Author Archives: PBTC Blogger

moving-boxes

How Much Does Moving Cost?

If one of your to-dos for 2022 is packing up your house and moving, you may be wondering how much that will end up costing you. While the amount varies greatly depending on how far, how much stuff you have and other factors, this blog will help you come up with an idea of what to expect. 

Average Moving Cost 

Local move: $1,250 

Long distance move: $4,890 

Factors Affecting the Cost 

The following factors are unique to your specific moving experience, meaning the price you pay varies: 

1. Fuel 

If you have a long-distance move, gas money is an expense to keep in mind. Not only do you have to drive any vehicles you have to the new home, but you also must pay a per-mile rate if you use a moving truck. 

2. Amount of Items 

The size of your moving truck will affect how much you pay for it, so if you have more things to move it will be more expensive. If you’re hiring a moving service, it’ll also take them longer to move the boxes out if there’s more stuff.  

3. Storage 

Sometimes moving gets a bit complicated and you need to store your belongings in a storage unit for a period of time. Storage rates vary as well depending on the place, how much you have to store and how long you store your items for. 

Cutting Costs 

Now that you know the general costs of moving, it’s time to discuss a few ways you can lower those costs to make your moving experience as cheap as possible: 

1. Reach Out for Help 

Ask your family members and friends to help with packing and moving if possible. There’s a good chance you’ll get plenty of help at no cost! 

2. De-Clutter and Sell Some Items 

One of the best ways to make the moving process both cheaper and easier is to go through your things as you pack and make a pile of items you no longer need. Take this extra stuff to a donation center and you’ll clear up lots of space in the moving truck. 

3. Find Free Moving Supplies 

Rather than going out to buy a bunch of boxes, seek out free supplies from grocery stores, office buildings, schools and other places that may have boxes to get rid of.

Do what you can to be prepared for the moving costs to come as well as to cut costs as much as possible. We wish you the best of luck on your new adventure this year and we hope the moving process goes smoothly! 

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

calculator

Make 2022 Your Best Financial Year Yet

If your new year’s resolution is to take control of your finances, you’re in the right place. We’re here to give you some ideas on how to make 2022 your best financial year yet. All it takes is some time, discipline and lots of motivation! 

Figure out your monthly income. 

The first step is to start from scratch, which means re-evaluating exactly how much money you have coming in each month. If you work a job that has a varying monthly income, estimate it to be on the lower end to be safe. 

Create a list of all monthly expenses. 

Write down every monthly expense you have, first starting with the expenses that are guaranteed such as rent/mortgage, car payments, insurance, etc. Then, estimate what you spend on varying expenses such as gas and food. 

Look back at your payment history. 

Now’s the time to look back at your banking history in previous months and find out what extra things you’ve been spending money on. This step is difficult because you begin to realize just how much you’re spending, but it’s worth it.  

Adjust your budget. 

Once you divide those items into categories, decide how much you want to spend from now on. Using a budgeting app is a great way to break your expenses down into specific categories and keep track of just how much you’re spending. Make it a goal to stick with your budget, tracking all of your expenses if necessary until it’s natural. 

Build up your emergency fund. 

You never know what 2022 is going to throw your way, so adding to your emergency fund is crucial. Set yourself up for a stress-free year by preparing for emergencies and unforeseen payments to come. If you don’t have an emergency fund quite yet, this is the year to start one! 

Do regular budget check-ins and adjust. 

Once you’ve completed the above steps, it’s important that you continue to do regular check-ins to make sure you’re following your budget. With time comes changes to your finances, so adjusting your budget every so often is also important.  

If you want to take your finances seriously this year, this is a great place to start. Once you begin incorporating the basics into your routine, you can start adding things like investments to the list so your finances can continue to grow. Questions? Feel free to contact Peoples Bank & Trust and we’d be happy to help! 

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

IRA

Q&A Regarding IRAs

IRAs can be confusing and even seem unnecessary to talk about for some, especially if retirement still seems lightyears away. Allow us to answer some of the most common questions people have about IRAs:

Q: Am I allowed to contribute to an IRA if I have a retirement plan through work?

A: Yes, as long as you meet the IRA’s eligibility requirements ‐ even if you participate in a 401(k) plan at work.

Q: What is the contribution limit?

A: The contribution limit is annual, so the amount you are allowed to contribute can change from year to year. For 2019, 2020 and 2021 it is $6,000 (or $7,000 if you’re age 50 or older). Your contribution limit might also change based on your income and filing status.

Q: What’s the difference between a Roth IRA and a Traditional IRA?

A: The main difference is that with a Roth IRA you contribute after‐tax dollars, so your money grows tax‐ free. A Traditional IRA, on the other hand, includes contributing pre‐tax dollars so withdrawals are taxed.

Q: How do I know if either a Roth or Traditional IRA is better suited for me?

A: If you expect to be in a higher tax bracket when you start taking withdrawals, a Roth IRA is best. If you expect to be in the same or lower tax bracket when you start taking withdrawals, a Traditional IRA is best. We recommend consulting with your tax advisor to determine which IRA option is the right choice for you.

Q: What are the penalties for withdrawals?

A: In most cases, withdrawing IRA contributions is penalty‐free, but if you withdraw earnings from an IRA, you may owe income tax and a 10% penalty.

Q: What is a spousal IRA?

A: People often wonder what they can do in a situation where there’s a working spouse and a non‐ working spouse. A spousal IRA allows the employed spouse to contribute to an IRA of the non‐working spouse. This can as much as double the family’s retirement savings.

Q: Can I contribute to an IRA if I only work part time?

A: Yes, it doesn’t matter if you’re a teenager working a summer job or have worked your whole life and are officially retired – you can still contribute to an IRA.

Q: What is a Roth conversion?

A: A Roth conversion allows you to withdraw from a 401(k) or a traditional IRA and convert it to a Roth IRA. This is smart for individuals who want their money to grow tax‐free.

We’ve only just scratched the surface of what there is to know about IRAs, but we’re always here to help if you have further questions. Contact us or visit our website to learn more about IRAs and how they can be beneficial to your financial future.

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

Bob Hall

BOB HALL HONORED FOR 48 YEARS OF SERVICE AS MEMBER OF PEOPLES BANK & TRUST CO. BOARD OF DIRECTORS

Bob Hall was honored for his 48 years of service on the Peoples Bank & Trust Co. Board of Directors at the company Christmas party on December 4th. He will be retiring from the Board of Directors at the end of 2021.

Hall joined the board in 1973, and during his tenure oversaw the expansion of Peoples Bank & Trust from Hawk Point into Troy as well as the addition of 10 other branches throughout Lincoln, Pike and St. Charles Counties.

“The total asset size of Peoples Bank & Trust was $10 million when I joined the board and today it is over $700 million,” said Hall. “I am thankful for my time with this great organization, and I look forward to seeing continued success from Peoples Bank.”

In addition to Hall’s service to Peoples Bank & Trust, he also served on the board of Lincoln County Bancorp and was Chairman of the Board of Exchange Bank of Northeast Missouri.

Outside of his role as director, Bob is the President of Hall Enterprises and can be found most days working at Hall Trailer Sales. He’s an active member of the Troy community having held the positions of President for the Kiwanis and Troy Chamber of Commerce as well as a served as an Alderman for the City of Troy and member of the Lincoln County R-3 School Board. Bob is an active member of the Troy Rotary Club and can be heard regularly on the local radio stations announcing the Troy Trojan Basketball games where he has lovingly been given the title of “Mr. Trojan Basketball.”

“Those of us that know Bob personally admire him not only for his business efforts, but also for his personal lifetime values as a devoted family man and member of this community” said Justin St. Pierre, President/CEO of Peoples Bank & Trust. “I wish Bob well and am confident the community will continue to benefit from his valued leadership.”

House

House Hunting? Here’s Our Advice

Maybe you’ve put your house on the market, are ready to move out of your apartment or are just seeing what options are out there. Whatever your reason for house hunting is, we’re here to help make it as stress‐free as possible with some helpful advice.

1. Get Pre-Approved So You Know Your Budget

Before you jump the gun and start falling in love with houses outside of your price range, it’s important to get pre‐approved for a mortgage so you know your budget. This will give you an idea of what a bank is willing to loan you.

2. Make a List of Your Must-Haves

There are some things that are non‐negotiable when it comes to finding the right house. Make a list of things you absolutely need such as a certain number of bedrooms, the size of your yard and the overall condition of the house. Do you want it to be move‐in ready or are you looking for a fixer‐upper? Do you prefer houses that are newer or are you open to older houses as well? These are all good questions to answer before the house hunt begins.

3. Narrow Down the Location & Explore the Area

This is even more necessary if you have kids or plan to during your time living in the new house. Where your house is located will determine where your kids go to school which is an important part of the decision process. The location also determines how far you’ll commute to work, the pool or parks you take your kids to, where you go to shop and much more.

You may love everything about a house, but you also must love the neighborhood and area you’d be living in. Take some time to explore, go on a walk around the neighborhood, visit some restaurants nearby, talk to potential neighbors to see if they enjoy the area, etc.

4. Visit Open Houses

Going to open houses is a great way to help you build the “must‐haves” list we discussed earlier. You may not have realized you wanted a feature in your house until you see it, or you might not like a feature that you originally thought you wanted. Exploring open houses whenever possible will help you figure out exactly what you’re looking for.

5. Don’t Decide Before Visiting

Online house hunting is very popular, and many people find their dream home before they ever step foot inside. Gather your options and have an open mind when looking around instead of having a favorite before you even visit.

We’ve got you covered when it comes to home loans, so reach out to our team to learn more. Happy
house hunting!

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

NMLS # 407724

Online Shopping

Stay Safe While Online Christmas Shopping

With the holidays right around the corner and online shopping more popular this year than ever before, it’s important to keep online safety measures in mind. To avoid issues like identity theft, hacking and financial fraud, check out these important online safety tips.

Always Ship to a Safe Place

Don’t be a victim of porch thieves who steal packages from doorsteps. Make sure someone is home when your package is delivered so it’s not sitting outside for too long. If you won’t be home over the expected delivery date, ship your items to your office or a family member’s house.

Make Sure the Retailer is Who They Say They Are

Some online retailers claim to be selling all the products you want for cheap, but in reality, they just want your credit card information. It’s never a great idea to buy from an unfamiliar retailer, but if you do, make sure you do your research beforehand. Check out customer reviews and consumer feedback first.

Is It Too Good to Be True?

There are always those exciting moments while online shopping when you think you found exactly what you need at the lowest price you’ve ever seen. If the deal seems way too good to be true, there’s a good chance it is. It’s better to spend a little more through a trusted retailer than to give your personal information to an unfamiliar site.

Beware of Public Wi-Fi

Using free public Wi‐Fi is a dangerous game when you’re online shopping. The public airwaves allow hackers to potentially intercept the data you’re sending online, such as your credit card info, name and address.

Don’t Overshare

Some customers have run into situations where a shopping website asks for personal information beyond what’s necessary, such as a social security number. No retailer will ever ask you for your SSN, so if you run into that problem, close the browser and find a more reliable website to purchase from.

Check Your Bank Account

Depending on how crazy you go with your online purchases this year, your bank or credit card statements might be a little longer than normal. Make sure you still go through and check for any fraudulent charges so that they don’t get lost in the other purchases.

Peoples Bank & Trust Co. wishes you the happiest of holidays and we hope your online shopping experience goes smoothly with the help of this information. Visit our website to learn more about the financial services we offer!

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

Inexpensive Christmas

Your Guide to an Inexpensive Christmas

The holidays are quickly approaching, which means it’s time for the fun yet expensive process of Christmas shopping. By incorporating some of these habits and ideas into your holiday traditions, you can make this Christmas and the ones to come much more affordable than normal.

Have a Family Potluck

Some people enjoy hosting a big family dinner each year. But making dinner for 20+ people can get pricey very quickly. It may also be a tradition to go out to eat each holiday season, and it’s usually hosted at a nicer restaurant. If you want to cut costs this year, consider hosting a potluck instead and ask each guest to bring their favorite holiday dish.

Tell Your Kids There’s a Gift Limit

It’s natural to want to spoil your adorable kids with presents around the holidays, but that can get out of hand quickly. Warn your kids that there will only be “x” number of gifts this year to make sure they’re prepared and aren’t expecting anything crazy. If you don’t have kids yet, having a spending limit for gifts is a great habit to start as soon as possible.

Choose Thoughtfulness Over Price

Value can be measured in different ways, so don’t think that spending more means the gift is more valuable. Some cheap and thoughtful gifts for people like teachers, neighbors or co‐workers include a heartfelt letter, sweet treats or any kind of homemade gift.

Try the White Elephant Gift Exchange

Buying gifts for everyone in the family adds up fast, especially if it includes extended family or you have a big family to begin with. Everyone buys one gift, but nobody knows who they’re receiving a gift from, which saves hundreds of dollars and makes for some family fun.

Start Shopping Early

Many people are stressed over the holidays because they’re spending a lot of money at one time. Make it easier on your bank account by spreading out the purchases. You don’t have to actively go shopping months in advance but keep your eye out for deals or gifts people mention long before Christmas. Sales happen all the time so don’t buy full‐priced if you don’t have to!

Don’t Overdo the Decorations

As tempting as it is to deck your house out with the trendiest and nicest Christmas décor, set a budget for that, too. Celebrate the holidays with the essentials like lights, a tree and some holiday candles, but keep it simple if you’re looking to save money.

Now that you’re aware of how to have a cheaper holiday season, put the extra money you saved into a savings account. We’re here to help and answer any questions you may have about our financial services.

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

House

How-To: Staging Your House to Sell

If you’re preparing to sell your home, you’re in the right place. We’re here to provide you with 8 helpful house staging tips so you can make the most of your space and grab the attention of prospective buyers.

1. Focus on the curb appeal.

Curb appeal is huge when it comes to first impressions. Some good and relatively cheap ways to make the outside of your home more attractive are to repaint the front door, lay fresh mulch, add more greenery, get a new welcome mat or make your porch presentable by adding some outdoor furniture.

2. Make sure your house smells its best.

You might not have considered the importance of how your house smells, but it can have an immediate effect on the way the buyers feel and think. Making sure your house is full of pleasant aromas gives a good first impression. This can be done by using a diffuser, candles, fragrant flowers, plug‐in air fresheners and more.

3. Don’t overdo the furniture.

Get rid of clutter to make your rooms look bigger and more spacious. When potential buyers are walking around the house, they’ll want plenty of space to check it out without running into things, so avoid crowding the space. Next, rethink the placement of your furniture. All spaces are different so there isn’t a universal rule but be sure to place the furniture in a way that creates good traffic flow but still makes the room feel cozy.

4. Add some upgrades to your kitchen.

The kitchen is usually the make‐or‐break space for buyers, so if you’re going to update anything in your home, the kitchen is the best place to start. Clear clutter off the countertops, consider updating your backsplash, repaint the cabinets or replace the sink. All these things can make a big positive difference to the overall look of your kitchen.

5. Un-personalize your home.

Now’s a good time to remove those personal items like family photos, collectibles or your kid’s artwork. Replace them with generic decorations that will allow potential buyers to picture themselves in your home.

6. Lighten and brighten each room.

Now is a good time to improve the lighting in your home. You want your space to look welcoming, so don’t just depend on one lightbulb to light the entire room. Add accent lamps and replace the bulbs for a brighter, warmer feel.

7. Clean the bathroom, then clean it again.

The best way to turn potential buyers away is to have an unappealing bathroom. This means you should deep clean it, de‐clutter the counterspace, display new towels, add a candle and some cute counter décor and you’re good to go.

