Fall and Winter Home Prep to Save You Money

Fall and Winter Home Prep

As the seasons change, so do your bills. However, finding new ways to save can be tricky when you’re already super savvy. By creating a good savings foundation during the fall and winter, you will be able to start 2018 off in a healthy financial state. That’s why Peoples Bank and Trust has compiled a list of tips and tricks to prepare your home for the seasons to come in order to save some cash!

Install energy-efficient windows

A low-emissivity glass also known as Low-E glass is used to help block the rays of the sun up to 90 percent, and keep the heat inside when it’s cold and outside when it’s hot. Energy Star estimates those who replace a single-pane window with an energy-efficient model will save $126-$465. Now multiply that times the number of windows you replace and you’re looking at quite the savings.

Lower water heating temperature

If you lower your water heating temperature, you will save 4-22 percent annually on your bill. Instead of allowing the water to get scalding hot, you can set it to only become warm which will increase your savings every time you shower, wash your hands, or do dishes.

Adjust the temperature

By turning back your thermostat by 7-10 degrees for 8 hours a day, you can save up to 10% each year on heating and cooling bills. Each time you raise your thermostat by one degree, your heating bill is raised by 3%, so it’s important to avoid that mistake.

Weather stripping

Thirty to 40 percent of your heating costs are lost to air leaks, according to Energy Star. That’s why it’s important to find where drafts are coming from in order to cover the leaks with weather stripping materials, which start off at around $5.

Replace light fixtures

If you replace your home’s five most frequently-used light fixtures or bulbs with energy efficient ones, you can save $75 a year. Just imagine if you did that with more bulbs! 

Fix leaking faucets

If you fix a leaky faucet, you will save $35 and 1,661 gallons of water if it drips one drip per second. Little things like a leaky faucet end up having a big impact on your bills over time, so be sure to check your nozzles.

We hope that these home hacks will help you save this fall, winter, and hopefully the seasons to come! Contact Peoples Bank & Trust if you have questions about what else you can do in order to grow your savings.

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

Cyber Security 101 – Learning the Basics to Keep Yourself Protected

Cyber Security 101 - Learning the Basics to Keep Yourself Protected

Welcome to Cyber Security 101. Grab your pen and paper, it’s time to take some notes about cyber security! Thankfully, there won’t be a test after reading this blog, but not taking these tips into consideration can make a difference between protecting yourself or having your personal information land in the hands of the wrong person.

With so much to think abou

t, you’re probably wondering where you’re supposed to start. Luckily for you, Peoples Bank & Trust is here to school you in all things cyber-security.

Careful Clicking

Between social media, websites, and emails, we’re clicking on things all the time. Sometimes these links can be associated with what’s called “phishing attacks.” This is a tactic used to gather your personal data, like passwords and credit card numbers. Most of the time this type of attack occurs within an email. That’s why it’s critical to verify email addresses from trusted entities you know. Never open documents from these unusual email senders.

Password Protection

Creating complex passwords may seem like a no-brainer but about 35 percent of users have weak passwords and about 65 percent of passwords could be cracked. The goal should be to make it something that’s unrelated to you, so not using your birthday, your dog’s name, etc. We suggest using a password generator, or even making your password a sentence.

We understand you log into numerous accounts daily, and you can’t possibly remember all of these unique passwords. Even though your password list could be three feet long, you should never write them on a sticky note and perch them on your computer screen. Check out password management apps to help you keep all of your passwords in order.

Savvy Shopping

Online shopping continues to grow and is more enticing with offers like free shipping and online exclusive products and sales. With such a shift in purchasing habits, our security habits should also be changing. You sho

 

uld only be shopping on secure sites, which can be identified by the “https” at the start of the web address. If there’s no “s” the site is not encrypted and your information could not be secure.

Another way to protect yourself is to never give more information than is required. If they don’t ask for your phone number or address, do not provide it. This information could fall into the wrong hands.   Always be sure to read their privacy policy so you know where your information is going and how it’s being used.

Staying Up to Date

If you don’t already, now is the perfect time to get an anti-virus or anti-malware software program for your internet accessible devices. These programs work to protect your devices and help you stay ahead of any attempts to break security on your computer.

If you already have a security program in place, make sure you’re updating the software any time an update comes up. These companies are constantly working to fight potential security risks so anytime there’s an update, take the time to make the required updates.

We hope you took some great notes and are ready to tackle all things cyber-security. By taking these few steps you can help protect yourself from a world of trouble and inconvenience. If you have any more questions about cyber-security, contact us today. We’d be happy to answer your questions. Class dismissed!

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

 

Money Advice Gone Wrong

Sometimes the best intentions can lend themselves to producing the worst results. While many friends and family members may offer quick solutions to your financial anguish, often times the best education is understanding those lessons first hand. At Peoples Bank & Trust Co., we’d like to showcase several of the most common pieces of advice we hear, and what you can do to remedy these particular miscommunications.

Bad Advice #1: You have to go to college to get a decent job.

While a college degree does open additional doors, it is not required for many well-paying jobs available around the nation. Social figures like Mike Rowe have made it their personal mission to spread the message that you can earn a living without having to sink into debt. Whether you’re interested in IT, manufacturing, grocery management, or other skilled work, you can find numerous positions through technical training or management programs, and avoid the majority of debt most four-year college students incur.

Bad Advice #2: Having debt is okay if you pay your minimum payments.

While it is important to make installments on your loans or debts, eliminating them all together should be the desired end goal. Did you know that when credit reporting companies review your credit score there are five factors considered? The two most important factors are your payment history and your debt to income ratio. If your monthly debt payments require more than 43 percent of your income, that may raise a flag to any future potential lenders.

Bad Advice #3: To build your credit score you need to purchase everything on your credit card.

While it certainly helps to have a long and healthy track record associated with your credit card usage, having an on time payment history is far more important. This payment history represents the largest factor of your credit score, which the reporting bureaus track. By never spending more than you have, you can make certain you are able to pay your bill in full each and every month. This action may have the potential to help foster growth for your credit score.

Bad Advice #4: Retirement savings can wait.

Contrary to what many young adults think, right now is the most important time to start saving for retirement. While later in life you might have more disposable income to save, you’ll also have less time before you need those funds. Once compound interest enters any equation, time becomes the most valuable commodity for growing your wealth. For instance, if you saved the Roth IRA maximum of $5,500/year starting at age 25, you’d have $1.17 Million by the time you’re 65. Who wouldn’t want to capitalize on those kinds of savings?

We think you can tackle any piece of advice with a few grains of salt. If you’re curious what your next financial move should be, stop by Peoples Bank & Trust Co. and speak to one of our dedicated personal bankers. Our team of financial experts is here to help you and your family succeed; get started today!

 

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

How NOT to Get Hacked

Every day you hear tips and tricks to ensuring the safety behind your personal information. While many of these offers and promotions are advertising a safety service, at Peoples Bank & Trust Co., we believe you can handle the majority of these precautions yourself! See what steps you’ll need to take in order to best prepare for your financial future. We’ll be there to help you every step of the way.

DO: Store your passwords in a secure app like LastPass.

DON’T: Write your passwords on post-its which you keep around your desk.

Remembering your passwords is important, but leaving them unattended for hackers could be dangerous. Ensure you keep your details out of plain site by utilizing secure password storage apps such as LastPass or Dashlane. Not only will this help you forget your passwords less often, but it helps you create more complicated passwords to help keep unwanted hackers at bay.

DO: Use social media to connect with friends and family.

DON’T: Connect with people you don’t know or share personal account information.

Even though social media can be a great way to interact with people you know, many users choose to become connected with individuals they’ve never met. If you find yourself with a friend request from someone you don’t recognize, always decline it, to keep you and your contact safe. If for some reason you’re unsure if you know the individual or not, you can always message them to see how you’re connected instead.

DO: Shop online and find great deals.

DON’T: Use your debit card when shopping online.

Both your debit and credit card can be used online, however, only your credit card offers a zero fraud liability with no strings attached. Should your debit card become compromised you will need to act more swiftly, and you may even have to wait weeks or months before you see any stolen funds returned to your checking or savings account. Always be proactive and use your credit card if you plan to purchase online!

While these three strategies will help to keep your personal information safe, there are always new tips and tricks to learn! Check back on our blog each month to see how you can continue to improve your personal cyber security, courtesy of Peoples Bank & Trust Co.

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

When to SAVE and When to SPLURGE

When you and your sweetheart set your budget each month, there are a variety of factors at play. Where can you get the best deals on groceries? How many date nights will you have each week? Do the kids have any sporting activities that require new equipment? At People’s Bank & Trust Co., we recognize that everyone’s budget is different. No matter which categories you enjoy most, we’d love to showcase some great examples to help you find extra ways to save, and better identify which costs are worth the splurge.

SAVE: The best areas to find savings.

  • Weekly Groceries: If you don’t need the atmosphere or the free samples, there are numerous discount grocers which can save you BIG for weekly grocery runs. Coupling those savings with a pre-planned menu and sale scanning can further reduce your overall food costs.
  • Kids Activities: During both the summer months and those after school hours, you may find yourself searching for activities to keep your children occupied. Whether that’s going to the pool, attending various summer camps, or finding an after school caretaker, keeping your kiddos active can be easier said than done. To help reduce these costs, we recommend season passes to recurring parks/activities, along with fun and affordable activities at home, which you can do with a number of household supplies.
  • Exercise: If you have ever purchased a gym membership you didn’t use, you are not alone! Many Americans see a gym membership as automatic attendance, when truly, it may be easier for you to workout at home. With so many new callisthenic exercises, yoga, and free-weight routines, there are a variety of tools out there to help you stay in shape without having to pay that monthly membership fee.
  • Travel: Searching “travel savings” on Google will inevitably leave you with pages of results. One fantastic tip we’ve found is purchasing travel through membership programs such as Costco, even if there’s not one in your area! There are countless reports of happy customers who not only saved money but had a much better experience when compared to booking it themselves.

SPLURGE: The expenditures worth the extra cost.

  • Budgeted Special Occasions: Occasions like your child’s birthday or you and your spouse’s 30th anniversary deserve a special treat. While we do recommend saving for these outings in advance, as long as the funds are budgeted for, feel no regret in celebrating your family’s happiness.
  • Childcare: Raising a child is no simple task, and for most parents the number one expense after a mortgage is childcare. We recognize that there are certainly savings opportunities to be had, however, in the long you’ll find that a friendly and reliable caretaker can make the world of difference on your child’s happiness, and your sanity, for years to come.
  • Healthcare: Your health, and the health of your family members is paramount to everything else in life. Whether you’re looking to find a reliable family practice physician, or are seeking long-term care treatment, now is not the time to scrimp and save. Making sure that your family is well taken care of and continues to live a happy and healthy life means you’ll have plenty of time to save for nearly everything else life throws your way.
  • Toiletries: Toilet paper, toothpaste, shampoo, etc.; these are items you use every day. If you’re using poor quality products to save a few cents you may find yourself with dry skin or poor hygiene. While it’s not necessary to purchase the most expensive option available, know that spending the extra dollar or two is well worth the cost to avoid potential problems.

Whether you’re looking for a place to store your savings, or budget your spending, Peoples Bank & Trust Co. has the perfect solutions for you. Stop by your nearest branch today and learn about our personal savings and checking services.

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

5 Strategies to Shrink Debt

Minimizing your debt can always seem like a mountain of to-do lists. With various recurring payments, differing interest rates, and due dates that never seem to end, it’s easy to feel overwhelmed, and you’re not alone.

While having acredit card, or other outstanding debt, isn’t a situation anyone wants to find themselves in, a surprising 38.1% of American households carry credit card debt.  Couple that with a total household debt average of $134,643.00 and the idea of debt starts to seem more common than you’d think!

While we know that having debt isn’t always the best solution, Peoples Bank & Trust is here to help you conquer it. We’ve found five proven ways to reduce your debt, and stop your spending habits from adding more! Take a look at the five tools below, and see if they help you become debt free!

  • Find New Ways to Save: Whether it’s reducing your grocery bill, finding more affordable clothing options, or simply turning to the cash-only budget. There are numerous ways you can save. In fact, we recommend blogs such as The Simple Dollar, Making Sense of Cents, and Penny Hoarder to continue bolstering your savings knowledge.
  • The Snowball Method: This is by far our favorite way to reduce your overall debts. While you may need to start with finding some new ways to save, once you can allocate some extra dollars, you can put this effective method in action, eliminating your debts. Simply pay the minimum amounts on all outstanding balances, and then using the surplus funds, add to your smallest payment to help pay it off sooner. Once your smallest debt is completely paid, you can rollover the funds being used for that into your next largest debt and so on. Repeat this process until all the debts have been paid off.
  • Refinance Your Current Loans: The snowball method will help you erase debts one by one, however, using this strategy will consolidate those payments in one quick action. Speak with one of our dedicated lenders to see if your home mortgage or personal loan can be refinanced at a lower rate to save on monthly payments. This may make a small dent, but every little bit counts!
  • Freeze the Credit Cards: In order to proactively prevent yourself from overspending, freeze all credit cards you currently have in your possession. This step helps you to force yourself to spend only what you have. If you decide to use cash only, the envelope system may help you save even further!
  • Set Up Automatic Transfers: This one simple trick can save you hundreds each and every year! By using your online banking as a resource, you can use automation to ensure you are never tempted to spend those extra dollars. Instead of waiting for them to be spent, allocate them in your savings plan, and tuck them away for paying down debt or build your emergency fund to eliminate emergency debts.

However you and your family decide to decrease your household’s debt, Peoples Bank & Trust Co. is behind you! We’d love to talk about your family’s financial goals and help you identify the best tools to help you get there. Give us a call, or stop by your nearest branch to get started today.

 

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

4 Steps to Safeguard Your Security

Cyber Security

Who knew four little steps could be the difference between keeping your information secure and falling victim to cyber predators. With today’s current cybercrime tactics, you can never be too careful! At Peoples Bank & Trust we want to help ensure you and your finances stay safe, and offer these four strategic steps to boost your personal cyber security.

  1. Safeguard your passwords. Instead of desktop post-it notes, store your passwords somewhere secure like the LastPass app. Not only will apps like this one help you remember which password to use for what, but because they’re all stored in one place, you can continue to make your passwords more complicated to create an added layer of protection.
  2. Do NOT use public wifi when possible. While hot spot coffee shops may offer high-speed wifi to customers, never sign on until you have confirmation from a store employee that the business is genuinely offering the service. Many cyber criminals will prey on locations such as these to gain access to both your devices and your information. We suggest waiting until you’re on your own dedicated wifi to access secure information such as your bank account or credit card portal.
  3. Never give out your personal information. Cyber criminals are getting cleverer each and every year. With many phishing schemes now incorporating the names of your family or distant relatives, these complicated schemes can make it seem essential to share your banking or credit card information. No matter what the occasion or reason, NEVER give out your personal financial information out over the phone or online. Always contact the representative you know, or call the business’s official number to authenticate the request before acting on it.
  4. When purchasing online, always choose credit over debit. Thankfully credit card providers such as VISA and MasterCard offer zero percent fraud liability for their customers. For this reason, it is far safer to make purchases online via your credit card compared to your debit card. While your debit card can certainly be used online, should it become compromised, you could be out of those stolen funds until the proper insurance or reports are filed.

There are always new ways to be proactive when it comes to your personal security. If you have further questions on how to keep your financial information secure, our team is here to help! Give us a call or stop by your nearest Peoples Bank & Trust location to speak with one of our customer service representatives today.

 

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

Money Magic Tricks

Money Management

Magic is one type of entertainment that will never go out of style. Whether it’s David Blaine and his shocking stunts, or newly famous films such as Now You See Me, this classic art has proved to truly stand the test of time. While Peoples Bank & Trust may not be the best at sleight of hand, we do have a few savings tricks up our sleeves! See if you can understand the steps to these financial stunts and make your fiscal success appear out of thin air.

Make your money disappear (into your savings!)

Before you’re tempted to spend those hard earned dollars, we’ll show you how to make them vanish, and then reappear! By logging into your online banking, you can set-up recurring monthly transfers for a set amount from your checking to your savings. This way, your funds will get tucked away before you even knew they were there! The extra money saved can contribute to your retirement, education, or even an exciting getaway.

Cut your debt in two.

Tired of paying pesky credit card debt, a mortgage, or student loans? This helpful hack can show you how to saw that number in half, and potentially make it disappear. Financial talk show host Dave Ramsey has a proven method called Snowballing Your Debt. By continuing your monthly minimum payments, and using extra funds to “attack” one debt at a time, you can then rollover extra money from the fully paid loans into paying off the next biggest debt and then the next. Before you know it you’ll be debt free, and looking for another financial trick to master!

See double dollars on your retirement plan.

If you’re like most Americans and need to play a little catch-up on your personal retirement savings, this trick is sure to impress! To really maximize your saved dollars, we recommend diversifying your retirement accounts, by allowing one to be maintained by your employer (401k) and creating a separate account for you to contribute to on your own (IRA.) By automatically withdrawing money from your paycheck through your 401k, you can potentially invest MORE while having it managed through your employer. In addition to this, creating a dedicated IRA to store personal savings dollars in allows you to explicitly manage the growth of your continued contributions. Know what’s better than one retirement savings account? Two!

Pull extra money out of a hat.

Just like magicians, a good budget can help you find things you never knew were there – like money! Whether you’re using traditional methods like the envelope system, or more digital options like the YNAB, the end goal is still the same. To help you save even faster, you can couple your budget with additional savings tips and tricks on common recurring expenditures such as groceries, and you’ll see the savings in no time!

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

Why Your Child’s Allowance Should be Tied to Their Chores

Financial Education

There are literally thousands of how-to’s and self-help books for parents, but truly the only real way to learn how to raise a child is to do it! Luckily our growing team of parents at Peoples Bank & Trust have some true hands-on experience when it comes to upbringing and explaining money management to little ones.

One of the most common fiscal questions parents have concerning their child’s financial education is, “How do I teach them about money using an allowance.” The simple answer is, however you want. There are a number of ways you can utilize a recurring allowance to help your children understand both the importance of good money management and a sound work ethic. Below are two of our favorite strategies:

Example #1: Earn Your Extras

In this scenario, allowances are guaranteed to an extent. Every two weeks give your child a pre-determined amount of cash, say $5.00. That money then has to be split evenly between their educational savings and their retirement savings (yes – retirement savings!) While this money is technically theirs for future use, they have no tangible money to immediately spend. Where the fun part comes in, is the commission. Assign a small dollar value to various tasks around the house. Ensure things like making their bed, or doing their homework are givens, and they are required to do them no matter what. However, extra work such as mowing the lawn, cleaning the bathroom, or cooking dinner, earn a predetermined amount of commission. Paid every two weeks, this commission is then theirs to split between three areas: save, spend, and donate, but they MUST allocate at least $0.50 in each area. This lesson teaches three primary lessons: the first is housework is a part of everyday life and it doesn’t come with a paycheck. The second lesson is that working hard pays off, and the third is that creating a plan or budget for your money allows you to use it as a tool instead of using debt as a burden.

Example #2: Ambition Is Important

There is a viral story trending about a young boy whose allowance was determined by how many self-help books he read and wrote a report on. This simple lesson offers many variations and proves an important point on the dedication to values at a young age. For this example, there is no guaranteed allowance on a weekly or monthly basis. In this scenario, all funds are accumulated via commission. How that commission is earned is determined by you. This can be the number of extra assignments completed or the amount of successfully replicated YouTube tutorials. It could even be the quantity of miles your child is dedicated to running each week. Through this valuable learning experience, you can showcase to them that a solid work ethic is pinnacle to success, and can at times even out earn an education.

However you decide to help your children understand the complexities of personal finance, Peoples Bank & Trust is here to support you. Stop in today, and ask about our designated children’s savings accounts. We’d love to help your family get started on their journey to financial success.

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

The Best Advice from Today’s Entrepreneurs

Small Business

Sometimes finding the perfect idea for a new business can be easier said than done. Often you start by asking yourself a series of questions. Where is there a need? What can be created more efficiently? How can I solve a recurring problem? These are all great prompts to help you when looking for a concept your new business. To help inspire your next venture, Peoples Bank & Trust would like to share some of our favorite quotes from several of today’s most influential entrepreneurs.

“Don’t quit, and don’t give up. The reward is just around the corner.” – Chip Gaines, HGTV’s Fixer Upper.

While Chip may add some much-loved humor to HGTV’s Fixer Upper, his ambition and work ethic are what help him and his wife Joanna, continue to succeed in both their real estate and retail ventures. This dynamic duo also proves that one business does NOT limit you to other opportunities. If you have a true passion for entrepreneurship, you can plant the seeds for multiple ventures so long as you tend to them as they grow.

“Sweat equity is the most valuable equity there is. Know your business and your industry better than anyone else in the world. Love what you do or don’t do it.” -Mark Cuban, ABC’s Shark Tank.

Mark Cuban started growing his businesses at an early age, showcasing that even a small idea can grow into something big. In 1990 Cuban sold his first computer consulting business for $6 million dollars to CompuServe. Not even a decade later, Cuban and business partner, Todd Wagner sold their new online audio company for nearly $6 billion dollars.  Cuban is one of the best examples of growing your earnings and turning a penny into a fortune.

“If you are successful, it is because somewhere, sometime, someone gave you a life or an idea that started you in the right direction. Remember also that you are indebted to life until you help some less fortunate person, just as you were helped.” -Melinda Gates, Bill & Melinda Gates Foundation.

Melinda Gates began her career as a programmer for Microsoft. Soon after she and Bill began to build the company, they decided to push their wealth into various organizations to help others around the world. While there are various tax write-offs that make this a helpful tool for any business, this gesture also allows the company to share its love and showcase its own values through these acts of generosity. The Gates family is a great illustration of not only how to generate success but also using that platform to help improve the lives of countless others.

“You don’t learn to walk by following rules. You learn by doing and falling over.” -Richard Branson, Virgin Group

Richard Branson is known for his cavalier lifestyle, passion for quality, and continuing desire to grow his expanding empire. While Branson may have begun his entrepreneurship in print, he soon expanded to international corporations and other industry diversification. His journey to wealth held its fair share of trial and tribulations, however, today his company, Virgin Group, oversees more than 200 companies, proving that early business lessons can eventually pay the best dividends.

“When I sat down to write about mistakes that have led to my success, I had a much tougher time coming up with them than I would expect. Heck, I’m sure I’ve made hundreds of mistakes! Thing is, I often don’t look at them that way.” -Stephanie Izard, James Beard Award Winning Chef

Chef and entrepreneur Stephanie Izard knows that sometimes the best ingredient to a successful business is a good attitude. No matter how far her restaurants and industry successes take her, Izard is always seeking out new tricks and techniques to continue improving her business. Her efforts paid off in 2013 when she was awarded the James Beard title of Best Chef: Great Lakes, for her innovative work at Girl and the Goat. This culinary creator showcases the key indicator of a great entrepreneur, grit.

Whether you’re looking to start a restaurant or a software company, there are some key components you’ll need to get started. Our dedicated commercial lenders are here to help guide you through the entrepreneurship process and help you discover the best financing solutions for your upcoming venture. If you’re ready to get the ball rolling, stop by Peoples Bank & Trust’s nearest branch today!Entrepreneurs

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender