Monthly Archives: December 2024

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2025 New Year’s Financial Resolutions: Setting & Achieving Your Financial Goals

The new year is right around the corner, and it’s the perfect time to take the opportunity to reflect on our financial well-being and set new goals for the year ahead. This guide will cover the importance of doing this, provide tips on how to set achievable objectives, and look at how to stay on track throughout the year.

Why Set Financial Resolutions?

Setting financial resolutions can have a significant impact on your overall well-being. By achieving your financial goals, you can:

  • Reduce Stress and Anxiety: Living paycheck to paycheck or carrying high levels of debt can be overwhelming. By setting financial goals, you can take control of your finances and reduce stress.
  • Improve Your Credit Score: By paying bills on time and reducing debt, you can improve your credit score, making it easier to secure loans and credit in the future.
  • Build Wealth: By saving and investing, you can build wealth over time, providing a safety net for the future.
  • Achieve Long-term Goals: Whether it’s buying a home, retiring comfortably, or funding your children’s education, setting financial goals can help you achieve your long-term objectives.

Setting Achievable Financial SMART Goals

So, how do you set financial goals that you can actually achieve? Here are some tips to get you started:

  • Make Your Goals Specific: Instead of setting vague goals like “save more money,” try setting specific goals like “save $1,000 by the end of the year.”
  • Make Your Goals Measurable: Set goals that can be measured, such as “reduce debt by 50% within the next 6 months.”
  • Make Your Goals Achievable: Set goals that are challenging but achievable. Don’t set yourself up for failure by setting unrealistic goals.
  • Make Your Goals Relevant: Set goals that align with your values and priorities, such as “save money for new tires.”
  • Make Your Goals Time-Bound: Set deadlines for achieving your goals, such as “pay off credit card debt within the next 12 months.”

Staying on Track: Tips and Strategies

So, you’ve set your financial goals – now how do you stay on track? Here are some tips and strategies to help you achieve your objectives:

  • Create a Budget: Track your income and expenses to ensure you’re staying on track. For example, spend less than you earn.
  • Automate Your Savings: Set up automatic transfers from your checking account to your savings, investment accounts, or emergency fund. For example, $20 every week equals $1,040 at the year’s end.
  • Monitor Your Progress: Regularly review your progress towards your goals, making adjustments as needed.
  • Avoid Impulse Purchases: Create a 30-day waiting period for non-essential purchases to avoid making impulse buys.
  • Seek Support: Share your goals with a trusted friend or family member and ask them to hold you accountable.

Take the First Step with Peoples Bank & Trust

Setting and achieving financial resolutions can significantly impact your life. By establishing specific, measurable, achievable, relevant, and time-bound goals, you can take control of your finances and build a brighter future.

If saving is a key part of your 2025 resolutions, consider CDs as a secure way to grow your money while limiting access. If buying a home is on your 2025 vision board, explore the variety of mortgage options available to you.

Don’t hesitate to reach out with any questions! We’re here to help you every step of the way.

Click here to contact us today.

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Winter Home Maintenance Tips for a Cozy, Worry-Free, and Energy-Efficient Season

As temperatures drop and the first official day of winter approaches, it’s essential to prepare and maintain your home to ensure a safe and energy-efficient season. At Peoples Bank & Trust, we understand the importance of protecting your home and saving on energy costs. Here are some winter home maintenance tips to help you do just that.

Prepare Your Home’s Exterior

Before the harsh winter weather sets in, make sure to:

  1. Clean and inspect your gutters and downspouts to ensure proper water flow. Clogged gutters can lead to ice dams, causing water damage to your home.
  2. Trim tree branches and shrubs to prevent damage from snow and ice.
  3. Seal any gaps or cracks in your home’s exterior, including windows and doors.
  4. Install storm windows or replace old windows with energy-efficient ones.
  5. Test your sump pump to ensure it works correctly. A functioning sump pump can prevent basement flooding during winter thaws.

Insulate and Seal Your Home’s Interior

To keep the warm air in and the cold air out, make sure to:

  1. Insulate your attic, walls, and floors to prevent heat loss.
  2. Seal any gaps or cracks around windows, doors, and electrical outlets.
  3. Install weatherstripping around doors and windows to prevent air leaks.
  4. Use area rugs and curtains to add an extra layer of insulation.
  5. Insulate exposed pipes in unheated areas such as basements and garages to prevent them from freezing and bursting.
  6. Use a programmable thermostat to adjust the temperature when you’re not home.

Maintain Your Heating System

To ensure your heating system is running efficiently and safely, make sure to:

  1. Have your heating system serviced by a professional before the winter season, especially if you are a new homeowner.
  2. Change your furnace filter regularly to improve air quality and efficiency.
  3. Consider upgrading to a high-efficiency furnace or heat pump.

Conserve Energy and Lower Your Bills

To keep your energy bills low, make sure to:

  1. Adjust your thermostat to use less energy when you’re not home or sleeping.
  2. Use energy-efficient light bulbs and appliances.
  3. Unplug electronics and appliances when not in use to avoid standby power consumption.
  4. Consider installing solar panels or a programmable thermostat.
  5. Keep curtains and blinds open during the day to let in natural sunlight.

Consider a Home Equity Line of Credit (HELOC)

If you’re looking to make energy-efficient upgrades to your home, consider using a Home Equity Line of Credit (HELOC) from Peoples Bank & Trust. A HELOC allows you to tap into the equity in your home and use the funds to make improvements that can increase your property value and save you money on energy costs. Check out more details here! By following these winter home maintenance tips, you’ll be able to enjoy a cozy and worry-free winter while also protecting your home and saving on energy costs. And, if you’re looking to make energy-efficient upgrades, consider using a HELOC from Peoples Bank & Trust.