy to talk to you about the next steps.  

Peoples Bank & Trust Co. 

Member FDIC 

Equal Housing Lender 

NMLS #407724 

Home Sweet Home

6 Reasons Why You’re Ready for Home Ownership 

Questioning if you are prepared to become a homeowner? Here are six helpful tips to break down buying a home and what you need to be prepared for. Purchasing a home can be a stressful process. Let these recommendations set you up financially and emotionally when you are ready to pull the trigger on buying.   

1. Be Mentally and Financially Ready  

Maybe you have reached your savings goal or have gotten out of debt. Knowing you are ready and what you want is probably one of the most important pieces of the house buying process. Buying a home is a big investment, so be sure you’re in a financial situation ready to pay for the house itself, property taxes, homeowners insurance, along with the furnishings and upkeep of your home.   

2. Check Your Credit  

Another big part of being ready for homeownership is making sure you have a good credit score. Your credit score will help determine the loan you can qualify for during this process. If you can qualify for a better interest rate, that will help lower what you are paying monthly towards your mortgage.   

3. Have a Steady Income  

Being sure you have a steady income is highly important when wanting to buy a home. Down payments can be a good chunk of money. You will want to be sure your income and savings will allow you to put down a very healthy payment. Mortgage lenders will check your income along with your credit score, as they both show your ability to repay. Purchasing a home is a very big financial and emotional decision, so being sure financially you’re in a good place can help give you peace of mind on the emotional side. It is important to think through your 5 or even 10-year personal and professional goals before buying. You’ll want to think about family, relocating for work and where you truly want to be at that stage of your life.   

4. Build Healthy Savings and an Emergency Fund  

There is a lot to think about when purchasing a home, but hopefully this helpful tip you have already been working on! It is especially important, regardless of whether you are buying a home, to be working towards healthy savings and an emergency fund. Why do you need strong savings and an emergency fund when buying a house? Along with the house itself, there can be many expenses and often unpredictable circumstances. Having some additional savings can ensure your comfort when moving as expenses arise. Setting aside money to build healthy savings will be great backing as you adjust your budget and incur monthly house payments.   

5. How Much House Can You Afford?   

How do you know what you can afford? There are several methods for calculating what you can afford, as well as several factors to address. You can utilize online down payment calculators to give you a better idea of what to expect.   

Down Payment Calculator: Calculate Your Down Payment https://bit.ly/3I0xCHM   

Refer to your budget to analyze your gross monthly income as well as annual. After you can nail down what you are bringing in, look at your set expenses. Another expense to account for is your state property taxes. Many lenders will utilize the 28/36 rule to determine their ability to afford a house. Money.com shares the 28/36 rule suggests your housing expenses should be no more than 28% of your total pre-tax income. Your total debt should not exceed 36% of your pre-tax income.  

6. Align with Your Personal and Home Goals   

Once you have learned about your home affordability, be sure making the move aligns with what you want. Buying a home is a big deal and can take up a good chunk of your budget. If it is more important to you to have the extras over a home, consider crunching the numbers to see what life would look like moving forward. In reality, when purchasing a home, you may have to push back that vehicle upgrade or vacation. Those are all good things to think about when aligning your personal goals with your home goals. It is critical to acknowledge the future and factor in your goals.   

The process of deciding to buy a home can be a lot to think about. Share these helpful tips with a friend, colleague or family member who is debating homeownership. Reach out to Peoples Bank & Trust today to discuss a mortgage on your new home! We would be happy to help you through this exciting process of becoming a homeowner.  

Peoples Bank & Trust Co. 

Member FDIC 

Equal Housing Lender 

NMLS #407724