Author Archives: Forbin Admin

Tips to Reduce Financial Stress – From Panic to Plan

If you are feeling overwhelmed and losing sleep at night because of your finances, you are not alone. There are many factors that can contribute to financial stress such as: kids, marriage, debt, pregnancy, job status and physical health. According to the American Psychological Association’s 2015 survey, 64% of stress is attributed to money. If you are experiencing a creeping sense of panic over your finances, take a deep breath and exhale. We are going to walk you through a simple plan to get you back in control.

1). Identify Stressors

Take time to write out a list of everything that is weighing on you. This can be financial burdens or anything that adds to your anxieties. Maybe you are struggling to meet your mortgage payments or taking care of an aging parent. Maybe it’s an addiction to spending with a mountain of debt surrounding you. Everyone has a story and struggle. Listing out and identifying these is not only therapeutic, but will be the start to knowing what you can and cannot change. What are the problems, and what are your realistic goals?

2). Create a Budget

This will be the map to the end of your tunnel. Doubtless, you have heard the importance of budgeting. Now it is time to heed those words into your plan. There are many financial gurus out there with their preferred budgeting outlines. We would recommend speaking to one of our helpful customer service representatives at Peoples Bank & Trust, or learning more about people like Dave Ramsey and his program. When you are crafting your budget, keep in mind the goals you have created and the daily habits you want to develop. This is how you learn to make the most of your income. By adding a goal of establishing an Emergency Fund, you will help to eliminate future stressors should and when misfortune occurs.

3). Stay Positive & Get Help

The key to staying on track, is staying positive. Once you have your budget set, you are able to track your spending. You may fall off the wagon a time or two, but don’t let shame keep you from starting over. Reach out to a trusted friend or join an accountability group like Shopaholics Anonymous. Be sure to let them know your goals and your struggles. Having someone to keep you accountable will help you to not only relieve current stress but prevent future panic.

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

Web Security for Small Business Owners – What You Need to Know

It’s a typical day for a local real estate agent, until the click of an email threatens the entire business. Large corporations, small businesses and, as shown in recent days, not even the government are immune to cyber-attacks.

Why it’s Important

If you’re a small business owner, you may think you are too small for cybercriminals. However, the opposite is true as they don’t particularly care about the size of the data, but the value. If you have customer’s contact information, health data, credit card information or intellectual property- they want it now. Did you know that 43 percent of cyber-attacks target small businesses, and that normal hacks to operations cost an average of $955,429 to recover? It’s of the utmost importance that your customers feel they can trust you with their information and that you follow through on that trust. Cybercrime is becoming the world’s largest business, and here is what you can do to protect your business -even if you don’t have a lot of room in your budget for security measures.

1). Have Tight Communication

You may not have the ability to provide each of your employees with their own technology devices, which means they may use personal devices for company use. This can open you up to many potential risks. You may want to create guidelines for using these devices and ensure that they are regularly updating passwords and following through on security updates. Fax is still the most secure form of communication in the business world-don’t be afraid to still utilize this!

2). Establish an Action Plan

Create a simple security plan and share it with all of your employees, so they know that everyone is responsible for protecting data. It is worth the investment to hire an IT consultant to be monitoring your protocols, but if you cannot do that at this time, designate a current employee to oversee this. They should be informed, oversee basic security requirements and ensure the requirements are updated and used. Sixty percent of businesses don’t survive a security attack. For the longevity of your business, it is incredibly important to take this seriously. Use the FCC’s helpful Cyber Planner here.

3). Create Strong Passwords, Patching & Encryption Software

Most businesses stay ahead of the game by simply creating secure passwords and patching their systems. Patching fixes security vulnerabilities with bug fixes and improving performance. Hackers can easily crack into your business through a weak web or email server. As a small business, setting up a Virtual Private Server would be a terrific option combined with encryption software. So, even if a hacker was able to get into your system, they wouldn’t be able to decipher the material. An additional layer of security for clients would be to adopt PayPal or Square for protecting your customer’s financial information.

4). Educate

Unfortunately, most security breaches are due to a negligent employee or contractor. This reiterates how important it is to hire people you trust. Although you may not be able to thwart off every threat, educating your employees about cybersecurity either through weekly articles or full courses will help to better protect your growing small business. These practices should be integrated across all areas of your operations as well as having a response plan if this does occur. Remember, nobody is safe from Cybercrime!

Grocery Bootcamp – Shopping Healthy on a Budget for Two

Buying groceries, healthy eating and budgeting are three challenging tasks that many people struggle conquering altogether. Whether you and your partner have been together many years or are just starting out, we have some great tips for you both to win the war on grocery shopping. Consider us your sergeant by following this simple training method ASAP.

Commit

If you aren’t both on the same page, you will have a hard time succeeding and inevitably fail. It is imperative that you sit together to discuss what you want to get out of this and that you are mentally prepared for the journey ahead. What type of diet are you seeking to maintain? Research what type of foods you will and won’t buy so you know exactly where the line is.

Plan

Your Budget: The first month of Bootcamp, we only want you to keep track of your expenses both grocery and dining out. From then on, your goal should be to spend no more than that amount. An average aim for many is to stick to $100 a month per individual. This may or may not work for you, but find out what does.
Meal Prep: This is crucial to your success. You know what kind of diet you would like to have, so search for recipes that will enable you to have healthy, planned meals. This will help to prevent you from swinging in for fast food or other impulse buys. Once you have the groceries, prep the food right away to make the week of eating easy. Be sure you eat the fruits and veggies with the shortest shelf life first.

Shopping

Find Deals: While you may not have the time to clip out a lot of coupons, make a point to check the weekly ads to see what the deals are. Apps like DealstoMeals will even help you to find discounts in your shopping area. Every little bit helps and this is just more opportunity the two of you have to crawl through the trenches together.
Make a Price Book: This a great resource you can make for yourself to keep track of items that you habitually buy, so you know when and where to buy what.
Be Flexible: If a needed recipe item is twice the price you thought it would be, substitute for something else. If the produce is not in season, frozen is a great alternative.

Execute

You have the basics, so now it’s time for the follow through. Say no to temptation. Once you have spent your allotted budget, there is NO more going to the store. You will get better as you strengthen your skills, but until that time stay the course. Dismissed!

Love and Money: Five Common Mistakes

No couple likes to fight, especially when it comes to finances. Unfortunately, money is the leading cause of stress in relationships. And this isn’t only a problem for couples who are tight on money, as a survey has shown that the more your income increases, the more finances will put a strain on your relationships. What this shows is the importance of being on the same page as your partner when it comes to finances, no matter your incomes.

Peoples Bank & Trust has compiled a list of five common mistakes couples make with their money and how you can avoid them to lessen the stress on your relationship!

Not Talking About Money Before Marriage

It’s important to have an idea of your future partner’s spending style. Is your partner tight with money because they grew up not having a lot? How does this impact how they envision your lifestyle once you are married? What’s their credit score? It is important to have this conversation, in order to refrain from becoming upset or surprised when one of you splurges/invests. This keeps a nice checks and balances. Take this fantastic quiz to figure out your money type!

Not Having a Budget

If you are too late to avoid mistake #1, this is the perfect time to have that conversation with your spouse. “Failing to plan is planning to fail.” Take stock of what you have coming in, what you owe and what you have for “extras.” This will help to prevent keeping secrets from each other about your spending, because everything is on the table. Be sure the budget works for BOTH of you, long term. You can even get your kids involved in order to teach them about money and why having a plan to stick to is important.

Not Having Separate AND Joint Accounts

Are you a couple who only has a joint or separate account? We recommend both! Joint accounts make it easier to share in bills and debt together. However, it is still important to have your own account, so you can still feel autonomous in your decisions to splurge (within range of your budget).

Waiting 30 Years to Pay off Your Mortgage

Just because it is an option, doesn’t mean you really need to take 30 years to pay off your debt! If you do take the full term to repay the debt, you will pay significantly more in interest. Every extra payment that you make towards your home will be applied to the principal balance. This will enable you to sign that last mortgage check much sooner, permitting you to put money toward retirement, or other goals you have together.

Letting One Person Make Decisions

Even if only one of you is bringing in a salary, it is imperative that you are both involved in the financial decisions. If you have one person who is physically making the payments, you should both be reviewing your finances monthly, and making adjustments as needed. Friction can happen when one spouse makes the financial decisions causing the other to feel like a child with a set amount given to them each month. Even if one of you is more financially smart, both should be included in the decisions. There is less of a need to keep secrets from one another when you both have purchase power and communication about your short and long-term goals.

Making a plan and sticking to it together can help lessen financial stress in your relationship. If you feel stuck on where to begin, set up an appointment to speak with one of our specialists at Peoples Bank to help get you both on track to being in charge of your finances.

Cheap Updates to Improve your Kitchen’s Value

Mario Batali said, “The kitchen really is the castle itself. This is where we spend our happiest moments and where we find the joy of being a family.” Do you find people leaving the comfort of your plush rugs and pillows to only be leaning against your laminate counter talking for long periods of time? If you find your guests and family gravitating to the kitchen, why not make it a significant experience for them?

Peoples Bank & Trust is here to give you ideas for how you can improve the value and experiences of your kitchen on a budget.

Lighting
Having the right lighting can dramatically change the vibe of your kitchen. Even if this is the only tip you utilize, it is sure to make a difference. You can typically find reasonably priced lighting at large hardware stores, or online. Pendant lights are a current trend that people are drooling over. If you have old-school vintage lighting, you can update it by replacing the lights with Edison light bulbs and spray painting with a metal finish or coordinating paint. Additionally, adding under cabinet lighting will help to soften the kitchen. This can help it to appear bigger and more welcoming to those large groups that always find their way into your kitchen!

Storage

Get that clutter put away! Not only will your kitchen look smaller, but having too many items on the countertops can keep it from looking modern as the minimalist look is on the rise. Look for new ways you can utilize your storage, or create more. Maybe it’s time to get rid of some appliances that you never use. You could sell these to make some extra cash to go towards revitalizing the room. You can purchase a pull out storage kit and drawer organizers to maximize what you have for space, without needing to do a complete cabinet remodel.

Paint

You don’t have to be an expert designer to use paint! Although it may be tedious, it’s a cheap way to up the value of your home by making it look fresh and clean. Here are some items you can paint to dramatically change the feel of your kitchen.

Cabinets- If you don’t have the money to spend to update your tired cabinets, grab some sandpaper, primer and a light colored paint. Professional designers recommend light or citrus colors. Even removing some of your cabinet doors to showcase your favorite dishes will modernize the room. Paint the inside shelves white to really make it pop!
Focal Wall- Paint one wall in your kitchen a few shades darker than the other walls, to create an accent wall. This will give more dimension to your home and be a quick fix. Try out Chalkboard paint to make it even more fun!
Island- If you have an island, paint this a bright color.
Floors- If you have weathered floors, look into mixing it up with painting them a fun design like these. This is much less expensive than completely replacing your flooring and you can always add a comfy rug to add even more appeal.

Accessories

If you don’t have the time to complete a large project, these simple additions are another option.

Put new handles and pulls on your cabinets that are sleek and current. Don’t choose anything that has too much character, because if you sell your home in the future, potential buyers won’t find it amusing.

You may not be a plumber, but it doesn’t take too much skill to replace your faucet. There are so many options on styles and functions, you will be pleased with how much you can enjoy this simple addition.

While you don’t want to darken your kitchen too much, adding window treatments amplifies style and privacy. You can make your own out of kitchen towels or buy roman shades.

You may not have spent the whopping average of $21,907 on a kitchen remodel, but you will definitely have added value to your kitchen and to your guests’ experiences!

It’s the Season to Save Money: Tax Deductions

While it might not be on your radar, now is the perfect time to starting thinking about taxes. You may be thinking you just wrapped up tax season but April 15 will be here before you know it. The end of the year is the perfect time to make a few financially savvy moves to help trim down your tax bill.

While not all of the ideas below apply to everyone, they can help you fund your retirement account or even put you in a charitable mood.

Contribute the maximum to your retirement account(s) – If you have a tax-advantaged retirement account (meaning your contributions aren’t taxed), contributing the maximum lowers your taxable income, meaning you pay less on your tax bill. Even better? You’re helping contribute to your retirement savings fund!

Give to charity – As long as you have over $250 in costs directly related to helping a charity plus their acknowledgement (a receipt, statement, etc), you’re in good shape. Just be sure you also have the receipts from making all those meals or purchasing supplies. Remember, donations to individuals doesn’t count when claiming a charity deduction.

Job-hunting costs – If you were job hunting at all this last year (and have the receipts on hand), these costs can be deductible. Eligible expenses include transportation costs, food, lodging, cab fare, employment agency fees, costs of printing resumes, business cards, etc.

Give to family or friends – This category is a two-for-one! Not only do you give the gift of money but you reduce your tax burden. You can give up to $14,000 without having to file a gift-tax return, which lowers your taxable income, thereby reducing your tax bill.

Energy-saving home improvements – Made some energy-saving modifications to your home this year and have the documentation and receipts to prove it? You can claim a credit up to $500. While this isn’t a tax deduction, you can use the credit to help pay your tax bill if need be.

This list is just a start of tax deductions you can start planning for. For more information or questions, you’ll want to talk to your tax professional or Peoples Bank & Trust to help guide you. We hope this list provides you with a little inspiration to find some deductions this tax season!

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

Protecting Yourself While Shopping Online this Holiday Season

As the holidays roll up, customers buying items online increases exponentially. Unfortunately, cyber attacks and identity theft also increase with that number. That’s why the professionals at Peoples Bank & Trust have come up with some helpful tips and tricks to stay safe when shopping online this holiday season!

Don’t Use Unknown Wireless Networks

If you are in a coffee shop or airport and a network pops up for you to connect to, your chance of being hacked skyrockets. When the network you are on is not protected, hackers have a chance to get into your phone and locate passwords, account information, and more. Even though you want to check your email or see if there is a good deal somewhere, try to resist in order to protect yourself.

Use Different Passwords

Yes, it is hard to use a different password for each site when you are connected to 50 or 100 sites. However, if a hacker gets ahold of one password, they can instantly use that password with your email to log into all other sites that have the same one.

Don’t Store Credit Card Info on Sites

When online sites have you enter your credit or debit card information, many of them give you an option to save your card information. They say it’s secure and most of the time it is, but hackers are still able to get into their account and find your information. Even though it’s a little more work to type your information in each time, it’s more work to deal with getting your money back after someone has stolen your information and used it.

Avoid Clicking Links

When shopping online, you may have a million links pop up for the item you’re searching for.. These are easy ways for hackers to bring you to a site they created to give you malware. That’s why it’s important to only click the links on trusted sites.

Shop Secure Sites

As mentioned above, it is okay to trust links within a secure site. However, if you are searching online for a certain gift to give someone and find a list that links to different sites, do not trust those sites. Search online about which sites are credible before you go to them and give them your credit card information.

These tips will aid you in being a security savvy shopper when the holidays begin to hit. If you have any questions or concerns about your account, be sure to contact Peoples Bank & Trust. Our team of professionals is here to help if a problem of stolen information does arise!

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

6 Ways to Maximize Online Holiday Shopping

Let’s face it, Black Friday—and Cyber Monday—aren’t for everyone. You rise at the crack of dawn and either have to fight the crowds or hope you have faster WiFi than other shoppers.

Luckily, these aren’t your only options when it comes to getting deals around the holidays. Peoples Bank & Trust has compiled this list of online resources to help you stretch your gift-buying dollar:

1) Use Coupon sites.

The most popular site is Groupon, but there are other online coupon sites that can save you money as well! Sites such as Couponcabin.com, coupons.com and RetailMeNot.com all have thousands of deals and coupons for online retailers.

2) Buy discounted gift cards.

Places such as Sam’s Club have gift cards for restaurants that are up to 20% off, and can make great stocking stuffers. If you don’t have a membership, there are other places where you can buy retailers’ gift cards at a discount, such as Gift Card Granny and Card Cash.

3) Free shipping offers.

If you’re an Amazon Prime member, you’ll already be able to take advantage of this. But if you’re not a Prime member or are shopping elsewhere online, FreeShipping.org has coupon codes for free shipping on some 4,000 stores.

4) Cash back.

If your credit card offers cash back, the holidays are a great time to rack up points. We would caution that you have enough cash on-hand to pay off everything you charge to the card, as you don’t want to start the New Year with debt.

Credit cards aren’t the only way to earn cash back. Sites like Ebates.com and Extrabux.com offer cash-back for online purchases at certain stores.

5) Buy used.

Sometimes, a new iPad isn’t in the budget. If that’s the case, you can buy gently-used electronic equipment at Glyde.com. You can even set up price alerts for certain items. Another gently-used online retailer is Swap.com. Items such as toys, games and DVDs still in the original box can be purchased for a fraction of the original cost.

6) Deals on electronics.

Online retailers such as NewEgg.com and Fry’s Electronic are well-known among IT and tech professionals for their steeply discounted prices on everything from laptops to component computer parts. If you’re looking for a reputable place to buy inexpensive electronics, these websites are worth checking out.

Remember, the holiday season doesn’t have to break the bank! Next year, you can start planning ahead by starting a Christmas club account. This special savings account makes it easy for you to put aside the money you need to check off everyone on your list!

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

Organizing Your Finances for the Holiday Rush

The holidays are a time where we surround ourselves with family, friends and the people we love most. Whether you’re staying close to home or traveling across the country, the holiday season means you’ll be eating good food and spending plenty of time shopping.

And while all that food may mean your clothes fit a little tighter, the shopping can have a similar impact on your wallet. It’s important to make sure your finances are organized before the real holiday rush is upon us. Not only will you be better prepared, but you’ll be less stressed so you can enjoy the holidays with your loved ones.

Make your holiday season more enjoyable by using these tips from Peoples Bank & Trust.

Technology is your Friend

It’s easier than ever to use technology to organize your finances. Take advantage of online and mobile banking to get a real-time look at your account balances. Utilize the mobile deposit feature of your mobile banking app to deposit personal checks to your account so the funds are available sooner. There are also several financial management tools available online that will help you with setting a budget and establishing saving goals.

Set Alerts

You already know that your bills are due at different times throughout the month, but it’s important to remember that the holidays may cause changes in those due dates. Verify any upcoming due dates and make note of any changes from your regular monthly payment schedule. Utilize the bill pay features of your online banking account to make sure payments are scheduled well in advance, and set up alerts to make sure you’re reminded of your payment and to verify that the payment went through.

Hold On To Your Statements

This is important to remember throughout the year, but keeping all your statements organized is important. Something as simple as keeping separate manila folders for your savings and checking account statements, IRA statements, 401(k) records and other financial documents can go a long way and won’t cost you much.

Get Rid of High Interest Debt

It can seem easier to use your credit card when holiday shopping. To make sure you can use your credit during the holidays, make sure you’ve paid down anything you owe.

Organizing your finances before the holidays hit will make your holiday season more enjoyable so you can focus on the things that matter most. Contact People’s Bank & Trust to make sure your finances are set up for a happy holiday season.

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

Tips for Cyber-Security When it comes to Your Mobile Device

Odds are you’re probably reading this blog post on your smartphone, which you found through an app and then used it to get directions to Peoples Bank & Trust. Seventy-seven percent of Americans now own a smartphone and use it on a daily basis. With so many people accessing, searching and downloading things on their smartphones, are we really using the same caution and protection we would use when it comes to our computers? Odds are, you’re not. With a few tips, you can start better protecting your smartphone from things like data theft, malware and privacy invasion.

Needed Protection: You may be wondering what exactly needs to be protected when it comes to your smartphone. Luckily, they can be broken down into three categories.

Device Protection – Apple offers Activation Lock, Android has Factory Reset Protection, and Samsung has Reactivation Lock. In case your phone was ever stolen, this kind of protection would wipe all information and data from your phone, which is beneficial if you utilize mobile or online banking.
Data Protection – This protection was designed to keep work information from your place of employment from being spread to your personal apps.
App-Management Security – Having login information, credit card information and other personal information within apps should be protected from falling into the wrong hands. App-management security does just that.

Trusted Apps: Not all apps are created equal. Since it’s becoming increasingly easier for third parties to create apps this means there are more apps out there than there have ever been. One way to help protect yourself is to only download apps from a trusted app store. You should also review existing apps’ privacy policies and settings for permissions.

Public Wi-Fi: One thing you should know is public WiFi is generally not secure. Hackers can get in between you and the Wi-Fi connection point, and when you’re submitting information on your phone you’re actually sending it to the hacker. It’s recommended to protect yourself using a VPN, which encrypts your data, essentially scrambling the information.

Jailbreaking Phones: While it may seem like the cool thing to do to format your phone without the factory standards, you’re actually setting your phone for several security risks. One of those risks is Malware and loss of personal information.

We hope these tips can better protect you and your smartphone. There are several companies that can protect your mobile devices, including Norton Mobile Security and McAfee Mobile Security. If you have any questions or concerns about protecting yourself, we encourage you to contact us. Our team would love to assist you.

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