Author Archives: PBTC Blogger

Christmas-gifts

Wallet-Friendly Christmas Gift Ideas

You want to give your friends and family something special for the holidays, but you don’t have hundreds of dollars to spend. Don’t worry because there are still lots of thoughtful gifts that won’t hurt your wallet. Plus, these are all practical gifts that your loved ones will get lots of use out of!

1. Self‐care products: Throw a cute stocking together including holiday‐themed facemasks, lotion, lip balm, a candle and whatever else you think they may like.

2. Jewelry: A necklace or a cute pair of earrings doesn’t have to be expensive. Look in places like Target to find affordable yet stylish jewelry.

3. Board games: This is a great gift for any age since there are games made for both kids and adults. If you’re participating in a white elephant gift exchange, consider buying a fun game that everyone in the group can play together.

4. Grooming kit: If the man you are gift‐hunting for has a beard, a grooming kit is a great option so they can stay fresh and maintain their look.

5. Coffee essentials: This one is for all your coffee‐loving friends out there. Get a cute coffee mug along with their favorite coffee grounds, creamer or syrup, or throw in a gift card to their favorite coffee shop.

6. A book involving something they’re passionate about: There’s a book out there for just about anyone, so find something you think they’d enjoy reading.

7. Subscription: Spread out the spending by paying for a monthly subscription to a streaming service they’re interested in. You can limit this as much as you’d like, too. For example, tell them you’re giving them a one‐year Netflix subscription.

8. Framed poster: You can find both frames and posters for cheap, and this is a great idea for someone who needs some extra home décor. If it’s for a significant other, you can make it meaningful by framing a map pinpointing where you first met.

9. Kitchen supplies: If you have a friend who loves to cook or even someone who just moved in and could use necessities, kitchen supplies are a great idea! A rolling pin, whisk, measuring cups, serving utensils, mixing bowls,
cutting boards and so on would be perfect gifts.

10. Plants: Who doesn’t love a cute succulent for their desk or nightstand? If they’re not big into caring for plants, you can always opt for fake ones to spruce up their home décor.

11. New wallet: If you’re shopping for a guy in your life, having a nice, leather wallet is always a staple.

12. Bottle of wine: Pair someone’s favorite bottle of wine with a cute wine glass and you have yourself a classy and thoughtful gift.

13. Homemade holiday treats: You can’t go wrong with gifting sweets. Bringing your loved one their favorite holiday‐themed treats is guaranteed to make just about anyone’s day.

We hope you find some reasonably priced gifts for your friends and family, but most importantly, spend quality time with the people you love. Happy holidays!

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

car

Big Life Purchases You’ll Need to Save For

No matter what stage of life you’re at, there are big purchases on the horizon that are important to prepare for. The key to these not becoming big stressors is to start saving as soon as possible so you’re prepared when the time comes. Here are seven big life purchases you should start preparing and saving for today:

Tuition (Yours And/or Your Child’s)

Depending on your situation, you may be paying for your own tuition which means there will be some debt to pay off. If you’re still in high school, the time to start saving for college is now! You also might decide to pay for your child’s tuition. If that’s the case, it’s important to prepare for that as early as possible, too.

New Car

Whether you’re saving up for your first car or you already own one and are ready for an upgrade, a new vehicle can be a big expense. Many financial advisors recommend buying a used car and paying for it in full using cash to avoid interest rates. This means being patient and saving for a few years, so you don’t have to worry about making the monthly payments.

Wedding (Yours And/or Your Child’s)

Another big expense is you and/or your child’s wedding, depending on what you and your family decide. The average cost of a wedding in 2021 was $22,500 but this also depends on the size of your wedding, the venue and lots of other factors. If an expensive wedding isn’t in your budget, consider downsizing and sticking to just close friends and family.

Your First House

One of the more obvious big purchases comes when you finally buy your first house. It’s important that you do plenty of research before deciding on your first home to make sure you’re making a smart financial decision.

Furnishing Your Home

The payments don’t stop once you close on the new house. Now you must furnish and decorate the house to make it feel like a home. Consider buying used furniture and hand‐me‐downs so you can work on building your savings back up, then buying some new furniture that you love.

Growing a Family

Starting with the hospital bill when they’re born until the day they leave for college, there are constant expenses that come with having children. Once you decide you’re ready for your family to grow, it becomes more important than ever to save, save and save some more.

Contributions to Your Retirement Fund

It may seem ages away, but retirement will sneak up on you faster than you may think. The sooner you can start contributing to your retirement fund, the better, so it’s never too early to start. Contact us to learn more about retirement funds and how to start one.

All these purchases may seem overwhelming, but don’t stress yourself out too much. These costs are spread throughout many years of life, so if you start saving and make good financial decisions, you’ll be good to go. Peoples Bank & Trust is here to help you if you have any questions, so feel free to contact us!

Peoples Bank & Trust Co.
Member FDIC
Equal Housing Lender
NMLS #407724

painting

Cheap Home Improvement Projects

Ready to upgrade your home in a wallet‐friendly way? We’re here to give you lots of ideas for your next project. Rather than explaining each idea in detail, we’re going to list out 12 projects that you can take and make your own. Let’s get started!

1. Add a fresh coat of paint.

One of the simplest and cheapest ways to upgrade a room in your home is to pick a nice paint color for the walls. This can brighten and modernize your space in less than 24 hours.

2. Replace your cabinet and dresser hardware.

You’d be surprised at how much of a difference it makes to simply replace your outdated hardware for a more modern look!

3. Hang string lights on your patio or porch.

There’s nothing quite as warm and comforting as sitting under some beautiful outdoor string lights.

4. Repaint your kitchen cabinets.

If you have outdated kitchen cabinets, you might not have to completely replace them. Instead, paint them a lighter, neutral color or simply fix up the paint job that’s already done if you like the color.

5. Get a new shower curtain.

Swapping out your old shower curtain for a new and improved one is one of the cheapest ways to change the look of your bathroom.

6. Add an accent wall.

Have a room that’s a little boring? Paint one wall a bolder or darker color to make it stand out.

7. Get rid of the popcorn ceilings.

Out with the old and in with the new! Click here to learn how you can get rid of your popcorn ceiling on your own at home.

8. Paint the front door.

Upgrade your curb appeal by painting your front door to make a better first impression.

9. Replace your ceiling fans.

You can either get new fans altogether or save money by simply repainting the fans you already have to make them more modern.

10. DIY some wood shelving.

Give your kitchen the popular look of open shelving by building wood shelves for the walls.

11. Upgrade the house numbers on your front door.

This small change can make a big difference on your home’s curb appeal. Replace the old numbers with larger, modern numbers to match the look of your house.

12. Add some greenery.

One of the best ways to improve the look of your house is to add plants, real or fake, in the rooms that need a little life.

When it’s time to complete the bigger home improvement projects that might be a little pricey, Peoples Bank & Trust has the personal loan to help you get it done. Contact us or visit our website to learn more!

Peoples Bank & Trust Co.
Member FDIC
Equal Housing Lender
NMLS #407724

piggy bank

How Do I Raise Money-Smart Kids?

Whether you already have kids or are just preparing for the future, navigating the world of parenting may seem overwhelming. Don’t stress too much, as parenting is often a “learn from experience” kind of process. But, as a primary role model in your child’s life, it’s important to have important conversations early on so you can prepare them for life on their own.

Be a Positive Example

Don’t overlook this step because it’s one of the most important! Kids learn by example, especially the example of adults they spend a lot of time around. You can have a positive effect on your child’s financial future simply by managing your own money well. This means creating a budget and sticking to it, avoiding impulse purchases, saying “no” to their requests sometimes and providing a safe space for them to talk about money with you.

Have Financial Conversations Early

As previously mentioned, having conversations about money is crucial for your kids to take finances seriously. Be open about financial lessons you’ve learned at their age, check in to see how they’re doing financially and be someone they can lean on for guidance.

Let Them Make Purchases, Too

This is something you can even incorporate into the lives of your youngest kiddos. While your younger children might not have money of their own quite yet, you can still give them the money you’re paying with and let them make the transaction. For example, if you’re at a store and they’re being rewarded with a new toy, give them some cash and let them hand it to the cashier. This teaches them from a young age that new things come with a cost.

Help Them Open a Savings Account

When they’re younger, a piggy bank works just fine for saving purposes. Once they reach the age where
they have a part‐time job and want somewhere to put the money they make, consider opening a savings
account. The earlier they start saving, the better!

Use Age-Appropriate Chores for Allowance

Allowance is a wonderful way to raise money‐smart kids, but only when it’s done the right way. Give your kids an allowance for completing a task to teach them that work is rewarded. When they’re younger this can be as simple as cleaning their room, feeding the pets or picking up their toys. Once they get older, they can help with things like cleaning the bathroom, folding laundry, doing the dishes or helping cook meals.

Budget With Them

Budgeting is especially important once your child is old enough to be working and making their own purchases. Help them come up with a realistic budget and show them the best way to track their spending, whether that’s using pen and paper or an app on their phone.

Yes, parenting can be taxing and tricky, but above anything it’s incredibly rewarding. Join the generation of parents who want to raise their kids to be financially wise! Visit our website to learn more about the services we offer or to open your kid’s first saving account.

Peoples Bank & Trust Co.
Member FDIC
Equal Housing Lender

cybersecurity

Cybersecurity 101 for a Remote Workforce

As remote work becomes more “normal” in today’s world, it’s important to consider the security risks that come with working from home. Whether you’re an employee or manage employees who work from home, these tips will help protect both you and the company you work for.

1. Use a VPN

If you ever must use unsecured or public networks, make sure remote employees are using a VPN. This will encrypt all your internet traffic which prevents outsiders from keeping tabs on your activity. Make sure you do your research and use a VPN that has good speed and stability, otherwise it could slow down your internet speeds.

2. Watch Out for Phishing

We’ve all received a phishing email before, and sometimes they’re obvious to catch. Other times, though, phishing emails look realistic and not like scams at all. Be careful and always check the sender’s email address and content of the email before clicking any links or responding. Another clear sign of phishing scams is when there are spelling and grammar mistakes.

3. Utilize Cyber Training Frequently

There are lots of cyber awareness programs that help track and improve the cyber risk of your team. The training your team completes should go over possible cybercriminal situations, how to handle them, rules for device use, new threats to keep in mind and more. This will help your employees feel more prepared when a cybersecurity issue arises.

4. Keep Devices Locked

Locking your device when you walk away from your workspace is an easy task to forget since it’s not a habit formed when you’re in the office. This is extremely important if you’re working in any public setting like a coffee shop, but you should even lock your devices when you’re at home. Your little one could end up messing with your keyboard and pushing buttons, an untrusted roommate might get snoopy… you never know and it’s better safe than sorry!

5. Use Strong and Secure Passwords

One of the most obvious but most important things when it comes to cybersecurity is using strong
passwords. Make sure it:

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

Password managers are a great option since it can be difficult to remember multiple complex passwords. They’ll keep your strong passwords organized and easy to access for your convenience and safety.

As a business, training staff on cybersecurity has become crucial and will only become more important as time goes on. Remote work isn’t going anywhere anytime soon – if anything it will become more common – so now’s a great time to send this article as a reminder to your team of remote workers!

Peoples Bank & Trust Co.
Member FDIC
Equal Housing Lender

piggy bank

How much should you save every month?

With bills, insurance, monthly expenses, retirement and more, how is there anything left to save? And if there is any money left, what do you save for and how much should you be putting away? We’re here to help answer these questions! Here is how much you should save every month. 

50/30/20 Rule 

You may see a lot of recommendations for saving 20% of your income every month. According to the popular 50/30/20 rule, you should reserve 50% of your budget for essentials like food and rent, 30% for discretionary spending and at least 20% for savings. But it’s not always that simple sometimes. If you earn more money, then 20% makes sense for you. But if after calculating your budget and 20% just isn’t within reach, don’t get discouraged. Saving something is better than nothing – so try for 10-15% if possible. 

Automate your savings so you don’t have the choice to use that money if it goes straight to a checking account. If you get a bonus or raise, put that straight towards one of the below items. You were okay without that money and getting by so put it towards savings instead of into your pocket to spend. 

Retirement 

Saving for retirement should be started as soon as possible and is a lifetime goal. Saving younger means you’ll have less to save each month than if you start later. A general rule of thumb is to have one times your income saved by age 30, twice your income by 35, three times by 40, and so on. Try to save 10-15% of your salary for retirement. Increase by 1% in savings each year until you can get to a number close to that. 

Emergency Fund 

You may think you are okay and don’t have to worry about a large emergency. But if your furnace and a/c go out, you are out $10,000 in supplies and labor right there. You may not have that big of a cushion to fall on if you thought your emergency will only cost $1,000. Your emergency fund should be 3-6 months’ worth of expenses which includes your monthly expenses and salary so you would be covered if you were to lose your job. We know that seems like a lot but slowly work towards that over the years. 

Family 

Think about what you want to save for regarding family. Do you need a new car to fit your growing family, will you be helping your child pay for college, are you going to take a family vacation, or do you just need to save for the overall cost of having a child? Thinking about your future and the costs that you will incur regarding family should be added into a savings plan. 

These are some of the top things you will want to save for and how much you need to save for each! If you need to place your savings in a savings account, CD/IRA or checking account – we have you covered. 

Peoples Bank & Trust Co. 

Member FDIC 

Equal Housing Lender 

holding hands

A Married Couple’s Guide to Finances

Congratulations on your engagement and wedding! Whether you are recently engaged or have already tied the knot, talking about finances is extremely important in order to set you both up for success. Peoples Bank & Trust wants to offer a married couple’s guide to finances, so you can live happily ever after. 

How will bills be split? 

There are many day-to-day and monthly expenses that arise. You’ll want to talk about how these will be shared so both parties feel that a fair outcome has been decided. Talk about groceries, rent/mortgage, property taxes, property insurance, utilities, health insurance, life insurance, car payments, student loans, any repairs/renovations and so on. This can all add up so it’s important to go over your salaries after taxes and retirement savings so you can know who will pay what. 

Whose insurance will you use? 

You both potentially work at different companies with different insurance. Compare the prices, benefits and what’s included in both so you can come to the conclusion on which health insurance is best for you. 

Do you plan on having or already have children?  

Children throw even more costs into the mix. This will change your health insurance costs, add more monthly costs and more. You will also want to talk about saving for your child’s college, helping pay for a car and other big expenses. Sit down and discuss your goals financially for your children – then you can start them out on the right path financially!  

Will you have separate and/or joint accounts? 

It is completely okay to have separate accounts, but it may also be nice to have a joint checking account for bills or to save for child expenses. One partner may pay all of the bills each month so it’s easy to have a joint account where both of you have stashed cash so they can pull money from there. 

Have you updated your beneficiaries and created a will? 

Now that you are married, be sure to update your beneficiary information on your retirement plans, life insurance and any other areas that require you to do so. You will also want to think about creating a will if you haven’t done so already. This is especially important once children come into the mix. 

Has your insurance coverage been reviewed and updated yet? 

Be sure to update your insurance. You can also get deals when you combine your mortgage, car and life insurance together all on one plan. Look into that to see if that helps you save any money. While doing that, you’ll also want to look into life insurance. You are both responsible for your mortgage and if you plan on having kids, that’s another place you’ll need part of your partner’s income if something were to happen to one of you. You want to make sure you’re set up for success if the worst did come. 

We hope this guide gives you a good start to become financially sound in your marriage. The professionals here are happy to answer any other questions you may have regarding your finances as a newly married couple – just contact us! 

Peoples Bank & Trust Co. 

Member FDIC 

Equal Housing Lender 

calculator

Take Control with A Budget

If you can’t seem to get a handle on your finances, it may be time to reevaluate your spending and learn to budget. Budgeting is essential for those looking to be financially successful. You need to know where your money is going and make sure that it makes sense. Here are our tips on how to take control of your finances with a budget. 

Look at your overall monthly expenses. 

You will want to review what you are spending money on each month. Add up your grocery bills, daycare, utilities, cell phone bill, mortgage/rent, insurance and so on. This will give you a good basis of what you must have money for each month. And it will help you find places to cut – if you realize you’re paying for five different tv subscriptions, you can probably cut 2-3 of those and come out saving some extra cash. 

Track your odds and ends expenses. 

Now you need to make a list of everything you buy throughout the month – this includes going through the drive-thru for lunch, grabbing a coffee, getting gas, any extra groceries and more. Over a few months, you’ll have a solid average for extra items you need to budget for. Doing this will also help you notice what you are spending your money on and if you can cut that down to save more. 

Decide on your financial goals. 

What do you want your goals to be financially? Are you saving for retirement, college for kids, a car, down payment or trip? All this needs to be figured into your monthly budget so you can allot the correct amount of money towards your financial goals. Open a savings account to store this money safely as you begin to build your funds. 

Become debt-free. 

You will want to budget for your debt payments once the above has all been calculated into the budget. Becoming debt-free is crucial to your financial success. See how much you owe and work on a plan to pay off each debt. You can pay the highest interest debt off first, do the debt snowball method or look up other debt payment strategies that would fit you best. Budgeting paying off more than the minimum each month will help you succeed. 

Stick with it and reward yourself. 

We know it may be hard to stick with tracking all your expenditures and saving for different financial goals, but don’t give up! Reward yourself when you hit milestones because it’s important to stay excited and motivated about budgeting. Take control of your debt by continuing this each month so you can solidify your financial success! 

Peoples Bank & Trust Co. 

Member FDIC 

Equal Housing Lender 

house for sale

How To Sell My Home Fast

The housing market is ideal for both buyers and sellers at this time of year. Things are moving quickly so in order to sell your home fast; you need to be ready to move and groove! We’ve created this blog with tips and helpful advice on how you can sell your home fast. 

Choose FSBO or Realtor 

Choose if you will be selling the home yourself (for sale by owner) or if you will be using a realtor. The realtor knows the process and can get things rolling – they may also have connections for potential buyers. But if you are selling on your own, that can save you some money. Just make sure you have things lined up in case you get an offer, such as a purchase agreement and seller disclosure. You can contact your local lawyer/law firm for help with this. 

Declutter 

The most important thing is to declutter and clean your home so it looks larger than it may actually be. People want to look at pictures or in person and feel like the home is clean and move-in ready! They don’t want to see a lot of work they will need to do right away when moving in. Lots of boxes and extra furniture in rooms can make a buyer feel overwhelmed as they won’t be able to imagine their things within your home. 

Post Everywhere 

Don’t just use Zillow and Realtor.com – post on Facebook Marketplace, your social media platforms and so on. Everyone is utilizing social media as a platform to find and buy things which means posting your home there can get widespread views once family and friends start sharing the post.  

Price Fairly 

Don’t go top dollar but don’t go too low either. Whether you are selling on your own or have a realtor, it’s important to look at comparable homes in your area to see what they are priced at and recently sold for. This will give you a good idea on what to list your home for so it’s not too high. Doing so will also set you up for the conversation on how much you are willing to go down if a price reduction is needed or a buyer wants to feel like they got a deal. 

Be Ready to Show 

When it works for someone to come see the home, make it work for you – even if you need to move things around. It’s important to make the buyer feel like seeing your home is easy so they don’t get a bad feeling about having to reschedule a showing a few times due to your schedule or issues with access to the home. The quicker you can get people in, the quicker you can get the home sold! 

We hope you find success in selling your home fast! When you find your next home, we’re ready to help with the mortgage process so you have the funding needed. 

Peoples Bank & Trust Co. 

Member FDIC 

Equal Housing Lender 

car

6 Ways to Prepare for Big Purchases

Whether you’re planning your dream vacation or buying a new car, a big purchase needs a big budget, and you need to make sure you’re prepared for it! To help you achieve your goals, we’ve compiled a list of 6 ways to prepare for big purchases. Good luck!

1. Research Your Options

Research affordable options for the big purchase you have in mind. You can do this by keeping an eye out for discounts, holiday sales, comparing prices between retailors and considering buying used instead of new (used car, later model of computer, etc.).

2. Calculate Your Cost

This part is simple, add up how much this item or event will cost you and divide it by the number of months before you’ll need the money. That’s how you’ll know how much to save each month. Be sure to account for taxes and additional fees that might go along with it. For example, if you’re buying a car, you need to add up the price of the vehicle, license, registration and taxes as well.

3. Determine a Timeline

Once you’ve set your goal, you need to determine when you need to accomplish it by. Setting a specific date or time will motivate you to continue savings and provide you with a sense of urgency. Aim for a realistic timeline and remember to always save a little more than what you’re expecting this purchase to cost, in order to account for unexpected fees or changes.

4. Create a Separate Savings Account

Out of sight, out of mind. It’s so tempting to dip into untouched funds in your savings account when you need to buy something or want to treat yourself but keeping this separate from your regular checking and savings will help you resist the temptation.

Open a high-yield savings account with a bank such as ourselves and label the account with the name of your goal – for example, “Dream Vacation.” This will remind you why you’re saving the money and keep you from spending it on clothes or dinners. You can also set up automatic transfers from your checking into your savings account to make sure you stay on track.

5. Contribute Unexpected Funds

Whenever you collect money that you weren’t expecting, transfer it into your savings account. This could mean bonuses, overtime money, garage sale earnings, raises, monetary gifts, a tax refund or something else. Rather than spending it on a new gadget or dinner, put it into your savings and you’ll be thanking yourself later when you make your big purchase sooner than you expected.

6. Apply for a Loan

If you’re looking to purchase a home or a car, you may want to consider getting pre-approved for a loan so while you’re searching for the home or car of your dreams, you have an idea of what you can afford. To apply for a loan, work with a mortgage lender that can help you select the best home loan with an interest rate and other terms suited to your needs.

Whether you need to open a savings account for your big purchase or would like to get pre-approved for a home or auto loan, our team is here to help! Apply for a loan online or set up an appointment to discuss your options with us. We can help you get one step closer to achieving your big purchase!

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

NMLS# 407724