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Borrowers Guide

The Borrower’s Guide: Getting the Perfect Home Equity Loan

For homeowners, home equity loans can provide a helpful financial resource. To make the most of them, it’s important to first understand the basics. In this guide, we’ll break down the different aspects of home equity loans into simple terms, ensuring you’re well-informed and confident.

Understanding Home Equity Loans

A home equity loan is a type of loan that allows you to borrow money using the equity you’ve built up in your home as collateral. Equity is the difference between the current value of your home and the amount you still owe on your mortgage.

Assessing Your Finances 

Before jumping into the world of home equity loans, it’s essential to assess your financial situation thoroughly. This step ensures you’re well-prepared and can make informed decisions. Here are simple steps to help you evaluate your finances before applying for a home equity loan.

  1. Calculate your home’s equity 
  2. Check your credit score
  3. Evaluate your income and expenses
  4. Estimate your loan amount and monthly payments
  5. Consider your loan purpose 
  6. Prepare for additional costs 
  7. Anticipate future changes

Choosing the Right Home Equity Loan

Picking the perfect home equity loan involves a few key decisions:

  • Type of Loan: Decide between fixed-rate (predictable payments) and variable-rate (potential rate changes) loans based on your risk tolerance.
  • Loan Terms: Choose a repayment period that suits your budget and goals, considering shorter terms for less interest overall.
  • Interest Rates and Fees: Compare rates and fees from different lenders to ensure a fair deal and transparent costs.
  • Loan Amount: Borrow within your means and cover necessary expenses without overburdening your finances.
  • Lender Reputation: Opt for a reputable lender known for good customer service and flexibility if your circumstances change.
  • Prepayment Penalties: Avoid loans with penalties if you plan to repay early.
  • Loan Purpose and Tax Impact: Align the loan purpose with your needs and consult a tax advisor to understand potential deductions.

By considering these factors, you can select a home equity loan that aligns with your financial situation and goals.

Application Process

Once you’ve chosen the ideal home equity loan, the application process is straightforward, containing these steps:

  1. Gather Documentation: Compile necessary documents like income proof, property details, and identification.
  2. Complete the Application: Fill out the lender’s application form accurately and provide the required information.
  3. Property Valuation: Lenders evaluate your property’s value through an appraisal process.
  4. Lender Review: The lender assesses your application, credit history, and property valuation.
  5. Loan Offer: Upon approval, you’ll receive a loan offer detailing terms, rates, and costs.
  6. Acceptance: Accept the offer, set a closing date, and prepare for signing.
  7. Closing and Disbursement: Complete the closing process, sign documents, and receive the loan funds.
  8. Repayment: Start making regular payments based on the agreed terms.

Now that you’ve gained a clear understanding of home equity loans, you’re better equipped to make informed decisions about your financial future. 

At Peoples Bank & Trust, we’re here to support your financial aspirations. Our team of experts is ready to guide you through the home equity loan process, helping you secure the funds you need with favorable terms and competitive rates. Don’t hesitate to take the next step towards achieving your goals. Contact us today to explore how a home equity loan from Peoples Bank & Trust can make your dreams a reality!

Home Renovation and Remodeling Trends

2023 Home Renovation and Remodeling Trends 

Home renovations and remodels can be a great way to increase your home’s value if you are looking to sell or simply make your house your dream home. Tailoring your home with these renovation and remodeling trends can help align modern trends and your style preferences. Keep reading to learn the top renovation and remodel trends for 2023 to inspire ideas that may appeal to you.  

Renovation vs. Remodel?  

Many do not know the true difference between the words renovation and remodel, most typically use the two interchangeably. When speaking with a contractor or mortgage lender it is important to understand the difference between the two terms.  

Deciding Which Trend is Worth the Spend 

Each year the trends for renovations and remodeling change, so at the end of the day it is really up to you and what you want for the space. If you are looking to sell in the next year, it may be worth looking into current trends, as well as what will best fit your home and the layout to amplify space, functionality, and cohesively make the space look more modern.  

Trends tend to stay in the most used areas of the home as those are the areas we tend to want to dress up since we use them most. If you are looking to stay in your home for the next few years, don’t be completely phased by current trend. Instead take bits and pieces to make for the best renovation or remodel that you can to enjoy while you are there, but also add to the value of your home when and if you choose to ever sell.  

  1. Spa Bathroom 

The spa bathroom has been a trending project many have upgraded to. This is a space we use daily, so whether you’re using it to unwind after a long day or to start your day off in a calming environment – the spa bathroom is a great trend to follow! 

The best part about this trend is it could be a renovation or a remodel depending on what you want and the space you are working with. A larger bathroom allows for a larger shower and or bath, as well as more built-in shelves or cabinets for storage. 

  1. Large Windows 

At some point we all have to replace windows, especially if you have a fixer upper or an older home. Everyone can appreciate natural light in their home. Large windows with banks are a huge trend for 2023. Some window trends can range from large windows on multiple walls, floor to ceiling window wall, and glass framed doors to an outdoor space. Natural light has the power to make your space feel larger and with large windows it can add a simple elegance. This is a trend that could also save you money with UV blocking window technologies and lower lighting needs.  

  1. Built-In Storage 

If you are looking to renovate or remodel, it is well worth it to consider adding more built-in storage. Even for those who are more on the minimalistic side, storage is always useful and will never go out of style. This trend helps maintain organization while making your home feel and look pulled together. If you are wondering where to add storage, really anywhere. Think about adding cubbies to your mudroom, places in your bathroom to wrangle cords, products, accessories, and such.  

The thing with built-in-storage it can be completely hidden or more of an open look which is a huge trend. This is a great way to give your walls use and have storage to not feel as though your items do not have a place.  

  1. Accent Wallpaper  

This trend is great for a renovation project and can completely transform your space on a budget. Like many things, wallpaper has made its comeback. Many interior design trendsetters have brought back bold wallpaper to catch the eye, add texture, and completely take the space in a new and modern direction.  

Wallpaper can work in any room and doesn’t have to be on every wall. Wallpaper is a great option if you need an easy and less time-consuming option than painting. This is a great option to add personality to any space, from the kids’ room to the bathroom wallpaper is a hit and can easily be removed if you ever get tired of it.  

  1. Multifunctional Space  

For the most part we can all agree the last few years have shown us having areas of multi-functional space for work, school, personal, etc. can be more important than wasted space. Multifunctional rooms have only become more and more popular and are a huge trend as we enter 2023.  

Not only does a multi-functional space have to work for your day-time endeavors’, but to allow for relaxation and unwinding too. Furniture can play a huge role in making your space multifunctional, such as couches in offices or extra seating in the kitchen making your space always ready for hosting, family, and extra space for you to use all-areas of your home.  

Here are some ideas to implement into your multi-functional space:  

  • Islands: Islands can double as extra seating, a dining table, workspace, really anything you need! 
  • Bedroom/Office: A bedroom can be wasted space if not always used, pair this with an office or a pull-out couch to make this room stylish and functional.  
  • Functional Mudroom: We all need a “drop zone” to transition from outdoors to being home. This is a great option to help reduce clutter yet be functional for your lifestyle.  
  • Laundry Room: Laundry is a task we all complete, make this space organized and useful for you and your family’s lifestyle. You may even pair this with your mudroom. 

Use these trends as some motivation as you look into options to maximize your space as you go through a remodel or renovation. Keep in mind all projects should always work for your unique lifestyle, budget, and style. Yes, there are trends that are more valuable when it comes time to sell your home, but make sure you are making yourself a happy homeowner making the space what you want – most likely a buyer will look past a non-functional option anyway! 

Peoples Bank & Trust Co.  

Member FDIC  

Equal Housing Lender  

Money Mistakes to Avoid Around the Holidays

Money Mistakes to Avoid Around the Holidays

As the holiday season nears, it is important to make changes to efficiently budget for your expenses. Here are some holiday money mistakes to avoid this year, so you don’t have to start 2023 in financial regret!

1. Not Setting a Holiday Budget 

We’ve all been there and unfortunately have learned from our mistakes. Not setting a holiday budget will get you quick and set you back financially if you don’t better your budget. It is important to not only budget for gifts, but family events, holiday activities, supplies, and even décor. A $50 – $100 gift per person adds up fast – some of those people you’re closest to even potentially getting more than one gift. 

To overcome this, create a list of every person you need to get a gift for, as well as any grab bag/secret Santa gifts you know you’ll be partaking in. Next, set the maximum amount you will be spending. This is completely up to you, just be sure to be realistic with your amount accounting for gifts and such. After you set a maximum holiday budget, start allocating amounts to your categories, such as gifts, activities, hosting, supplies, etc. As you do this maybe you need to remove something or adjust your budget for that category. Jot down ideas you plan to get each person as soon as you can, so you have time to shop around for the best deal! 

Here are some common Christmas expense categories to consider: https://bit.ly/3OCxMb0

2. Not Saving Throughout the Year 

Not saving throughout the year will lead to stress, overspending, and a busted budget. To alleviate stress, start saving early by taking your budget and dividing it by the months you have until the holiday season. Doing this will ensure you are taking proper steps to reach that savings amount by the time the holiday expenses start rolling out. 

If you haven’t saved as much as you would like this year, don’t worry! What you can do is see what you have saved, available to add to your holiday fund, and make an automatic draft from your checking account to your designated savings – possibly more than before to reach your savings goal.

3. Splurging too Much on Yourself

As much as you’d like to, don’t splurge too much on yourself leading up to this holiday season. Many people end up buying themselves something for Christmas and that’s completely ok! After spending money on friends and family, we all tend to find items we’d like or would like a little spoiling ourselves. 

If you are thinking of buying yourself a gift this holiday season, here are a few pointers to be positive your budget is on track first. 

  • If you see something you like, don’t make a purchasing decision for at least seven days. In most cases, you’ll find that your desire for that thing has gone away.
  • Make an honest assessment of whether you can afford the item and how it will affect your next purchases and expenses. This purchase should not set you back!
  • Set up savings to save up for this purchase. Wait to get it until you reach your goal. 
  • Wait until after the holidays. Save up gift cards and cash earned to put towards it. 

4. Don’t Spend on Every “Good Deal”

Sales are all over during the holiday season, but it’s important to not jump at every sale you see. Even though you see a deal it is still costing you money. Before you are sold on a sale item, ask yourself these questions: 

  1. If this item wasn’t on sale, would you still want it?
  2. What will you be using it for? 
  3. How will you pay for it? Does it fit in your budget?
  4. Is there a better item to get or better use for your money? 

5.    Not Remembering Your Long-Term Financial Goals 

Remember, the holidays are not meant to be all about money. Focus on spending time with friends and family, creating core memories. No gift is worth derailing your long-term financial goals. It is important to remember your long-term goals outside of the holidays as well as what is to come in the upcoming months. Though you may feel it is ok to splurge here and there, it is important you keep your financial stability and goals in mind with each and every purchase. 

Stick to your budget this holiday season by not making any of these mistakes! If you haven’t worked through your holiday budget and started saving, here is your push to start now. 

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

phone

5 Reasons You Should Utilize Online & Mobile Banking

Besides the obvious positive of having constant access to your bank account on your very own device, online and mobile banking brings various benefits to the table. If you haven’t downloaded our mobile app yet, keep reading to find out why you should. 

1. Deposit Checks Anywhere 

Save yourself a trip by making it possible to deposit checks from the comfort of your home. It’s an easy process, too! All you do is endorse the check with “PBTC Mobile Deposit”, take a picture of each side and enter basic information. Your check will be processed in seconds – it’s as simple as that!  

2. 24/7 Access 

Say goodbye to working around the bank’s hours to do simple tasks like checking your balance, viewing your transaction history, transferring money, depositing checks or printing bank statements. With online and mobile banking, you have access to these services and information 24/7, even outside of bank hours. 

3. Quick and Easy Transfer 

There may be instances when you quickly need to transfer money from your savings account to your checking account or vice versa. This process is simple, too, and in just a few steps your transfer will be processed. Mobile banking is also helpful in situations where account balances get too low and you have automatic payments. You can set up notifications to make sure you transfer money before dropping below a certain amount and overdrawing. 

4. Never Miss a Bill with Autopay  

Autopay is easy to set up and allows you to pay your bills without having to lift a finger. By filling out a few quick forms online, money will automatically be sent out or transferred each month to pay your bills in a timely manner. Not only is this convenient for you, but it allows you to completely avoid the risk of paying a late fee. 

5. Print or Download Statements 

Save yourself another trip to the bank with access to E-Statements anytime. If you’re wanting to print or download statements for tax purposes or personal records, you simply login to your online account and print off what you want. This makes organizing your personal records easy, too, whether you want to do so on paper or safely and securely on your computer. 

Now that you know why online and mobile banking is so great, it’s time to get started! Click here to learn more about our services, ask us questions and to find out what your next online banking steps are. 

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

Top Ten Cybersecurity Tips

cybersecurity

With our reliance on technology increasing in nearly every facet of our lives, it is more important than ever that you are educated on how to protect yourself and your assets from cyber threats. Hackers are interested in anyone and everyone’s information. It does not matter if you don’t think you have anything worth stealing. Your identity itself is incredibly valuable on the black market. Take the proper precautions and follow these simple cybersecurity tips!

  1. Put a lock on all of your systems.

We mean this not only for your devices but on your smart systems, too. If you don’t have a lock on your router, you want to get one immediately. A cybercriminal will be able to log onto your Wi-Fi and gain access to any device using your internet. This is another reason why you should never log on to any wireless internet that does not require a passcode. Every time you walk away from a device, whether it be your phone or a laptop, make sure that you have locked it with a passcode.

  1. Pay inside.

We know the weather isn’t exactly warm anymore and you want to get the chore of filling your gas tank over with quickly. However, pay at the pump services pose a risk. Like an ATM, gas pumps can have card skimmers. Take your card to the friendly face behind the counter inside.

  1. Always backup your data.

Ransomware is when a hacker takes your data and refuses to release it until a price is paid. We can say with a fair amount of certainty, they will never give you your data, no matter how much you pay. To avoid being in this situation, consistently remove data you don’t need and save what you do on a cloud-based system.

  1. Keep your friends close.

We are going against the notorious saying. Keep your friends close and your enemies as far away as possible. When you get a friend request from someone that you do not know, be suspicious. Play it safe and decline these persons unless you have at least 20 mutual friends.

  1. BYOD (Bring Your Own Device)

We are sorry to say it, but you can’t always trust that your friend will stay as up-to-date on security measures as you. However, you can certainly alert them to this blog! Until then, don’t use anyone’s devices but your own, as you can be hacked from unknown sources.

  1. Question before connection.

This ties into #4, but just because you are on LinkedIn, doesn’t mean it is a platform where cybercrime does not happen. Be wary of who is trying to connect with you, as they may be trying to steal basic information about you to use to hack your accounts.

  1. Smarten up your phone.

Your phone may have come with some automatic security measures, but you can take it further. Be sure to turn your Wi-Fi and Bluetooth off when they are not in use. If you have sensitive information on your phone, you can install an encryption system as a safeguard.

  1. Get your apps together.

You likely have apps on your phone that you haven’t used in months. You probably haven’t done the necessary updates to the app and it may not be safe to keep storing it on your phone. More apps can equal more risk, so clean them up.

  1. Free Wi-Fi isn’t always free.

If you’re like most people, you connect with public Wi-Fi whenever it is available. We suggest not doing this, as it may not be secure. There may be criminals who try to access your device through the wireless internet to steal your information.

  1. Don’t say, “It can’t happen to me.”

Most importantly, you need to realize that no one is immune from a cyber attack. Cybercriminals will take whatever they can get. Don’t let yourself become the next victim.

Ignorance of this threat is not an option now that you know some great ways to avoid being hacked. Be sure you’re staying safe when online. Our Online and Mobile Banking services offer the security you need to bank efficiently.

 

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

PEOPLES BANK & TRUST CO. ANNOUNCES CHANGE IN LEADERSHIP

Peoples Bank & Trust Co. announced David W. Thompson is retiring as bank President and CEO. He will be succeeded by Justin St. Pierre, who most recently served as President of Lincoln County Bancorp. St. Pierre officially took on his new duties Jan. 1, 2019. However, to ensure a seamless transition, Thompson will remain working for a brief time before retiring from the bank on March 29, 2019. Thompson will retain his positions as Chairman of the Board of Directors for Lincoln County Bancorp and Peoples Bank & Trust Co. Scott Hufty has been selected for the office of President of Lincoln County Bancorp having served as Senior Accountant of Lincoln County Bancorp for the last 14 years.

“Now is the time for me to step aside and allow the next generation of bankers to take the helm,” said Thompson. “I have for several years been mentoring and training a team of wonderful individuals who are more than capable of advancing community banking to the next levels. They will serve Peoples Bank & Trust and Lincoln County Bancorp with distinction.”

Thompson, who joined Peoples Bank & Trust in 1977, has been a driving force in transforming Peoples Bank & Trust as a community bank with long-term, sustainable success. Under Thompson’s leadership, Peoples Bank has grown to $480 million in assets and expanded to a seven-branch bank with an eighth location opening in Cottleville, MO in Fall of 2019.

In addition to his leadership roles in the bank, Thompson has also devoted countless hours to many community and banking organizations including serving as Past President and Director of Missouri Independent Banker Association, Past Regent President and Regent of the Paul W. Barrett, Jr. School of Banking, Independent Community Bankers of America Committee Member, a founding board member of Lincoln County Missouri Habitat for Humanity, Director of the Lincoln County Resource Board and Director of the Mercy Health Foundation Board. In addition, Thompson was presented with the Troy Chamber of Commerce Man of the Year Award in 2018, in acknowledgment of his contributions to his local community.

In reflecting on his career, Thompson is most proud of the friendships he has gained over the last 41 years. “The daily interaction with customers and those that I work with has developed into lifelong friendships,” he said. “My employees are my family and I will honestly miss seeing them every day.”

Thompson plans to keep busy in retirement as he hopes to continue his involvement with civic organizations as well as become involved in the mission field through his church. He also looks forward to traveling and playing golf with his wife, Peggy.

About Justin St. Pierre

As President of Lincoln County Bancorp, Justin St. Pierre oversaw the operations of five community banks in Missouri: Peoples Bank & Trust Co., Bank of Louisiana, Exchange Bank of Northeast Missouri, Peoples Bank of Altenburg and New Frontier Bank. In addition, St. Pierre managed a holding company staff which provides internal banking services to all the banks such as IT, audit, loan review, investments and marketing.

St. Pierre worked as a bank examiner for the Missouri Division of Finance in 1996, before coming to Peoples Bank & Trust in 1998 as a loan officer. He then transitioned to internal loan review within the bank holding company, Lincoln County Bancorp, before becoming President of the organization in 2014.

As President and CEO of Peoples Bank & Trust Co., St. Pierre will be leading over 130 employees into the future of community banking. “I am honored to be a part of this next chapter of Peoples Bank,” said St. Pierre. “We have a talented team of employees that are dedicated to their positions and it is an exciting time to be working at the bank.”

“I am confident Justin has the knowledge, skills and leadership needed to guide Peoples Bank into the future and continue our success as a community bank,” said David Thompson.

Justin St. Pierre, originally from Louisiana, MO, is a graduate of the University of Missouri (1994) and the Graduate School of Banking (2001). He currently sits on the Board of the Missouri Independent Bankers Association, serves as a member of the Independent Community Bankers of America Safety and Soundness Committee and is the Board Treasurer of the First Christian Church of Troy, MO. St. Pierre resides in Troy, MO, along with his wife Christy and two children: Katie and Griffin.

About Scott Hufty

Scott Hufty managed the financial and tax reporting obligations of all five banks under the holding company umbrella in his role as Senior Accountant for Lincoln County Bancorp. When he transitions into his new position of President, Hufty’s duties will shift into overseeing bank affairs at a macro level and ensuring the operational needs of each chartered bank are met.

“I have worked alongside Scott for over a decade now and I am confident he will continue to guide the banks of Lincoln County Bancorp to future success,” said St. Pierre.

Scott Hufty is a graduate of Lindenwood University (2004) and a licensed Certified Public Accountant (2007). He lives in his hometown of Silex, MO with his wife Kelly and two children: Connor and Claire.

About Peoples Bank & Trust Co.

Peoples Bank & Trust Co. is a full service, independent, community bank serving the Missouri market areas of Pike, Lincoln and St. Charles Counties through seven branch locations, with an eighth branch currently under construction and expected to open in Fall of 2019.

Since 1924, Peoples Bank & Trust continues to provide full service banking solutions while maintaining the highest level of customer service. For more information or to see a complete list of products and services, visit our website at www.pbtc.net and follow Peoples Bank & Trust Co. on Twitter and Facebook. Member FDIC.

About Lincoln County Bancorp

Lincoln County Bancorp is a $800 million bank holding company based out of Troy, MO. It is the parent company of five independent, community banks in Missouri: Peoples Bank & Trust Co., Bank of Louisiana, Exchange Bank of Northeast Missouri, Peoples Bank of Altenburg and New Frontier Bank.

How To Protect Yourself From Identity Theft

identity

The first step in protecting yourself from identity theft is understanding what identity theft actually is. It’s defined as “the illegal use of someone else’s personal information usually in order to obtain money or credit.”

Do you have a credit card?  If so, in a study by Experian, 81% of people said they rely on their banks and credit card companies to protect them from fraud. We don’t want you to fall in that 81%, so we offer these 5 ways you can protect yourself.

  1. Freeze your credit – This will restrict access to all of your records so that any new credit files cannot be opened, unless you unfreeze it. There may be an additional fee to do this, but it will vary depending on the state.
  2. Create stronger passwords – Many people love to use the same password for a variety of different sites. In the end you may think this is a good idea, however it’s not. Mixing up your passwords in addition to making them more difficult will decrease your risk of your identity being stolen. If it helps, write your passwords down for your specific sites but be sure to keep that information in a safe place. Random combinations of letters, numbers and special characters work best.
  3. Limit your personal information – Are your full name, birthdate and family members listed on your social media sites? If that information is out there, it’s likely that anyone can see it. Limit the amount of personal information you put on the internet and check your privacy settings. Fraudsters may also pose as a bank/credit card company over the phone asking for your information. But, no real company will call asking for your personal information. Therefore, don’t give anything away!
  4. Check your credit/financial reports – You are allowed a free credit report from each of the credit bureaus every 12 months on AnnualCreditReport.com. Credit reports will include any leery activity on your accounts, so check your credit reports frequently for any incorrect information.
  5. Use a shredder – Don’t have a shredder? We recommend you buy one, especially if you’re throwing away any credit card or bank statements. Documents like those should not be placed in the garbage unless they are shredded to pieces. If they’re placed in the garbage, anyone has the ability to find it and steal your information.

There’s no doubt that identity thieves are out there, so it’s up to you to take extra caution. With these helpful tips, we hope you can become extra successful at protecting yourself from identity theft.

 

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

Keep Your Data Safe & Secure

secure

Did you know that an alarming 73 percent of all Americans have become victims to some type of cyber crime? We are constantly glued to our devices; whether we’re checking emails or browsing social media, we have so much to do with so little time. Are we really paying close attention to ensure our personal data is kept safe and secure? We can’t forget about the basics when it comes to protecting your information, so read these 5 ways on how to keep your data protected and unharmed.

  1. Update With Security Software – If possible, regularly update your devices with security software. Security software will protect your data from any random attacks from viruses and hackers. Any older software won’t be able to protect your data from the latest viruses. Cyber attacks are increasing, so it is important to keep on top of the latest updates.
  2. Be On Wi-Fi Watch – When you step into a different place that does not have secure Wi-Fi, you will want to be wary. Often times we think nothing about connecting to “Free Wi-Fi,” because it has become second nature. However, hackers are able to position themselves in an area where they can receive direct access to your data between you and the access point. So, if you are someone who regularly uses public Wi-Fi, be careful — you can be at serious risk!
  3. Protect With A Password – There are passwords for everything nowadays, especially with accounts that use personal information. With that being said, the simpler the password you have, the easier it is for a hacker to gain information. Passwords may never be completely secure, but be sure to follow password tips. Some tips include: password length of at least eight characters, use upper and lowercase letters, combine symbols and numbers, and use different passwords for each of your accounts. Utilizing these tips can ensure an increase in protection of your personal data.
  4. Don’t Click On Emails From Unknown Sources – Be sure to stay alert when filtering through your emails. Hackers are getting smarter every day, therefore it is imperative that you know exactly who your emails are from and if they are legitimate. If there are any emails that you may not recognize, don’t open the attachments or respond. If you are ever suspicious of the authenticity — report it!
  5. Physical Data Is Still Out There – Yes, we are undoubtedly in a digital world. But, in the workplace there are still many instances where printed files and documents are needed. In order to make sure your data stays safe and secure, you will want to make sure you are the holder of all information that is important to you. Secondly, when you need to dispose of any data information, use a shredder so it all becomes completely distorted. It may also be helpful to use locked filing cabinets for any of your private information.

By taking these extra measures, you can help ensure your personal data is safe and secure. Pay closer attention to your surroundings, as greater awareness decreases the chance of cyber crime. If you have additional questions, contact us today!

 

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

Money Management for Middle Schoolers

money

It is never too early to start teaching your children about money management. Research has shown that there has been a decrease in understanding finances and how to manage money in America’s youth. Teaching your children how to manage their money leads them to becoming financially responsible adults. Below are 5 money management tips you can use to teach financial literacy in your home.

  1. Use Cash – Whether you’re grocery shopping or at the movie theater with your children, it is probably much more convenient to pull out your debit or credit card and swipe it. But, as you’re swiping your card, your kids are watching you. Using the plastic card does not allow them to actually see the exchange of money for your purchases. Instead, use cash. The kids will be able to see the transaction take place, and visualize the exchange of cash for goods and services. It will also teach the lesson of handing over hard-earned cash.
  2. Utilize a Piggy Bank System – Or better yet, a clear jar. Using a system like this allows them to see how much money they save over a period of time. It may be a long standing tradition –but it can give them inspiration to keep adding to it in order to reach their savings goal!
  3. Distinguish the Difference Between Needs vs. Wants – Do you want it or do you really need it? It’s essential to teach the difference between needs vs. wants. Knowing the difference between needs vs. wants is essential when teaching good money management skills. This will help kids develop a foundation for appropriately managing their money, along with learning to appreciate saving money for items they want.
  4. Don’t Give Allowances – Instead of giving your kids money just for breathing, give them commissions. Base it on whatever chores they do around the house, such as taking out the trash, cleaning their room, dusting or putting the dishes away. The idea here is to help understand that money is earned — not just given to them!
  5. Use a Money App – With the use of technology increasing every day, your kids probably have a phone, tablet or some electronic device. Whichever one it may be, consider downloading a budgeting app for them. Save! The Game can help kids easily identify their spending habits in addition to organizing their finances accordingly.

Teaching your kids money management can be one of the most valuable life lessons they can learn — start sooner rather than later! You can start by setting an example. Demonstrate good money management because it’s most likely that they will absorb what is going on around them. And with these helpful tips, we hope your kids learn the basics in order to be successful in the future!

 

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

FAQs about IRAs

ira

An IRA is an individual retirement account that is used as a tool for people to earn and earmark funds for retirement savings. Retirement may seem far away, but the earlier you start the save, the better off you’ll be! These accounts can hold more money than any other type of retirement account. You have flexibility when choosing investments and minimizing taxes, which means an IRA can play a huge role in how prepared you are for retirement. With that said, many people don’t fully understand how IRAs work; they can be confusing. As a result, there are many questions that arise when talking about IRAs.

Here are a few:

  1. What does an IRA earn? – In simple terms an IRA is just a trust that is established with certain tax rules. More specifically, it’s a security blanket for your money. At Peoples Bank & Trust, CD accounts can be IRAs.
  2. Who can open an IRA? – Anyone under the age of 70 who earns a taxable income can contribute to a traditional IRA. Roth IRAs, however, have additional income restrictions.
  3. How do I open an IRA? – You can choose where to open an IRA, if you don’t already have an employer-sponsored retirement plan. Often you can go to banks, credit unions, brokerage firms and mutual fund companies. It never hurts to do more research and ask questions!
  4. Am I able to contribute to someone else’s IRA? – Yes, but only if it is your spouse and if you file a joint tax return.

IRAs can be a tricky subject, but hopefully with the answers to these frequently asked questions we were able to help you with some beginner’s knowledge. If you have more questions or are wanting to set up an IRA, Peoples Bank & Trust would be happy to help. Contacts us today!

 

Peoples Bank & Trust Co.

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