Author Archives: Forbin Admin

Home improvement plans

What Raises Property Value the Most?

Want to level up your property’s worth? You’re not alone – homeowners are always looking for ways to make their homes more desirable. Your home’s value gets a serious lift when you make savvy upgrades – and it doesn’t matter if you’re selling next month or five years from now. Let’s take a look at what raises property value the most.

Top Home Improvements to Boost Property Value

Kitchen Remodels

One glance at a dated kitchen and potential buyers often walk; conversely, a sleek, high-tech cooking space magnetizes them. Revamping your kitchen with sleek new appliances, crisp countertops, and stylish cabinets can net a whopping 102% return on investment when you sell your home, the National Association of Realtors reveals.

Bathroom Renovations

What if we told you that updating your bathroom could essentially pay for itself? It’s true: a stylish, modern makeover can add serious value to your home, recouping the full cost and then some. Kickstart your makeover with a trifecta of trickle-down decor: updating fixtures, swapping out tile, and slapping on a fresh coat of paint.

Outdoors Appeals

Outdoor spaces have a secret power: they can add serious value to your home. Invest in a deck, patio, or outdoor kitchen and you could see an 80% return on your investment. Anyone who values unwinding after a long day will find this particular aspect incredibly appealing.

Exterior Enhancements

A new roof can recoup up to 105% of the cost at resale, making it a worthwhile investment for homeowners. A sturdy, leak-free roof is essential for any buyer. New energy-efficient windows and insulation can also be worthwhile because of the 60-80% ROI.

Energy-Efficient Upgrades

Installing energy-efficient windows, insulation, and appliances can save homeowners money on utility bills and increase their home’s value by up to 10%. As well as 60-80% ROI if or when you decide to sell.

How a HELOC Can Help

A Home Equity Line of Credit (HELOC) is a flexible financing option that allows you to leverage your home’s equity to fund home improvements. Here’s why a HELOC might be the perfect solution for your renovation needs:

Flexibility

A HELOC provides a revolving line of credit that you can use as needed, making it ideal for funding multiple projects or covering unexpected expenses. You can borrow and repay funds based on your needs, giving you financial flexibility.

Competitive Interest Rates

HELOCs often come with lower interest rates compared to credit cards or personal loans, helping you save money on interest payments over time.

Potential Tax Benefits

In many cases, the interest paid on a HELOC may be tax-deductible. Be sure to consult with a tax professional to understand how this benefit might apply to your situation.

Get Started With Us

Investing in home improvements is a strategic way to enhance your living space and increase your property’s value. By focusing on high-ROI projects like kitchen remodels, bathroom renovations, and energy-efficient upgrades, you can make the most of your investment.

And with a HELOC from Peoples Bank & Trust, financing these improvements is more accessible and affordable than ever. Start planning your home upgrades today and watch your property value soar! 

Stop By Any of Our Branches Today

We look forward to meeting with you and discussing our loan options that best fit your needs to make your home improvement dreams come true.

Jar full of cash labeled Emergency Fund with stack of books in the background

How to Build an Emergency Fund: 6 Tips and Strategies

In uncertain times, having an emergency fund can provide peace of mind and financial stability. An emergency fund is a savings account specifically set aside for unexpected expenses, such as medical emergencies, car repairs, or job loss. Here’s how you can start building your emergency fund and ensure you’re prepared for whatever life throws your way.

Why You Need an Emergency Fund

An emergency fund acts as a financial safety net, helping you cover unexpected expenses without resorting to high-interest debt. It can prevent financial stress and provide a sense of security, knowing you have a cushion to fall back on.

6 Tips and Strategies for Building an Emergency Fund

1. Setting a Goal

How much should you aim to save? Financial experts typically recommend having three to six months’ worth of living expenses in your emergency fund. This amount can vary based on your personal circumstances, such as job stability and monthly expenses.

2. Starting Small

If saving several months’ worth of expenses seems daunting, start small. Even setting aside a small amount each month can make a big difference over time. The key is to start now and build gradually.

3. Automating Savings

One of the easiest ways to build your emergency fund is to automate your savings. Set up automatic transfers from your checking account to your savings account. This way, you’re consistently contributing to your fund without having to think about it.

4. Cutting Unnecessary Expenses

Take a close look at your budget and identify areas where you can cut back. Reducing non-essential spending, such as dining out or subscription services, can free up money to put towards your emergency fund.

5. Using Windfalls Wisely

Whenever you receive unexpected income, such as a bonus, tax refund, or gift, consider putting a portion of it into your emergency fund. This can give your savings a significant boost.

6. Choosing the Right Account

Keep your emergency fund in a high-yield savings account. This type of account offers better interest rates than a regular savings account, helping your money grow faster while still being easily accessible when you need it.

Building an emergency fund takes time and discipline, but the peace of mind it provides is well worth the effort. Start today, and you’ll be better prepared for whatever financial challenges come your way. At Peoples Bank & Trust, we’re here to help. Learn more about our savings accounts and other services that can help you effectively build your emergency funds.

Protecting Older Americans Against the Top Scam: IRS Impersonations

No age group is immune to scams. It can happen to any age group, income level and gender. Scammers are no respecter to persons when it comes to getting your money. However, seniors should be protective of their finances, as they are more likely to have significant life savings and great credit. They also may be unsure of who to report fraud to, or don’t out of shame. This makes them a great target for scams. Unfortunately, the top scam among older Americans is IRS Impersonations.

Why IRS Impersonations?

  • Taxes and money are linked, so being able to access someone’s tax account gives them extensive amounts of highly personal information.
  • This information can be serviced into capital.

Telephone Scams

They may receive a phone call from the scammer, claiming to be from the IRS. They will give a fake name, badge number and even call from a Washington area code so they seem more legitimized.  This is called Caller-ID spoofing. They say they are following up on letters sent by mail and threaten arrest, home foreclosure or deportation for immigrants if they are not paid. Seniors should be aware that the IRS will never call to demand immediate payment, nor will they ask for credit card information over the phone. These scare tactics are working far too well, so education, not shaming, is needed to prevent victimization. If they receive a suspicious call, hang up and call the U.S. Senate Special Committee on Aging’s Fraud Hotline at 1-855-303-9470.

Text Messages

Unfortunately, text messages seem to be more trusted than email.  Scams by text are called smishing. Some criminals may only have access to the internet through their smartphone, so they will use this to target other phones as well. They may even send a link to a fraudulent site to intake your private information like a social security number so they can steal your identity.

Here is an example of what a text might say:

“IRS NOTICE: Your Tax Return is overdue! Click here to prevent penalty by law.”

Email Phishing

This term means the scammers are fishing for information through email, conning people into thinking they are someone they are not. The emails look like they have the branding of the IRS and they are leading to a legitimate website. They might request the same information that is requested by phone, but might be more prone to believe the emails to be valid with the fake IRS branding.

Key Takeaways:

Inform your loved ones of these IRS facts:

  • The IRS will never call to demand immediate payment.
  • They will never threaten to immediately arrest.
  • You will never be told that the taxes must be paid without the opportunity to appeal the amount owed.
  • They will never ask for payment information over the phone.

Data has shown that increased knowledge on scams makes a difference, so share this information with your loved ones, creating a safe place of discussion and education!

 

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

 

Relationships & Money: What Your Conflict Strategy Says About Your Finances

“I think what makes people fascinating is conflict, it’s the drama, it’s the human condition. Nobody wants to watch perfection” (Nicholas Cage). If you’re human, you experience some degree of conflict daily. With the American expenditures averaging $157 per day, the purchase decisions you make every day are impacted by how you manage conflict. Understanding your conflict-resolution style can not only help you better understand and improve your financial obstacles, but help improve your relationships with others when it comes to money.

Accommodating

Accommodation is when you are agreeable to such a high degree, that you actually work against your own self-interest. Essentially, you are either excessively polite or are in conflict with another party who has more knowledge on a topic. This style can be helpful when you are seeking advice from a trusted financial advisor. This can be problematic, if you automatically assume that others know more than you about money, or what to spend your money on. You may be too eager to please and too trusting. This is even more true if you are constantly finding yourself on the losing end.

Avoidance

People who use this style simply do not address conflict with themselves, or others. In this scenario, all are losers.  This is acceptable for a short term strategy, but can be dangerous if it creeps into a long period of time. People who are prone to the avoidance style may also have high amounts of debt.  If you are constantly avoiding the realities of your bank account and spending habits, you may be creating even more conflict for yourself and any financial partners.

Collaborating

This is the ideal way to handle financial conflicts within your relationships. This is a win-win style, where you work to meet each person’s goals. This can be helpful when you are crafting a budget with your spouse, and you both work to make sure your financial goals can be met based on the mutual plan you establish. In times of financial stress, you both communicate and work together to fix the situation for an outcome that is helpful to both parties. This can even be true for friendships. For example, if you have a higher income than your friend, and want to go out to a fancy restaurant, you may collaborate with your friend to find a restaurant that you will both enjoy, and afford. You can still go to a nice restaurant, but your friend can afford it, or maybe you can even treat them to a meal!

Competing

This is a style more commonly taken on by the aggressive or ambitious. It is typically a win-lose scenario. A person with this management technique doesn’t care about the other party getting what they want, and makes decisions with a sense of urgency. This may be okay in times of emergency, but can be damaging for the long term. For example, if you constantly spend on big ticket items without consulting your partner, you may have the competing style. You may take advantage of others, and seek to appear financially superior to your friends and family. This can be especially damaging if your bank account doesn’t match your spending habits, causing others to feel inferior, and your partner to feel weighed down by your decisions.

Compromising

Compromising is the worst way to handle your finances. It creates a situation where nobody wins. Both parties may not speak their full truth, or take the paths of least resistance, so no one truly gets what they want. This might be where neither party really wants to cooperate, so they make sure nobody gets what they want. This can be problematic on financial decisions, such as whether or not to buy a new or a used car. You might decide not to purchase a vehicle at all and really end up paying to fix the clunker you have, spending more on fixing it than you would have to just replace the vehicle.

Consider which one of these styles you lean towards the most and how it can be hurting or helping your financial situations and impacting those you care about. We suggest striving for collaboration to satisfy your relationships and bank account!

 

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

 

Habits of Financially Mature People

If you take a look around, you may notice that a majority of people from a variety of income levels seem stressed about their finances. Seventy eight percent of Americans are living paycheck to paycheck and debt is creeping up more and more every year. So what’s the secret for those who aren’t wealthy enough to be financially independent, but still manage to live the life they desire? We believe the difference is financial maturity and have collected top habits for you to integrate into your life.

Educate Yourself: Financial Literacy

Financially mature people take time to educate themselves about money. Set yourself apart by having a basic understanding of financial areas such as: investing, insurance, real estate, retirement and tax planning.

Pay Yourself First: Save!

Achieving financial stability means having enough in your account to pay cash. It means understanding that a financial crisis such as losing a job happens, and realizing that it’s important to have money prepared for that misfortune. There are so many things to save for such as retirement or a down payment on a house, and irresponsible spending can quickly eat away at your savings. Don’t let savings be an option, set up an account with us today at Peoples Bank & Trust.

Say No to Shopping Sprees

The financially stable realize that spending money for the sake of spending money will not help them get where they want to be. If you go shopping for fun, you’ll end up buying items you do not need, a hallmark of the financially unstable. Plan ahead for the items you need to purchase.

Use Credit as an Investment

They don’t use credit as a fall back for when they cannot afford to pay a bill. They only have a couple of cards, and pay them in full at the end of every month. They always pay their bill on time to reap the rewards that come with their use.

Know Your Numbers

A financially mature person has a budget, no matter if they have a lot, or little money. They know what’s in their account, what they owe, what they earn, what they spend and what they have invested. They put themselves in environments that encourage them to keep their budget. They also review their budget monthly to see if there is any fat to be trimmed. There is a realization of the difference between spending less and saving. Even if they are spending less, if their savings aren’t increasing, they haven’t gained anything.

The most important idea to realize is that financial maturity is up to you. If you need help navigating your process, reach out to a member of the team at Peoples Bank & Trust.

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

 

Can You Save on Groceries From Gardening? What You Should Know Before Digging In.

Gardening isn’t for everyone, but if you are looking for ways to cut down on one of your greatest expenditures, your own home garden might be a great place to start! You don’t need to be a Master Gardener to see returns on getting your hands dirty. However, it helps to know a thing or two before digging in!

Plan Your Space

Getting your garden started can require a large input of costs. While you may be excited to begin, you can easily end up upside down in this hobby by not planning your tools and the plants you need. The average gardener invests $70, so if you are just starting out, aim for even less. Start small.  Anybody can find room for a few plants, even if you live in an apartment, it just takes some creativity. Your goal should be to minimize costs and maximize yield. How wonderful would it be to only eat veggies grown by YOU?

Try to choose a location that has full sun and well drained soil. Use any of these garden planners to help figure out the layout of your plot. If you pick too large of a plot to fill, you may easily be overwhelmed and less likely to take great care of every vegetable. Efficiently use your garden space by succession planting or companion planning to get the most bang for your buck! You’ll have a variety of plants and waste less money running to the grocery store.

Pick Your Plants

One of the most important things you can do to make this a success is to plant vegetables that you actually like! Why spend your time and money on produce that won’t get eaten? Take a look at your grocery receipts. What veggies do you spend the most money on? Which items seem to cost the most? These are all questions you should take into consideration. Stick to mastering a few this season, and tackle more next year!

You can begin early in the spring by starting some seeds indoors – even herbs if you favor the delicious fragrance they offer. Plant cool season plants (carrots, beets, lettuce) early spring and warm season (squash, tomatoes, eggplant) after there is no chance of frost.

Preserve & Prosper!

If you’ve gardened correctly, you may have a higher yield than what you can consume. Congratulations! Some items, like potatoes and squash, can last a while if stored at the right temperature. However, other items such as beans, tomatoes, cucumber and even herbs can be canned or frozen to carry you through this winter. Once you get into the swing of things, you may hardly ever need to run to the store for your veggies. If you’ve planned, planted and preserved your produce correctly, you can have significant savings to your grocery bill – and a delicious BLT.

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

Giving back in the New Year: Practicing Selflessness

Many individuals have goals and resolutions they are striving for this year. They are fostering hope for a better tomorrow and realize they need to add or dilute some of their habits in order to have the life they envision. Many, if not most, of these resolutions fail for lack of motivation. In fact, only about 8 percent of individuals end up sticking with their resolutions and that could be attributed to the type of goals made.

A majority of resolutions are self-focused. Very few of them strive for the betterment of others, which could be one of the underlying reasons for failure. While it may not be for lack of trying, goals crafted that solely benefit the self, have less success than those that are others oriented. Although, practicing selflessness can indeed improve your own happiness and household economy in other ways.

Tax Deduction

When you decide on a charity, you want to be sure they are reputable. Check out Charity Navigator to find out if you should be giving to a certain organization. Giving to these organizations may enable you to deduct from your income tax if you itemize deductions. Be sure to do your research before giving if you would like to take advantage of this benefit.

Better Money Management

Deciding on giving monetarily to a cause will encourage you to monitor your budget. Don’t have a budget? Now you have another reason to make one! Do you need to make cuts elsewhere to excessive spending? Having cause to review your monthly statements can only help your finances. Come see us at Peoples Bank & Trust to set up an automatic withdrawal to your savings account for your giving; we want to make it easy for you! When you are able to focus your attention to those in need, you are investing in yourself emotionally and financially.  Even if you are only able to give your time through volunteering, it may give rise to gratitude for what you have; decreasing your desire to purchase items you do not need with money you do not have.

What Goes Around Comes Around

Although your primary goal in helping others isn’t to help yourself, getting involved can create opportunities for you and even your children. People in need will remember those who helped them at their lowest. Maybe someday you will be in need of a favor and they will happily assist you. It enables you to make connections with others, which can help you to better establish yourself professionally.  Is your child socially anxious? Kindness has been shown to reduce social anxiety and can help set your children on a stable track for the future including scholarships and job prospects.

 

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

 

How Reading Can Improve Your Financial Well Being

Does being a reader make you more of a leader? Well that might be the case in life and the financial world.  When infamous Warren Buffett was asked about his success he pointed to a stack of books and said, “Read 500 pages like this every day. That’s how knowledge works. It builds up, like compound interest. All of you can do it, but I guarantee not many of you will do it.” Most likely if you’re reading this article, you already see some value in the declaration and are here for affirmation. However, for those of you who still aren’t convinced and maybe even guffawed at the notion of fitting in that much reading into an already hectic schedule, let Peoples Bank & Trust give you some insight to consider.

It’s a Low-Cost Investment

Instead of taking an expensive flight to a costly conference, you might consider swinging by your nearest bookstore. Because there is no limit to where knowledge can take you, investing in books is a low investment, with an infinite ROI. You can learn from the best in your business field, or pick up a novel.  The jury is still out on whether memory or comprehension is better with print vs. digital, so get what works best for your lifestyle. Owning the book is preferred if you want to become more engaged by writing in the margins, but stopping at your local library is another great option!

Makes You More Employable

You can make a great difference in your success by expanding your education. Generally, knowledge cannot be lost. What you learn from reading a few books will set you apart, in that you already know something that has taken others years to learn from experience. Unfortunately, only 42% of adults will read a book after they graduate from college-just think about how much of an advantage that can give you! You will be a great resource for your team and have greater ability to think on your feet because of the reading “vitamins” you consume. This makes you desirable to potential employers and encourages a higher salary because of the value you bring to the workplace.

Boosts Brain Power

You’ve heard it said, knowledge is power. Are you unhappy about your financial situation? Pick up the Wall Street Journal or the financial matters section in newspapers. You are sure to gain a wealth of information to help you out of your current situation. Some studies show reading will help strengthen your analytical skills, increase your vocabulary and help you to prioritize goals. Your knowledge of the world will be stronger, and you may just notice your financial skills sharpening as your mind is being refined. This is especially true when you read chapter books, as it encourages deep reading and assessment.

The majority of what you read will not only make you a more rounded individual, it will help you to make more sound, financial decisions. You will be a greater financial asset to your company, and yourself. So grab a book, a hot cup of coffee and settle into your next lesson!

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

Creative Money Making Ideas for Teens

If you’re a teen, you know that making adequate money for your college fund and paying for the rising cost of items is challenging. School has never been as time-consuming and with the economic pressure to go to college and the rising rate in unpaid internships, you may be at a loss as to whether flipping burgers will help you in the short and long term.

We have come up with a list of creative ways you can earn some extra cash – without having to sacrifice your studies. Studies show that working 10-15 hours a week during the school year will even help to improve your grades. These can even be jobs you proudly add to your resume.  With all of these ideas, be sure to check with your parents to be sure it is a safe situation!

Make Money Online

You know the older generation shreds you for it anyways – so you might as well make some money at it! There are so many legitimate ways to make money by simply being on your phone or computer. You can do this from home, so your parents don’t have to worry about where you are.

Try out Swagbucks, where you can earn free gift cards for answering surveys and watching entertaining videos. Another legitimate site is Inbox Dollars, where you take surveys and try new products. If you’re thrifty, try out Ebay or BookScouter to make a profit off used items!  Be very careful which sites you try to work with, and double check with your parents before starting as there are many scams out there.

Start a House Cleaning Business

There are many different types of people who need help cleaning their homes. They may not have the time or be physically incapable. With a little overhead of buying your own cleaning products, you could easily make $15 an hour if you are a great cleaner. Many of these people hire professional cleaning services which will charge double that, so you will be a competitive contender!

Turn Your Hobby into a Gig

Want to have your perfect employer? Go into business for yourself! This is not only a chance to earn some money loving what you do, but you will learn a lot about what it takes to be in business. You will be your own HR Department, Secretary, Marketing Department and Executive. There isn’t always a chance to do this as an adult, so go after your hobbies in full force now! You can refine your craft and find yourself accumulating many of the hard and soft skills it takes to be successful professionally.

Teach a Class

Do you have a skill that you would like to share with others? Maybe you are really good with computers. You could teach senior citizens the basics of the internet. Are you really good at math? Teach or tutor your peers. If you play an instrument, there will be hordes of parents ready to get a deal to have their children learn.

There are so many avenues of jobs you can do as a teen, although the options may seem scant at first glance. Build off of our ideas, or come up with your own. Having a worthwhile job will help to teach you independence and how to budget your money.

“Tell me and I forget

Teach me and I remember

Involve me and I learn.”

Benjamin Franklin

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender