Category: Save Money

How to Cut Social Spending

How to Cut Social Spending

We all enjoy eating out and spending time out with friends here and there, but it can add up! When looking for ways to be social, but cut back on your spending, it can feel like you’re not allowing yourself to fully indulge and have fun. Should you go out to eat or spend a night out on the town? Absolutely yes, socialization is something we all enjoy in our own way. Check out these tips to cut spending, but still, enjoy yourself here and there. 

Track Your Spending  

To stick to your budget and not overspend, it is important to track your spending and notice where you often have overspent. We all tend to overspend on wants and social activities. It is important to be realistic with yourself on how often you want to socially spend and what works with your lifestyle and financial situation. When trying to better your budget, it can feel very hard to cut down or cut things out as they may feel like a necessity. 

Eat-In  

It may seem like a given but opt for a night in rather than eating out. Eating in and spending time preparing the meal can be even more fun than going out! It also is free entertainment to be on your own time in your own space. Here are some ideas for eating in with family, friends, etc. to make it out of the ordinary and entertaining.  

  • Do a grill your own  
  • Appetizers only (great for large groups) 
  • Potluck style 
  • Hibachi  
  • Make your own pizza (have each person bring a topping or two) 
  • Order from a restaurant and eat in (can all share meals or appetizers to lower cost) 
  • Have a cocktail night (each person brings ingredients to craft their signature cocktail of choice) 
  • Dips and chips night (each person brings a different dip and dipper) 
  • Try a theme night where you pick a specific cuisine 
  • Restaurant-esc night, try to create your favorite meals or recipes from your favorite restaurant at home 
  • Charcuterie night (bring a cheese or item for the board)  

Entertainment 

Entertainment out is something we all enjoy doing and most often budget for. Whether you are a person who enjoys music, comedy, movies, concerts, games, etc. we have some fun ideas for you to try to save some money but not cut the fun. If you are looking for a last-minute thing to do or an idea to cut spending out but still enjoy yourself, here are some fun ideas to implement.  

  • Bonfire  
  • Yard game tournament 
  • Card game tournament 
  • Hire a local performer with a group of friends or family  
  • Search free concerts in your area 
  • Game night (optional – have each person bring their favorite game) 
  • Backyard movie on a projector  
  • Craft night (wreaths, holiday décor, pottery, gardening, clothing)  
  • Spa night  
  • Bring in a sales rep for your favorite brand and host a party (kitchen supplies, beauty, clothing, home décor, etc.)   

Social spending can take a toll on our budget and most definitely add up if we allow it to. Eating or spending time in doesn’t have to be any less fun. Incorporate these ideas the next time you try and make it easy by going out for a meal or entertainment. The more you incorporate these ideas, the more creative and fun they become.  

Peoples Bank & Trust Co. 

Member FDIC 

Equal Housing Lender 

summer energy savings

Summer Energy Savings Tips

As the weather warms up, it is smart to think about how you can save money and energy this summer. Here are some tips on how to cut cooling costs but retain comfort in your home!   

Windows   

Windows – you’ve got to love them this time of year but if your goal is to save some money and energy this spring, here are some tips you may consider. First, be sure to check your window seals to ensure they are working efficiently for you. If you need to replace your windows, spring is the best time to get it done so you aren’t spending a fortune on AC all summer trying to cool down your home. As the weather is cooler, open those windows and shut off the thermostat – fresh air is the best and it is a very energy-efficient way to keep a comfortable temperature. As the weather warms up, you may consider adding window treatments or coverings such as drapes, curtains or a light shade to prevent heat gain during the day through your windows.   

Fans & Ventilation   

Having fans in your home can be a great way to cool down, but not necessarily cool your home. The big tip with fans is to shut them completely off when you are done using them. Once spring hits, be sure you have changed your fan’s direction to counterclockwise for optimum cooling. Leaving fans running throughout the day in hopes of cooling down your home will only raise your energy bill. Another tip when to turn on your fan is if you are trying to remove humidity or heat, such as when you are cooking and when using the shower. You may even consider ventilation in your laundry room if that gets hot. With all three of these options, be sure to check the fans are vented outside.   

Thermostat  

Have you heard of thermostat scheduling? Find what is most comfortable temperature-wise for your household during the day and when sleeping at night. Keeping your thermostat at the same temperature day and night could cost you quite a bit. The U.S. Department of Energy says the lower the difference between your indoor and outdoor temperature, the higher your energy savings.   

Like almost every other aspect of our daily lives, there are options to control your thermostat on your mobile device. This technology is fantastic for adjusting your temperature controls throughout the day as needed, especially if you’re out of town! Be sure to check over your air conditioner sooner rather than later and have regular maintenance scheduled. The worst-case scenario is mid-July you’ve got a broken air conditioner and a huge bill on the way to fix/replace it. A big tip for your room air-conditioning thermostat is to avoid placing objects that give off the heat too close. These objects could be a lamp, TV, fridge, etc. that give off significant heat when in use that can cause your air conditioner to run much longer than needed.   

Appliances & Lighting   

This may seem like an obvious tip, but more times than not the lights you’re using get overlooked. There are great options on the market for more efficient lighting that give off much less heat. The sun is out the most in the spring and summertime, so find ways to keep the lights off and operate solely on natural lighting. As for appliances when you are running, say your dishwasher or doing laundry, consider doing those in the evening when it cools off. Also, consider doing full loads as needed rather than smaller loads to stay caught up. The less you can run your large appliances, the more affordable your bills will be and your house may just be a bit cooler during the day.   

There are many great benefits to warmer weather, but it can get toasty! Incorporate these tips into your routine now so you can efficiently save some energy and money but still be comfortable.  

Peoples Bank & Trust Co. 

Member FDIC 

Equal Housing Lender 

finance; savings goals

Tips to Reach Your Savings Goal

Do you have a savings goal you’ve been itching to reach? Here are some savings tips to speed up your process.   

1. Save Don’t Spend   

  • Spending Freeze  

Though it may sound easy to save and not spend, push yourself a little harder and try out a spending freeze. During a spending freeze, you set the duration of time where you do not spend on any outside purchases unless an emergency comes up. Make plans to stay in, cook at home and use what you have. It can be a hard thing to do, especially as things come up. Limiting spending for a couple of days or weeks can result in a good chunk of cash to add to your savings.  

  • Envelope Method  

The envelope method is a way to truly see what you are spending. The envelope method requires you to set aside money-filled envelopes for each category and use solely the cash to pay. When you take money out, you can see how much you have left to spend and when you are out. This trains you to see how much you are reaching for your money envelopes.   

2. Spring Clean Your Home   

  • Sell Some Belongings  

Sometimes selling a few things you are no longer using can add that extra amount you need to boost your savings. Maybe it’s time to sell some clothes, shoes, décor, appliances, electronics, etc. You can make it easy and post online or sell to your circle.   

  • Save On Utilities and Rent   

A roof over our heads can be a huge chunk of our spending. Consider living with a roommate if that works for you at the stage of life you are at. Cut your rent in half and bring in a roommate. If a roommate isn’t the best option for you, consider reducing your utility bill by using less energy.   

Some ideas to use less energy:  

  • Turn off fans when not in the room  
  • Run less laundry and dish loads  
  • Use less water – try out a dry shampoo instead of showering each day   
  • Schedule your thermostat to not run all the time  
  • Use natural lighting during the day  
  • Unplug items from outlets when you’re through using  

3. Do It Yourself Projects   

DIY projects are very budget friendly. To add some extra cash to your savings, consider doing DIY projects rather than buying things new. You also could find a DIY project you are good at and sell it for additional cash.   

4. Incorporate A Side Hustle   

Like the DIY projects to sell, that leads to incorporating a side hustle. A side hustle could be as much or as little as you make it. Here are some short-term side hustle ideas:  

  • Sell DIY projects  
  • Garden help  
  • Babysit  
  • Housesit   
  • Lawn maintenance  
  • Monetize your Amazon storefront  
  • Monetize your socials (ex. LIKETOKNOWIT)  
  • Promote products you love  
  • Edit for a freelancer   
  • Dog sit   
  • Bartend   
  • School pick up  
  • Farmhand   
  • Monetize a YouTube Channel, Instagram, Tik-Tok or Podcast   

5. Adjust Your Budget   

Finally, consider adjusting or reworking your budget and assess your finances. Do your research for ideas of how much you should be spending and how much you truly should be saving. Make sure that you have a deadline in place, so you know how frequently you need to cut spending here and there to meet goals.   

