Tag Archives: save

8 Simple, Smarter Ways to Save

Do you feel like you’re always trying to save but never reach your savings goals? Sometimes, we can make it too complicated or have too rigid a plan that causes us to give up on it altogether. You can make 2020 the year of savings by following these bare-bones tips.

1. Start a Pantry Night

It’s all too easy to spend money dining out or grabbing a burger at the drive-through for the whole family. Stay ahead of the curve by allowing one night each week as a free for all in the pantry. You won’t have to worry about what to cook that night for the whole family. Everyone can find something simple for themselves to eat whether it’s cereal or leftovers. Some weeks it may take more creativity to come up with a meal, but use what you already have in stock.

2. Separate Need and Wants

We are constantly exposed to advertisements in a way like never before. Ads are perfectly crafted to peak your exact interest based on your internet search history. This can make the temptation to buy even stronger. Don’t buy anything instinctively, wait and decide if this item is truly something that will meet an unmet need in your life.

3. Make a Decision on Entertainment

How many streaming services are you subscribed to? Although you may think you are saving money, you can quickly rack up your monthly costs by subscribing to too many services. Rotate your services so you can still have access to your favorite shows and songs, but on a rotating basis.

4. Feed the Freezer

Food can be one of your most expensive monthly costs. Plan ahead by taking advantage of sales on things that can be frozen. Meat is one item that freezes well. Keeping your freezer full of these low-cost foods can make a big difference to your bottom line.

5. Go Generic for Everything

It’s true that more often than not, you are paying for the brand than the actual product. Going generic won’t impact anything but your wallet.

6. Treat Your Belongings Well

Invest in quality items that you love and treat well. Practice good habits like taking your car routinely for oil changes and staying on top of home upkeep. Broken cars and homeowner woes can be costly.

7. Test Out the Tried and True Envelope System

Just because your great grandmother may have done it, doesn’t mean it’s not still relevant. Make a monthly budget, and place each amount in a separate envelope. When it’s gone, it’s gone!

8. Consolidate Debt

If you have debt in a lot of places, you may want to consider consolidating your debt into one place with a lower interest rate.

For more advice on ways to make savings simple or how to start a savings account, reach out to us at Peoples Bank & Trust.

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

Best Ways to Create a Money Goal for 2020

With just a little work, you can map out your financial goals for the upcoming year. With money, it can seem overwhelming or tricky to know where to begin. Luckily, Peoples Bank & Trust is here to help! We’ve come up with some of our favorite ways you can create your money goal for 2020.

Figure Out Your Finances

The first step you should take is to calculate how much income you take in each month after expenses. You may feel that you have a good estimate, but once you start racking up all the costs, you’ll be surprised how much you are left with. Once you’ve subtracted all expenses (gas, groceries, eating out, rent, utilities, mortgage, etc.) from your income, decide where you can drop off some of those expenses.

Track Your Expenses

Use an app or a pen and paper to keep track of your spending to be sure you account for all expenses. If you want to reduce your spending in order to put even more money toward savings, identify your needs and wants and try to indulge in the wants less. This will help you create a specific way to spend less in order to meet your money goal.

Evolve Your Emergency Fund

Another great goal for 2020 would be to create a bigger and better emergency fund. Start the year off right knowing you’re covered if the unexpected happens. This will help you live with confidence, instead of worrying paycheck to paycheck if something could pop up that you aren’t ready for. This will make you feel more secure when reaching towards whatever goal you set.

Create Accountability

If you stop saving towards your goal and start spending a little extra here and there, who’s going to care? That is the mindset you need to get past in order to stay on track toward your money goal. You need to create accountability in order to feel like you are responsible for making this goal actually happen. Find someone like a parent, friend or spouse you can talk to, so they can encourage you to keep on the right path.

Follow An Actual Plan

Having a real plan put into place on how you’ll accomplish your money goal is vital to your success. Knowing what you bring in, what you spend, what you’ll cut, how you’ll cut those expenses and so on will allow you to keep on keeping on. If you don’t know where to start, follow Dave Ramsey’s 7 Baby Steps:

Baby Step 1: Save $1,000 for Your Starter Emergency Fund
Baby Step 2: Pay Off All Debt (Except the House) Using the Debt Snowball
Baby Step 3: Save 3–6 Months of Expenses in a Fully Funded Emergency Fund
Baby Step 4: Invest 15% of Your Household Income in Retirement
Baby Step 5: Save for Your Children’s College Fund
Baby Step 6: Pay Off Your Home Early
Baby Step 7: Build Wealth and Give

With these helpful hacks, you’ll be able to start your money goal of 2020 off right. We offer plenty of places to put your savings or build for retirement if one of those are your goals. Check out our site to see how we can help you!

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

8 Surprising Ways to Save on Baby Stuff

Oh baby! Although they are small, babies can take up a significant amount of your budget. Many first time parents experience sticker shock with the numbers they see as they walk through the baby section at their favorite stores. Thankfully, there are ways to make these expenses easier to manage so you can focus on the excitement of the little one without the pain associated with the rising costs.

1. Sell What You Don’t Need

Because babies cost so much, it goes without saying that they often require a lot of things. This translates to your home being turned into an obstacle course with baby things now dominating your space. Stay ahead of the chaos by selling items you don’t need. You can use this money to buy things you know you will. This will give you extra space and some purchasing power.

2. Snip or Save Those Coupons

You might be surprised to find out not only how much coupons can save you on necessary items like diapers, but the amount of them available for babies is never-ending. Before going to stock up on baby basics, take a look to see how much you can save! Some stores may even price match brick and mortar or online deals.

3. Don’t Overindulge in Clothes

It might be one of the most fun things to buy, but you do not need as many clothes as you think you do! Consider what you think you need now. Split that amount in half. The first few months of their lives, something as simple as white onesies will suffice. Have a few favorites for them to wear when you leave the house. Additionally, babies grow incredibly quick, so often it’s best to wait to see what you will need before buying too many things in advance.

4. Question the “Necessary”

We want to get our children everything they could possibly need. Thankfully, babies actually need very little. So what about that wipe or bottle warmer you just added to the registry? Take it off, as things like these are in reality rarely used and take up wasted space. The wipe warmer will dry out your expensive wipes and bottles can be warmed with running hot water!

5. Consider the Green

When considering your money, think about going green. It may be unconventional in some ways, but some of the biggest expenses you may have are diapers and wipes. There are some start up costs to cloth diapers, but once you have the basics you are all set! To put it in perspective, diapers can cost about 1k a year, as opposed to the average $150 for cloth diapers. While your pockets become filled with green, so has the environment.

6. The Nursery: Keep It Simple

Getting the nursery decorated and set up like the influencers on social media can be a lofty and tiresome goal for any parent. We are here to tell you that it does not need to be that extravagant! It’s often safest for the little one, too.

7. Phone Your Insurance Company

Unfortunately, many are unfamiliar with what their policy will and will not cover. Don’t be afraid to give them a call to verify your coverage. Many companies offer additional services for first time parents such as weekly nurse check-ins, lactation consultants and free breast pumps.

8. Plan Ahead

The best thing you can do for your budget is to prepare for every expense this new baby will bring. For example, if you will be receiving maternity or paternity leave, you will want to calculate how much you need to save in order to be unpaid for that time (if your work does not offer paid leave). You’ll also want to factor in the additional health insurance costs that will be accrued. It is never too early to begin planning!

Save for your kiddo by using these nifty tips – then store the savings in an account with us!

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

How to Save for Your Baby’s Future

Blankets, gliders and toys galore – the list of items you need for your baby’s arrival seem like a mile long. The good news is that while some items like diapers and wipes are essential, baby can get along just fine without the matching crib and dresser set. What’s more important is planning for the days ahead. From braces to college, you can give your child a head start in life by saving for their future now. Here are some ways to start bulking up the savings!

Get Insured

Insurance can help to give you some peace of mind in case the unexpected were to occur. Having a policy on yourself is a certain way to ensure your children are taken care of should something happen. Even if the policy doesn’t get utilized before they leave the house, if it’s a permanent policy, it will last until they are adults to help pay for end-of-life expenses.

Another savings plan option is to take a policy out on your child. A permanent policy grows in cash value over their lifetime. They are able to deduct the cash value of the policy tax free to use however they wish when your child reaches adulthood.

Make a Budget

If there was ever a time to stick to a budget, it’s now. If you’re reading this blog, you’ve probably already decided that an important goal is to save for your child’s future. Now take a look at your other goals and calculate what percentage you want to put towards each goal and expense every month. Sticking to this will also set a great example of money management for your child as they grow.

Ask for Contributions

It’s easy to accumulate too many toys and items that your child simply does not need. While the baby is young, for each birthday party or celebration, ask for cash to go towards their financial future instead of a present.

Start a Savings Account

There are many different options for saving for your child’s future. There are some that are solely to be used for a child’s college tuition, like a 529 plan, and there are other basic savings plans. Meet with one of our financial specialists to determine which plan is right for your growing family.

Open a savings account with us today, so you can make sure your baby’s future is bright!

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

NMLS# 407727

Creative Ways to Save While on a Budget

budget

We’ve all heard the tips about not eating out, cutting cable and canceling that gym membership you never use. However, that leaves us wondering what other crafty ways can we think of to save? Peoples Bank & Trust offers a few creative ideas on how you can keep money in your wallet while on a budget.

Switch Up Beauty Brands

Small expenses can add up in a hurry. Luckily, there are simple fixes for that problem. Try switching from your beloved expensive shampoo to a more generic brand. Instead of buying that department store dollar eye shadow pallet, try out a drugstore option. By moving to more cost-friendly options with your beauty products, your bank account will thank you – and, you’ll still get the same end result after using your generic products.

Thrift It

Many people only think of online shopping and name brand stores when looking for a new outfit. However, there are plenty of options out there for your next stylish endeavor that won’t cost you an arm and a leg. Going to thrift stores is a great way to find pieces that aren’t going to be a part of everyone else’s wardrobe and you’ll save a large amount of money!

Host a Potluck

Being on a budget shouldn’t mean you don’t get to socialize anymore; in fact, you may have friends who are trying to save, too. Help yourselves out by hosting a potluck party. By having everyone come over to one of your homes and bring their own dish, you won’t have to worry about spending money on an entire spread.

Skip Bottled Water

Invest in a water bottle and fill up! Spending money at vending machines, gas stations and grocery stores on something you’re already paying for at home is not the best financial move. Look at other items that may be in the same category and cut those expenses out of your life too such as buying coffee every morning instead of making your own.

Make a Meal Plan

Mapping out what your meal will be for a week or two can take a little time, but it will be well worth it financially. Going into the store with a set plan of what you will buy will help you avoid adding extra items to your cart while walking through the aisles. This will decrease the amount of unplanned expenses you have each month! You will also get the chance when meal planning to find healthier options for your days and make lunches, not just supper. Being able to pack lunch each day for you and your family gives you the chance to cut down on what you spend every day for lunch.

We LOVE these ideas and hope you do too! Try out a few of these unique ways to save and your bank account will thank you. Stop on in or feel free to give us a call if you’re looking for more ways to save!

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

How to Save for Retirement

retirement

Bankrate estimates that half of the American population won’t be able to maintain their standard of living once they stop working. While your current bills and loans seem like a top priority, we also don’t want you to forget about what the future holds. It’s important to keep paying off your debt, however, Peoples Bank & Trust wants to offer you a few helpful tips on how to save for retirement.

Direct Deposit

Having money directly put into an IRA or savings account is a smart way to save. This will help you get used to living at a certain income level. When the money from your paycheck is taken out right away, you never have the option to spend it – this means you were never used to having an extra amount of cash. As time goes on and you begin to pay off your debts, you have the option to enlarge the amount that you directly deposit into your retirement fund!

CD & Savings

Putting money into different CDs or a special savings account can help increase your quality of life when retirement comes. Having a place with extra funds will create a greater cushion if expenses rise. Having an accessible place where you can get liquid cash is always a safe idea. These accounts will never lose money and usually don’t come with penalties if you decide to withdraw your money early.

IRA

You can defer paying income tax on up to $5,500 that you contribute to an IRA. Couples can contribute to IRAs in each other’s’ names and can shop around for accounts and funds that charge especially low fees. An IRA is easy to open and gives you the option on how you want to invest your money.

Tax Refund

Every time you get money back from your taxes, put that into a savings account or CD. That extra money can add up over the years, so you’ll be happy to see how much your retirement funds have grown when you look. IRS Form 8888 allows you to directly deposit your tax refund into up to three different saving or investment accounts, including an IRA.

Small Business Investment

Finding a business to invest in and make a return on is an option for saving. Use your time before retirement to find different ways to make money for it. You don’t have to become a business owner – just a silent investor if you’d like. Small business profits are not capped and the potential return on investment is therefore higher than other alternatives, but remember that the risk can be higher too.

Stay focused on your retirement savings goal so you can be prepared as you get closer to that age. The above items are all safe and simple ways to save for your future. Utilize one of a few of these options today by stopping by our bank! We’d be happy to talk you through what we have to offer!

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

How-To Save for Your New Vehicle

auto savings

Purchasing a new vehicle is always an exciting venture. Peoples Bank & Trust wants to help you maximize your buying experience with a strategic and helpful savings plan! Before you start roaming the car lots, glance at our easy auto check list to see what type of vehicle both you and your budget are searching for.

Determine if you want a new or used vehicle.

Many auto dealers today offer both new and used. While new can offer updated technology and the assurance of no prior owners, choosing a used vehicle can drastically diminish cost and offers a comparable quality with moderate mileage.

Decide on a budget and a timeline.

When choosing the right vehicle to purchase, there are many questions to help you research which option may be best on your pocket book in the long run.

-How long do you want to drive this vehicle?

-What does your budget allow you to spend for the down payment and installments?

-When do you need your vehicle by?

-What type of MPG do you need to keep gas costs within your overall budget?

-How long do you want to be paying the loan off?

With these questions in mind you can better view the credentials needed in the ideal vehicle for you and your family.

Do your part to save.

Once you have your budget set, it’s time to start saving! By putting aside a designated amount from each paycheck towards your new car, you can create a timeline for when you plan on purchasing it! In addition to these savings, cutting any additional spending can help you allocate more funds towards your new ride. Eating in more, buying generic, and carpooling to work are just a few ways to save some extra change.

Talk to us!

If you have questions regarding your savings plan stop by your nearest location today. We’re happy to help, and look forward to making your auto buying dreams a reality.

Peoples Bank & Trust Co.

Equal Housing Lender

Member FDIC

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