Tag Archives: budget

Money Moves for College Students

Money Moves for College Students

College is a fantastic learning experience for young adults but can often be a very expensive time of life. While many wouldn’t change their college experience for anything, we can all agree there would have been some things we would have done differently financially. Keep reading for some money tips for college students!

1. Don’t Carry a Balance on Your Credit Card

What may seem like a given, in a time of life where school is your primary focus, do not spend more than you can pay off in a month. College is a credit time to manage a credit card as well as build up your credit. Having poor money habits can easily tank your credit score and potentially put you in debt. If you do not have the money in the bank to pay for your expenses, do not charge your credit card. 

Need a credit card? Visit our website to get started!

2. Routinely Put Money In Your Bank Account

College can be a difficult time for consistent savings, but the best thing you can do is save every penny you get and stash it away in your bank account. Whether your money comes from a summer job, part-time job, or even a gift – save as much as you can! 

If you are in need of a checking or savings account, visit our website!

3. Be Smart with Your Student Loans

Paying for college can be tough and student loans are a great option to make it work for many students and families. Always keep in mind they are loans that you will eventually pay back. Apply for as many scholarships and grants as you can to help pay for your college. The less you borrow now the less you pay back later! 

If you are in need of a loan for college, we can help!

4. Work a Job If You Are Able

Working a job throughout college can often be a struggle, but if you are able, take advantage of the opportunity! Not only is this an option to make money to save up, but it is a good experience to add to your resume. There are many flexible jobs to apply for, especially for college students. Utilize your school’s resources or speak with a counselor to help you find a good option – potentially an opportunity on campus! 

College is a phenomenal time for students to learn not only the career path they choose to take, but real-life experience of expenses, budgeting, building credit, and more. Don’t let your money habits slip up in college. Incorporate these tips into your routine or share them with a college student in your life! Visit Peoples Bank & Trust Co to get the accounts and resources you need for financial success throughout your college years. 

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

Host For Less

Host for Less and Without Stress This Holiday Season 

Hosting is what many look forward to during the holiday season, but with the excitement, it can also bring stress. Whether you’re hosting Christmas or a small gathering, these tips will ensure your event is a blast. Take the stress out of hosting with these effortless tips for entertaining! 

Coordinate Schedules and Plans Early On 

When it comes to getting a holiday party on the calendar, it can often be extremely difficult. Before you get to planning dishes, décor, and more consider whom you plan to invite and a realistic budget you’d like to stick to. You are better off sending invitations early on and requesting RSVPs by a set date. Doing this will get your party on everyone’s calendar and give you a ballpark idea of guests attending. 

Create Your Own Invitations

Invitations are great; however, they are an additional cost. To lower this expense, consider creating your own invitation. You could utilize a Christmas Card as your invitation as well to knock out two birds with one stone. If you’d like to ditch the invitation altogether, consider sending out a virtual invitation or creating an event on Facebook with your friends. 

Plan Out Your Menu 

One of the best parts about the holidays is all of the wonderful seasonal dishes. When you get your RSVPs start considering the easiest and most budget-friendly options. If you plan to have cocktails, consider a few signature holiday cocktails or stick to the basics rather than having too many options or overcomplicating!

If cooking is not your favorite, consider catering or hosting a potluck-style party. A potluck can be an easy option for everyone attending to each bring a dish or side. If you’re looking for some ideas on food, consider:

  • Charcuterie night (each brings an item)
  • Themed charcuterie board night (assign a themed board to each attendee – cheese, Italian, desserts, dips, fruits, etc.) 
  • Dip night 
  • Traditional potluck
  • Nacho bar
  • Make your own pizza

Stop Doing Dishes

To keep it simple for you and your guests, stop doing the dishes. No one wants to be preoccupied at your party. It’s natural to want things to look beautiful and taste delicious, but you will be more likely to enjoy your time and avoid the hassle with dishes you can toss. There are great options you can toss that look identical to real tableware. A top holiday hosting tip is to get Tupperware or to-go boxes for guests to take home food. This is a great option for less cleanup and less food taking up space in your fridge. 

Utilize Transitional Décor 

Décor is so much fun to fancy up your event, but it can also eat up your budget if you allow it. When it comes to holiday décor, use items you already own or buy items you can religiously reuse. If you are thinking of creating a theme, go with a theme you already have décor for. Consider doing some DIY projects for décor options, a craft, and a table setting – bonus!

Make entertaining this holiday season effortless with these tips for less money and less stress. Happy Holidays! 

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

At Home Activities to Keep Your Kids Busy in the Fall

At-Home Activities to Keep Your Kids Busy in the Fall

Fall is here and that means it is time to start planning out those seasonal activities. If you haven’t started brainstorming or are stuck on ideas for your fall fun, no worries – we’ve got you covered with these tips to keep your kids busy! Whether you’re planning for the sitter, your own kids, grandkids, or just need something fun to do, take a few minutes to add some activities to your fall to-do list.

Fall Slime 

With the unpredictable fall weather, the best activities can be done in or outside. Slime is a kid favorite, so why not make it fall-themed! This slime recipe will keep them engaged for hours!

How to create Fall Slime: https://bit.ly/3B1HhNH

Sidewalk Chalk Murals

If you get a nice fall day, be sure to craft your very own sidewalk mural before they are covered with snow! Whether you create designs or some games with chalk, you are bound to have a fun time. Sidewalk chalk is a good way to not only have a blast coloring but incorporating some learning. Encourage your kids to write letters, words, and names, as well as draw items to count!

Pumpkin Sensory Bag 

Sensory bags are a blast! Create your own sensory bag by adding in the guts of a pumpkin and allowing your kiddos to engage in sensory play! To create yours add squishy pulp, juice, and pumpkin seeds into a plastic bag. You can even dye your pumpkin seeds with food coloring for additional fun!

Homemade Autumn Playdough

Kids love playdough so you’ll most definitely want to try out making your own – especially when it smells like fall! Check out this helpful recipe to get you started. Don’t wait until Halloween to decorate your pumpkins, use your playdough to craft pumpkins, ghosts, apples, and more!

Milk Carton Boats 

Milk carton boats are a fun craft that gives your kids an opportunity to brainstorm. Use an old milk carton and craft a boat. You can even go as far as painting and decorating it! Once your boat is crafted, pick a nice fall day to put it in water to see how it floats. You can even have a competition and add weight to see who’s stays afloat longest.

Paint Kindness Rocks

Painting rocks can be a colorful craft and an act of kindness. This idea is as easy as finding some rocks and painting them. Paint inspiring words, quotes, or designs so once they are dry you can deliver them to family or place them around your community. Add a fall twist to your rocks or even decorate pumpkins instead to deliver around your town!

Glow in the Dark Mason Jars

Crafting your own glow in the dark mason jars is a must! They are great to keep in the backyard throughout the fall to enjoy.  Here’s what you need to know about this craft to light up your backyard.

Organize Your Own Nature Scavenger Hunt

Get out and about to soak up the fall with your very own nature scavenger hunt. This can be as easy as creating a fall themed list for your kids to get out and find. From leaves to pinecones, this scavenger hunt will keep your kids busy! Keep your fall findings and incorporate them into your next craft!

Bob for Apples

Keep your kids cool and engaged by bobbing for apples. This activity is as easy as filling up a bowl with apples and water and let them bob away! Use this activity to work on counting and sorting. For young kids use this as an activity to improve their motor skills – here’s how. 

Pumpkin Potions

Put on your aprons it’s pumpkin potion time! This wouldn’t be a fun fall activity list if there wasn’t at least one messy idea. To create this messy fun start with the first potion – a typical baking soda and vinegar experiment, which is always a big hit with the kids. Then add shaving cream for an added squishy element.

These ideas are easy to achieve and budget-friendly to keep the kids having fun and engaged this fall!

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

6 Ways to Cut Expenses this Fall

6 Ways to Cut Expenses During the Fall  

We all can probably agree that we’d love to have additional savings to go towards our holiday expenses. Whether you need to save extra for an upcoming vacation, want some Fall fun, or are trying to get your budget in-line before the holidays we’ve got some easy tips for you to reduce expenses for sweet fall savings. Shift your mindset to fall savings with these simple tips. 

Track Your Spending 

The first way to cut expenses is to see where your money is going. Maybe it’s time to hard-core track your spending and find the key expense that is busting your budget. Grab a piece of paper and write down every expense for 30-60 days to see what your money is going towards. Sometimes this tip alone is a great way to drop unnecessary spending because you see it and acknowledge how often you’re spending money on it.

Another tip when tracking your spending is to identify purchases as a need or want. Sometimes we need to think through our purchases to see how often we are spending money on things we need or want because that could be a key factor that maybe your budget is off. 

Comb Through Your Budget 

If you are already tracking your spending, you probably have a budget in motion. When you are looking to save extra, you need to comb through your budget to ensure it is accurate for your financial situation and the season. Create small goals to meet within your budget to reach. Monitor your spending categories to see if there is an area you don’t necessarily need as big of a budget for and can add that extra chunk to your savings instead. 

Remember these budget tips: 

  • Determine your monthly income. 
  • Determine your fixed expenses each month.
  • Determine your monthly budget for needs. 
  • Determine how much you need to set aside for your holiday expenses to stay within your set budget.

Scratch the Subscriptions 

Cleaning through the subscriptions is a great way to have some additional savings. When looking through your subscriptions it is important to ask yourself how much you use them and do you really need them. Gym memberships are great to cancel in the summer and fall because you can get your exercise outside or in the comfort of your home. Cancel those subscriptions sooner than later and you will see a great income for your savings. You may even realize you don’t need them back. 

Reduce Energy-Use

Fall is the best time of year to save money at home by reducing your energy use. Here are some ways to reduce energy at home to save on the energy bill:

  • Open the windows
  • Shut the fans off when you’re not using them
  • Run full loads of laundry and dishes
  • Shower in the early morning or night when it’s cool
  • Allow the sun to naturally heat your home
  • Use natural lighting
  • Manage your AC usage – shut it off completely when it cools off and open the windows

Love a List 

When you’re out shopping, particularly at the grocery store or on that unnecessary Target trip, bring a list and stick to it. This is a phenomenal way to control what you are buying and to plan how much you intend to spend. Learn to love a list this fall and challenge yourself to follow it.

Eat-In 

We all enjoy the ambiance and convenience of a meal out, but those most definitely add up. Rather than eating out too many times a week, stick to that grocery list and plan out meals and snacks to eat at home or bring with you on the go. Budget and plan those meals out to avoid overspending. 

Fall is here and we want your savings to be sweet! Start tracking your spending and finding a few things to cut to make saving easy.

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

Most Common Money Mistakes to Avoid This Summer

Most Common Money Mistakes to Avoid This Summer  

We all tend to want to relax, let loose, and have a little extra fun in the summer months. Don’t let that summer fun lead to overspending or big money mistakes. Maintain your budget by reading up on the 12 most common money mistakes to avoid this summer.  

1. Not Setting Your Summer Budget 

A huge mistake we all tend to make during the summertime is not adequately planning out activities – especially the pricey ones and setting an accurate budget for them. Overspending on activities is a huge factor that may take you over budget. We know fun tends to happen out of the blue in the summer, so be prepared for that and do as much planning prior.  

2. Not Budgeting for Gifts  

Summer is the prime time for celebrations such as reunions, weddings, graduations, etc. You’ll thank yourself later if you start budgeting for those gifts now rather than later. Keep your celebration expenditures within your budget.  

3. Keeping Your Home Too Cool 

Your air conditioner is probably the most expensive item on your energy bill. When you are gone or the weather is cool, don’t run it! Saving energy here and there will help lower the bill for some additional savings and keep you from a hefty bill.  

4. Keeping the Blinds Open During the Daytime 

We all love the summer sunshine, but during the summer it’s worth it to keep those blinds closed. If you are running your AC and have your blinds open during the day, you are heating your house up and your bill is likely to soar.  

5. Spending Too Much on Summer Activities for the Kids 

Whether it be for a babysitter or day-to-day activities, map out your plan for summer. All parents want to keep the kids occupied and allow them to have tons of fun this summer. Map out your plan for childcare and make sure it meshes well with activities for them, so you aren’t paying for both every day. Look into day camps or babysitters that also help with your kid’s friends, that way you can get the biggest bang for your buck. 

6. Buying Out-of-Season Produce 

We all tend to want fresh produce during the summer as it is refreshing and a great treat. Make sure you check the prices, especially on out-of-season produce to avoid overspending on produce that may not be the best. Check out the farmers’ market to grab produce for less. 

7. Choosing Vacation Over Staycation 

A vacation may be a huge chunk of your summer budget and it may take even more if you haven’t booked the details yet. Rather than rushing to plan, push for a staycation to take a break but vacation close to home.  

8. Not Waiting for End-of-Season Sales  

Summer purchases in season can be spendy. Look to purchase towards the end of the season to save hundreds on those big-ticket items when you upgrade the grill, patio furniture, pool accessories, etc.  

9. Not Canceling Subscriptions and Memberships 

Cancel those subscriptions and memberships you can live without during the summer. Get rid of your gym membership and exercise for free outdoors! Challenge yourself to go a few months without streaming subscriptions or narrow down to keeping just one.  

10. Not Taking Advantage of Lower-Priced Activities 

There is a lot going on in the summer, so before you spend your summer savings on activities, do your research for lower-priced or free activities to enjoy and layer those with outdoor activities. Take advantage of outdoor carnivals, festivals, water activities, sports, parks, and recreational activities.  

11. Overspending Too Much on Summer Fun 

For some activities, rather than purchasing a day ticket, you can get a summer membership or a month-long membership to enjoy the fun longer and get some sort of deal. Take advantage of these opportunities that have a set cost to budget for. 

12. Not Making a Meal Plan  

Meal planning is huge in the summertime. Go to the store with a list and meal options in mind to work seamlessly with the week you have ahead. It is great to plan for snacks on the go as well to avoid mindlessly spending money on food out.  

Take some time to plan out your summer expectations, events, and budget to save yourself from making one of these money mistakes. Make your summer fun and financially efficient with these tips! 

Peoples Bank & Trust Co. 

Member FDIC 

Equal Housing Lender 

holiday-budget

How To Set Up Your Holiday Budget

The holidays set back many Americans into debt every year. Last year, the average incurred per person was around $1,000. It’s never too early to start deciding what your holiday budget will be so that you aren’t fretting over overwhelming debt in the new year. If you haven’t set up a budget before, the holidays are a perfect place to start. 

1. Start with what you have. 

Every budget should begin by calculating what you have. This means having an exact tally on what income you and your household bring in each month. If your income is irregular, take the average of what you have brought in the last few months. You can’t know how much to budget for if you don’t have an idea of what you have coming in each month. 

2. Take note of every current expense. 

What are you really spending each month? Some people like to play the “ignorance is bliss” game, but it makes having a budget and comfortable savings nearly impossible. Review your bank transactions from the last few months and write down every bill you can expect to come in. What are you spending your money on? Are there areas where you can cut back? Some people don’t even realize how many subscription services they are signed up for and these monthly dues add up. Organize all of your bills either in an online spreadsheet or a piece of paper. 

3. Calculate the surplus.

Now, take that income and subtract your monthly expenses. Do the numbers surprise you? Whatever is left over doesn’t mean you can spend it all on the holidays. You need to now categorize the additional money. 

4. Allot an item to each dollar. 

Every dollar in your bank account should be accounted for – whether that be emergency savings, bills or holiday shopping. It’s up to personal preference, but you should consider what your goals are beyond the holiday season before you contribute a large amount of your savings towards the season. 

5. Plan!

Now that you know how much you are willing to save and spend on the upcoming holidays, it’s time to get specific on those purchases. If you’re buying gifts for people and this is a top priority for you, set a dollar limit on each person. If food or traveling this season is more important to you, set a limit. Being over-prepared can take the stress away from this fun time of year. Knowing your limits will help to challenge you in creativity and self-control. 

If you need help setting up a savings account, give us a call so you can be ready for this holiday season!

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

home-remodel

6 Tips to Budget for a Home Remodel

Sticking to a budget is always a challenge, especially if it comes to a remodel within your home. That’s why we’re here to give you the structure you need for your newest renovation. Pull out the hammer and get ready for your home remodel the right way with these 6 budgeting tips.

Prioritize

What needs to get done first or what has been bugging you the most? Start there. That will be your first update and then go from here. You’ll need to know how much is too much, which means if you want new kitchen cabinets, are you getting a new countertop and floors too? Know where you will decide to end the project. You’ll also want to prioritize your materials. Think about cheaper alternatives and what items you must have. Do you want granite countertops, or is laminate okay?

Create a Detailed Plan

Know exactly where you’re going to start, what items you need for each update and how you will get it accomplished. Will you buy the materials yourself or do you need a contractor for certain areas? This will lead you to creating a detailed plan with cost estimates. You’ll want to know a ballpark of what everything will cost, as going into it with no estimate in mind could leave you with a bigger hole in your wallet than expected.

Talk to Multiple Contractors

Don’t talk to one and be done. Speak with multiple contractors to see what their prices are and what they can do. Be sure to check them out to know if they offer quality work and are trustworthy. This person will be building a piece of your home, so you want to make sure you pick the right one and get a decent price.

Set A Budget

Do not allow yourself to go over budget. Do your research and know an approximate estimate from your detailed plan, so you aren’t surprised by anything. Calculate your income, expenses, loans and so on to know what you can truly afford. It’s easy to get carried away with the renovation once you start, so your budget will help you remain practical.

Stick To The Plan

As mentioned above, do not stray from your well-calculated plan and budget. You’ve done all the research, so it’d be sad to let it all go down the drain. New appliances or lighting can wait – so know your plan and be honest with yourself about what you mapped out you could afford. 

Account For Hidden Costs

You will run into things that will end up costing more than expected – don’t worry! This is why you made your plan. Within your plan, you should have picked a few things you could wait on if something more urgent came up. Know what you can trim from your original plan and budget in order to account for these hidden costs.

Congratulations on creating your plan and budget! Your home will look beautiful once the renovations are made, so be sure to get started the right way with these top tips.

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

piggy-bank

How to Create a Family Budget

As your family grows, so will your budget – but where do you even begin when trying to make one? With all the demands of taking care of your family, it may be hard to find time to make a budget…and stick to it. However, you’ll be ecstatic once you start seeing your hard work pay off. Take a look at how you can begin creating your family budget with these starting points.

Put Everything On The Table

You’ll want to list your income and expenses – don’t leave anything out (even that latte you buy three times a week). Make sure your income is reliable, so if you do get money from side job you do every once in a while, don’t list it, as you never know when you’ll have that cash. Some of your monthly expenses are fixed—mortgage/rent and property taxes—while others may vary, such as electricity, water and groceries. List all the fixed expenses and the amount of the expense. For your variable expenses, write the maximum amount you plan to spend in that category or the amount you expect your bill to be.

See Where The Money Disappears To

When you’re making your budget, where does all of this money go? Can you find ways to cut your expenses, such as buying groceries at a different store or carpooling to cut down on gas? Put all of your money into categories, such as utilities and discretionary spending. Your discretionary spending will account for more than you think. Movie tickets, dining out and that coffee every morning add up fast!

Pick A Goal

Know why you’re making this budget, and don’t just say, “to save more.” By having an actual, detailed goal, you’ll be more motivated to stick to the budget. Maybe you want to pay off your student loans or credit card debt, or your goal is to take a trip! No matter what, having a set goal will make the budgeting process a success.

Track Your Spending

As you begin to start working on your budget, sticking to it and adjusting as you go, it’s important to take detailed notes of your spending. It’s very easy to miss little expenses here and there, especially when you’re so busy running around after your children. By tracking your spending and getting in the habit of doing it every day, you’ll be able to narrow down your budget and make it become more realistic. There are plenty of apps out there to help you easily track your spending, instead of doing it by hand.

Become a frugal family with these top tips! They are a great way to start a simple budget and inch your way towards creating a helpful document that will aid you in saving. Place that savings into an account with us, so you can keep building up your finances!

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

home

4 Ways to Stay Within Your Budget When Buying a Home

The weather is beautiful and homes are popping up for sale everywhere! If you’re on the hunt for your next house, it’s important not to bust your budget. Luckily, we’ve compiled some great ways that can help you stay within your budget when buying a home.

Have 20% Saved for the Down Payment

While you don’t need 20% saved in order to actually buy a home, there are plenty of benefits that come along with it. In total, you’ll pay less for your home since you’re avoiding interest being applied to a higher cost. You’ll also potentially get a lower mortgage loan interest rate because making a higher down payment is a sign that you’re stable financially, and thus are a good credit risk. Finally, this can help you avoid paying private mortgage insurance.

In 2016, the average home down payment was 11% according to the National Association of Realtors. Younger home buyers ages 35 and under, who usually have lower incomes than people in their 40’s and 50’s, put down 8% on average for home down payments in the same time period. If you can’t afford 20%, it’s okay – but try to work your way towards that goal!

Raise Your Credit Score

The balance on your credit cards vs the credit limit is called your credit utilization ratio. This ratio accounts for 30% of your overall FICO score. By paying off your cards, your credit score will raise and allow for a better loan. It’s also important to know that new accounts and hard inquiries make up 10% of your credit score. When you open a new account, your credit score will drop for a couple months. When you know you’re going to be applying for a mortgage in the near future, it’s best to hold off on buying that new car or applying for a different credit card.

Earn More Money

There are plenty of ways to earn more cash! If you want to stay within your budget, finding ways to add more savings to the pile can help with that goal. You can take money from your IRA without the 10% early withdrawal penalty when you use the money for a home. There are also other solutions that won’t take from your retirement savings, such as getting a second job or hunting for a new job that will pay more. If none of those options work for you, try hosting a garage sale or selling some lightly used items you don’t need online. You could also find ways to use your talents on the weekends or after work, like being a photographer for weddings and senior photos on the side!

Utilize First-Time Buyer Programs

Exploring local and national first-time home buyer assistance programs is an important step in the journey to homeownership. See what’s available to you to know what your options are.

We believe these top tips will advance your home buying skills 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# 407727