Category: Personal Finances

Save $5000 This Year with our 52-Week Challenge

savings

Whether it’s a house, a new vehicle, or other lending options, having a down payment is always a great first step.  In this 52-week challenge you will begin saving a little at a time to accumulate $5000 this year! Here’s how it works, every week you deposit a different amount into your savings account. As the weeks go on you begin to build a steady base little by little. At the end of the year you will have saved $5000 when done correctly. You can also add to the numbers shown below if you’d like to save more than $5000. Simply take the additional amount you would like to save, and divide it by 52. Now add that number to each of the deposit amounts for the year and you have your game plan.

Savings

$5000 is a substantial sum of money that offers endless potential, so here are some ideas to get you started!

Vacation: Take a break and enjoy an exciting new destination with your family! Cruises start at less than $700 per person, and a week in Florida typically runs $4000+ for a family of four. The possibilities are endless!

New Vehicle: You can purchase a used vehicle with the $5000 (or less), or you can use the $5000 to put a down payments on a more expensive vehicle you’ve had your eye on.

Down Payment on a Home: Now with FHA loan offerings new home buyers can afford a mortgage easier than ever! Every home is different, but with $5000 you’re off to a great start!

Wedding: A little creativity may be involved but the celebration can go on! With the largest event expenses being the venue, food, and photographer, finding inventive shortcuts can turn $5000 into the wedding of your dreams!

With so many exciting things to save for, be sure to start our 52-week saving challenge ASAP! The sooner you begin saving, the sooner you can enjoy your reward. Let Peoples Bank & Trust help you get off on the right food with our easy and affordable savings account options!

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

Make the Most of Your Finances with our Easy Online Toolkit

Online Banking

Technology is a constantly evolving medium, and we’re continuing to grow with it! At Peoples Bank & Trust we offer a variety of digital tools for our customers. Take a look and discover a new way to manage your finances through our online technology!

Online Banking: Conveniently access all your banking accounts through our secure online portal. Not only does this give you a quick and easy way to manage your finances but it’s also where you can view a complete account history, re-order checks, transfer funds, and more!

Mobile Banking: Enjoy all the perks of online banking from the comfort of your mobile device. This easy mobile tool allows you to keep up on your finances while you’re away or during your busy day. Download our mobile app today for your iPhone, iPad or Android device.

Text Banking: Utilize our quick and easy text messaging service to receive account balances and recent history. Any phone with texting (SMS) capabilities can be used with our Text Banking. Learn the how-to for all things text banking here.

Online Bill Pay: Tired of writing checks for your monthly expenses? With our Online Bill Pay you can schedule reoccurring payments and take the hassle out of paying your monthly expenses. Go through our easy setup process and you can start paying bills directly from your Online Banking account!

Online Loan Applications: You can now apply for a home loan online, from anywhere!  Simply visit the PB&T Mortgage Center on our website and follow the easy step-by-step process.  If you’re not ready to apply, sign up for our Rate Watcher alerts and receive emails when rates change or reach your desired level.

E-Statements: Make a difference and go green with our E-statements at Peoples Bank & Trust. Not only are you helping the environment, but our E-Statements offer a quicker, simpler process to obtain your monthly statements. Simply log-in to your Online Banking page, click on User Services and select Account Statements to sign up!

Here at Peoples Bank & Trust it’s all about YOU, our customers! We love the ease and simplicity these products offer for the everyday financial tasks. Sign up today online or call our E-Banking Department at (636)528-7001 to try them out. We would love to help you find the best product solution for your individual needs!

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

 

Start Your Retirement Plan with a Roth IRA

Roth IRA

Roth IRAs

There are many different options when it comes to planning for your retirement. Here at Peoples Bank & Trust we offer a large variety of plans to fit your individual needs. One of our most versatile plans is the Roth IRA. Learn how this account can benefit you and your loved ones when you retire.

6 Benefits to Starting a Roth IRA

Tax Free Income

With a Roth IRA you pay income tax on your contributions, and there are no additional taxes on withdrawals. There are also no taxes on earnings when you remove them from the account, simply pay tax on your income and then place the funds in your Roth IRA. As the finances grow, you never have to pay another penny of taxes on them.

You can continue to contribute funds after age 70

With the traditional IRA users must discontinue contributions at age 70 ½ and are then required to take distributions from the account. These distributions come with an associated tax for each withdrawal. The Roth IRA however, can gain contributions no matter your age, there is no age or limit to when, or if, you decide to take distributions. If you’re still earning an income and want to continue to save until you’re 100, the Roth IRA says go for it!

A Roth IRA can change as you need it

Roth IRA contributions can be withdrawn at any time penalty-free. In order to remove an amount more than what has been contributed, the investor must be over 59 ½ years old, with an active account for five years or more. There are some exceptions such as first-time home buying, disability, back taxes, or death.

The funds may be inherited

In planning your estate, a Roth IRA offers a tax-free opportunity for your beneficiaries to receive income that can extend throughout their life.  Yes, you pay taxes on the contributions now, but when you or your heirs need the funds to use, no additional taxes are levied upon withdrawal.

High income families are still eligible

Typically larger income families are ineligible for a Roth IRA, and instead are only allowed to use the traditional IRA. There is a loophole however, since 2010 new regulations have stated that anyone who builds their funds through a traditional IRA is eligible to convert those funds to a Roth IRA. Since this process does take some maneuvering it is best to speak with your tax professional if you would like to switch from a traditional IRA.

Roth IRAs are an ideal option

By facing the taxes now, users are able to avoid paying them in the future when things may have changed. Adding the safety of a Roth IRA enables investors to plan for the future without the risk of any other expenses down the road. In fact, after compounding, and letting time continue to grow the funds, any earned interest becomes tax-free additional finances to use on top of the built contributions.

Peoples Bank & Trust, offers both Traditional and Roth IRAs in addition to other retirement options. Stop by your local branch today to get your retirement plans in motion.

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

Choosing Your Ideal Mortgage Lending

Mortgage Lending

Mortgage Options

Winter is the ideal buyers-market for purchasing your next home. With motivated sellers, bargain prices, and available professionals, the chilly months offer the perfect opportunity to find your ideal home at an ideal price. When it comes to searching for your next abode be sure to begin by securing an approved mortgage. At Peoples Bank & Trust we offer a variety of mortgage options to suit every family and circumstance:

FHA Loans: Popular among first time homeowners and those rebuilding credit, the Federal Housing Administration backed loan, enables buyers to obtain a mortgage with little down, even if they have a lower credit score. Mortgage insurance is required for FHA loans, which adds an additional monthly cost that is included in your mortgage payments.

USDA Loans: For those looking to move to rural areas, the United States Department of Agriculture offers loans to aid low or moderate income families in buying, repairing, and renovating homes. There are three categories of loans for various incomes and buying intentions.

VA Loans: For those who have served in the military, or are currently serving, Veteran Affairs offers home loans in conjunction with local lenders. This loan requires no money down or mortgage insurance.

Once you’ve spoken with one our helpful lenders, the hunt is on for the perfect home! Be sure to keep these simple steps in determining the ideal home for you and your family.

  1. Look at homes only within your budget.
  2. Decide your ideal area, and your potential commute.
  3. Plan for the future, if your family is growing, additional bedrooms may a something to consider.
  4. Think for the seasons. Make sure that if Mother Nature throws some bad weather your way the house will remain safe and stable.
  5. Work with a realtor who knows the area.
  6. If you have questions, ask! Whether it’s about searching for your home, or extending your financing, make sure you’re educated in all of the options in front of you.

At Peoples Bank & Trust we are here to assist you with all of your home financing needs. Learn more about our mortgage lending options or visit your local bank branch. No matter the season, we’re here to help you on your way to home ownership.

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

NMLS #407724

The weather outside is frightful, and unfortunately, you need to face it

winter savings

Colder temperatures usher in a season of sick and sludge that sends us reaching for any means to escape it. As we buckle in for the winter, Peoples Bank & Trust encourages you to pay attention to these five areas to save money that’ll keep you warm ‘til spring:

  1. Pump up your tires: Low tire pressure kills gas mileage, and as temperatures drop, so will the pressure in your tires. Buy a tire gauge for $1 at an auto store, and fill up at a gas station offering free air. Make sure to double check your auto manual to make sure you’re not over-filling.
  2. Slash your pizza budget: We get it. When it’s cold and slushy and bitterly windy, the last thing you want to do for dinner is hop in the car to grocery shop. It’s the reason why sales of dinner orders spike by 25% in colder months. However, when the cost of most entrees shake out to $11 with tax and delivery fees, you’re better off making food from scratch and splurging on delivery only once a month.
  3. Trust generic remedies: When your throat is raging, you want the best cure available. Before you shell out big bucks at your upscale health food store, consider that overwhelming evidence suggests health supplements and herbs don’t work. What does? Store-brand aspirin, salt and warm water solutions, and honey to fix a variety of ailments, all of which you already have stashed in your cupboard for cheap.
  4. Brew it yourself: Nothing warms you up quite like a hot cup of coffee in the morning. Frequenting coffee shops and kiosks at $5 per mug adds up to over $120 per month for your weekday indulgence. Save all kinds of money by making your own cup of joe at home, customizing with mix-ins and creamers.
  5. Shop for quality: Some winter clothes like sweaters, hats, and socks may only last a season or two, but they can be replaced for cheap at end-of-winter sales. Outerwear like coats and boots might be pricier, but they should last you a decade or more with proper care. Invest in durable, quality outerwear to save yourself from making a big purchase again next year.

You don’t need to burn your cash in order to stay warm and comfortable this winter.  Instead, stop by Peoples Bank & Trust and learn about how we can help you grow the extra money you save.

Peoples Bank & Trust Co.

Equal Housing Lender

Member FDIC

 

Making the holidays a little brighter in your community

holiday donating

In the hoopla surrounding the holidays, “it’s better to give than to receive” can sometimes take a seat on the back burner. While you’re trimming the tree or cozied up next to loved ones around the table, others may be experiencing a much different celebration season. Medical conditions, job loss, and other unforeseen circumstances can limit an individual or family’s ability to experience December festivities – and that’s where you can assist in spreading cheer.

This season, scope out opportunities in your local community for you and your family to lend a hand. At Peoples Bank & Trust, we suggest looking into some of these possibilities to add holiday magic into the lives of neighbors in need:

  1. Make food and dish it out – Cookies and casseroles can be great gifts this time of year. You can provide them for those who don’t have the means or are short on food, as well firefighters, police officers and other public servants.
  2. Pack stockings for the homeless – Pick out some cheap stockings and fill them with practical items. These can range from food and drink (granola bars, bottles of water, etc.) to gloves, socks and hygiene items.
  3. Donate old toys – Kids’ toys and games can get pricey in a hurry. Purge your kids’ surplus toys to donate to children who would love to receive toys of their own.
  4. Pay a visit to a local nursing home – The holidays can be tough times for the elderly living in nursing homes. A small visit or gift from a stranger could brighten their day, or even make their entire holiday.
  5. Donate to a food bank – Winter is a difficult season, and it’s far worse if you don’t have enough food. Food banks and food pantries can put your donation to good use, and may offer volunteer opportunities as well.
  6. Have family members make a donation in your name – Replace one thing on your wish list with a donation made in your name to the charity of your choosing. Help someone through the gift of giving.

Our community is only as strong as we make it, and Peoples Bank & Trust would love to see you and your family building it up to its full potential.

 

Peoples Bank & Trust Co.

Equal Housing Lender

Member FDIC

 

Teaching Kids About Holiday Spending

teaching kids money

Between the gift wrap and the endless treats and the presents stuffed under the tree, the holiday season can create more fear than cheer when it comes to your budget. If you have little ones at home, this fear can multiply as you seek to offer them the happiest of holidays. Use this month as the perfect opportunity to teach them about tracking, spending, saving, and giving money with these pointers from Peoples Bank & Trust.

  • Create a budget: Squeeze the most magic out of the holidays by creating a battle plan. Explain the concept of budgets to your kids. Once they comprehend how the basics of a budget work, mentor them to create one of their own, allotting a dollar amount on gifts for each person on their holiday list. Help them track their spending through the season and find a fun reward when they manage to stay on track!
  • Get crafty with gifts: If you haven’t been accumulating gifts as they’re on sale throughout the year, your wallet may take a serious hit when prices spike during the holidays. Try your hand at a homemade gift, ranging from thoughtful cards to favorite family recipes. Many of these heartwarming DIY’s can be created with supplies lying around the home or purchased for cheap. Your kids benefit when they unleash their creativity and see the thoughtful effort of a gift crafted by hand.
  • Shop smarter: Don’t leave your kids in the dark with the money you plan to spend. When you head to the store, be upfront about how much you plan to spend on what purchases and why. With that knowledge in mind, they can help you spot sales as your cruise the aisles. Turn your shopping adventure into a game by challenging them to find the best deal or most creative alternative. Add an extra level and pay with cash to give them practice counting money and deducting coupons.
  • Give, give, give: It’s better to give than to receive, and the holidays are the perfect opportunity to show your kids this principle in action. Explain that other families may or may not be in the same financial boat as you. Enjoy the season with other community members by volunteering or donating to organizations like Toys for Tots, your local food pantry, or Operation Christmas Child to help children and families in need.

The most wonderful time of year can still be a frugal affair with a little planning. Peoples Bank and Trust is always here to help your family make the most of your financials to start strong in the New Year!

Peoples Bank & Trust Co.

Equal Housing Lender

Member FDIC

 

Black Friday Shopping Tips

week4-post2

Black Friday. This phrase conjures up images of awesome deals, 3 a.m. store openings and slightly crazy shoppers.

For those looking to get a jump on the holiday season, it’s a great opportunity to knock out some of your shopping while saving money. However, Black Friday is not for the faint of heart. It takes solid planning, execution and willpower to pull off.

Here are some tips you should put into action if you’re thinking of participating in the madness that is Black Friday this year.
Continue reading →

Holiday Shopping Tips

week3-post2

Ah, the holidays! They are fast approaching, meaning so is the tradition of holiday shopping. While many may enjoy the thrill of going from store to store purchasing things for family members, you may find holiday shopping stressful. Stress from shopping can come both from a financial aspect as well as simply being in the chaos of other shoppers in stores.

However, we believe the holidays should be a joyous time, not a stressful one. We’ve put together a few holiday shopping tips to help you save more money, shop smarter and reduce the stress you feel during this time of year.
Continue reading →

Don’t be Spooked by Halloween Costs

week4-post1

Halloween is almost here and your kids are getting excited to dress up, have some fun and get some candy! Although Halloween is a fun holiday, all of the costs that come along with Halloween can add up quickly. According to the National Retail Federation, the average American spends about $77 on decorations, candy and costumes each year.

Spending an extra $77 doesn’t seem like much, but it can make an impact on your monthly budget. Peoples Bank & Trust doesn’t want you to be scared by Halloween costs this year! Save some cash with these helpful tips:

Continue reading →