Author Archives: PBTC Blogger

10 Steps to Keep Your Identity Secure

Cyber Security

It may seem like protecting your personal information is just one more thing to add to the to-do list, but being proactive now could save you a mountain of work later. At Peoples Bank & Trust, we believe your identity is the most precious thing you have. To help you keep it safe we offer the following steps to help you keep it as secure as possible.

 

  1. Check your credit score. By looking at your personal credit report each and every month, you can catch any potential errors as soon as they occur instead of months or years later.
  2. Never give out personal details. Phishing scams can come by phone or by email. Always be sure to use your designated contact at a company and never give out information to someone you don’t know.
  3. Use software like Lifelock for extra support. Lifelock and other similar companies offer a valuable safety net when it comes to your individual identity. Their services can help to supplement the efforts you complete on a monthly or annual basis.
  4. Keep all sensitive or personal information secure in a safety deposit box. Items such as birth certificates, social security cards, and other valuable documentation can be secured in one of our insured safety deposit boxes. At an affordable annual rate, you can be sure all of your documents are always locked and stored away.
  5. If you’re unsure about a phone call, always check its source. If you receive a call and are unsure of the intentions of the caller, we suggest checking the source of the call through White Page’s reverse number
  6. Be on the lookout for tempting clickbait. As you browse across the internet be wary of clickable links that share controversial titles on the side or bottom of the page. These can lead to spam sites which could harm your computer and/or your personal information.
  7. Remember not to click on attachments from senders you don’t know. When you’re viewing your email, be wary of senders you don’t recognize. If the sender doesn’t appear to be a person or brand you know, avoid clicking on any attached links as they may attempt to hack or spam your device.
  8. Use different passwords for different accounts. There are numerous great services like Last Pass which can help you maintain different passwords and usernames for each of your various accounts. This ensures that should one become compromised, hackers are unable to access any other information through like logins.
  9. Always use upper and lowercase letters, symbols, and numbers when creating passwords. As you’re creating new passwords and accounts, remember to make your logins as secure as possible to avoid becoming an easy target for potential hackers.
  10. Steer clear of public wifi. While public wifi can sometimes be a blessing for the traveling business person, it can also pose a dangerous opportunity for nearby cyber criminals. Unless you gain the wifi password from an employee of the business, never assume signage or non-password protected portals are safe connections.

 

At Peoples Bank & Trust we hope you and your information stay safe. If you ever want to enhance your cyber security or identity theft protection, stop in and speak to one of our personal bankers. We offer services such as safety deposit boxes to help keep your important documents secure, and our team is always available to help if you find yourself facing fraudulent activity online.

The Argument for a Monthly Money Meeting

Personal Finance

Whether you’re recently married, or you’re approaching your 30th anniversary, you know that money can be a topic of controversy among couples and families. Even in the most perfect relationships hardships happen, and decisions have to be made. At Peoples Bank & Trust, we think there is a helpful and long-term tool that can help you have less conflict and more compromises while contemplating both goals and solutions. The answer is relatively simple, talk it out, however, the complicated part is how.

The first thing you need for a successful money discussion is an agreement between all persons to refrain from defensiveness and accusation. With this mindset, you can openly consider both positives and negatives of past and future financial decisions. Each month set a time where you and your spouse or family can get together and determine your current financial landscape. Discuss the highs as well as the lows, and gain perspective from each individual on where they feel the money is best spent or saved. Once the past month is discussed, start making a list of any suggested changes for the upcoming month.

The list should detail any adjustments that are going to be made, and the desired outcome they hope to generate. The meeting participants can then choose which, if any, changes are warranted and should be enacted.

This meeting not only keeps a continuous dialogue with you and your spouse or family but also allows you to have a fresh look at your finances every month, ensuring all bills and saving initiatives have been completed before the meeting takes place.

Other great tips we suggest to continue improving your money management:

  • Calculate your net worth every six months. This will help you with the large scale view of your family’s financial well-being and see where you can find additional ways to continue to grow.
  • Set new goals when you surpass the old ones. The worst thing you can do for your finances is to do nothing. If you knock your latest goal out of the park, Peoples Bank & Trust challenges you to make an even more challenging goal and find a way to make it happen.
  • For spouses, have joint and individual accounts. By structuring your finances together and apart you can ensure your joint account holds all the necessary funds for any household expenses, while each person’s private account can be used at their own discretion.
  • Designate a bill payer. Determine who in your house will be in charge of paying the monthly invoices and balancing the checking account throughout. By allowing one person to be responsible for this task you can ensure bill are not able to be missed due to misinterpreted communication.

Water Your Lawn & Your Wallet Too

Savings

If you’d like to grow your landscape and your finances this season, Peoples Bank & Trust has the perfect tips for you! To jumpstart this warmer weather, we’re excited to share our top tips and tricks to maintaining a healthy lawn and garden without digging too deep into your budget:

Seed your lawn early on. Get the growing season started right, and give your landscape some food to help it grow. By not only seeding your grass, but adding fertilizer as well, you can help ensure that your roots grow strong and healthy to fight off intermittent weather changes and pesky pets.

Automate your watering routine.  Keep your landscape looking green by maintaining a daily watering routine without all the fuss of hoses and watering cans. By setting up an automated system, you can make certain you’re not wasting water, while also saving additional funds from no longer needing to replace malnourished plants.

Utilize alternative landscaping options. Reduce your overall recurring costs by taking advantage of helpful products such as landscape fabric, river rock, and various xeriscaping plants. By using these tools to grow foliage other than grass you can cut down on your time and expenses associated with mowing and upkeep.

Other Outdoor Savings Tips: While the above tips can aid you in keeping a green and healthy landscape, saving money isn’t  about maintenance only. To help continue your savings in other areas of lawn care, we wanted to share some further tricks in how to reduce other outdoor expenditures associated with your growing landscape.

  • Choose colorful perennials over less-timely annuals when planting flowers. While annuals can have prominent blooms that catch your eye, these flora varieties will need to be re-planted every year. Avoid paying for new seedlings each spring by utilizing returning perennials plants instead. These recurring blooms will hibernate underground each winter, and emerge where they were originally planted year after year.
  • Plant prosperous fruit trees for added shade and earning through plant production. By providing an escape from heated sunlight, shade producing trees can help decrease the cost of your home’s monthly cooling bill. If you choose a tree that also produces fruit you can typically accumulate $200 or more worth of produce that you have the potential to sell as well.

Make the most of this planting season, and create a garden that will give you both joy and savings. We can’t wait to see what you and your family create, be sure to post photos of your outdoor creations on our Facebook page. We’d love to see what ideas and hacks you use!

How to Save $1,000,000 for Retirement

Retirement

Retirement, 401(k), stocks and bonds, the subject matter of saving for the long term isn’t often as appealing as saving for the short term. Perhaps that’s why nearly three-quarters of Americans are underestimating how much they’ll need for retirement. The United States is on the brink, if not already in, a retirement crisis. However, at Peoples Bank & Trust we believe retirement saving can still be easily accomplished, there are just a few steps to get started:

 

  1. The first thing you’ll need to do is determine when and how you want to retire. There are an endless variety of retirement lifestyles, each of which entails a different budget and distribution structures. Some popular options include traveling by RV, retiring in a new location, downsizing your home in the same area, pursuing a new business or passion,  and of course maintaining your current lifestyle without the need for work. By choosing your lifestyle goal we can begin to structure your savings plan around what you hope to achieve.
  2. Once you know what you want, start saving ASAP. As the old adage goes, “Slow and steady wins the race.” This is phrase is the epitome of retirement. If you save less but start earlier you will consistently save more than if you deposited higher amounts later in life. We recommend utilizing any 401(k) or retirement savings plans your employer offers. If you are self-employed or don’t have access to retirement benefits, an IRA is a great self-funded option to help you save and take advantage of valuable tax incentives.
  3. Create a goal for how much you need to save. Financial Mentor offers great calculators to help you plan your path to retirement.  They can help you determine your strategy to become a millionaire or show you how much you may need beyond $1,000,000. Saving more than one million could be more pertinent than you think. Today’s research indicates that millennials may need to save more than their baby boomer or gen x counterparts.
  4. Add any available surplus funds to your retirement savings. Simple adjustments like changing grocery stores, carpooling, and bringing your lunch to work can save more than you think! If you are able to find some additional ways to save, put those funds to work by contributing to your retirement accounts.
  5. Diversify your retirement savings. Instead of putting all your funds in company stock, corporate shares, or your 401(k), we suggest diversifying your savings options to ensure your risk isn’t higher than you need. Speaking with a professional adviser could help you determine what type of risk you’re comfortable with, and how you would like to your contributions to grow over time.

 

By continuing to save each and every month you can beat the odds and have a fulfilling and successful retirement. The most important thing to do is to start. If you’d like to open a dedicated savings account, IRA, or CD, our dedicated team is here to help. Stop by or drop us a line today to get started today.

Who Says You Can’t Make a Snowball in the Spring

Debt Elimination

While the weather can be as predictable as the Powerball, one thing that you can always count on through the seasons is your ability to snowball anytime you want. However, before you start creating snowmen out of ice shavings, let’s first cover what a snowball is. Typically in financial terms, snowballing is an action in which you structure your debt payment to decrease the overall time and cost associated with any accounts payable you have.

Here’s how it works: To begin a snowball, you first need to know what debt(s) you have on the table. By creating a list of your known debts, and also checking your credit report for any unknown ones as well, you can ensure you have all your bases covered. Then, using that information, prioritize your debts by amount from smallest to largest. Once you have them organized you can begin to set-up or continue minimum payments across all installments.

For the next step, you’ll want to look through your current spending and earning to see if there are ways you can allocate additional funds each month to pay off your debt. Whether it’s an extra $50 or an extra $500, every penny matters!

These additional funds can then be assigned to the debt you indicated at the lowest amount. Each month you’ll have a little extra money to help pay off that expense even sooner. Once the balance reaches zero, the snowball officially begins! Now that you have eliminated one payment, you can utilize all the funds that were going towards that expenditure and push them towards the debt with the next lowest amount.

Continue to do this process until each unwanted debt is paid off. Debts such as your mortgage are a great thing to pay off early, but may not be necessary to include in your debt snowball. Our helpful mortgage lenders can always assist in restructuring your payments if you are truly passionate about eliminating all debt.

If you’re ready to get started, we have some great money savings tips to help you find those extra dollars!

  • Switch to a Discount Grocer: You could reduce your monthly grocery bill by up to half when you shop at a bulk or discount grocer instead of a brand-oriented chain.
  • Bring Your Coffee and Lunch: Both of these items could be costing you more than you think! The typical American lunch runs approximately $12.00 and an average latte could cost you $3.50 a day. By bringing both food and beverages from home you can drastically decrease your monthly expenditure for dining.
  • Take Advantage of Apps: New technology based tools like Mint, Honey, and RetailMeNot, offer continuous and unique ways to save and manage your personal finances. By taking advantage you can not only save on unexpected items but better visualize your budget through tracked spending categories.

At Peoples Bank & Trust we are excited to help you succeed on your journey toward financial success. If you’d like to set-up automatic payments, or monthly transfers, our Online Banking can help! Visit our website to get started today.

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

How to Tell if a Call is a Scam

Cyber Security

Often times, phishing calls can come off as friendly or even helpful, however, in many instances the caller is malicious and intends to compromise your personal information. Peoples Bank & Trust wants to help you avoid situations like these, and offers the following key prompts to help you identify a fraudulent caller. Keep these five points at the top of your mind the next time you’re wary of an unknown caller:

The matter is deemed extremely urgent by the caller. The biggest and clearest red flag is when the individual calling claims that you HAVE to update or adjust something ASAP. The caller will then indicate that they are from an institution you may know, and they need to know your personal information ASAP. DO NOT give out this information. If you think a company you work with may truly need to update an account, call them at the number you have listed and inquire about the presentation the prior caller shared. Nine times out of ten the company will not be aware of any need to update the information and will take note of the fraudulent call being conducted to its customers.

The offer or promotion seems too good to be true. When someone calls claiming that you have won a foreign lottery, been chosen for an all-inclusive cruise, or received some other once-in-a-lifetime opportunity, chances are it’s a scam. On numerous occasions, fraudsters have used this ruse to illicit payment or personal information to “process your winnings.”  Unless you specifically remember entering into a sweepstakes for the prize you are being called about, this call is a scam.

The person calling is asking for personal information.  Not every time will the caller claim you have won a prize. Sometimes it may be as simple as a person posing as a business contact you work with, asking to verify some information. Whether it’s an insurance company, financial institution, or other entity, always ask if you can call the person back, and call them at the number you have in your records. If this number is different from the one which just called, you may have just avoided a scam.

Reverse lookup the phone number. Sometimes there is just something about a call that gives you a gut feeling that it’s not right. In cases like these, we recommend looking up the number on whitepages.com with their reverse lookup feature. This will not only tell you where the call is coming from, but can also alert you if the number has been flagged as a scam.

With these four tactics, Peoples Bank & Trust hopes you and your personal information can stay safe and secure. If you’re looking for more cyber security tips and tricks, be sure to check our blog. We share a new identity theft related topic each and every month.

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

The Latte Factor 101

Money Management

Making your way through the drive thru every morning before 7:30 may give you a refreshing start to your day, but at what cost? The ideology that coffee shops and other retailers capitalize on is the notion that these small expenditures add a little excitement to your day without a hefty bill. However, when you enjoy perks like these on a daily basis, they add up, and quick!

Financial author, David Bach, is the mastermind behind the Latte Factor. This helpful calculator enables shoppers to see not only the cost of an individual purchase but the lost value it could cause for further investment as well.

For example:

If you purchase a $4.45 grande latte from Starbucks every weekday for the next thirty years, the total cost of your daily coffee is $34,786.29. However, if you had put that weekly $22.25 expenditure into an investment with an average earnings rate of eight percent or more, you could have made $109,225.02 in earned interest during that time. This showcases the true cost of a daily latte as the overall product expense ($34,786.29) + the lost interest ($109,225.02) = ($144,011.30)

While less than $5.00 a day may seem like chump change, compounding these expenses on a long-term level can showcase helpful savings opportunities to maximize your retirement savings efforts and limit unnecessary spending.

This equation doesn’t work just for coffee either! If you find yourself splurging for a fast-food lunch break, buying extra sodas at work, or even paying for a magazine you hardly read, you’ll soon find that all of those little expenses can make a big impact.

To help break some common splurging habits Peoples Bank & Trust recommends the following:

  • Before making a purchase, ask yourself, “Should I spend these funds or should I invest them?”
  • Use free services like our Online Banking to visualize your spending and see areas where you can cut excess.
  • Remember the rule of 7. On average, invested funds will double every seven years, without any added contributions.
  • Utilize accounts like IRA, HSA, and 401(k) to maximize the dollars you invest and save.

If you have any questions on how to get started, or want to learn more about how to make your money work for you, we’re are here to help. Just stop by or drop us a line.

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

Why Checking Your Credit Score Matters

Personal Finance

Across television ads, online banners, and even chit-chat among relatives, the phrase, “Check your credit score,” seems to be popping up everywhere. If something so important needs constant reminders, why does it have such a key importance in your personal finances? Well, the truth is that it doesn’t, your financial actions do.

A credit score is comprised of five different components which indicate how you as an individual are perceived in terms of repayment and risk. Individuals who pay their bills on time, have been responsibly utilizing loans and credit cards, and who don’t maintain too much debt typically have a higher score. While the score itself is seen by potential lenders as a positive or a negative, the true meaning it portrays is to showcase whether you as an individual are a promising person to repay any funds you are lent. This score can be changed for the better or the worse depending on the actions you take.

This is why checking the report itself can be beneficial for your personal financial reputation. By reviewing your history on a recurring basis you can quickly identify any mistakes or missed payments that need correcting and do so in a timely manner.

For those who do not check their score scenarios like the following could occur:

Say you accept a job in another town, and after moving, you realize you still need to forward your mail. After a week or two in the new place, you go online and make the switch. However, unbeknownst to you, there was one last utility bill that was mailed to your prior address after you moved away. Weeks go by, even months, only now you’re connected with a new utility company, and you have new bills to pay. Behind the scenes, however, your credit score could be declining, because that one last bill has now been reported to collections. Your credit history will now note that a payment has been missed, and the longer it is missed the more it could damage your credit score.

Situations like this happen to many Americans, and while sometimes they can’t be prevented, the damage they cause can be minimized by checking your credit score on a monthly basis. Instead of allowing a payment like this to retain a balance for over 120 days, you can catch it under 90 and minimize any potential negative effect on your score.

This is just one example in how checking your credit score can impact your financial health for the better. Other benefits include fraud prevention, better financial negotiation, and more accurate personal financial records.

Our team at Peoples Bank & Trust would be happy to walk you through the information from this service and is always available to answer any questions you may have.

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

Why You Shouldn’t Use Your Debit Card Online

Debit Cards

Now that you can pay for a taxi ride through your phone, order household essentials with the click of a button, and easily pay all your bills online, it’s becoming increasingly easy to depend on the internet for your financial transactions. At Peoples Bank & Trust, we want to shed some light on the various myths surrounding the use of debit cards online. With this information you can keep your information safe and secure while utilizing the latest fintech solutions:

Myth #1: It’s best to use your debit card online to pay for things.

Fact: While debit cards certainly have the capability of use for online purchases, other payment options such as credit cards, offer more advanced security safeguards and a decreased liability for the consumer.

We recommend using your debit card for any in-store purchases and utilizing one credit card for any transactions completed through the internet. This method ensures that should an online purchase become compromised, the safety of your savings, checking, and other bank accounts will remain secure while the credit card company eliminates any unwanted purchases within your account.

Myth #2: Wifi networks, like those found in coffee shops and hotel lobbies, are typically safe to use.

Fact: Many times cyber criminals target these hot spots by searching for potential victims to hack into through the use of a false wifi portal.

To avoid this circumstance, we suggest asking an employee of the establishment to verify the wifi network name and the associated password. In addition to this, it is always best to stick to non-personal sites, and avoid credit card and banking logins, while on public wifi.

Myth #3: If my debit card gets compromised, I will automatically get my funds back.

Fact: Because the funds are yours, the bank acts as a third party to help you file reports and maximize your chance of getting those funds back. However, there is no guarantee of recouping that money if you’re past certain timelines.

The sooner you report a card as lost or stolen, the less liable you are for unauthorized transactions. According to the Federal Trade Commission, if you report the card within two days of learning of its theft or loss, you are only liable for up to $50. However, if you wait up to 59 days after your bank statement is sent to you, you could be liable for up to $500. After 60 days, if the card in question has not been reported, you may be liable for the entire missing amount. To prevent this, we recommend reporting any loss or theft of your debit card as quickly as possible to reduce the potential damage to your personal finances.

After clarifying some common myths about debit card safety, we hope you will be inspired to become a safe shopper both online and offline. Whether you’re curious on how to best use your mobile banking or need to report a lost debit card, our dedicated team at Peoples Bank & Trust is always here to help! Drop us a line or stop by today.

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

6 Traits of People with Excellent Credit

Credit Score

Did you know that your credit score is considered when you purchase a car, apply for an apartment, or buy home insurance? To increase your potential for prosperity in these future endeavors, Peoples Bank & Trust would like to share the top traits of consumers with excellent credit, to help inspire you towards success. See if you can work towards these benchmark goals, and push your credit score to the next level:

  1. They are organized. Unlike most Americans, people with excellent credit utilize a monthly budget to help them track and plan their spending for both long-term and short-term goals. Whether it’s a household budget, vacation budget, or wedding budget, keeping your money organized can make a big difference in how you visualize your spending strategies.
  2. They are patient. Instead of purchasing something that catches their eye at the store, those with excellent credit have mastered the skill of waiting. By sleeping on the idea of the purchase, and talking about it with a significant other or friend, they can ensure their money is not wasted on unneeded expenditures. Not only does this help to reduce spending overall, but also ensures that alternative options can be weighed before they reach a decision.
  3. They are efficient. Technology offers a wide array of tools to help users make the most of their finances; our favorite example of this is automation. Those with excellent credit are great utilizers of financial automation to help pay recurring bills, create monthly savings deposits, and assign allowances for their kids. By putting their money on a consistent timeline, they can ensure that all of their financial obligations are completed on-time each and every month.
  4. They are timely. Outside of their scheduled payments, people with excellent credit tend to regularly pay their miscellaneous bills early or on-time. This allows them to be certain their monthly debts are paid before they look to complete any additional transactions. To further ensure they have not missed a payment, these individuals tend to also check their credit score on a monthly basis. Typically, if a payment is missed or there are too many inquiries in too short of a time, this will raise a flag for credit reporting bureaus, causing them to lower the associated credit score. This can serve as the clue for the consumer to see an issue and resolve it before any further damage is done.
  5. They are forward-thinking. People with excellent credit aren’t thinking about the next day, or the next week, they’re thinking about the next 5, 10, or 20 years. Their goal is to have a continuous history of fiscal success, while also building savings for retirement, education, and other milestones throughout life. By preparing for these achievements ahead of time, they can create a fund that covers the entirety of their needs instead of only a portion.
  6. They are goal-oriented. No one ever said money management was fun, but those with outstanding credit know it’s worth it. Whether it’s creating a better life for their kids, reaching their personal dream, or obtaining the capabilities to create a new one, these people create a well-rounded vision of where they want to be, and how long it will take them to arrive.

With these traits, you too can accomplish your financial dreams! Peoples Bank & Trust would love to help you along your fiscal journey. Check our blog throughout the month for helpful and informative tips and tricks to help you continue to succeed in your money management.

 

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender