Monthly Archives: April 2016

5 Easy Ways to Save for Your Next Vacation

Savings

Whether it’s skiing in the mountains, scuba diving among the reefs, or exploring history throughout famous museums, your ideal vacation can be anything you make it. Wherever you dream of traveling to, price is sure to be a factor in your decision. Make the trip of your dreams into a reality with these smart saving tricks to help fund your travels wherever they may lead.

  1. Open a dedicated savings account. To keep your goal clearly in sight and prevent overspending, establish a dedicated savings account for family vacations. You can use these funds throughout the vacation planning stages to book hotels and tickets. During your trip, easily track your designated spending while preventing unneeded dips into a primary savings account.
  2. Trust the change jar. The nickels and dimes that collect at the bottom of your pockets may seem insignificant, but a mere $1.25 saved every day in spare change adds up to just under $500 in only one year. Establish a large lidded container for your trip funds, for gas or gifts. Be sure to keep your eyes peeled for loose change both at home and during your work day.
  3. Designate a pantry week. In the months leading up to your vacation, pick one week each month to skip the grocery store and eat out of personal food storage. By eating meals such as spaghetti, soup, or rice, you’ll par down the grocery bill while consuming pre-purchased food before it goes bad.
  4. Repurpose gift cards. Instead of letting that plastic currency go to waste speak with friends and family members to see if any of them are interested in a trade. If there is no trade to be had, selling the gift card for slightly less than the card’s value may create a better incentive for buyers while still allowing you to receive the best benefit.
  5. Save energy. Cut down on your monthly utility bill by creating a list of action items to save on energy costs. Running the dishwasher for extreme loads only, switching to cold instead of hot water for laundry, setting a time limit for showers, and only turning on essential lights can lower your utility bill piece by piece. Take the difference saved and funnel it into your travel savings account.

 At Milledgeville State Bank, we love seeing you accomplish your financial goals and enjoy all of the incredible places they can take you. If a vacation is on your horizon, make an appointment with one of our financial advisors today and learn how to make the most of your savings.

The Dos and Don’ts of Credit and Debit Cards

Personal Finance

Throughout the month of April, the United State of America celebrates Financial Literacy Month. In efforts to catapult our nation’s level of financial knowledge, April has become the catalyst to help children and adults alike, learn the ins and outs of the finances. With topics ranging from budgeting, lending, saving, and beyond, this month offers an incredible opportunity to better understand the potential your money holds.

This week we are excited to dive into the do’s and don’ts of credit and debit cards! Offering two very similar, but uniquely different services for your financial needs, these cards can help you to reign in your finances and grow your credit score when used properly. Learn all about these tips and tricks courtesy of Milledgeville State Bank.

Debit Card: A card issued by a bank, that is tied directly to a checking or savings account, which allows money to be electronically transferred from one bank account to another when making a purchase.

DO

  1. Use for daily transactions. It’s always great to have a paper trail reminding you of your purchases.
  2. Use for repeated expenses such as gas, groceries, and other costs you can plan for.
  3. Balance your check book. Sometimes charges such as gas or dining can take several days to run through so be sure to keep track of your spending by balancing your checkbook weekly.

DON’T

  1. Use your debit card online unless you absolutely have to. Having your credit card information stolen is one thing, having your bank information stolen is another.
  2. Spend more than you have in your account. Overdraft fees are no fun for anyone!
  3. Postdate transactions if funds are not readily available in your account.

Credit Card: A small plastic card that is offered by a bank or other financial institution, allowing the card owner to purchase goods and services on credit.

DO

  1. Use for online expenses through secured vendors. Many discounts may be offered online only and can save you and your family a bundle.
  2. Pay your bill in full each and every month. Make to avoid hefty interest rates and other timely fees by not extending your balance over the next month.
  3. Utilize points to help you earn while you spend. These points are great for supplementing costs of family trips or other extra activities.

DON’T

  1. Spend more than you have allocated for the month. Paying more for interest and other fees is money wasted.
  2. Open too many credit card accounts. Keep one or two cards that you use and payoff each month to help boost your score.
  3. Max out your balance, even if you pay if off each month this can potentially damage your credit score and serve as a red flag to potential lenders.

Get started on your finances today with a secure debit card from Milledgeville State Bank!