If your next step is to apply for a home loan, our mortgage experts are here to help. Contact us to learn more and good luck staging and selling your home!

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

NMLS #407724

cybersecurity

Cybersecurity Advice for Retirees

It’s been proven that senior citizens are a much easier target for hackers because older folks didn’t grow up in the current world of technology. Whether you’re a senior looking for some advice or you have an older loved one who you want to look out for, these cybersecurity tips are important for everyone to remember.

Don’t Overshare Information

Social media is a great way to stay connected to family and friends, especially if they don’t live nearby. Keep in mind that what you post online is public for the world to see, so just call or text someone directly if you’re sharing personal
information.

Be Careful Online Shopping

If you’re online shopping and a retailer asks for unnecessary information, be cautious. Keep in mind that no online store will ever ask for your social security number. Also, it’s not a great idea to buy from an unfamiliar retailer, so do your research beforehand and check reviews to make sure the seller is legit.

Use Strong Passwords

As nice as it is to have an easy‐to‐remember password, it also makes it much easier for someone to hack your account. If remembering multiple strong passwords gets difficult, you can use a password manager. Make sure your password:

  • Doesn’t include personal information
  • Includes numbers, special characters, upper and lowercase letters
  • Isn’t too short

Beware of Public Wi-Fi

Using free public Wi‐Fi is convenient but can be a bit dangerous depending on what you’re doing. The public airwaves
allow hackers to potentially intercept the data you’re sending online. This can include intercepting data such as your
credit card info, name and address, so play it safe and use your home Wi‐Fi network for things like that.

Be Cautious with Emails

Spam emails are usually easy to point out, but phishing is where it gets tricky. If you receive an email from an unknown
sender, don’t click on any links or reply without verifying who it is and whether they’re a trusted sender.

Ask for Help

If you have a family member or friend who is tech‐savvy, don’t be afraid to reach out to them for help if you’re unsure of something. When it comes to technology and cybersecurity, it’s better to be safe than sorry.

For all your financial needs, Peoples Bank & Trust ready and willing to assist you. Visit our website to learn more and
contact us with any questions!

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

Money Mistakes to Avoid

Money Mistakes to Avoid in Your 30s

Now that you’re out of your 20s and you’ve most likely been working for a few years, you may have come up with some new financial goals for the decade. Maybe you’re still hanging onto some bad money management habits that developed in your 20s and you’re ready for a fresh start. Keep reading to learn what to avoid in this new stage of life.

Avoiding the Thought of Retirement

It may seem like retirement is still lifetimes away, but it’s extremely important to invest in your future. Participate in your 401(k) plan at work and open an IRA if you haven’t already. If you are struggling to save for retirement, aren’t sure where to start or don’t know how much to save, speak to a financial advisor for some assistance.

Bad Credit Card Habits

Getting out of the credit card trap can be quite a struggle, especially if you’ve been in it for years. Credit cards are a good thing if you use them wisely but using them to pay for something you can’t afford will only do damage. If you have credit card debt, make it a priority this year to pay it off.

Buying Things You Can’t Afford

It’s not uncommon for those in their 30s to start purchasing the items that they’ve wanted since they were in their 20s. Since 30‐year‐olds usually have more money than they did in their 20s, it can be tempting to spend more than necessary, especially on big purchases such as:

  • House
  • New car
  • Expensive meals
  • Wardrobe

Make sure you’re still living within your means, and you also continue to save your hard‐earned money for the future.

Living an Expensive Lifestyle

You are who you surround yourself with, and if the people you hang out with are big spenders, it can be dangerous. Social events can quickly turn into money pits if you’re with people who like to go big. There’s nothing wrong with having friends who spend lots of money, but just be aware of how they’re influencing and affecting you financially.

Don’t let your 30s be another decade of financial lessons learned the hard way. Break free from the bad habits of your 20s and enter the next decade with financial freedom – Peoples Bank & Trust believes in you!

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender