Tag Archives: money management

How to Budget Rising Food Prices

How to Budget Rising Food Prices  

It is no secret food prices have risen in the past few months. Food is generally at the top of the list for basic human needs, so how do we go about combating these rising food costs? Keep reading for top tips to fight rising food prices this winter.  

1. Eat Out Less 

Dining out is an extremely expensive option if you opt for it too often, especially if you are already budgeting for a full list of groceries as well.  Many meals you purchase out can be made for a fraction of the cost at home. And while fast food can be a cheaper dining out option, it may be a cost to your overall health – high-calorie and low-quality food is not as nutritional as food you can make at home.  

2. Don’t Shop on An Empty Stomach 

We’ve all been grocery shopping on an empty stomach and can agree that shopping while hungry will only fill your cart with unnecessary purchases. When grocery shopping on an empty stomach there is a likelihood of overspending and veering from your list. Stick to your necessities by grabbing a bite to eat or a small snack before you begin your shopping trip.  

3. Stick to Your List  

If shop without creating or sticking to a list, you may experience sticker shock when you check out your next grocery haul. If you fill your cart with everything that catches your eye, be prepared to spend a lot more than you planned. By creating a list in advance, you have the opportunity to plan out your meals and ingredient list to cohesively put together a plan for the week. This also allows you to plan around any sales the store may have or you may choose to shop elsewhere because there may be a better deal. Avoiding impulse buys is key to fighting these rising food costs. If you stick solely to your list, you won’t be tempted to go down every aisle. Many say all the products you need are on the edge of the store, so avoiding a couple of isles is a win! 

4. Fresh Over Prepared 

In a world that is already a fast-paced society, it is easy to opt for prepared items when shopping at the grocery store. Whether it’s convenience or to simply have on hand, these pre-ready meals are at a premium price tag compared to simply buying the fresh ingredients to make yourself. This same concept also goes for frozen items you may be grabbing. Yes, they absolutely are convenient and last longer, but they often are priced significantly higher than buying fresh ingredients to prepare yourself.  

5. Bulk May Be the Best  

Buying in bulk can save you time and money. It is important to pay attention to prices of family-sized options – if the price per unit is lower it is well worth your money to buy more if you have a place to store it and will use it before it expires. If you have items you go through consistently, it may be well worth the cost to purchase those at a big box bulk retailer such as Costco or Sam’s Club.  

6. Bulk Isn’t Always the Best 

If you find you are not utilizing a membership at a big-box retailer as often as you had thought, consider canceling. Chances are you don’t need nearly as much on hand and are paying for the  bulk items along with the membership price. It is very important to pay attention to your spending habits at these stores as well as your overall consumption. The prices at the big boxes aren’t always a bargain compared to discounts at other stores. In addition, the family-size packaging at these stores could mean you buy more than you need, driving up your grocery bill. 

7. Sign Up for Rewards 

If you are visiting the same stores consistently, it is well worth it to sign up for their rewards program. Some stores may raise their prices when they offer rewards so without the card your bill could be higher. Look into the rewards offered, they may have benefits such as a ham on the holidays or a discount on gas. Take advantage of the benefits at places you are already going to! 

8. Prices Are High, Look Low 

They strategically set up grocery stores to tempt you to spend money. As mentioned earlier, stick to the outsides of the stores. You also can avoid higher priced items by not shopping the end caps or checkout areas. The highest-priced items are placed where it is easy for you to look, such as the middle of the shelf at eye level. If you look down, chances are you’ll find generic and cheaper alternatives.  

9. Substitute the Expensive Items  

If you notice an item you use frequently has a price that is consistently climbing, look into finding a lower-priced alternative. For example, you could swap apple sauce for vegetable oil in recipes to cut the cost nearly in half.  

10. Maintain a Well-Stocked Kitchen 

Shopping infrequently or only when you need to is key to not overspending. If you shop when the best deals are available, you have the ability to stock up and put yourself in the position of only shopping when you need to or when the item is back on sale. 

Food is one of those purchases we simply cannot avoid. Be a careful and well-prepared shopper to minimize the amount you spend at the grocery store.  

Peoples Bank & Trust Co.    

Member FDIC    

Equal Housing Lender    

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

How to Save When Eating Out

How to Save When Eating Out  

Eating out is sometimes more than just giving our body the nutrients it needs, it can be fun, different than the norm, and be a social outing. We all need to eat to live, but for those who live to eat out, here are some tips to lower your bill but still enjoy that meal out here and there.  

Change Your Drink Order 

As much as we all love a good fountain soda here and there, the extra money spent on coffees, tea, and soda adds up. Most of the time, water is free so if your goal is to save extra, try out water instead. A tip is to carry a water enhancer with you to add flavor or to order your water with a lemon for a citrus flavor. We all love a good cup of coffee or tea but remember you are there for the food. Specialty coffees over time add up to be just as much as a light meal.  

Lunch Over Supper  

This is probably a given, but we all know restaurants that have both a lunch and supper menu. Supper tends to be a much larger and more pricey meal. Lunch tends to be a lot cheaper, and you also get some extras like soup or a salad to fill you up.  

Opt for an Appetizer and Share  

If you are ordering off the main menu, scratch the appetizer for additional savings. If you are looking to save, sometimes splitting one or two appetizers with your lunch date can be more cost-effective than the main dish. Also peek at the side options, if you are looking for something light opt for a few sides for a low bill.  

Go Out During the Week Over the Weekend 

Restaurants tend to have some deals or specials they run during the week rather than on the weekend when more people tend to eat out. Earlier in the week may be your best bet for a steal as most places are looking to fill their booths. Some even have nights where the kids eat free.  

Go During Happy Hour 

Happy hour is a lot of fun and can be the best time to catch a bite or meet up with a friend and get the biggest bang for your buck. Many restaurants will have their happy hour menu set on their website. Whether you eat some appetizers (a great option for a large group) during happy hour to get your fix or start with something light to hold you over, try out a happy hour instead of going during mealtime.  

Prioritize Your Meal Plans 

If you are someone who enjoys eating out, it can be very hard to avoid it at all costs. Most people tend to really enjoy it here and there. The better you can make plans in advance and do your research, the more you will save on those one-off meals when you are truly in a rush.  

Summer is right around the corner, and we tend to get busier and busier with activities and often take the easy way out for meals. Save a little extra this summer and put some thought into your eating-out routine. Try out these seven tips and tricks to avoid blowing your budget on food this summer! 

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 

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Our Top 5 Money Management Secrets

Figuring out how to properly manage your finances can be overwhelming when there are hundreds of dos and don’ts you may have heard. Following these five tips will make a huge difference in the way you handle your finances and can give you a clear slate of basic rules to follow. When it comes to starting good money habits, the sooner you begin, the better! 

1. Have and Follow Your Budget 

Setting a budget is one thing but sticking to it consistently isn’t simple. It’s easier now than ever to follow your budget with the various money management apps out there. Make a realistic, time-based budget and find an accountability partner if you need help sticking to it. 

2. Always Compare Before You Buy 

Before buying anything, even the small things, make sure you’re paying the best price. Is there a different grocery store nearby that has the same item? Can you find the same shoes on sale at another store? Is there a sale coming up you can wait for? Avoid making impulse purchases and look around at other cheaper options first. 

3. Automatic Transfer is the Answer 

If you haven’t already opened a savings account and set up automatic transfer, now is the time. Putting a certain amount away every month makes a massive difference over time, and it’s even easier when it’s automatic. This is a great way to help you or your children build healthy financial habits. 

4. Track Everything You Spend 

Keeping your receipts and writing everything down that you spend puts your money habits into perspective. Tracking what you spend also allows you to see exactly what you’re overspending on so you can make adjustments. One of the best things about today’s technology is how easy it is to manage your money. To better keep track of what you spend, download a budgeting or money management app. 

5. Practice Makes Perfect 

When you first start making money, it’s not always first nature to manage your finances wisely. Building good money habits takes time, life experiences, mistakes and lessons to learn from. Don’t let a couple mistakes throw you off course – a little financial bump won’t destroy your success. If finances are new to you, give yourself time to practice and adjust your spending habits overtime.  

There’s no better time than now to make sure you’re on the right road with your money. It all starts with creating a smart plan, sticking to it and watching your money grow. Your hard work and patience will pay off in the future! For more financial assistance and to learn about the services we offer, contact Peoples Bank & Trust.  

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

piggy-bank

6 Ways to Ditch Your Bad Money Habits

Too many Americans have poor money habits. Do you resonate with this in the way you spend and think about money? Perhaps you were never taught financial literacy in school like many others. However, there’s no time better than the present to start learning and why not learn it from the experts at Peoples Bank & Trust? These are tried and true ways to say goodbye to bad money habits. 

Track Your Spending

It’s easy to overspend if we don’t really know that we are overspending. If you don’t take a close look at what’s coming out of your bank account on a recurring basis, you may be even more hesitant to purchase unnecessarily. Set a day of the week to review your purchases. A good day might be a Sunday so that you can review what you spent the week prior and take note of how you can improve. Ignorance does not equal bliss when it comes to finances. 

Choose Growth Over Convenience

So many of us love the convenience of fast food or the ability to have nearly anything you want delivered to your front door in a matter of days. This has the potential to create some negative financial consequences. We challenge you to choose to grow your finances over convenience. Too often, we rationalize that the convenience is worth paying a higher dollar amount. We can promise you it’s not. 

Stock Up On Essentials

Your house is likely always in need of toilet paper, dish soap, laundry detergent and perhaps a few other items. You know these are items that your household needs to function, so why is it that so many of us wait until we are completely out to buy more? If you keep an eye out for sales, you can stock up on these items and not be at the mercy of whatever the prices are when you need to purchase the items again. 

Become an Expert in the Kitchen

Not knowing how to cook is too much of a poor excuse when it comes to saving money. You can learn how to be a decent cook in the kitchen by watching online videos like Rachel Ray. 

Be a Problem Solver

While some household fixes are too serious to try on your own, the next time something breaks, try to fix it yourself after doing your research. You’d be surprised at how much this can save you. 

Think Critically

Ditch those money habits by thinking smarter, not harder. Keep an eye out for coupons. Realize that just because something is advertised as a sale doesn’t necessarily mean that it is. Ask why something is a certain price before buying and if there are other alternatives. 

You can be on your way to better habits by taking even one of these steps into your life. We’d be happy to help you set up an online banking account, so you can have even more control of your spending habits. 

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

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Money Management for College Students

If you’re fortunate, your parents may have taught you how to save your allowance or a certain percentage of each paycheck. However, if those skills weren’t taught to you or you just plain didn’t listen, we are here to help you at the beginning of your financial journey as an adult! Stay tuned for some simple tips you can start doing now to strengthen your current and future financial habits.

1. Create a Budget

Most adults who have been managing their money for years have yet to figure out how to stick to a budget. You now have the opportunity to stay ahead of the curve by building the right habits now. Most people are under the false assumption that they have to have a lot of money in order to budget. This is not true, as no matter how much money you do or don’t have, everyone should have a budget. This will help you to control your spending and saving.

You first need to decide what amount you want to put into savings every month. Next, determine how much money you need to spend on rent, food and other bills. You can make as many categories as you like. You especially need to have a category for fun. Use it as you please, but when it is gone, it’s gone. You are making a promise to yourself that your financial security is more important than a splurge.

2. Buy Used, Not New

Unfortunately, the cost of new textbooks is astronomical. As a college student, it is most often going to be wiser to buy used than new. With a used textbook, you will pay significantly less and may even be lucky to see the former owner’s notes. Think about what other purchases you need to make and if it would be better to buy them used. The answer will often be yes.

3. Be Smart With Your Credit

It is a great idea to start building up your credit history. However, if you aren’t paying off what is due at the end of every month, a credit card may not be the right choice for you. Deep credit card debt burdens many because they made purchases that they could simply not afford. Be sure to use the card for needed items and not sudden splurges.

4. Take Advantage of Free Entertainment

One great part of being a college student is all of the free activities that your campus has to offer! There’s no reason you need to spend money going to a big movie theater when most college campuses have their own movie showings free for students every weekend. Check out your campus Student Activities Board to see what free fun you can get in on!

5. Use Cash
This is a great rule for anyone, not only college students. However, we believe it is a helpful habit to start now. If you have a problem with impulse purchases, we recommend using the “fun money” portion of your budget as cash only.

If you go out to have fun with friends for the night, you know the exact amount of money you have to spend. No more, no less. For some reason, it is much harder to spend cash than it is to make a purchase on a card. This will help you to control your spending when you’re having fun.

We have plenty of savings options available for college students looking to grow their funds! Take a look to see what option suits your needs best.

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

Money Magic Tricks

Money Management

Magic is one type of entertainment that will never go out of style. Whether it’s David Blaine and his shocking stunts, or newly famous films such as Now You See Me, this classic art has proved to truly stand the test of time. While Peoples Bank & Trust may not be the best at sleight of hand, we do have a few savings tricks up our sleeves! See if you can understand the steps to these financial stunts and make your fiscal success appear out of thin air.

Make your money disappear (into your savings!)

Before you’re tempted to spend those hard earned dollars, we’ll show you how to make them vanish, and then reappear! By logging into your online banking, you can set-up recurring monthly transfers for a set amount from your checking to your savings. This way, your funds will get tucked away before you even knew they were there! The extra money saved can contribute to your retirement, education, or even an exciting getaway.

Cut your debt in two.

Tired of paying pesky credit card debt, a mortgage, or student loans? This helpful hack can show you how to saw that number in half, and potentially make it disappear. Financial talk show host Dave Ramsey has a proven method called Snowballing Your Debt. By continuing your monthly minimum payments, and using extra funds to “attack” one debt at a time, you can then rollover extra money from the fully paid loans into paying off the next biggest debt and then the next. Before you know it you’ll be debt free, and looking for another financial trick to master!

See double dollars on your retirement plan.

If you’re like most Americans and need to play a little catch-up on your personal retirement savings, this trick is sure to impress! To really maximize your saved dollars, we recommend diversifying your retirement accounts, by allowing one to be maintained by your employer (401k) and creating a separate account for you to contribute to on your own (IRA.) By automatically withdrawing money from your paycheck through your 401k, you can potentially invest MORE while having it managed through your employer. In addition to this, creating a dedicated IRA to store personal savings dollars in allows you to explicitly manage the growth of your continued contributions. Know what’s better than one retirement savings account? Two!

Pull extra money out of a hat.

Just like magicians, a good budget can help you find things you never knew were there – like money! Whether you’re using traditional methods like the envelope system, or more digital options like the YNAB, the end goal is still the same. To help you save even faster, you can couple your budget with additional savings tips and tricks on common recurring expenditures such as groceries, and you’ll see the savings in no time!

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

The Argument for a Monthly Money Meeting

Personal Finance

Whether you’re recently married, or you’re approaching your 30th anniversary, you know that money can be a topic of controversy among couples and families. Even in the most perfect relationships hardships happen, and decisions have to be made. At Peoples Bank & Trust, we think there is a helpful and long-term tool that can help you have less conflict and more compromises while contemplating both goals and solutions. The answer is relatively simple, talk it out, however, the complicated part is how.

The first thing you need for a successful money discussion is an agreement between all persons to refrain from defensiveness and accusation. With this mindset, you can openly consider both positives and negatives of past and future financial decisions. Each month set a time where you and your spouse or family can get together and determine your current financial landscape. Discuss the highs as well as the lows, and gain perspective from each individual on where they feel the money is best spent or saved. Once the past month is discussed, start making a list of any suggested changes for the upcoming month.

The list should detail any adjustments that are going to be made, and the desired outcome they hope to generate. The meeting participants can then choose which, if any, changes are warranted and should be enacted.

This meeting not only keeps a continuous dialogue with you and your spouse or family but also allows you to have a fresh look at your finances every month, ensuring all bills and saving initiatives have been completed before the meeting takes place.

Other great tips we suggest to continue improving your money management:

  • Calculate your net worth every six months. This will help you with the large scale view of your family’s financial well-being and see where you can find additional ways to continue to grow.
  • Set new goals when you surpass the old ones. The worst thing you can do for your finances is to do nothing. If you knock your latest goal out of the park, Peoples Bank & Trust challenges you to make an even more challenging goal and find a way to make it happen.
  • For spouses, have joint and individual accounts. By structuring your finances together and apart you can ensure your joint account holds all the necessary funds for any household expenses, while each person’s private account can be used at their own discretion.
  • Designate a bill payer. Determine who in your house will be in charge of paying the monthly invoices and balancing the checking account throughout. By allowing one person to be responsible for this task you can ensure bill are not able to be missed due to misinterpreted communication.