Do you have a savings goal you need to meet? The best answer is to make a change to your spending and start now. Contact Peoples Bank & Trust  to open a savings account today!  

Peoples Bank & Trust Co. 

Member FDIC 

Equal Housing Lender 

NMLS# 407724 

savings; savings in your 20s

Savings Hacks for Your 20s

How you start saving in your 20s is crucial, so do your future self a favor and start now. Here are some hacks to get smart about finances to share with someone you know in their twenties.  

What You Need to Know About Spending  

Your twenties are such a fun stage of life but can be very expensive if you are overspending. It is important to track how much you are spending on needs, expenses and fun. It is important to nail down how much you are spending on eating out, coffees and possibly even alcohol. Should you enjoy all those things, yes absolutely, but you need to account for the extras you are spending your money on, including social spending. 

Hacks to keep in mind to cut unnecessary spending:  

  • Make a grocery list 
  • Meal plan 
  • Eat before going out  
  • Set a certain amount for eating out, coffees, alcohol per month 
  • Budget for home accessories  
  • Budget for money spent on clothing 
  • Schedule plans with friends in advance 

What You Need to Know About Building Credit  

Do not let your twenties ruin your credit score. It is important to build your credit score young so you have a good score when you are looking to make a big purchase later on that maybe you’d need a loan for. Here are some ways to build a good credit score: 

  • Pay your bills on time  
  • Get a credit card for beginners 
  • Minimize how often you use your credit card 
  • Pay off your student loan debt  
  • Check your credit score  
  • Pay your credit card bill on time or possibly early if it’s in your best interest 

What You Need to Know About Student Loans  

College can cost a bit and eat away at your savings in your twenties. When you choose to take out a student loan, have a plan on how you will be paying that back. Here are some hacks to consider if you have a student loan to pay off:  

  • Pick up a part-time job throughout the school to save up to pay them off 
  • Consider asking your part- or full-time employer what they offer for student loan paybacks 
  • Live at home a little longer to add additional funds to your savings 
  • Apply for grants and scholarships throughout college 

What You Need to Know About Savings Goals  

The biggest hack in your 20s to building up savings is to make a budget and challenge yourself to follow it. Your twenties can be a rapidly changing period of your life, so the more frugal and budgeted you can be, the better you’ll feel financially as you age. Stick to what works for you and be realistic. Do not stay in all the time to save – you are allowed to have some fun! 

Reach out to Peoples Bank & Trust today to discuss how you can financially save in your twenties for your future self.  

Peoples Bank & Trust Co. 

Member FDIC 

Equal Housing Lender 

Spring Cleaning; Budgeting

Spring Clean Your Budget 

Spring is here and that means we’ve got some spring cleaning to do! This year, you’ll want to be sure to add ‘budget’ to your to-do list. Spend some time doing a deep dive into your finances and budget plan to boost determination for the rest of the year. Give yourself a budget refresh with these 4 tips.   

1. Review and Refresh  

Reviewing and refreshing your budget is something that should be done periodically. Life changes, there are new expenses, or in general, new goals that need adjusting. It is ok to change your budget if it accurately reflects where you currently are in life, and it aligns with your savings goal. Whether you have moved, made a big purchase or have room to allocate more to your savings, be sure your budget is refreshed to reflect new changes.  

2. Rebuild Your Savings  

There is always a time of rebuilding – whether it is after purchasing a new home or welcoming a new member into your family, think about what needs to be adjusted to rebuild your savings. Another thing to keep in mind is your emergency fund. As you rebuild your savings for new financial goals, be sure to plan for the unplanned. Delegate a percentage of your income or side hustle to build strong savings for the future and unforeseen circumstances.   

3. Track Your Spending   

Do you track your spending? Tracking your day-to-day spending is a great way to address any trends that may need to be reviewed in your budget plan. Tracking your purchases gives you the opportunity to see where you are at within your budget day-to-day or weekly to ensure you’re on track. Make it a point to schedule a monthly budget meeting with yourself. It is important to look ahead and try to forecast month-specific expenses coming up.   

4. Align Your Money Goals   

Lastly, be sure to give yourself credit for reaching weekly and monthly goals. It won’t always be perfect – overspending happens and life constantly changes, but you can always give yourself grace and have the self-awareness to address concerns. Be realistic with your lifestyle to align your progress in the right direction. Treating yourself occasionally is a great incentive to drive determination for long-term success.   

As you spring clean your budget to perfection, do not hesitate to reach out to Peoples Bank & Trust to set up a savings account or to discuss how we could assist you in reaching your financial goals today! In a world full of unknowns, you have the power to be self-aware of your budget and how you can adequately save for success.  

Peoples Bank & Trust Co. 

Member FDIC 

Equal Housing Lender 

Gardening; Home Improvements

Spring Improvements to Increase Your Home’s Resale Value  

Thinking of selling your home shortly? We’re here to share some easy springtime renovations to provide you with the greatest return on your investment. Spring cleaning is lots of fun, but a spring renovation, that’s what will give you the biggest bang for your buck!  

Replace the garage door.  

Replacing the garage door not only contributes to fantastic curb appeal, but the functionality will grab the attention of potential buyers when you upgrade to a more modern door with windows and smart control features.  

Install a kitchen backsplash.  

Kitchen remodels make a huge impact on the resale value of a home. Doing small weekend projects such as replacing or adding a backsplash can do absolute wonders and make a dramatic difference in your kitchen design! Make it as easy as laying tile one day and grouting the other for a quick home improvement.  

Update the popcorn ceilings.   

Yes, it is time to update those outdated popcorn ceilings. It is a fairly simple process you can do on your own with a few products from the supply store. This is such an easy and affordable way to spruce up your home with minimal cost and effort.   

Re-roof your house.   

The exterior of your home is the first thing a buyer will notice. Make the best first impression by addressing your current roof. You do not always have to completely re-roof your home and we understand this is more costly. There are options to replace shingles, partially replace or roof over. If you think your current roof will be a topic of discussion when listing your home, add this tip to the top of the list! If the roof is in bad shape, certain loans may require it to be replaced before the final sale could take place.  

Address the hardware and fixtures.   

What seems like a small, nitpicky detail can make the biggest impression on your buyers. Contemporize your outdated hardware and light fixtures to give a more stylish and fresh appearance.   

Stay neutral.  

Finally, when making home improvements – remember to stay neutral. Whether you change the color of your siding, cabinets or walls, you can appeal to a larger number of buyers by keeping simplicity throughout. Neutral tones make it easier for potential buyers to envision what they could do with the space and make it easy for them to paint over if need be.   

We believe these top tips will advance your home’s resale and help your budget. If you’re looking for a place to put your savings for your new home, we’re here to help. We also have all the home loan options you’ve been searching for and are happy to talk to you about the next steps.  

Peoples Bank & Trust Co. 

Member FDIC 

Equal Housing Lender 

NMLS #407724 

Home Sweet Home

6 Reasons Why You’re Ready for Home Ownership 

Questioning if you are prepared to become a homeowner? Here are six helpful tips to break down buying a home and what you need to be prepared for. Purchasing a home can be a stressful process. Let these recommendations set you up financially and emotionally when you are ready to pull the trigger on buying.   

1. Be Mentally and Financially Ready  

Maybe you have reached your savings goal or have gotten out of debt. Knowing you are ready and what you want is probably one of the most important pieces of the house buying process. Buying a home is a big investment, so be sure you’re in a financial situation ready to pay for the house itself, property taxes, homeowners insurance, along with the furnishings and upkeep of your home.   

2. Check Your Credit  

Another big part of being ready for homeownership is making sure you have a good credit score. Your credit score will help determine the loan you can qualify for during this process. If you can qualify for a better interest rate, that will help lower what you are paying monthly towards your mortgage.   

3. Have a Steady Income  

Being sure you have a steady income is highly important when wanting to buy a home. Down payments can be a good chunk of money. You will want to be sure your income and savings will allow you to put down a very healthy payment. Mortgage lenders will check your income along with your credit score, as they both show your ability to repay. Purchasing a home is a very big financial and emotional decision, so being sure financially you’re in a good place can help give you peace of mind on the emotional side. It is important to think through your 5 or even 10-year personal and professional goals before buying. You’ll want to think about family, relocating for work and where you truly want to be at that stage of your life.   

4. Build Healthy Savings and an Emergency Fund  

There is a lot to think about when purchasing a home, but hopefully this helpful tip you have already been working on! It is especially important, regardless of whether you are buying a home, to be working towards healthy savings and an emergency fund. Why do you need strong savings and an emergency fund when buying a house? Along with the house itself, there can be many expenses and often unpredictable circumstances. Having some additional savings can ensure your comfort when moving as expenses arise. Setting aside money to build healthy savings will be great backing as you adjust your budget and incur monthly house payments.   

5. How Much House Can You Afford?   

How do you know what you can afford? There are several methods for calculating what you can afford, as well as several factors to address. You can utilize online down payment calculators to give you a better idea of what to expect.   

Down Payment Calculator: Calculate Your Down Payment https://bit.ly/3I0xCHM   

Refer to your budget to analyze your gross monthly income as well as annual. After you can nail down what you are bringing in, look at your set expenses. Another expense to account for is your state property taxes. Many lenders will utilize the 28/36 rule to determine their ability to afford a house. Money.com shares the 28/36 rule suggests your housing expenses should be no more than 28% of your total pre-tax income. Your total debt should not exceed 36% of your pre-tax income.  

6. Align with Your Personal and Home Goals   

Once you have learned about your home affordability, be sure making the move aligns with what you want. Buying a home is a big deal and can take up a good chunk of your budget. If it is more important to you to have the extras over a home, consider crunching the numbers to see what life would look like moving forward. In reality, when purchasing a home, you may have to push back that vehicle upgrade or vacation. Those are all good things to think about when aligning your personal goals with your home goals. It is critical to acknowledge the future and factor in your goals.   

The process of deciding to buy a home can be a lot to think about. Share these helpful tips with a friend, colleague or family member who is debating homeownership. Reach out to Peoples Bank & Trust today to discuss a mortgage on your new home! We would be happy to help you through this exciting process of becoming a homeowner.  

Peoples Bank & Trust Co. 

Member FDIC 

Equal Housing Lender 

NMLS #407724 

Traveling on the road

The Cheapest Ways to Travel 

It can be difficult when your goal for the year is to see more of the world, but you don’t have a huge budget to work with. Between flights, lodging and food, a quick weekend trip can turn into a trip that breaks the bank. Here are some ways to still experience the thrill of traveling while keeping the experiences relatively cheap:  

Go Camping  

There’s nothing quite as bonding as a fun family camping trip! Whether you have a camper, know someone with a camper, or want to go the old-fashioned route and pitch a tent, camping is a relatively cheap option.   

Book Your Flights Far in Advance  

The earlier you book your flights, the cheaper the rates usually are. Try to avoid planning last-minute trips since everything tends to cost more that way. Most airlines have flights available 11 months in advance which gives you lots of time to compare prices and book flights early. Keep your eye out for deals on flights to your desired location as well.  

Choose a Cheaper Airport  

Your local airport is close by and convenient, but smaller airports typically come with higher rates. It’s worth it to drive a couple of extra hours to make it to a bigger airport with more flight options as well as much lower rates.  

Go On a Cruise  

The great part about cruises is that you typically pay a single price that covers all expenses such as food, lodging and entertainment. Plus, you get to visit numerous locations all in one trip, making for a memorable and reasonably priced family vacation.  

Fly a Budget Airline  

Allegiant Air and Spirit are two examples of budget airlines that make flying a bit less expensive. The downfall of these airlines is the fact that things that are normally free with other airlines cost extra, such as carry-on luggage or seat assignments. Nevertheless, these budget airlines can save you hundreds of dollars and are a great financial choice.  

Airbnb Over Hotel  

Airbnb’s are located just about anywhere nowadays. Open the Airbnb app, enter the location and number of guests and you’ll be given lots of options. Not only is renting an Airbnb usually cheaper than a hotel, but they have a lot more character and feel more home-y.  

Now that you’ve read these helpful travel tips, it’s time to print your boarding pass and pack your bags! We hope your next adventure is fun, memorable and most importantly, budget friendly.   

  

Peoples Bank & Trust Co. 

Member FDIC 

Equal Housing Lender 

Student paying off loans

How Do I Pay Off Student Loans Quickly? 

Paying off student loans isn’t going to happen overnight – it takes time, and most importantly, discipline. There are some steps you can take to speed up the process and be debt-free sooner rather than later. If you’re in need of some advice on this subject, you’re in the right place.   

1. Pay MORE than the minimum.  

If you’ve only been paying the minimum, odds are you haven’t seen a whole lot of progress. Plus, the interest you’re piling up isn’t helping either. Instead of worrying about saving as much as you can, focus on putting a bigger chunk of your money towards your student loan debt to make the payoff process much faster.  

2. Put all promotions, tax refunds and bonuses towards your student loans.  

It may seem tempting to reward yourself when you get a promotion or a bonus, but take a step back before spending impulsively. Make the decision to put all your “extra” money towards paying off your student loans rather than spending it all.  

3. Pick up a side hustle.  

If you have some extra time on your hands before or after work or on the weekends, consider picking up a side job for extra cash. You could waitress on the weekends or evenings, start your own side business involving a hobby of yours or sign up to be an Instacart driver or DoorDasher.  

4. Re-evaluate your budget (and stick with it).  

Take a look at your current budget if you already have one and figure out what adjustments can be made. You’ll most likely have to make some sacrifices, but they’ll be worth it in the long run when you’re finally debt-free. Once you’ve adjusted your budget and left plenty of room for money to go towards your student loans, stay disciplined and make it a priority to stick with your budget.  

5. Don’t give up – stay motivated.  

Paying off student loans takes time and patience – you won’t see results in a week or month. The key is to stay positive and consistent in your payments and you’ll be debt-free before you know it.   

Today’s the day to make a change! Your future self will thank you for ridding yourself of debt as soon as possible. Peoples Bank & Trust believes in you and is here to help! 

Peoples Bank & Trust Co. 

Member FDIC 

Equal Housing Lender 

Beginner's Guide to IRAs

A Beginner’s Guide to IRAs 

Why should I worry about saving for retirement right now? Are IRAs really that important? If you are wondering the importance of saving for retirement and how much that can drastically affect your future, you’ll want to continue reading. We wanted to provide a beginner’s guide to IRAs so you can understand your options and the differences between IRAs.  

What is an IRA?  

An individual retirement account (IRA) is basically a savings account with tax advantages for you to use to prepare for retirement. There are several different types of IRAs, including Traditional IRAs, Roth IRAs, SEP IRAs and SIMPLE IRAs.  

What are different IRA options?  

A Roth IRA or Traditional IRA are two options. These will be explained in the next section. Other options may be a SEP IRA which stands for simplified employee pension. A nondeductible IRA may be an option if you (or your spouse) have a retirement plan at work and your income exceeds the IRA income limits, then you may not be able to deduct your traditional IRA contributions. A SIMPLE IRA stands for Savings Incentive Match Plan for Employees – it mainly exists for small companies and the self-employed. There are others out there, but these are the most common you would come across based on your employment.  

What is the difference between a Roth and Traditional IRA?  

For starters, with a Roth IRA, you contribute after-tax dollars, your money grows tax-free, and you can generally make tax- and penalty-free withdrawals after age 59½. With a Traditional IRA, you contribute pre- or after-tax dollars, your money grows tax-deferred, and withdrawals are taxed as current income after age 59½. Investopedia states, “Roth IRAs are similar to traditional IRAs, with the biggest distinction between the two being how they’re taxed. Roth IRAs are funded with after-tax dollars; this means that the contributions are not tax-deductible. But once you start withdrawing funds, the money is tax free. Conversely, traditional IRA deposits are generally made with pretax dollars; you usually get a tax deduction on your contribution and pay income tax when you withdraw the money from the account during retirement.” To learn more, click here: https://www.irs.gov/retirement-plans/traditional-and-roth-iras   

How much should I be saving for retirement?  

There are lots of different ways to be sure you are saving enough for retirement. When you retire, you’ll need to factor in monthly bills, living expenses, rent, loans, medical bills, travel and so on – so it does add up quickly! One way to be sure you are saving enough is to look at your age. In your twenties, one rule of thumb is to save 10% to 15% of your pay for retirement. By thirty, you’ll want it to be at least 15%. At 40, you should aim to save 3 times your salary. Consulting a financial advisor will also be helpful, so you can determine how much to save and also how much to contribute to other areas such as a savings account or 401k.  

We hope this helps you feel more confident about beginning to save for retirement with an IRA. We offer solutions for you along with any other help you may need financially. Reach out to us today! 

Peoples Bank & Trust Co. 

Member FDIC 

Equal Housing Lender