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.

  1. 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.
  2. Data Protection – This protection was designed to keep work information from your place of employment from being spread to your personal apps.
  3. 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.

How to Get Smart with Your Credit

Today, practicing the simple credit concept of “living within your means” can be extremely difficult due to medical and housing costs growing more rapidly than income in many American households. However, this doesn’t mean you can’t manage your credit and debt responsibly.  Here are a few tips to help you get your credit on track, even when times are tough.

  1. Understand what credit is.  According to Finance Solutions Credit 101, credit is your “promise to pay in the future for purchases made today.”  You may be aware that when applying for credit with a lender, your credit report will be pulled to determine your payment history, amounts owed, credit history, new credit and types of credit, which is all taken into consideration when determining your credit limit.  Understanding the terms and fees associated with your credit will help you make more educated decisions in terms of lenders, especially if you were to become overextended.

 

  1. Maintain healthy debt.  Maintaining healthy debt is all about making good choices when it comes to debt.  This means developing a happy medium in terms of credit history, exercising timely bill payments and managing a variety of credit accounts.

A good example of this is the attractive additional 25% off at your favorite store in exchange for signing up for their store credit card at the moment of purchase.  Doing this once or twice is harmless enough, but if you are maintaining credit cards for a variety of stores, this can negatively affect your credit score by repeated hard inquiries and hidden terms not discussed in the rushed sign up process.  Overall, the potential damage to your credit may not be worth the immediate savings.

 

  1. Stay out of the credit danger zone.  Similar to points made in the previous two tips, you need to make good choices when it comes to purchasing on credit.  Watch your accounts carefully to avoid overextending yourself, keep your balances low and always pay your bills on time.

If you are in a position where you can’t pay your bill on time, communicate with your lender to make them aware of the situation and determine an alternate rate of payment.  And we get it, emergency expenses come up, but the best way to handle these is to do your best to prepare for them.  If you don’t have an emergency savings fund built up, start one today and prepare yourself for the unexpected to avoid unplanned credit charges.

Managing your credit responsibly can be extremely difficult, and due to unforeseen circumstances you may already be in over your head.  Reach out to us to discuss your financial management needs today.  We are here to help you get on track!

 

 

How to Financially Prepare for Natural Disasters

When it comes to preparing your finances for certain occasions, natural disasters usually aren’t one of the events that come to mind. However, not creating an emergency fund for the unexpected could hurt you immensely since Mother Nature doesn’t care whether you’re prepared or not. That’s why Peoples Bank & Trust has put together a few tips on how you can ready yourself for a natural disaster.

 

Make Your Fund a Priority

While some disasters come with a warning, others do not. If you try to prepare too quickly and scramble to figure out what the best strategy for saving your emergency fund is, things will fall apart. Adding to your fund by taking a little out of each paycheck will help you to begin saving quickly. For example, an emergency fund of $500 would be able to pay for a small family’s hotel, transportation, or food if a disaster occurred.

 

Have Cash On Hand

When being forced to evacuate, ATMs may be overrun or go down, meaning there is no way for you to get cash. Power can go out, leaving debit and credit cards useless. By having cash on hand, you will be able to know that you can purchase necessities when an event occurs.

 

Document

Be sure to have a fireproof and waterproof box with documents you will need to pick up the pieces after a disaster. You will need documents that have numbers and information to your bank, creditors, health insurance, and property insurance. By having your personal, legal, health, and financial documents together, moving through the disaster will be a much smoother process. Other documents to include would be passports, birth certificates, health records, social security cards, bank routing numbers, deeds, income tax information, and more.

 

Take Inventory

Be sure to take videos and photos of your belongings. Photograph the interior and exterior of your home along with your vehicle. By documenting all of your belongings and the state they were in, you can be sure that your insurance company won’t shortchange you.

We don’t ever hope a natural disaster will strike, but it’s better to be prepared if something does occur. By having some cash on hand when disaster strikes, you will have a foolproof plan to help aid in your recovery. Contact Peoples Bank & Trust to set up an emergency fund or to understand what more you can do in order to be prepared financially!

 

 

Top Five Savings Hacks

We all could stand to save a little more money. Whether it’s for an upcoming purchase, a rainy day fund or an emergency fund. Saving money is a skill that benefits you throughout your life. It’s not easy to save, but People’s Bank & Trust has some hacks that you can implement right away to start developing better habits.

Set a Budget

In order to know how much you can save, you need to know exactly how much you’re spending. Sit down and develop a monthly budget to track your necessary expenses versus your monthly income. Any remaining income can be put right into your savings account.

Give Yourself a Goal

It’s easier to put money away when you know what you’re saving for. Whether you’re saving for a vacation, a car or a down payment for a house, you’ll find more success with your saving efforts if you set a monthly goal.

Learn to Say No

Saving money means cutting back on unnecessary expenses so you can limit your spending. That means saying no to going out for dinner with friends, skipping that trip to the movies and spending more time at home where you can save money.

Stick to Cash

Instead of using your debit card to make every purchase, take out cash at the beginning of each week or pay period within your budgeted amount. Once you’ve gotten the cash, leave your debit card at home. You’ll be surprised how much more careful you are as you think about whether you really need to spend the cash.

Use Technology to Your Advantage

It’s easier now to save than ever before thanks to technological advances. Keep track of your account balances using People’s Bank & Trust online banking, or download a budgeting app to your smartphone to keep yourself honest as you save.

If you don’t have good saving habits right now, don’t worry. Everyone has to start somewhere and it’s never too late to start saving. If you want more help with managing your finances more effectively, please contact People’s Bank & Trust and our staff will be happy to help!

3 Tips on How to Make the Holidays Less Stressful

While songs on the radio promise that this is a holly, jolly time of year, for most Americans, the holidays are anything but. A Healthline survey found that an average of 63 percent of adults in the U.S. experience an increase in stress level during the holiday season.

In a way, it seems almost unavoidable. Our routines are interrupted as we travel or host guests. Our healthy eating and exercise habits are thrown out the window. Our finances find themselves in a freefall as we spend just a little too much to buy that perfect gift.

Today, Peoples Bank & Trust would like to help bring the holidays back to the merry time they should be with these tips on how to combat holiday stress:

1)      Stick to your spending plan.

It’s true when they say it’s the thought that counts when it comes to gift-giving. Obsessing over the perfect one not only causes more stress, it can also cause you to overspend. If you start overthinking, stop, put the item down and walk away (or minimize your browser and walk away). Think about the big picture—that ultimately, spending quality time with family is better than anything you can buy them.

2)      Use Moderation.

You may not get to your exercise routine every day, due to schedule restraints. As long as you get up and move every day, give yourself a pass. Before you know it, the New Year will be here and there will be plenty of social pressure to exercise. In the meanwhile, practice watching portion sizes and passing on the extra cocktail. By all means, sample the sweets at the table—just cut yourself bite-sized pieces instead of an entire slice.

3)      Focus on what you have to be grateful for.

It can be easy when you have guests getting underfoot or are inconvenienced at the airport to resent having to spend time with friends and family. In these moments, remind yourself of the things you have to be grateful for—especially the fact that you have loved ones to spend time with. Not everyone is so lucky.

While Peoples Bank & Trust can’t cook your turkey or shop for gifts, we can help you reduce your stress when it comes to finances. Stop by your local branch office today to see how we can help get your holidays off on the right financial foot!

 

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

4 Ways You Can Budget With an Irregular Income

If you work sales, freelance or are self-employed, you have a major issue to contend with when it comes to personal budgeting—an unpredictable income. While this can make it hard to plan your monthly spending, it’s not completely impossible. Today, Peoples Bank & Trust would like to offer you these tips to budgeting on an irregular income:

1)      Calculate the Bare Bones.

These are the minimum expenses you need to cover every month, usually in the form of your absolute essentials. Rent or mortgage, utilities, groceries, debt repayment and transportation all fall into this category. This way, you know what you absolutely need to get by.

2)      Figure out your discretionary expenses.

These are all the expenses you have after you’ve paid for the basics. This includes the cable bill, streaming services, entertainment, eating out and hobbies. Once you add that to your bare-bones spending, you can figure out how much you spend on average each month.

3)      Use the Zero-Sum budget.

This is where you use the income you brought in from last month to live this month. Once your bare-bone expenses are paid, put away a certain amount for savings, retirement and investments. The rest can then be spent on discretionary expenses.

4)      Have an emergency fund.

It’s recommended that you have three to six months’ worth of expenses in the emergency fund. That way, if you have a lean month, you won’t have to forgo paying a bill. This can be tricky to build, especially if you have no savings to begin with.

A few ways to build this up include setting aside a certain percentage of what you make each month or allocating unexpected income (such as selling something, a gift, a tax refund, etc.) directly into your savings account.

By following these steps, you should find yourself with less of a headache when it comes to living on a balanced budget. If you haven’t already set up a savings, checking or retirement account, come see the experts at Peoples Bank & Trust today. We can help set you on the right financial path.

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender