Tag Archives: saving money

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.

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A Beginner’s Guide to Saving Money

While saving money isn’t the easiest task, the first step is often the hardest part. If you’re new to the finance scene and are hoping to learn about some basic, money-saving tips, you’re in the right place! Setting realistic and doable goals is the key and we’re here to help give the push you need to get going.  

Track Your Spending 

The first step to knowing how to save is figuring out what your spending habits look like. Spend a few weeks tracking everything you spend, from each coffee run to the cash you tip the waiter. There are many money-tracking apps out there to make the process easier, otherwise the old-fashioned pen-and-paper method works great. 

Analyze What You Tracked 

Now that you figured out exactly what you spend, it’s time to break it up into categories and get a closer look. Organize the data into sections like food, rent/mortgage, gas, clothes, etc. Putting this into a chart is a great way to understand your habits visually. Most of the money-tracking apps will automatically show you organized categories of what you’ve spent for your convenience. 

Make Spending Adjustments 

Now is where the budget comes into play. Looking at the data you tracked, what did you spend the most on? What amounts surprised you? Pick out some things that weren’t necessary to spend money on and adjust your spending. Now that you know how much you spend, you can limit that amount and create a budget. 

Set Up Automatic Transfer 

This step is crucial! If you haven’t already set up automatic transfer to your savings account, now’s the time. You get to choose exactly how much along with when the money will be transferred, making saving money a breeze. This also limits the temptation of reaching for the extra cash you set aside since it’s in an account instead. 

Create Realistic Goals 

We’re not done yet! It’s time to set both short-term and long-term goals to make the most of your savings. Whether you’re saving for a car, hoping to buy a house, building an emergency fund or more, having goals to work for gives you the motivation to keep going. Figure out some short-term goals of how much you want to save along the way, leading to your long-term goals. 

Now that you know the steps towards smart saving, you’re ready to start! Saving your money leads to a great reward and allows you to practice patience and persistence. If you have any questions or are looking to open a savings account, contact Peoples Bank & Trust. 

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

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Our Complete Guide to Saving Money

Saving money isn’t a one-step process – there are tons of tips and tricks out there to help. We’ve narrowed it down to some of the most practical but impactful changes you can make to maximize your money saving. 

Plan Out Your Grocery Trips 

Going to the grocery store without a plan can be a dangerous game to play, and most people spend way more than needed at those registers. Start by planning out your meals for the week and only purchasing what you need for those meals. You’ll be doing your wallet and your body a favor!  

Cut Down on Those Subscriptions & Memberships 

Netflix now has over 150 million people subscribed to their service, so this step most likely applies to almost everyone. Some subscriptions are fine to have, but there are many unnecessary and unused memberships out there. They might seem relatively cheap per month, but once you add up all of the subscriptions and all the months of use, you’d be surprised how much money you could have saved without them. 

Set Up Automated Savings 

If you haven’t set up your bank account to automatically transfer money to your savings yet, it’s time to start. It might be weird and frustrating at first, but soon enough you won’t even notice the money you’re missing, and your future self will thank you! 

Sell What You Don’t Need 

Go through everything you own and sell the things you don’t need anymore. The random items you have laying around can add up, and odds are you won’t even notice that they’re gone. This is a great way to invest in your emergency fund, too! 

Skip the Restaurants & Coffee Shops 

You’d be surprised how much of a difference preparing things at home instead of going out can make. For example, most people spend around $2-$5 at a coffee shop, while making coffee at home only costs about 16 cents per cup. Start skipping overpriced food and drinks and start making some homemade goods! 

Save Some Energy 

Not only is saving energy good for the environment, but it’s great for someone looking to save money, too. Your electric bill can make a big difference in how much you pay per month. Take a few practical energy-saving steps, like taking shorter showers and shutting off unused lights, to see a big drop in your bill. 

Taking some practical and simple steps towards saving money will produce big results. There’s no better time to start saving than now, so open a savings account with us and give these tips a try! 

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

4 Ways New Homeowners Can Save on Their Taxes

Home owners

Becoming a homeowner is an exciting and trying time in your life. Once all the papers are signed, and the keys turned over, it all seems worth it. That is until a pipe bursts, lightning knocks out the tree, and your dog decides to burst through the screen door. Not all hope is lost however. In return for your endless work, and commitment to a never ending to-do list, the U.S. Government has provided four tax-based ways to reward you for home ownership. See how to take advantage of these four tax breaks, and make the most of your new home purchase:

  • Early IRA Withdrawal: For many new homeowners, securing the initial down payment can be the first hurdle in their real estate journey. If you’re a first-time home buyer and have an IRA, or Roth IRA, the IRS will allow you to withdraw up to $10,000, penalty-free, to aide in the cost of your new dwelling!
  • Valuable Deductions: Between your mortgage interest, mortgage insurance, and real estate taxes, your home deductions could make a big dent in your taxable income. When preparing your taxes as a new homeowner, be sure to bring any mortgage documents, and escrow account information, to your tax professional to gain the full benefit of the deductions.
  • Renewable-Energy Tax Credit: Did you upgrade your home appliances to more efficient and environmentally-friendly options? Did you install a geothermal system in your home? If so, this helpful tax credit may be able to take a portion of that improvement cost out of your deductible income!
  • Tax-Free Profit on Sale: When you go to sell your home, the IRS allows you to avoid the capital gains tax on the profits you generate from the sale. This means that if your home’s value goes up $35,000 in the two or more years you live there, you are then able to retain the additional $35,000 your home is sold for without having to pay any taxes on those funds. One other major stipulation of this benefit is that in order to avoid the capital gains tax, you must purchase a new home as your primary residence within the next two years.

With these key homeowner tax breaks, the next thing to put on your to-do list is to make a plan for those tax refunds! If you have questions on how to best budget for your new home, don’t hesitate to stop in. We’d love to talk taxes, financing, or other improvement ideas you have for your home!

 

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender