Monthly Archives: August 2022

How to Save When Eating Out

How to Save When Eating Out  

Eating out is sometimes more than just giving our body the nutrients it needs, it can be fun, different than the norm, and be a social outing. We all need to eat to live, but for those who live to eat out, here are some tips to lower your bill but still enjoy that meal out here and there.  

Change Your Drink Order 

As much as we all love a good fountain soda here and there, the extra money spent on coffees, tea, and soda adds up. Most of the time, water is free so if your goal is to save extra, try out water instead. A tip is to carry a water enhancer with you to add flavor or to order your water with a lemon for a citrus flavor. We all love a good cup of coffee or tea but remember you are there for the food. Specialty coffees over time add up to be just as much as a light meal.  

Lunch Over Supper  

This is probably a given, but we all know restaurants that have both a lunch and supper menu. Supper tends to be a much larger and more pricey meal. Lunch tends to be a lot cheaper, and you also get some extras like soup or a salad to fill you up.  

Opt for an Appetizer and Share  

If you are ordering off the main menu, scratch the appetizer for additional savings. If you are looking to save, sometimes splitting one or two appetizers with your lunch date can be more cost-effective than the main dish. Also peek at the side options, if you are looking for something light opt for a few sides for a low bill.  

Go Out During the Week Over the Weekend 

Restaurants tend to have some deals or specials they run during the week rather than on the weekend when more people tend to eat out. Earlier in the week may be your best bet for a steal as most places are looking to fill their booths. Some even have nights where the kids eat free.  

Go During Happy Hour 

Happy hour is a lot of fun and can be the best time to catch a bite or meet up with a friend and get the biggest bang for your buck. Many restaurants will have their happy hour menu set on their website. Whether you eat some appetizers (a great option for a large group) during happy hour to get your fix or start with something light to hold you over, try out a happy hour instead of going during mealtime.  

Prioritize Your Meal Plans 

If you are someone who enjoys eating out, it can be very hard to avoid it at all costs. Most people tend to really enjoy it here and there. The better you can make plans in advance and do your research, the more you will save on those one-off meals when you are truly in a rush.  

Summer is right around the corner, and we tend to get busier and busier with activities and often take the easy way out for meals. Save a little extra this summer and put some thought into your eating-out routine. Try out these seven tips and tricks to avoid blowing your budget on food this summer! 

Peoples Bank & Trust Co. 

Member FDIC 

Equal Housing Lender 

How to Teach a Teen to Save

How to Teach a Teen to Save 

Teaching a teen to save can sometimes be a struggle as they do not necessarily understand the benefit. Whether your teen is years away from getting a job or heading off to college, teaching them the benefit of saving now and how to effectively do so will hopefully help them avoid learning tough lessons later in life. Enjoy these tips on how to effectively teach a teen to save!  

Make Saving an Expectation 

Learning about saving is one thing, but implementing it as soon as possible is the key to their financial success and habits moving forward. If your child is under 18 and living under your roof, you still make the rules and have the opportunity to show them good savings skills.  

Your child may be very involved in schooling or extra-curricular, so having much of an income could be a struggle. Creating your own saving rules to give them an opportunity to choose how they spend and save their money is great practice. Some parents have found success making a rule that a percentage of their earned income (chores, gifts, etc.) go into their savings that they do not touch.  

Incentivize Your Kids to Save 

We all feel more open to meeting a goal when there is an incentive involved, and this can be a great tool to use as building their savings is a reward in itself. As you create and implement your savings rules, consider what you are willing to do to incentivize them to stay on track. Here are some incentive ideas:  

  • Match what they save each month. 
  • Match a percentage of what they save each month. 
  • Track their savings over time and match when they hit a goal.  
  • Give them chores to earn more to save.  

Introduce a Budget  

Teens can often have a lot of wants and feel restrained as they do not have much of their own to spend. This is a great opportunity to allow them to earn their wants but also prioritize their savings. Introduce a budget and give them a chance to be in control of their spending. This allows them to allocate what they feel is reasonable to spend on wants, but also see that if they spend it all they have nothing to set aside to save.  

Push them to track their weekly spending. If your child earns an allowance or money through household chores – this is not all for wants to encourage them to determine their budget based on income, expenses, and what they allocate to save. They will also learn to budget for the fun stuff or wants they have coming up, rather than spending it all at that time.  

Push Your Teen to Earn Their Spending Money  

We all can agree that kids most definitely cost us money, but you are in control of how easy it is for them to obtain it from you. Incorporate ways for them to earn money to spend. When teens are given money freely, they often do not see the benefit of saving in the short and long term. As they begin to save and earn their spending money, they will see the reward when things come up they want in the future and will feel much more in control.  

Let Them See Your Saving Habits  

Your kids tend to learn habits from their parents as they grow up, so it is important for them to see your savings habits. Sometimes it is beneficial for them to see how you save with real-life examples, whether that be from your budget, retirement account, savings, etc.  

Get your teen excited about saving with these helpful tips! Peoples Bank & Trust is here to help you throughout this process to get them the checking or savings account they need to be successful. Start teaching your teen the benefits of saving today so they make it a priority throughout their own lives.  

Peoples Bank & Trust Co. 

Member FDIC 

Equal Housing Lender 

What is a Zero Based Budget

What Is A Zero-Based Budget?  

Summer can bring fun and spendy opportunities. Whether you need additional savings or a good challenge to get your budget back in check, it may be time to push yourself with a zero-based budget. What is a zero-based budget? If you need a good budgeting hack, check out this blog for all you need to know about a zero-based budget and how to get it going for you.  

What is Zero-Based Budgeting?  

The name is very fitting for a zero-based budget as it is as simple as your income minus your expenses equal zero. Easy as that! The takeaway of a zero-based budget is to teach you that every dollar has its purpose and is accounted for. A zero-based budget is a great challenge for someone who mindlessly spends on wants here and there. This is a great way to notice the amount you spend on coffees or extra meals out.  

Why You Should Try a Zero-Based Budget  

There are many wonderful benefits to a zero-based budget. Compared to other budgeting methods, a zero-based budget is one of the most customizable. Some people do not have a set income, preference to put towards their savings, or idea of month-to-month expenses. A zero-based budget allows you to have a preference to customize each month how you would like, but still allows you a simple structure to follow. Every dollar is working for you, and it forces you to see it like that instead of looking at it as here and there expenses on unnecessary items.  

How to Create Your Zero-Based Budget 

Check out the step-by-step guide below to create your zero-based budget.  

1. List out your monthly income – any money you bring in during the month would be added to the income list to get your total.  

2. List out your expenses – any expense you incur during the month will be added to your list of expenses. Expenses will include set expenses, what you are setting aside for your savings, essentials, any extras you spend money on during that month, and any month-specific holidays or activities. It is also a safe idea to create a miscellaneous category as you get started for unexpected problems.  

3. Subtract your total expenses from your total income to reach zero – you may not get it totally correct the first time. If you have leftover money, put it to work! Whether you put more into your savings or more towards any debt, that is absolutely great. 

There are wonderful benefits to incorporating a budgeting method to follow. A zero-based budget forces you to put every dollar to work. This is great for someone who has variable expenses and irregular income. This could be a great budget method for someone who is in school, a freelancer, someone with many jobs or an extra side hustle. Give a zero-based budget a shot this summer to get your budget in check! 

Peoples Bank & Trust Co. 

Member FDIC 

Equal Housing Lender 

Most Common Money Mistakes to Avoid This Summer

Most Common Money Mistakes to Avoid This Summer  

We all tend to want to relax, let loose, and have a little extra fun in the summer months. Don’t let that summer fun lead to overspending or big money mistakes. Maintain your budget by reading up on the 12 most common money mistakes to avoid this summer.  

1. Not Setting Your Summer Budget 

A huge mistake we all tend to make during the summertime is not adequately planning out activities – especially the pricey ones and setting an accurate budget for them. Overspending on activities is a huge factor that may take you over budget. We know fun tends to happen out of the blue in the summer, so be prepared for that and do as much planning prior.  

2. Not Budgeting for Gifts  

Summer is the prime time for celebrations such as reunions, weddings, graduations, etc. You’ll thank yourself later if you start budgeting for those gifts now rather than later. Keep your celebration expenditures within your budget.  

3. Keeping Your Home Too Cool 

Your air conditioner is probably the most expensive item on your energy bill. When you are gone or the weather is cool, don’t run it! Saving energy here and there will help lower the bill for some additional savings and keep you from a hefty bill.  

4. Keeping the Blinds Open During the Daytime 

We all love the summer sunshine, but during the summer it’s worth it to keep those blinds closed. If you are running your AC and have your blinds open during the day, you are heating your house up and your bill is likely to soar.  

5. Spending Too Much on Summer Activities for the Kids 

Whether it be for a babysitter or day-to-day activities, map out your plan for summer. All parents want to keep the kids occupied and allow them to have tons of fun this summer. Map out your plan for childcare and make sure it meshes well with activities for them, so you aren’t paying for both every day. Look into day camps or babysitters that also help with your kid’s friends, that way you can get the biggest bang for your buck. 

6. Buying Out-of-Season Produce 

We all tend to want fresh produce during the summer as it is refreshing and a great treat. Make sure you check the prices, especially on out-of-season produce to avoid overspending on produce that may not be the best. Check out the farmers’ market to grab produce for less. 

7. Choosing Vacation Over Staycation 

A vacation may be a huge chunk of your summer budget and it may take even more if you haven’t booked the details yet. Rather than rushing to plan, push for a staycation to take a break but vacation close to home.  

8. Not Waiting for End-of-Season Sales  

Summer purchases in season can be spendy. Look to purchase towards the end of the season to save hundreds on those big-ticket items when you upgrade the grill, patio furniture, pool accessories, etc.  

9. Not Canceling Subscriptions and Memberships 

Cancel those subscriptions and memberships you can live without during the summer. Get rid of your gym membership and exercise for free outdoors! Challenge yourself to go a few months without streaming subscriptions or narrow down to keeping just one.  

10. Not Taking Advantage of Lower-Priced Activities 

There is a lot going on in the summer, so before you spend your summer savings on activities, do your research for lower-priced or free activities to enjoy and layer those with outdoor activities. Take advantage of outdoor carnivals, festivals, water activities, sports, parks, and recreational activities.  

11. Overspending Too Much on Summer Fun 

For some activities, rather than purchasing a day ticket, you can get a summer membership or a month-long membership to enjoy the fun longer and get some sort of deal. Take advantage of these opportunities that have a set cost to budget for. 

12. Not Making a Meal Plan  

Meal planning is huge in the summertime. Go to the store with a list and meal options in mind to work seamlessly with the week you have ahead. It is great to plan for snacks on the go as well to avoid mindlessly spending money on food out.  

Take some time to plan out your summer expectations, events, and budget to save yourself from making one of these money mistakes. Make your summer fun and financially efficient with these tips! 

Peoples Bank & Trust Co. 

Member FDIC 

Equal Housing Lender