Effective Old School Savings Tips

savings

It’s not surprising to hear that your grandparents and parents were frugal when it comes to money. However, that leads us to ask, “How did they get so good at saving?” We’ve gone and found some of the best old school savings methods that are still guaranteed to help you with your funds. Enjoy!

Patience Is Your Pal

Nowadays, it seems like everyone spends money right away on things they may not need. Taking a few days to think about what you want to buy is a great way to build your patience and cut down on impulse buying. Impulse buying can add up to $5,400 a year by just making a couple unplanned purchases each week. They may seem small, but if you don’t stick to your list, those purchases can add up quickly!

Limit Credit Cards

Yes, 25% off on your purchase makes for a great shopping day, but that store credit card only adds to your amount of bills to pay in the future. Work on limiting your credit cards and focusing on paying off your debt and bills for the ones you have left. This will help you begin to be the savvy saver you know you are. A couple credit cards are good to have, as they help you with needed purchases and building credit – just be sure to not go overboard!

Get a Money Saving Hobby

In the good ol’ days, there weren’t cell phones and video games to entertain us. Your grandparents had to find other ways to entertain themselves. These involved hobbies to help pass time. A good hobby to get into is one where it doesn’t cost you money, or will save you money down the road. Try canning food, as this will give you food for the winter when the price of fruit goes up or certain items are no longer on the shelves. You can also learn to sew – that way, your clothes are still functional and you don’t have to buy new ones every time there is a tear.

Cook At Home

Dining out takes a hefty amount from your account. Cooking from scratch is a great way to prepare multiple meals for a family while on a budget. Make a casserole or utilize that crock pot. Not only will dinner be ready, but you’ll have lots of leftovers to bring to work for lunch the next day or two. According to CNBC’s Jonathan Blumberg, if you go out to eat every workday and spend, on average, $10 per meal, it comes out to $2,500 a year. This is why utilizing your cooking skills can help you go a long way financially.

These old ways of saving are a few of the best to stay on track financially. If you’re looking to find better ways to save and take care of your funds, we are happy to help! Give us a call or stop in today, so we can help you succeed financially.

 

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

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

Cybersecurity: Q&A

cybersecurity

We all know this one – use different passwords and switch them up periodically. While this is a helpful tip to avoid being hacked, there are some questions you may still have on cybersecurity. Luckily, Peoples Bank & Trust offers a few answers to your existing questions.

Question: How can I protect my personal information from an attack?

Answer: Be sure that your antivirus program is up-to-date. When it is time to renew that software, do it. Don’t wait around thinking it will be okay for a few weeks. Hackers have more freedom to get your information when anti-virus programs are down. Another tip is to update your WIFI password regularly along with creating a unique network name.

Question: How risky is using public WIFI?

Answer: Even though free WIFI sounds like a great deal, don’t be tempted. Hackers sit waiting for potential targets connecting to public WIFI zones. They have the perfect opportunity to go undetected and gain access to your personal information.

Question: What kind of passwords should I be creating and using?

Answer: Utilize a password that contains letters, numbers and special characters such as @, #, ^, etc. Be sure that everyone in your family uses different passwords with separate logins. This ensures that if one person gets hacked, that other family members’ information can still be protected. Be sure to turn on 2-step authentication wherever it’s available and keep your browser and software updated.

Question: Can a hacker access my webcam?

Answer: Although the short answer is yes, don’t begin to worry too much. As long as you continue to make updates to your software, you should be okay. Cyber criminals focus on drawing you to untrusted sites, having you click on links or download certain items. Once this happens, hackers are able to begin stealing your information or encrypt your data. Some even make you pay a “ransom” to get control of your computer and access to your information.

Question: Is paper the safe option to do business?

Answer: Doing business electronically is perfectly safe if you use the right tools. Paper information can be stolen, lost in the mail or misplaced into the wrong hands. Properly securing your business passwords and information along with keeping it separate from your personal information will help protect your data. Shred any hard copy information you no longer need if you decide to go that route and lock up the important files that shouldn’t be left in the open.

We hope these answers help you understand cybersecurity a little better! Don’t be afraid to surf the web – just stay aware and continue updating your software. Don’t get caught up on the technical terms, just read information from trustworthy sources to better protect yourself!

 

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

The Expert Saver’s Financial Bucket List

bucket

Savvy savers are full of great ideas and qualities, so those who aren’t the best at keeping our finances in check are always left wondering how they do it. Thankfully, Peoples Bank & Trust Co. offers a bucket list with some of the expert saver’s top priorities you can strive to meet!

Pay off your credit card debt.

As the average American has $16,000 worth of credit card debt, focusing on paying off yours can be a big financial undertaking. There are different methods you can utilize such as The Snowball Method, which includes making minimum payments on all your accounts and putting what you have left towards the account with the smallest balance. The Avalanche Method involves paying off the largest amount of debt first and continuing on until everything has been paid.

Say goodbye to student loans.

Student loans can be one of the longest standing debts in many households. With the average outstanding loan balance being at $37,000, starting a routine to pay off these loans should be a top priority. By committing to a certain amount each month to pay, you’ll see your loans decrease quickly. Be sure to put extra cash towards the loans with the highest interest rates or try to refinance to a lower interest rate.

Buy a home.

Being a homeowner is a big step to take in life but well worth it. In some areas, buying a home and paying your mortgage each month can be cheaper than paying rent. Figuring out how much home you can afford and getting pre-approved are your first steps to financial success. A rule of thumb can be to take your monthly after-tax income, subtract all current debt payments and then multiply that number by 25%. This is a good indicator of how large your monthly payment can be.

Set up an emergency fund.

It’s sad to say, but bad things are bound to happen. Instead of being caught off guard when a pipe bursts or you need an emergency surgery, build an emergency fund. Having money put aside for the unexpected will help life be much more enjoyable when problems arise. Depending on your income, monthly costs and lifestyle, try to have between three and nine months’ worth of expenses saved in your emergency fund. See about setting up a savings account with us for items just like this!

Get a raise.

Negotiating for a raise can be tricky, but you won’t be able to move forward financially if you don’t push for what you deserve. Focus on all of the benefits you have brought to the company and changes you’ve made for the better. However, don’t expect more than a 4-5% bump, as asking for too much can be viewed as greedy.

This bucket list is what all expert savers strive for as an end goal. Put into action a few of these tips to allow yourself the monetary success you deserve! Feel free to give us a call or stop in to discuss our different savings options!

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

The Brief Beginner’s Guide to Boosting Your Car’s Value

car

Your car is your baby, but have you really been treating it as well as you should? If you’re in the market for a new vehicle or just looking to make your automobile look its best, then you’ve come to the right place! Peoples Bank & Trust Co. offers wonderful ways to boost your car’s value on the inside and out.

Shine Bright

Dull headlights seem to be a recurring problem with cars. Luckily, there are many cheap products you can purchase to make those lights shine bright again. By giving your car a little love, it’ll look years newer. This means you can ask more for your fresh vehicle if you’re looking to sell.

Fancy Floors

Buying new floor mats or paying to have them cleaned can make all the difference in the world. You can also invest in the heavy duty rubber mats, so stains will be a thing of the past. Freshening up your interior will make your ride feel new and improved.

Quick Fixes

Any little issues that can be improved will help heighten your car’s value. Replace a burned out taillight, change the oil, make sure no warning lights are flashing and so on. If you’re looking to sell, this will be a big attraction to the next guy who will feel like no work will have to be done after buying. People are willing to spend more in order to start fresh with no troubles ahead.

New Shoes

Replace your car’s tires to give it the update it needs. Buyers will be willing to pay more if they know they won’t have to be buying new tires right off the bat. The buyer will often expect a significant discount ($300-$700), depending on the model, if the tires are old and worn.

Scratches and Dents

Don’t think fixing a dent or scratch won’t do you any good. Paying a little now to buff out that scratch and pop out the dent will make your car much more valuable. Just one or two dents/scratches can mean the difference of a fair payout or big bucks. A paintless dent repair specialist can usually buff out the issue for a small price, leaving your potential buyer willing to pay more since you’re saving them the headache of going to a body shop.

If you’re looking to make your current car last longer or sell it for top-dollar, use these simple strategies. Giving your baby the attention and love it deserves will help stretch its value higher. If you’re looking to buy, give us a call – we offer great auto loans to help you buy the vehicle you want!

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

Cyber Security for College Students

cyber

So you think you’re all set for your first day of classes. Backpack, books, IPad and smartphone in hand – you think you have everything you need for success this semester. However, learning proper cybersecurity habits are just as important to your college success as the friends you make or the assignments you accomplish.

You’re well acquainted with technology and internet scams, and think you are far off from being duped or scammed online. However, technology is ever changing which means the tactics hackers use to access your personal information can be even sneakier. In 2014, there were 13,500 burglaries reported in on campus crimes across the US. Here are some basic tips to keep in mind while on campus or use as a refresher.

Keep Your Friends Close and Your Devices Closer

You’re constantly sharing a workspace with your peers. From the dorm room to the library, your devices are always accessible to others. Never leave your devices unattended. Always have a passcode on each screen, and make sure no one is lurking over you when you enter the pin. Look into purchasing a laptop lock to secure the physical safety of your device.

The Value of a Number

If you’re like most college students, you’re eating ramen and shopping at the nearest thrift store. This might be why you haven’t been worried about cyber security in the past. You can barely afford proper nutrition, so you don’t have anything worth stealing. WRONG. Your social security number is incredibly valuable to a hacker who can sell it on the dark web. They can use this to open various credit accounts in your name or hold other precious online information like family photos hostage until you pay their ransom.

Back, Back, Back it Up

We know you have a million other things on your plate right now, but be sure you are backing up your data on a secure cloud system or an external hard drive. Consistently setting a time to backup all of your important documents will help protect you against ransomware and file corruptions.

PDA: Public Displays of Access

Who doesn’t like free stuff? One of the perks of college is that you are probably going to have a lot of freebies thrown at you. This means free WiFi that you can gulp down without having to dry out your data usage while catching up with friends back home. However, even your dorm WiFi can be infiltrated by hackers who access the network’s router, create fake login pages to steal your information or take data from your device. You can protect yourself by not using public WiFi, or purchasing a VPN.

Shhh, Mums the Word

Although it might be easy and sweet to use Fido in your password, make sure to keep your password on each account different and complex. You don’t want to allow a hacker to open Pandora’s box after they figure out your one password. Keep your password private and unique. We recommend incorporating special characters, acronyms or even sentences at random.

We hope that these tips will be helpful in keeping your identity safe in your college adventure!

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

Keep It Cool – How to Survive the Heat and Stay on Budget

cool

How will we ever survive the continuing heat, and still not break the bank on energy costs? Luckily, we’ve got all the best tips and tricks to keep your home cool on a budget.

Invest in Thermal Curtains

Getting blackout or thermal curtains will save you money over these warm months. By keeping the heat out, your air conditioning won’t have to work as hard every day to keep the house cool. This means big bucks will be saved! Keeping your blinds closed or curtains pulled together can save you up to 7 percent on bills and lower your indoor temperatures by up to 20 degrees.

Turn Down the Hot Water

A cold shower will feel good when you come in from the heat. Look at your hot water tank and turn down the maximum temperature. This means much less energy will be used to heat your shower, washer and sinks. You don’t need the water to be scorching hot, so this will help you to not burn through your money as quickly.

Install Fans

Installing ceiling fans will help warm air rise instead of just circulating it through the house like box fans do. Set your fans to run counter-clockwise in the summer at a higher speed. This helps to create a breeze effect throughout the room, keeping you cooler.

Lights Off

If you don’t feel like investing in energy efficient bulbs, simply turn the lights off. These bright sunny days will help light your house, saving on your electricity bill. If you are willing to spend money to make money, get rid of incandescent bulbs and switch to compact fluorescent lamps. Incandescent bulbs waste about 90 percent of their energy in the heat they emit, so getting rid of them means a cooler home for you.

Grill It Up

Try to enjoy the heat with friends and family by grilling outside. This will help keep your home cool, as you aren’t having to heat the oven to 400 degrees for an hour. Your home already feels warm, so having a stove or oven on will only make it worse.

We hope you can beat the heat with these simple tips! If you’re looking to save a little more this month, contact Peoples Bank & Trust Co. about opening a savings account. We’d love to help you fuel your financial success.

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

Cyberbullying: What to Know as Your Kids Start School

bully

Cyberbullying is not fun to talk about. With school creeping up, technology and social media use will be on the rise. Talking about cyberbullying to make your child or children aware of the subject is a step in the right direction. What you may not know is that cyberbullying is any type of harassment, taunting, or threats made on different social media platforms. It is so common these days that sometimes it is unrecognizable. Kids may think the post is funny without thinking about their peer, resulting in them not even defining it as a form of bullying.

With just a click of a button, a demeaning or embarrassing message can quickly be spread to thousands of people. Here are some things you should know about cyberbullying while the school year is in play:

Websites and Apps: There are many different social media platforms out in the world today, for instance: Facebook, Twitter, Instagram, Snapchat and YouTube, where cyberbullying can reach children even in places where they feel safe. It can spread faster and further to more people and can occur any time of the day. Cyberbullying is different from bullying, as online posts can cause more confusion and emotions than in-person communication. With cyberbullying, there is no escaping online interactions. This is where you can become aware of the social media platforms your child/children are using. Have regular conversations with your child and discuss examples. Do this so they become conscious of the issue, so if they ever become victims or witness it themselves, they can either try to communicate the issue or know ways to fix it.

Cyberbullies Can Act Anonymously: People who participate in cyberbullying may use an anonymous cloak to hide behind. In other words, it may not always be clear who the person is behind the screen. This can be troubling because it ultimately encourages them to be more audacious and difficult to trace. Once again, become aware of the sites your children are using. Also, do not assume that your children will not participate in cyberbullying. As hard as it may seem, even the nicest kids can get swept up in the moment of tormenting another peer as the acts may not seem real. It’s best to be a role model, monitor your own social media and make it clear that bullying is not tolerated no matter the form.

Cyberbullying vs. Just Being Kids: When school starts, children tend to use social media more often than not. They like to use online as a way to email, chat, watch videos, send messages, play games and do homework. It is important for them to know the differences between cyberbullying and the factors of “just being a kid.” The intentions and context of their behavior are crucial when trying to decide if cyber bullying is occurring.  Being mean can be accidental, but when tools are used over the internet to intentionally make someone upset, that is cyberbullying. You can help explain to your child that being online is a place to be responsible and respectful. Help them develop ways to communicate in a responsible manner.

We hope this information brings awareness to you and what your child/children might deal with throughout the school year. It is time to come to terms with the fact that no matter what you do as a parent, your child will be exposed to social media. It is your responsibility to guide and educate them on the correct way to use it.

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

Back to School Savings Tips

school

Back to school shopping can be dreadful. Trying to buy new school supplies for your kids or yourself can be crazy expensive. Luckily, these 5 saving tips might just be the key to school supply shopping success.

Do a Closet and Supply Sweep

Don’t be alarmed, but there may be school supplies lying around your house! Before rushing to the store to buy brand new school supplies, you may want to check in between your couch cushions and in desk drawers. By doing this, you may find school supplies that were bought years prior that have not been used. Finding previous school supplies that are on that list will help you save money by not having to buy brand new products. You may have most supplies already!

To avoid forgetting that you may have school supplies lying somewhere around the house, start collecting the items that you already have and put them in a central location. This will allow you to keep track of what you already have, so you don’t end up wasting time or money!

Hit up the Dollar/Thrift Store

You don’t have to buy everything here, but for items such as: loose leaf paper, staplers, erasers, pencils, rulers and clothes, you sure could get a deal. Buying such items at the Dollar Store or Thrift Store will help save you money before going straight to the major department stores. Shop at these places first for basic supplies and then go to the main stores to find the rest of what you need! This may take some planning ahead, but you can score some amazing bargains.

Use Coupons

When school starts approaching, you may want to look at your Sunday paper or online for coupons! Sites like RetailMeNot have a special section on their site for school supplies. Also, keep in mind that stores, like Walmart, offer price matching. Check ads every week, and keep an eye out for sales! Doing these things should help maximize your savings.

Start Early!

You can start early, but not too early. As soon as you see school supplies go on sale, begin shopping. If you wait too long, you might miss out on those bargain deals or the opportunity to have the best notebook and pencils! Getting a jump-start gives you time to shop around and compare deals. With shopping early, you have the option to buy in bulk. That way during the school year, you’ll have back-ups at home when it’s time to re-stock.

Hold off on buying the ‘popular’ gear

The only good thing about going back to school might be the new clothes, gear and school supplies, but that does not mean you have to spend hundreds every year. Most of the time the ‘popular items’ will be very expensive and then become not so ‘popular’ after the first month of school, so hold off on buying those and try to invest in the quality of items. You want to be able to get the best bang for your buck!

We hope these 5 tips will grant you success when shopping for school supplies! We wish you and your family the best for this school year!

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender