Monthly Archives: May 2022

finance; savings goals

Tips to Reach Your Savings Goal

Do you have a savings goal you’ve been itching to reach? Here are some savings tips to speed up your process.   

1. Save Don’t Spend   

  • Spending Freeze  

Though it may sound easy to save and not spend, push yourself a little harder and try out a spending freeze. During a spending freeze, you set the duration of time where you do not spend on any outside purchases unless an emergency comes up. Make plans to stay in, cook at home and use what you have. It can be a hard thing to do, especially as things come up. Limiting spending for a couple of days or weeks can result in a good chunk of cash to add to your savings.  

  • Envelope Method  

The envelope method is a way to truly see what you are spending. The envelope method requires you to set aside money-filled envelopes for each category and use solely the cash to pay. When you take money out, you can see how much you have left to spend and when you are out. This trains you to see how much you are reaching for your money envelopes.   

2. Spring Clean Your Home   

  • Sell Some Belongings  

Sometimes selling a few things you are no longer using can add that extra amount you need to boost your savings. Maybe it’s time to sell some clothes, shoes, décor, appliances, electronics, etc. You can make it easy and post online or sell to your circle.   

  • Save On Utilities and Rent   

A roof over our heads can be a huge chunk of our spending. Consider living with a roommate if that works for you at the stage of life you are at. Cut your rent in half and bring in a roommate. If a roommate isn’t the best option for you, consider reducing your utility bill by using less energy.   

Some ideas to use less energy:  

  • Turn off fans when not in the room  
  • Run less laundry and dish loads  
  • Use less water – try out a dry shampoo instead of showering each day   
  • Schedule your thermostat to not run all the time  
  • Use natural lighting during the day  
  • Unplug items from outlets when you’re through using  

3. Do It Yourself Projects   

DIY projects are very budget friendly. To add some extra cash to your savings, consider doing DIY projects rather than buying things new. You also could find a DIY project you are good at and sell it for additional cash.   

4. Incorporate A Side Hustle   

Like the DIY projects to sell, that leads to incorporating a side hustle. A side hustle could be as much or as little as you make it. Here are some short-term side hustle ideas:  

  • Sell DIY projects  
  • Garden help  
  • Babysit  
  • Housesit   
  • Lawn maintenance  
  • Monetize your Amazon storefront  
  • Monetize your socials (ex. LIKETOKNOWIT)  
  • Promote products you love  
  • Edit for a freelancer   
  • Dog sit   
  • Bartend   
  • School pick up  
  • Farmhand   
  • Monetize a YouTube Channel, Instagram, Tik-Tok or Podcast   

5. Adjust Your Budget   

Finally, consider adjusting or reworking your budget and assess your finances. Do your research for ideas of how much you should be spending and how much you truly should be saving. Make sure that you have a deadline in place, so you know how frequently you need to cut spending here and there to meet goals.   

Do you have a savings goal you need to meet? The best answer is to make a change to your spending and start now. Contact Peoples Bank & Trust  to open a savings account today!  

Peoples Bank & Trust Co. 

Member FDIC 

Equal Housing Lender 

NMLS# 407724 

savings; savings in your 20s

Savings Hacks for Your 20s

How you start saving in your 20s is crucial, so do your future self a favor and start now. Here are some hacks to get smart about finances to share with someone you know in their twenties.  

What You Need to Know About Spending  

Your twenties are such a fun stage of life but can be very expensive if you are overspending. It is important to track how much you are spending on needs, expenses and fun. It is important to nail down how much you are spending on eating out, coffees and possibly even alcohol. Should you enjoy all those things, yes absolutely, but you need to account for the extras you are spending your money on, including social spending. 

Hacks to keep in mind to cut unnecessary spending:  

  • Make a grocery list 
  • Meal plan 
  • Eat before going out  
  • Set a certain amount for eating out, coffees, alcohol per month 
  • Budget for home accessories  
  • Budget for money spent on clothing 
  • Schedule plans with friends in advance 

What You Need to Know About Building Credit  

Do not let your twenties ruin your credit score. It is important to build your credit score young so you have a good score when you are looking to make a big purchase later on that maybe you’d need a loan for. Here are some ways to build a good credit score: 

  • Pay your bills on time  
  • Get a credit card for beginners 
  • Minimize how often you use your credit card 
  • Pay off your student loan debt  
  • Check your credit score  
  • Pay your credit card bill on time or possibly early if it’s in your best interest 

What You Need to Know About Student Loans  

College can cost a bit and eat away at your savings in your twenties. When you choose to take out a student loan, have a plan on how you will be paying that back. Here are some hacks to consider if you have a student loan to pay off:  

  • Pick up a part-time job throughout the school to save up to pay them off 
  • Consider asking your part- or full-time employer what they offer for student loan paybacks 
  • Live at home a little longer to add additional funds to your savings 
  • Apply for grants and scholarships throughout college 

What You Need to Know About Savings Goals  

The biggest hack in your 20s to building up savings is to make a budget and challenge yourself to follow it. Your twenties can be a rapidly changing period of your life, so the more frugal and budgeted you can be, the better you’ll feel financially as you age. Stick to what works for you and be realistic. Do not stay in all the time to save – you are allowed to have some fun! 

Reach out to Peoples Bank & Trust today to discuss how you can financially save in your twenties for your future self.  

Peoples Bank & Trust Co. 

Member FDIC 

Equal Housing Lender 

new home; best kept secrets

Best Kept Secrets for Purchasing a Home

Buying a home is a big deal. Here are a few of the best-kept secrets you need to know before buying a house.  

Secret #1 

The first secret for purchasing a home is to scope out the neighborhood you are thinking of buying in and do it a lot. The reason you should do this is to see if it is an enjoyable place to be and that it is a neighborhood you could envision yourself and your family being a part of.  

Driving by at different parts of the day is important to notice any commonalities. Stalking the neighborhood in advance is very important, just think if you moved in and noticed after the fact something in the neighborhood really bugs you. If you have the opportunity, ask those who live in the neighborhood what their thoughts are. Maybe you’ll even get the 411 that another house is for sale soon. All the time you spend driving over to check out the neighborhood will give you a good idea of the drive time when you move to the frequent places you are going to such as work, church or the grocery store.  

Secret #2 

The second secret is to a deep dive into checking into the nitty-gritty of the home. To start, bring along a close friend or family member who is handy and can help give another opinion of what they see or notice that maybe you did not. Sometimes when buying a home, we are blind to small things because we want to love it, so a second or third point of view is always a great idea.  

Consider hiring a house inspector to give you an unbiased report of what is truly under the hood of your potential new home. If there is something that either you, the inspector or your friend notice, that is a good bargaining chip to negotiate on the price.  

Secret #3 

The third secret is to not try and predict the housing market. Waiting on buying with hopes for a better housing market could cost you the house of your dreams. You truly cannot wait if you are ready to purchase and it is one you can afford.  

Secret #4 

The fourth secret is to get approval for a home loan before you do anything. If you are planning on financing your home with a loan, consider getting pre-qualified well in advance. When you are actively ready to start looking and buy, be sure to get pre-approved for a home loan so you can be on the ball if the perfect home comes on the market.  

Secret #5  

The fifth secret is to be incredibly wise well in advance with your money. When preparing to become a homebuyer, it is important to refrain from any large purchases for up to 6 months before buying to show lenders your financial stability. You do not want a larger purchase to affect your credit score when you are close to purchasing a house. This also allows you to save up for when you are ready to buy – maybe you’ve saved up enough to up your bid a bit or purchase some additional furniture or upgrades once you do buy.  

Now that you’ve read about these best-kept secrets, you know you cannot be rushing around for a home loan. There is a ton of time and resources that go into getting approved. Are you looking to buy and need to get pre-qualified or pre-approved? Reach out to Peoples Bank & Trust now to set up an appointment with a mortgage lender.  

Peoples Bank & Trust Co. 

Member FDIC 

Equal Housing Lender 

NMLS# 407724 

money; spring savings

Creative Ways to Save Money this Spring

Conduct A Closet Cleanout  

Spring is a time for cleaning, so why not address your closet? As the warmer weather comes, we are reaching for the sweaters less and less. It’s a great idea to do a deep dive into what you have in your closet so you can get rid of items you’ve not worn in ages as well as find some items you forgot you had. Decrease your urge to purchase new by organizing what you have in a way you can easily see all your options to pick from. You most definitely will come across old favorites you’ll be excited to wear, as well as maybe some items you forgot you purchased and still have the tag on. 

Once you decide what you’ll be keeping and what you’ll be getting rid of, sell some of your clothes. Spring is a great time to either have a garage sale or even sell online with Facebook Marketplace, Postmark, etc. Those old clothes can turn into some extra cash this spring.  

Gain A Green Thumb  

Fresh produce seems to taste the best in the warmer months, but the cost can really add up. Consider planting your own garden this spring to save a little extra. Not only is growing your own produce better for your wallet, but it is great for your health. Gardening can be a fun hobby for you and the kids. If you can devote some time to maintaining a garden, your stomach and budget will thank you.  

Having a garden gives you the freedom to plan your meals around what you have as well as incorporating fresh fruits and veggies into a majority of your meals. As your thumb gets greener, you could consider selling some produce locally as a side hustle. The cost of having your own garden can be very budget-friendly, but it also is a free hobby to enjoy and unwind with after a hard day of work.  

Better Your Budget  

If you want to save a little extra this spring, look through your budget and see what you can cut. Maybe you save a little extra and cancel the TV subscriptions as you will be spending more time outside or cancel the gym membership and get your exercise for free outdoors. Be in control of what you are spending your money on, spring is a great time to cut unnecessary spending so as fun stuff comes up this summer, you have the spare cash.  

The best part about the spring and summer months is that you can do free activities outside rather than going out and spending money on activities all the time. Rather than eating out, consider grilling or cooking outside. This is such a fun activity to do with friends too when planning your next night out. You could try out a spending freeze where you don’t spend for x number of days to save extra to either save for or cover an upcoming expense.  

Enhance Your Energy Efficiency  

One of the biggest ways you can save this spring is to be energy efficient. Cut the cost of some of your bills by using the nice weather to your advantage. Spring is the time of year you can shut off the heat and open the windows. As the weather heats up, be frugal when you’re turning your AC on. 

Keep your house cool by adding window treatments to reduce the amount of heat that gets in. Another way to be more energy efficient is to run your large appliances less. For example, consider only running full loads of dishes or laundry. One tip that many people forget is to shut your fans off when they are not being used. A fan running is not cooling your house, so when you’re done cooling off, shut it off.  

Spring clean your savings with these creative tips. Spring and summer seem to be busy months with a lot of fun stuff to go and do. Start saving a little extra here and there to add an extra chunk to your savings. Save this spring to set yourself up for a financially successful year. The more frugal you can be to cut some costs, the bigger the payoff you will see. 

Peoples Bank & Trust Co. 

Member FDIC 

Equal Housing Lender