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The Spender's Guide to Saving Money in 2023

The Spender’s Guide to Saving Money in 2023 

For those who love to spend money or often find it hard to restrain their purchases – this blog is meant for you to start 2023 off with smart saving habits. Spending money is most definitely easier than saving. Here are some tips to rein in on spending as well as save when spending. Keep reading to learn the spender’s guide to saving money in 2023.  

Step 1: Automate Your Paychecks  

Automating your paychecks is an easy way to save your money and hold yourself accountable to your budget. Distributing your paycheck each time will send a percentage of your money (up to you the percentage you set) directly into your designated account. Doing this allows you to allocate funds towards your savings, emergency fund, checking account, budget for bills, etc. It is important to set aside money for your fixed expenses as well as money used for coffee outings, gas, occasional splurges and such.  

Need a savings or checking account – we can help!  

Step 2: Utilize Autopay 

Along with automating your paycheck, it can also be a tip for budgeting and saving by utilizing autopay. Some companies even offer discounts simply for using automated payments. Companies such as internet providers, cellular businesses, and television networks will offer similar discounts. Look into this option to not only keep you organized and on track, but potentially add some additional savings to your pocket.  

The benefit of autopay can be a reward to you as it shows a level of commitment to paying your bills to a company. This is a great option to a avoid the potential of a late payment solely due to forgetting.  

Step 3: Don’t Keep Too Much Cash  

Spending cash can work for some but can also be difficult for others to spend sparingly. Even though you may automate your payments and paycheck, you can still leave aside a few hundred dollars (or whatever best fits your budget) as spending cash. A tip is to not keep your cash casually in your wallet to avoid spending it on random purchases. Plan out your spending in advance and get your cash out when and if you need it.  

If you find yourself spending money on non-essentials frequently, consider getting a white board or a day planner to list out those items, as well as items you have run out of, to plan into your budget in advance to grab the next time you are out.  

Step 4: Take Advantage of Cash Back on Your Purchases 

There are so many ways to take advantage of cashback on your everyday purchases. Many credit cards come with rewards that feature a cashback program. If you need a credit card, click here to learn more.  

Step 5: Use Store Rewards and Coupons  

When you plan to make a purchase, plan in advance what you’ll be getting and do your research to see if you can take advantage of your store rewards or apply any coupons. Most common stores typically over a rewards program. Sign up for store rewards and notifications for deals or coupons – if you find it offers no benefits, it is simple to unsubscribe.  

Saving money can be hard especially after a season known for spending! Take the tips from our Spender’s Guide for Saving to apply into your day-today and new year’s savings resolutions! 

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

Why is Financial Literacy So Important

Why is Financial Literacy So Important? 

Lacking financial knowledge can result in bad money habits such as saving and investing. In this blog, we will outline what financial literacy is, why it is so important, as well as some tips to actively become more financially literate. How we spend and manage our money is crucial to our financial stability throughout every stage of our lives! 

What is Financial Literacy and Why is it So Important?

Financial literacy is the ability to understand and effectively use various financial skills to better personal finance, budgeting, and investing. Essentially, financial literacy is a strong foundation you build on your relationship with money and money habits. This is an ongoing process as you continue to learn through different points in your life. The earlier you start betting on your financial education, the better you will be later in life and when you retire. 

Stop waiting to prioritize your finances and start working on better habits to gain knowledge and improve all areas of finance, credit, and debt management to make financially responsible decisions—choices that are integral to our everyday lives. Evaluate your current financial situation, set goals, and learn something to become more financially aware and plan for your retirement. 

Ways to Improve Your Financial Literacy

Take this as a push to gain knowledge and financial growth. How can you improve your financial literacy? Here are some ideas: 

  • Seek financial knowledge
  • Subscribe to a financial newsletter 
  • Listen to financial podcasts
  • Join a financial club (investments, money management, money, financial literacy, etc.)
  • Read a personal finance book or blog
  • Speak with a financial advisor
  • Use social media to learn – join a finance group 
  • Make financial money moves (re-work your budget, open a savings account, open an investment account, put your money towards retirement, start an emergency fund, increase your retirement contribution) 
  • Consolidate high-interest debt
  • Make small changes in your spending habits; acknowledge bad habits and set goals to change them

How To Become Financially Aware of Retirement Planning

Money moves you make now will affect you later in life. Ultimately, saving for your retirement is securing your financial stability later in life. Here are the top tips to incorporate into your financial habits now to best save for your retirement: 

  • Focus on starting ASAP if you haven’t already
  • Contribute to your 401(k) routinely 
  • Open an IRA account
  • If you are 50 or older, take advantage of catch-up contributions
  • Create a spreadsheet to see where you are at and what you need to do to reach your retirement savings goal
  • Rein in your spending
  • Automate your savings

If you are looking to make good financial decisions and better your financial literacy, now is the perfect time to get started. Building a solid financial future is extremely important for where you are currently at in life and when you reach retirement. Take this time to reflect on your finances and educate yourself to make smart financial decisions and money moves – you will be extremely glad you did.

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

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

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 

How to Teach a Teen to Save

How to Teach a Teen to Save 

Teaching a teen to save can sometimes be a struggle as they do not necessarily understand the benefit. Whether your teen is years away from getting a job or heading off to college, teaching them the benefit of saving now and how to effectively do so will hopefully help them avoid learning tough lessons later in life. Enjoy these tips on how to effectively teach a teen to save!  

Make Saving an Expectation 

Learning about saving is one thing, but implementing it as soon as possible is the key to their financial success and habits moving forward. If your child is under 18 and living under your roof, you still make the rules and have the opportunity to show them good savings skills.  

Your child may be very involved in schooling or extra-curricular, so having much of an income could be a struggle. Creating your own saving rules to give them an opportunity to choose how they spend and save their money is great practice. Some parents have found success making a rule that a percentage of their earned income (chores, gifts, etc.) go into their savings that they do not touch.  

Incentivize Your Kids to Save 

We all feel more open to meeting a goal when there is an incentive involved, and this can be a great tool to use as building their savings is a reward in itself. As you create and implement your savings rules, consider what you are willing to do to incentivize them to stay on track. Here are some incentive ideas:  

  • Match what they save each month. 
  • Match a percentage of what they save each month. 
  • Track their savings over time and match when they hit a goal.  
  • Give them chores to earn more to save.  

Introduce a Budget  

Teens can often have a lot of wants and feel restrained as they do not have much of their own to spend. This is a great opportunity to allow them to earn their wants but also prioritize their savings. Introduce a budget and give them a chance to be in control of their spending. This allows them to allocate what they feel is reasonable to spend on wants, but also see that if they spend it all they have nothing to set aside to save.  

Push them to track their weekly spending. If your child earns an allowance or money through household chores – this is not all for wants to encourage them to determine their budget based on income, expenses, and what they allocate to save. They will also learn to budget for the fun stuff or wants they have coming up, rather than spending it all at that time.  

Push Your Teen to Earn Their Spending Money  

We all can agree that kids most definitely cost us money, but you are in control of how easy it is for them to obtain it from you. Incorporate ways for them to earn money to spend. When teens are given money freely, they often do not see the benefit of saving in the short and long term. As they begin to save and earn their spending money, they will see the reward when things come up they want in the future and will feel much more in control.  

Let Them See Your Saving Habits  

Your kids tend to learn habits from their parents as they grow up, so it is important for them to see your savings habits. Sometimes it is beneficial for them to see how you save with real-life examples, whether that be from your budget, retirement account, savings, etc.  

Get your teen excited about saving with these helpful tips! Peoples Bank & Trust is here to help you throughout this process to get them the checking or savings account they need to be successful. Start teaching your teen the benefits of saving today so they make it a priority throughout their own lives.  

Peoples Bank & Trust Co. 

Member FDIC 

Equal Housing Lender 

5 Tips to Try Before Digging into Your Savings

5 Tips to Try Before Digging into Your Savings

We have all been there when either an emergency comes up or money gets tight. It may feel like an easy solution to dip into your savings but don’t allow that to be your first solution as if you do it once, you’re more likely to make a habit of it. Allow your savings account to be untouched and have the opportunity to grow. Try these five tips before resorting to your savings, you can thank us later.  

Rework Your Budget  

The first thing you should do if you are feeling short on money is to look at your budget and see what that allows for you. If you find yourself looking to dip into your savings frequently, that is a major sign something may be off with the budget you have set for yourself. Take a deep dive into each of your categories and see what needs an adjustment to better fit your financial situation and lifestyle. Sometimes your budget can dramatically change from season to season and that is completely normal. Those small daily expenses over a period of a month can really add up and need to be accounted for.  

Adjust Your Subscriptions 

If you are short on money, a great way to save a good chunk quickly is to adjust your subscriptions for a few months. $10-$30 subscriptions add up over time, so maybe it is time to unsubscribe for a while to save up enough to cover your expense.  

Add a Side Hustle 

Side hustles are a great way to make cash fast. Whether you pick up a part-time job or a hobby to make some extra cash, consider giving a side hustle a shot before you dip into your savings. You may be surprised what a seasonal job or selling some things can do to your wallet.  

Try Cash Only  

When you are having a hard time sticking to your budget sometimes it’s helpful to identify where your problem areas are. Switching to an all-cash budget is a great way to challenge yourself to stick to your budget and see what you have leftover. Set up auto debit for your bills and savings contributions. Set how much money you will need for say a week or a month and stick to using only that to get by.  

Build an Emergency Fund 

If you don’t already have an emergency fund, now is the time to start one! Peoples Bank & Trust Co can get you started immediately with a savings account for you for your emergency fund. Emergency funds are crucial to have for instances where you may feel like you need to dip into your savings because they are made to help you out when the un-plannable and un-thinkable happen. These funds are to be used for an emergency, so after to re-work your budget and looking to every other option to overcome being short on money, then you go to your emergency fund.  

Before you think to dip into your savings, remember to try out these five tips to guarantee budget and savings success moving forward to avoid touching your savings. Allowing your saving to grow is extremely important, so if you treat them as untouchable, the less you will ever try and use them. As you navigate your budget, savings, and emergency fund Peoples Bank & Trust Co is here to help and get you set up with the accounts you need for success! 

Peoples Bank & Trust Co. 

Member FDIC 

Equal Housing Lender 

money

7 Daily Habits That Will Save You Money

Saving money doesn’t have to be complicated – there are habits to incorporate into your daily routine that will save you money in the long run. These tips are simple and easy to start but also very effective. It’s time to take control of your finances and make some healthy changes! 

1. Pay with cash 

Using a credit card for everyday purchases can be tempting and often lead to impulse buying. A good way to stick to your budget is to have a certain amount of cash for the week and use only that cash. This is also great because you can’t spend money that you don’t have. 

2. Do more things at home 

Too often we rely on other places to do tasks that can easily be done at home. For example, many people spend lots of money going out to eat, getting their car washed, stopping for coffee, getting their hair trimmed and more. These are all things that can be done for a much lower cost in the comfort of your own home! 

3. Check the secondhand shop first 

You never know what secondhand gems you can find until you try! Before making a purchase, check garage sales, thrift stores, the Facebook Marketplace or more to see what deals you can find. 

4. Schedule when to track your spending 

To hold yourself accountable for what you’re spending, it’s a good idea to track your spending. Plan a day you’ll do this each week, so it becomes a habit. It’s a great way to reflect on what purchases were necessary and which ones weren’t. There are lots of apps you can download to help with this. 

5. Be careful with your utilities 

Even though utilities are a recurring cost, there are still many ways to reduce how much you must pay. Try cutting costs by keeping lights off, taking shorter showers, opening your windows rather than cranking the AC, etc. These costs can add up so this is a great habit to start! 

6. Reevaluate memberships and subscriptions 

Go through all the subscriptions and memberships you pay for. Which ones are necessary and which ones aren’t? Save yourself some unneeded costs by getting rid of some monthly payments. 

7. Take time to think before you buy 

Before making a non-essential purchase, give yourself a few days to think about it. Only follow through with the purchase if after those days you still really want it to help reduce impulse buying. 

We hope these tips will make a difference in the way you handle finances in your everyday life. Turning these seven things into habits will certainly pay off in the long run, so give them a shot! 

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender