Category: Personal Finances

A child's hands holding a blue piggy bank with their colorful striped shirt in the background

Starting Smart – A Parent’s Guide to Opening a Child’s Checking Account

Introducing your child to the world of banking can be a game changer. Teaching financial responsibility early on not only empowers kids but also lays the foundation for a lifetime of smart money management. This guide will help you decide when the time is right and how to select an account that encourages both learning and independence. Let’s jump in!

Recognizing the Right Moment

Deciding when to open a checking account for your child depends on several factors:

  • Signs of Financial Curiosity: If your child asks questions about money, savings, or spending, it might be time to take the next step.
  • Basic Math and Responsibility: When they’re comfortable with numbers and simple budgeting concepts, they’re ready for a more formal introduction to money management.
  • Regular Income: Whether it’s through allowances, gifts, or small jobs, having a steady influx of money is a good signal that they’re prepared to learn about managing funds.

What to Look for in a Kid-Friendly Account

When evaluating account options, keep these features in mind:

  • Low or No Fees: An account with minimal fees helps prevent unnecessary charges while your child is learning.
  • Parental Control: Choose an account that allows you to monitor activity, ensuring guidance along the way.
  • User-Friendly Tools: Look for online or mobile banking features designed for young users, making it easier to track spending and set saving goals.
  • Debit Card with Limits: A debit card that allows controlled spending can be an excellent practical learning tool.

Practical Tips for Teaching Financial Basics

  • Goal Setting: Help your child set realistic savings goals, whether it’s for a new toy, a game, or a future expense.
  • Budgeting Lessons: Introduce simple budgeting concepts by dividing money into categories like spending, saving, and even sharing with others.
  • Regular Reviews: Schedule periodic check-ins to go over their account activity and discuss what’s working and what could be improved.
  • Learning from Experience: Encourage them to learn from mistakes. A small error in judgment can serve as a practical lesson in balancing wants and needs.
  • Celebrate Progress: Acknowledge milestones to reinforce positive financial habits and boost their confidence.

Steps to Get Started

  1. Research Options: Begin by exploring the various checking accounts available for children and determine which features best align with your family’s needs.
  2. Visit a Branch: Speaking with a banking professional can provide personalized advice and help answer any questions you may have. Stop by a Peoples Bank and Trust branch near you today.
  3. Gather Documentation: Be prepared with necessary identification for both you and your child, along with any additional paperwork required.
  4. Set Up Digital Access: Establish online banking access so that you and your child can monitor account activity together.

Benefits for Your Child’s Future

  • Early Financial Literacy: A child-friendly checking account offers an early introduction to managing money responsibly.
  • Sense of Ownership: When children see their money in an account, it fosters a sense of independence and accountability.
  • Practical Budgeting Experience: Regular exposure to banking practices sets them up for smarter financial decisions later in life.

Open a Checking Account for Your Child Today

Opening a checking account for your child is more than just a banking decision—it’s an investment in their future. By choosing the right moment, selecting a suitable account, and guiding them through the basics of budgeting and saving, you can help them build a strong financial foundation. Peoples Bank and Trust is here to support you on this journey, offering practical solutions and expert advice every step of the way.

Explore Checking Account Options

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

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Is Debt Consolidation Right for You? The Pros and Cons

Managing multiple debts can feel like an endless juggling act. Whether you’re carrying several credit card balances, personal loans, or other bills, debt consolidation might be the solution you need to regain control of your finances. At Peoples Bank and Trust, we’re here to help you explore this option and decide if it’s the right strategy for your situation.

What Is Debt Consolidation?

Debt consolidation means merging several debts into one single loan or payment plan. The goal is to simplify your financial obligations by replacing various payment due dates and interest rates with one streamlined monthly payment.

How Does It Work?

Think of it like replacing a puzzle of scattered pieces with one complete picture. By taking out a new loan to pay off your existing debts, you can consolidate your obligations into a single, manageable payment—often with a lower overall interest rate.

Steps to Begin Consolidating Your Debt

  1. Evaluate Your Debts: Start by listing all your current balances, interest rates, and monthly payments. This will give you a clear overview of what you owe.
  2. Review Your Credit Health: A strong credit score may help you secure a consolidation loan with better terms.
  3. Explore Your Options: Look into different types of consolidation methods—whether it’s a personal loan, a balance transfer, or another product that fits your needs.
  4. Consult a Financial Advisor: Sometimes a bit of expert advice can illuminate the best path forward. Contact our friendly experts for help today!
  5. Apply and Transition: Once you’ve selected the best option, apply for the consolidation loan and use it to pay off your existing debts. This leaves you with one predictable monthly payment.

Weighing the Benefits and Considerations

Pros:

  • Streamlined Payments: One consistent monthly payment can reduce stress and simplify budgeting.
  • Potential Interest Savings: A lower interest rate might save you money over time.
  • Improved Credit Management: With a single account, keeping up with on-time payments can help boost your credit score.

Cons:

  • Extended Payment Terms: Lower payments might come at the cost of a longer repayment period, potentially increasing the total interest paid.
  • Fees and Costs: Some consolidation options come with fees that should be factored into your decision.

Making the Decision

Debt consolidation isn’t a one-size-fits-all fix. It can be an effective way to simplify your financial life, but it’s important to assess your spending habits and long-term goals. Understanding both the benefits and the potential drawbacks is key to making an informed decision.

Final Thoughts

Taking control of your finances starts with understanding your options. By consolidating your debt, you may simplify your monthly payments and work toward a future with less financial clutter. At Peoples Bank and Trust, our team is ready to support you through every step of your financial journey. Learn more about our consumer loans or visit a branch in person to get help!

Stop by a PBTC Branch

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

Couple working with lender

What Can You Use a Personal Loan For?

Are you in need of some extra cash to cover an unexpected expense or achieve a long-term goal? A personal loan can be a great option to consider. But what exactly can a personal loan be used for?

At Peoples Bank & Trust, we understand that life can be unpredictable, and sometimes you need a little financial boost to get back on track. That’s why we’re here to break down the various ways you can use a personal loan to improve your financial situation.

Debt Consolidation

If you’re struggling to manage multiple debts with high interest rates, a personal loan can help you consolidate them into one manageable payment. This can simplify your finances, reduce your debt burden, and even lower your overall interest rate.

Home Improvement

Whether you’re looking to renovate your kitchen, add a new bathroom, or simply give your home a fresh coat of paint, a personal loan can provide the funds you need to get started. Home improvements can increase your property value, enhance your living space, and even boost your energy efficiency.

Wedding or Special Occasion

Planning a wedding, anniversary party, or other special occasion can be expensive. A personal loan can help you cover the costs of venue rental, catering, decorations, and more, ensuring that your special day is truly unforgettable.

Medical Expenses

Unexpected medical bills can be a significant financial burden. A personal loan can help you cover the costs of surgery, hospital stays, prescription medication, or other medical expenses, giving you peace of mind and allowing you to focus on your recovery.

Vacation or Travel

Need a break from the daily grind? A personal loan can help you fund your dream vacation, whether it’s a relaxing beach getaway, a European adventure, or a family road trip.

Education or Training

Investing in your education or career development can have a significant impact on your future earning potential. A personal loan can help you cover the costs of tuition, certification programs, or vocational training, setting you up for long-term success.

Business Expenses

If you’re an entrepreneur or small business owner, a personal loan can provide the capital you need to grow your business. Use the funds to cover startup costs, inventory, marketing expenses, or other business-related expenditures.

Other Uses

Personal loans can also be used for:

  • Buying a new car or refinancing an existing auto loan
  • Covering funeral expenses or other unexpected costs
  • Consolidating credit card debt
  • Funding a home business or side hustle
  • Paying for a pet’s medical expenses

As you can see, personal loans can be used for a wide range of purposes. Whether you’re looking to consolidate debt, fund a home improvement project, or cover unexpected expenses, a personal loan can provide the financial flexibility you need.

Get Started Today with Peoples Bank and Trust

At Peoples Bank & Trust, we’re committed to helping you achieve your financial goals. Our personal loans offer competitive rates, flexible repayment terms, and a simple application process. Learn more about our consumer loans!

Don’t hesitate to reach out to our team if you have any questions or concerns about personal loans. We’re here to help you make informed financial decisions and achieve your goals!

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

Credit score dial

Understanding Your Credit Limit: What It Means and Why It Matters

Your credit limit is a crucial aspect of your financial health, impacting everything from your credit score to your ability to make large purchases. At Peoples Bank & Trust, we believe in empowering our customers with the knowledge they need to manage their finances effectively. Here’s a comprehensive guide to understanding your credit limit, how it works, and why it matters.

How Credit Limits Work

A credit limit is the maximum amount of money a lender will allow you to borrow on a credit card or line of credit. This limit is determined based on several factors, including your credit score, income, and overall financial health. Here’s a deeper look into how credit limits are set and managed:

  • Creditworthiness: Lenders assess your creditworthiness by reviewing your credit history, including your payment history, credit utilization, and length of credit history.
  • Income: Your income level helps lenders determine your ability to repay borrowed amounts.
  • Debt-to-Income Ratio: This ratio compares your total monthly debt payments to your gross monthly income, helping lenders gauge your financial stability.

It’s important to note that just because you have a high credit limit doesn’t mean you should max it out. Responsible management of your credit limit can positively impact your credit score and financial future.

Credit Utilization Ratio

Your credit utilization ratio is the percentage of your available credit that you’re using. For example, if your credit limit is $1,000 and you have a balance of $300, your utilization ratio is 30%. Here’s why maintaining a low credit utilization ratio is important:

  • Credit Score Impact: A high utilization ratio can negatively affect your credit score. Aim to keep your ratio below 30% to maintain a healthy credit profile.
  • Financial Flexibility: Keeping your utilization low ensures you have available credit for emergencies or unexpected expenses.
  • Lender Perception: Low utilization signals to lenders that you manage your credit responsibly, which can lead to higher credit limits and better loan terms.

Tips for Increasing Your Credit Limit Without Hurting Your Scores

Want to increase your credit limit without jeopardizing your credit scores? Here are some tips that may help:

Maintain a Good Payment History

Consistently paying your bills on time is one of the best ways to improve your credit score and increase your credit limit. Here’s how to ensure timely payments:

  • Set Up Reminders: Use calendar alerts or automatic reminders to keep track of due dates.
  • Automate Payments: Set up automatic payments for at least the minimum amount due to avoid late fees.
  • Prioritize Debts: Focus on paying off high-interest debts first to reduce overall financial strain.

Keep Your Credit Utilization Low

Aim to use less than 30% of your available credit. High utilization can negatively affect your credit score. Here are some strategies to manage your utilization:

  • Spread Out Purchases: Use multiple credit cards to distribute your spending and keep individual utilization rates low.
  • Make Multiple Payments: Pay down your balance multiple times a month to keep your utilization ratio low.
  • Increase Credit Limits: Request higher credit limits on existing cards to increase your total available credit.

Request a Credit Limit Increase

If you’ve been a responsible borrower, you can request a credit limit increase from your lender. Be prepared to provide information about your income and financial situation. Here’s how to approach this:

  • Review Your Credit Report: Ensure your credit report is accurate and free of errors before requesting an increase.
  • Highlight Positive Changes: Inform your lender of any positive changes in your financial situation, such as a salary increase or reduced debt.
  • Be Patient: If your request is denied, wait a few months and continue to demonstrate responsible credit behavior before trying again.

Avoid Opening Too Many New Accounts

Each new credit application can result in a hard inquiry on your credit report, which can temporarily lower your score. Here’s why it’s important to be cautious:

  • Impact on Credit Score: Multiple hard inquiries in a short period can signal financial distress to lenders.
  • Account Age: New accounts can lower the average age of your credit history, which can negatively impact your score.
  • Focus on Quality: Instead of opening multiple accounts, focus on maintaining and improving your existing credit lines.

Monitor Your Credit Report

Regularly check your credit report for errors and dispute any inaccuracies. This can help maintain a healthy credit score. Here’s how to stay on top of your credit report:

  • Annual Credit Report: Obtain a free credit report from each of the three major credit bureaus (Equifax, Experian, and TransUnion) once a year.
  • Credit Monitoring Services: Consider using a credit monitoring service to receive alerts about changes to your credit report.
  • Dispute Errors: If you find any inaccuracies, dispute them with the credit bureau to have them corrected.

Common Myths Debunked

Let’s set the record straight on some common myths surrounding credit limits:

Myth #1: Closing a Credit Card Improves Your Credit Score

Reality: Closing a credit card can actually hurt your credit score by reducing your available credit and increasing your credit utilization ratio. It also shortens your credit history, which can negatively impact your score.

Myth #2: Carrying a Balance Improves Your Credit Score

Reality: It’s a common misconception that carrying a balance helps your credit score. In reality, paying off your balance in full each month is better for your score and saves you money on interest.

Myth #3: Checking Your Credit Report Lowers Your Score

Reality: Checking your own credit report is considered a soft inquiry and does not affect your credit score. Regularly reviewing your credit report is a good practice to ensure accuracy and monitor your financial health.

Apply Today for a VISA® Platinum Credit Card from Peoples Bank & Trust

Start your application for your credit card here. After submitting your application, you will be contacted if it is approved. If you have any questions about the VISA® Platinum Credit Card, call or come by your local Peoples Bank & Trust branch today.

See the card application’s Important Disclosures for current terms, rates, and fees. This card is issued by Bankers’ Bank of Kansas. Subject to credit approval.

Understanding your credit limit and responsibly managing it is key to maintaining a healthy financial profile. By following these tips and debunking common myths, you can make informed decisions that benefit your credit score and overall financial well-being.

At Peoples Bank & Trust, we’re here to support you with the right credit card options and financial advice. Contact us today to learn more about how we can help you achieve your financial goals.

person looking at graph with 2025 on it and stats

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.

Person holding tablet displaying a credit score of 810 on the screen

Understanding Credit Scores: How to Improve and Maintain Yours

A good credit score is essential for securing loans, getting favorable interest rates, and even renting an apartment. Understanding how credit scores work and how to improve and maintain them can significantly impact your financial health. Here’s a comprehensive guide to help you navigate the world of credit scores.

What is a Credit Score?

A credit score is a numerical representation of your creditworthiness, based on your credit history. Lenders use this score to assess the risk of lending you money. Scores typically range from 300 to 850, with higher scores indicating better creditworthiness.

Factors That Affect Your Credit Score

Several factors contribute to your credit score:

  • Payment History: Your track record of paying bills on time.
  • Credit Utilization: The amount of credit you’re using compared to your credit limit.
  • Length of Credit History: How long you’ve had credit accounts.
  • New Credit: Recent applications for new credit.
  • Credit Mix: The variety of credit accounts you have, such as credit cards, mortgages, and loans.

Checking Your Credit Report

Regularly checking your credit report is crucial for maintaining a good credit score. You can obtain a free copy of your credit report from each of the three major credit bureaus (Equifax, Experian, and TransUnion) once a year. Review your reports for any errors or discrepancies and report them immediately.

Improving Your Score

Improving your credit score takes time and effort, but it’s achievable with these steps:

  • Pay Bills on Time: Consistently paying your bills on time is one of the most significant factors in improving your score.
  • Reduce Debt: Aim to pay down existing debt, especially high-interest credit card balances.
  • Avoid New Credit Inquiries: Limit the number of new credit applications, as each inquiry can temporarily lower your score.
  • Increase Credit Limits: If possible, request a credit limit increase to improve your credit utilization ratio.

Maintaining a Good Score

Once you’ve improved your credit score, it’s essential to maintain it:

  • Monitor Your Credit: Keep an eye on your credit reports and scores regularly.
  • Use Credit Responsibly: Continue to pay bills on time and keep credit card balances low.
  • Stay Informed: Educate yourself about credit and financial management to make informed decisions.

Common Credit Myths

There are many misconceptions about credit scores. For example, closing old accounts can hurt your score, and checking your own credit report does not affect your score. Understanding these myths can help you make better financial decisions.

  1. Myth: Checking your own credit report will lower your score.
    1. Fact: Checking your own credit report is considered a “soft inquiry” and does not affect your credit score. It’s a good practice to review your credit report regularly to ensure accuracy.
  2. Myth: Closing old credit accounts will improve your credit score.
    1. Fact: Closing old accounts can actually hurt your credit score because it reduces your overall available credit and can shorten your credit history, both of which are factors in your credit score.
  3. Myth: You only have one credit score.
    1. Fact: You have multiple credit scores, as different credit bureaus (Experian, Equifax, and TransUnion) and scoring models (FICO, VantageScore) may calculate your score differently based on the information they have.
  4. Myth: Carrying a balance on your credit card improves your credit score.
    1. Fact: Carrying a balance and paying interest does not improve your credit score. It’s better to pay off your balance in full each month to avoid interest charges and maintain a good credit score.
  5. Myth: Your income affects your credit score.
    1. Fact: Your income is not a factor in your credit score. Credit scores are based on your credit history, including payment history, amounts owed, length of credit history, new credit, and types of credit used.
  6. Myth: Paying off a debt will remove it from your credit report.
    1. Fact: Paying off a debt does not remove it from your credit report. The account will be marked as paid, but it will remain on your report for up to seven years from the date of last activity.
  7. Myth: Using a debit card will help build your credit score.
    1. Fact: Debit card usage does not impact your credit score because it is not reported to credit bureaus. Only credit accounts, such as credit cards and loans, are reported and affect your credit score.

Resources and Tools

Take advantage of tools and resources available to help manage and improve your credit scores. Many banks offer credit monitoring services and financial education resources to support your credit health.

By understanding and managing your credit score, you can unlock better financial opportunities and achieve your financial goals. Stay proactive and informed to maintain a healthy credit profile. Visit Peoples Bank & Trust today to learn more about how we can assist you in achieving your financial goals and securing a brighter financial future.

Jar full of cash labeled Emergency Fund with stack of books in the background

How to Build an Emergency Fund: 6 Tips and Strategies

In uncertain times, having an emergency fund can provide peace of mind and financial stability. An emergency fund is a savings account specifically set aside for unexpected expenses, such as medical emergencies, car repairs, or job loss. Here’s how you can start building your emergency fund and ensure you’re prepared for whatever life throws your way.

Why You Need an Emergency Fund

An emergency fund acts as a financial safety net, helping you cover unexpected expenses without resorting to high-interest debt. It can prevent financial stress and provide a sense of security, knowing you have a cushion to fall back on.

6 Tips and Strategies for Building an Emergency Fund

1. Setting a Goal

How much should you aim to save? Financial experts typically recommend having three to six months’ worth of living expenses in your emergency fund. This amount can vary based on your personal circumstances, such as job stability and monthly expenses.

2. Starting Small

If saving several months’ worth of expenses seems daunting, start small. Even setting aside a small amount each month can make a big difference over time. The key is to start now and build gradually.

3. Automating Savings

One of the easiest ways to build your emergency fund is to automate your savings. Set up automatic transfers from your checking account to your savings account. This way, you’re consistently contributing to your fund without having to think about it.

4. Cutting Unnecessary Expenses

Take a close look at your budget and identify areas where you can cut back. Reducing non-essential spending, such as dining out or subscription services, can free up money to put towards your emergency fund.

5. Using Windfalls Wisely

Whenever you receive unexpected income, such as a bonus, tax refund, or gift, consider putting a portion of it into your emergency fund. This can give your savings a significant boost.

6. Choosing the Right Account

Keep your emergency fund in a high-yield savings account. This type of account offers better interest rates than a regular savings account, helping your money grow faster while still being easily accessible when you need it.

Building an emergency fund takes time and discipline, but the peace of mind it provides is well worth the effort. Start today, and you’ll be better prepared for whatever financial challenges come your way. At Peoples Bank & Trust, we’re here to help. Learn more about our savings accounts and other services that can help you effectively build your emergency funds.

Tax Season Tips

Tax Season Tips for 2023 

With the new year comes tax season. As we jump right into tax season, here are some tips to keep you organized, ahead of the game, and prepared to submit your taxes on time.  

Step 1: Remember to Keep ALL Tax Related Documents 

One of the biggest hassles is organizing and finding your information to be prepared for tax season. Whether you do your own taxes or get help from a professional, it is important that you begin to collect and organize the proper documents. This includes last year’s tax return, this year’s W-2s and 1099s, receipts, and so on. Here are some recommendations from TurboTax of what to keep and what NOT to toss:  

  • Print out a tax checklist to help you gather all the tax documents you’ll need to complete your tax return. 
  • Keep all the information that comes in the mail in January, such as W-2s, 1099s, and mortgage interest statements. Be careful not to throw out any tax-related documents, even if they don’t look very important. 
  • Collect receipts and information that you have piled up during the year. 
  • Group similar documents together, putting them in different file folders if there are enough papers. 
  • Make sure you know the price you paid for any stocks or funds you have sold. If you don’t, call your broker before you start to prepare your tax return. 
  • Know the details on income from rental properties. Don’t assume that your tax-free municipal bonds are completely free of taxes. Having this type of information at your fingertips will save you another trip through your files. 

Step 2: Organize Your Documents  

As you begin to receive and gather your documents, find a folder to carefully organize your information. It is easy to throw an envelope into a drawer and forget where it has been placed. You’ll thank yourself as you begin filing that you kept the information needed organized and ready for use. Remember it is important to keep ahold of past year’s documents as well, as those could be needed for filing. If you haven’t already, find an organization method that works for you to begin organizing all records and carry that method on from year to year. The rule of thumb is if you don’t know if you’ll need it, it is safe to go ahead and keep it, just in case.  

Step 3: Itemize Your Tax Deductions  

By itemizing your tax deductions, you could potentially save a substantial amount compared to taking the standard deduction. If you own a home, live in a high-tax area, or are self-employed it may be worth taking extra steps to itemize your deductions.  If your qualified expenses add up to more than the 2022 standard deduction ($12,950 for singles and $25,900 for married couples filing jointly) itemizing your deductions is worth it to take the time to do.  

Some items to consider itemizing:  

  • Mortgage interest 
  • Charitable donations 
  • A portion of medical expenses 
  • Home office  

Step 4: Make a Plan for How You Will File Your Taxes 

If you are filing your taxes and expect a return, filing electronically may be the best and quickest option for you. The IRS processes electronic returns faster than manual paper returns, which means you could expect your refund three to six weeks sooner, especially if you have it set to deposit directly into your bank account.  

Step 5: File Your Return ON TIME 

Do not wait to begin gathering your documents and making your plan for filing your information. If you need assistance, it is important to do your research ahead of time and be proactive so you can file and pay on time.  

If you can’t finish your return on time, make sure you file Form 4868 by April 18, 2023. Form 4868 gives you an extension of the filing deadline until October 16, 2023. On the form, you need to make a reasonable estimate of your tax liability for 2022 and pay any balance due with your request.  Requesting an extension in a timely manner is especially important if you end up owing taxes to the IRS. 

Tax season is a stress to us all. The key is to be organized and proactive in getting ahead of filing and paying your taxes, so you are not late and potentially owe more. If you are curious about the basics of taxes or want to be aware of any changes when filing your 2022 return, visit the IRS website for assistance.  

Peoples Bank & Trust Co.    

Member FDIC    

Equal Housing Lender    

Top 5 Reasons You Need a Debit Card

Make Purchases Simple – Top 5 Reasons You Need a Debit Card 

If you don’t have a debit card, don’t worry these top five reasons will convince you to get one! A debit card is a great asset to your wallet and financial freedom. Keep reading to learn the top ways a debit card makes your purchases simple. 

1. Makes Purchases Convenient and Simple 

Ever reached into your wallet and are short on cash? Having a debit card on hand makes it incredibly easy to either withdraw funds from an ATM or simply use the card to make your purchases instantly. A debit card can truly be your only form of payment wherever you are. A debit card allows you the freedom to make everyday purchases conveniently and you can track your spending instantly from your PB&T mobile app.  

2. Budgeting Made Easy 

When you use your debit card, you are withdrawing money directly from your checking account. If you are working towards improving your budget, a debit card is a great tool to help you do so. When you make a purchase with your debit card you can be notified right away and have a mobile receipt to help keep your budget in line.  

3. Safe Form of Payment  

One of the huge benefits of utilizing a debit card are the safety factors. With a debit card you can make secure purchases and not have to worry about carrying cash. With your debit card you can be notified every time your card makes a purchase, that way if it is a fraudulent purchase, it can be reported through Peoples Bank & Trust immediately. If you lose your card, don’t worry you can cancel it immediately and have it replaced at any of our branch locations.  

4. Debit Cards Can Reward You  

Depending on the debit card you get, you can earn rewards simply by using it! To learn more about the specifics of our debit cards, head over to our website.  

5. Makes Paying Bills Effortless  

One of the huge benefits of using a debit card is the ability to set up your bills to be paid automatically. This will help you avoid a late fee or interest. This is a huge benefit to improving your credit score.  

If you are looking to get started on a debit card, we can help! At Peoples Bank & Trust we are focused on making your day-to-day financial goals effortless and with a debit card payment is made easy, safe, and convenient.  

Peoples Bank & Trust Co.    

Member FDIC    

Equal Housing Lender