Category: Savings

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

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

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 

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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 

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

calculator

How to Pay Off Debt Faster

Debt can seem intimidating at first, especially when you’re looking at all the different balances across various accounts and credit cards. Paying off your debt will allow you to increase your income and have a little extra room in your budget for other things. By following a few simple strategies, you can pay off your debt faster than you think.

Follow the tips we’ve provide below to pay off your debt faster.

  1. Review the Amount of Debt You Owe – Find out exactly how much debt you owe. Being able to visualize the total amount of debt will help you create a realistic repayment plan.
  2. Create a Repayment Plan – Track the total amount of debt you owe with an Excel spreadsheet or free smartphone app. Make sure to include the minimum payment amount, interest rate and how much you owe total. List everything from credit cards and personal loans to student loans and your mortgage. Now, determine how much the monthly payment would be.
  3. Pay the Most Expensive Debt Off First – Sort your debt by highest to lowest interest rate and tackle the credit card or loan with the highest rate first. By paying it off first, you’re reducing the overall amount of interest you pay and decreasing your overall debt. Continue paying down debts with the next highest interest rates to save on overall cost.
  4. Pay More Than the Minimum Balance – When you have extra room in your budget, pay more than the minimum balance so you can pay the debt off faster.
  5. Stay On Top of Bill Payments – Use bill reminders and online bill pay to pay your payments on time – this helps you avoid late fees.
  6. Reduce Your Spending – Review your current spending and consider areas where you can reduce it. For example, skipping your daily latte or canceling your subscription to yet another streaming service.
  7. Change Your Habits – Consider your daily habits and routines and if there are adjustments you can make to save money without sacrificing your lifestyle too much. For example, bringing your lunch to work instead of buying it several times per week.
  8. Sell Unwanted Gifts or Household Items – If you have any unused items laying around, such as electronics, books, appliances, clothes, etc., consider selling them off or hosting a garage sale to earn some extra cash.
  9. Consider Debt Consolidation – This option allows borrowers to repay their debt by combining several high-interest rate loans or credit card balances into one new loan with a lower interest rate.
  10. Celebrate – Reward yourself once you reach your goals to maintain your newfound mindset. It can be easy to shift back to old habits, so it’s important to treat yourself occasionally to keep the momentum going.

Interested in debt consolidation or using online bill pay to simplify your payments? We can help! Visit our website to learn more about those options or contact a financial professional for assistance. We’re here to help you create a more financially stable future.

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

home

How to Increase Your Home’s Value

Buying a home is a major achievement—and investment! Mortgage payments help build up equity in your home over time, but there are changes and upgrades you can make to your home in order to increase its value, resulting in a bigger return on your investment.

Homeowners should look for simple, cost-effective ways to increase their home’s value, especially if they plan to sell in the future. Take a look at these 5 ways to increase your home’s value and get a stronger return on your investment.

1. Spice Up the Landscaping

Whether you heard it from a real estate agent or on HGTV, curb appeal matters! You want your home’s landscaping to leave a good first impression—on future homebuyers and neighbors alike. Ways to improve your home’s landscaping include:

  • A well-maintained lawn – this is one of the first things people see and is a well-rewarded investment.
  • Neat and tidy garden – keeping your garden tidy leaves buyers thinking it’s easy to maintain, which is always a plus.
  • Clean and lighted pathway – having a clean pathway that’s lined with pretty plants or LED lights leaves a great impression. Repair cracks and pressure wash it to remove built up dirt or grime.

2. Paint, paint, paint!

One of the most cost-effective and easiest upgrades to do to your home is to simply paint it! Adding a fresh coat of paint to each room of your house gives it a newer, refreshed look and ensures that there is no discoloration behind long-standing furniture or stains left by tiny hands. Peeling or outdated paint can be a turn-off and repainting saves the prospective buyer from having to do it themselves. Focus on painting areas like the bathroom and kitchen as those tend to have more wear. Painting the interior can result in a 107% return on investment (ROI).

3. Upgrade Your Bathroom

When searching for a home, buyers consider bathrooms as some of the most important rooms in the house. Bathroom upgrades are some of the most cost effective to upgrade and ensure you get a return on your investment. Some ways you can upgrade your bathroom include:

  • Repainting walls in a neutral, modern coat of paint or removing old wallpaper
  • Painting or refinishing cabinets (or replacing them if you have more room in your budget)
  • Installing matching modern hardware on drawers, cabinets and closets
  • Upgrading lighting, faucets, showerheads, or installing a new toilet
  • Cleaning everything – rid the bathroom of rust stains, scrub all the surfaces and re-caulk areas around the shower, bathtub and tile

Keep the design neutral and light so you can appeal to as many buyers as possible, colors like light blue or gray work well. If you’re looking to save money by doing the bathroom upgrades yourself, plan for a few days of work. For every $1 spent on bathroom renovations, you can make back $1.71 in home value.

4. Upgrade Your Kitchen

Many consider the kitchen to be the heart of the home. Upgrading a kitchen can make a big difference for some buyers. Depending on your budget, you will have to choose between minor or major kitchen upgrades. Below, we’ve listed some ways you can do both:

Minor Kitchen Upgrades

  • Replacing cabinet doors and hardware (but leaving the box of the cabinet)
  • Upgrading to quartz or granite countertops
  • Installing a set of new matching appliances
  • Repainting and adding backsplash throughout
  • Putting in new flooring if existing is outdated, damaged or worn

Major Kitchen Upgrades

  • Adding an island to the kitchen
  • Installing fully new or custom cabinetry throughout
  • Upgrading to more high-end, energy-efficient appliances
  • Replacing flooring with higher quality options and adding or upgrading trim
  • Adding undercabinet LED lighting

If you’re leaning toward making major improvements to your kitchen, we can help! Give us a call or contact us via our website to discuss your financing options for upgrading your home.

5. Make Your Home More Energy Efficient

Upgrading your home’s efficiency can be more affordable than you think. Some of the most popular environmentally friendly ways to increase your home’s value include improving heating and cooling costs, adding energy-efficient lighting and appliances, upgrading windows, doors and siding. Even adding a smart thermostat makes it easier for a homeowner to control the home’s climate from anywhere and allow them to manage their energy costs more easily. Home tech investments can provide a strong selling point for your home and increase its overall comfort, convenience and functionality.

Some upgrades, such as installing solar panels, are more of an investment and you may need to consider financing options to make this upgrade happen.

How Do I Pay for Improvements?

There are several routes you can take when upgrading your home. For upgrades that need to be done professionally, or those you cannot pay for in cash, there are several financing options available.

  • Credit Card – This option may work for you if you are able to pay off the home improvements in a short amount of time.
  • Personal Loan – A personal loan is a great option if you don’t have enough equity built up for a home equity loan or HELOC. These loans don’t require you to put your home or other property up as collateral to get approved. The interest rate for a personal loan will be higher than a home equity loan, but lower than a credit card in many cases.
  • Home Equity Loan or HELOC – A home equity loan is similar to a personal loan in that you receive a lump sum of cash with a fixed interest rate and monthly payment. A home equity line of credit (HELOC) works like a credit card and comes with variable rates and a line of credit that you can borrow against.

If you’re ready to spruce up your home and increase its value, give us a call, apply for a loan or credit card on our website or schedule an appointment with our team to further discuss your options.

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

NMLS# 407724

coins

Looking Ahead: Retirement Savings

Even though it may seem far off into the future, it is never too early to start saving for retirement. If you have an idea of what you want your retirement to look like, it makes it much easier to plan for it and set goals in order to reach that vision. Here are some tips on how you can look ahead toward retirement savings.

Set Your Goals

After all your years of hard work, you’re looking forward to some rest and relaxation—but how will you finance it after you retire? Are you looking forward to traveling the world or just don’t want to worry about finances while you’re hitting the links? Envisioning what you want your lifestyle to look like and when you want to retire will help you determine how much you should put away for retirement.

Find Out How Much Money You Need

Use a retirement planner tool to determine how much income you may need in retirement. You’ll need to enter in your current annual income, how often you’re paid, pre-tax contribution to your retirement account, current retirement savings, estimated Social Security benefit, current age and desired retirement age. You can also adjust your contribution to see how the numbers change.

Save and Invest

Most experts say 10-15% of your income should go toward retirement. If you aren’t comfortable doing that right now, save what you can and increase it 1% every year until you can reach that goal. There are a variety of retirement plans you can enroll in; we’ve listed some of the most common options below.

  • Company sponsored plans such as 401(k), 403(b)
  • Individual Retirement Accounts (IRAs)
  • Roth IRA
  • Various investments such as mutual funds, stocks, bonds

Make Up the Difference

If there is a difference in what you’re saving now and what you may need for the future, there are many options for you to make up the difference.

  • Increase your deferral into your 401(k) retirement plan. Figure out how much it costs per week to increase the deferral by 1%. Then, continue to bump that number up as needed. A great time to do this is when you get a promotion or raise.
  • Make annual contributions to an IRA. This is similar to a 401(k) as it allows you to invest for the long-term and pay taxes on earnings later.
  • Contribute to your 401(k) to catch up to where you need to be.
  • Manage your debt now so you can have more money later, as long-term savings are crucial for your retirement!
  • Boost your savings by delaying retirement. By waiting just an extra year or two, you could help increase your savings and increase your overall retirement budget.
  • Work for a significant promotion or raise and save some of the additional earnings.

Review Your 401(k) or Roth IRA Yearly

Once or twice a year, set aside time to review your 401(k) or Roth IRA. Firstly, review your asset allocation—your retirement accounts should match your goals. Check your progress to see if you’re saving more than anticipated or if you’re not quite there yet and need to make some changes. If you’re not saving as much as you wanted, consider increasing your deferral, adding more money to your IRA or making an extra contribution to catch up to where you want to be. Also, update the beneficiaries on your accounts and make sure your contact information is current.

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender