Monthly Archives: March 2019

7 House Buying Tips to Save Money

It’s finally house hunting season and you could not be more excited to get the ball rolling on your big purchase! Before you hit the road or the search bar, take these 7 tips into consideration.

1. Know Your Limits

Before signing the papers or falling in love with the first home you see be realistic about what is in your budget. We recommend spending no more than 25 percent of your monthly income on the mortgage. When you know what this number is, be sure to stick with homes in that price range. Don’t even go into homes that are going to be proportionately out of that limit, or you may kick yourself later as you feel straddled with a home you can’t afford.

2. Be Realistic About Fixer Uppers

While they are fun to watch on TV, if you don’t have the skillset to actually fix homes, a house that needs a lot of TLC is likely not for you. Many see a low price on a home and jump on it, thinking the work needed will be minimal and easy. When it comes to home improvement, no fix is simple and this is even more true if you are a newbie to the renovation game. Often people do not realize the time commitment and additional cost that come with dramatic improvements.

3. Provide a Strong Down Payment

The more you are able to give for a down payment, the greater equity you will already have in the home in addition to a lower monthly payment. This will save you money on interest in the long run.

4. De-clutter the Current Space

It’s time to spring clean your “extras.” We all have things sitting around our home that go untouched and unneeded. Start selling these items at a local thrift store or posting them for sale online. This will help to make your move easier and be a helpful way to start saving for the down payment!

5. Take Your Time When Shopping

Don’t let the desire to get out of your current living space cloud the judgement of the purchase. Take your time studying each home and realize that this is one of the most important big purchases you will make in your lifetime. It needs to be a thoughtful, decisive purchase.

6. Eliminate Other Debts

Get a great deal on the mortgage by making sure your credit score is in tip-top shape. A large purchase with a loan or credit card right before you buy a home will certainly have an impact on your mortgage rate. Boost your credit score by paying down the debt you have and stay away from any other purchases until after the home is in your possession.

7. Conduct a Personal Roof to Basement Inspection

Know the property backwards and forwards before signing the dotted line. This means hiring a trusted inspector and having a contractor come to confirm the findings. After this, there is still a final step. You need to conduct a thorough inspection to ensure that you know exactly what you are in for. This is a great checks and balances system to confirm that you are getting a fair deal that won’t end up costing you thousands in repairs later.

Be smart with your finances and don’t spend all your money on a “dream home.” We’re here to help you know how much house you can afford, while offering mortgage solutions to fit your needs.

8 Energy-Saving Tips for Spring

It was a cold winter and it isn’t quite the scorching days of summer. It’s a beloved time of year for many. But did you realize that you may be spending more than necessary on energy bills this season? Here are eight tried and true ways to save this spring!

1. Say Hello to Your Adoring Fans

Ceiling fans are the coolest way to get your home to a comfortable temperature. If you have fans that are energy efficient, they can potentially cut your costs by as much as 60 percent! Did you know that you should be changing the direction of your ceiling fan for the warm and cold months? Here’s a short how-to video.

2. Hello Sunshine

Get the windows open! Not only is it a great mood booster, but it can provide significant savings. Lighting costs can add up quickly, so take advantage of the natural light right outside of your window. Thankfully, the days are getting longer so you will be able to do this later and later into the evening as the season progresses.

3. A Grill is Swell

Who doesn’t love freshly grilled food? Even the smell of your neighbor grilling can get your mouth watering! A great additional perk of grilling is the cost it can save of having the oven or stove top on. If you’re cooking a meal in the kitchen, it can quickly heat up the whole house, thereby causing the air conditioning to run even more.

4. Seal the Deal

Do you remember the draft you felt coming from the window this year? It’s time to get that sealed. One-third of your energy costs may be going right towards paying for those leaks as cool air escapes in the spring and summer.

5. Suck It Up

In addition to spring cleaning the house, grab the vacuum and get behind your fridge. You may want some assistance to move it out from the wall. If you see that the back is starting to collect dust and debris, getting it cleaned off will help it to run more efficiently.

6. Filters: Forget Me Not

If you haven’t been regularly replacing your air filters, it’s time to do so. This will help it to run efficiently while providing clean air to your lungs.

7. Treat Your Windows Nicely

Window treatments can do wonders to cut costs on the electric bill in all seasons. You can get blinds or curtains. We would recommend thick light-blocking curtains that do a great job of keeping the temperature to your preference on the really warm days.

8. Shorten Spring Showers

Leave the long showers to mother nature. Your water bill can add up quickly, so start challenging yourself to no more than a five-minute shower. One way to make sure you stick to this time is by setting an alarm and placing it in the far corner of the bathroom opposite the shower. Nobody wants to hear that loud beeping while taking a shower!

When you start saving on your energy bills, open a savings account with us today so you can safely store that cash!

Stay Secure While Staying Connected: Top Myths of Security

It’s nearly unavoidable to have some semblance of a social life if you are not using technology to connect with the outside world. From social media and texting to phone applications, we are always connected. Many are uninformed of how to maintain this social connection while at the same time protecting themselves from the most basic security threats. We are combating this by busting the most common notions or myths about cybersecurity.

MYTH: Hackers aren’t interested in what I have.

If you have a social security number, hackers are interested in you. Even if you feel like your personal wealth is not very high, your social security number is incredibly valuable. With your number, they can conduct financial theft by applying for loans and credit cards in your name. They could also use your number to incur their healthcare costs or even legal obligations. In an even darker scenario, your identity can be sold to other hackers to use over and over again. Thereby creating a tumultuous problem. Realize that you have something worth protecting!

MYTH: My email application blocks all of the spam for me.

It only takes one accidental or wrong click to open yourself up to malware. And as great as some email applications are, they aren’t able to block every suspicious email from entering your inbox. Did you know that 1.5 percent of spam emails are malicious? Considering how many you likely get in a day, you are at risk every time you click. There are many ways to add additional filters to your email, but the best line of defense is actually you. If you have even the slightest suspicion about an email, report it. Only communicate with those you know without a doubt are secure sources.

MYTH: I’d be safer to go off the grid.

While it may sound alluring to some nomads, unplugging from digital connection can put you in a position of higher risk. This is because there is less day to day monitoring of your accounts. This makes your accounts a terrific target for hackers to attack and go by unnoticed.

MYTH: I have cybersecurity software, so I am not at risk.

If you’ve invested in anti-virus software, good for you for taking steps to protect yourself! However, hackers are becoming more advanced and finding ways to bypass hundreds of protective measures every day. Also, they can still attack you from other sources such as social media. A great way to combat this is to never click on unfamiliar links and to limit the information you put on social media, including your birthdate.

Stay safe while staying connected with these great tips. Remember, we offer safe and secure banking products to keep your information protected.

Be a Super Saver: Out of the Box Frugality Tips

What’s the secret to having a large savings account? Spending less money is, of course, a simplified answer. But what does that look like in your daily life? We have gathered some out of the box tips that you may have not considered before. Get ready for ideas that will challenge your spending in a new way!

You. Don’t. Deserve. Everything.

This concept is very counter to the message that society places on us every day. Many of us are privileged when it comes to our basic needs being met: food, shelter, and clothing. Yet, we often go beyond this by convincing ourselves that we need items that are really just wants. For example, our spending on food can become destructive to our savings when we convince ourselves that we deserve to eat fine dining on a regular basis when what we really need is a nutritious meal that can be prepared at home. When we muddy the line between wants and needs, we put a roadblock on our savings. Don’t let the danger of entitlement hinder your long term goals.

Volunteer

Many might not realize this, but volunteering is a great way to have free or discounted entertainment. Places like nursing homes will even pay for your movie ticket when you join the residents for a movie at the local theater. Do some research and get connected with volunteer opportunities in your town to learn about how you can make a difference while also getting free entertainment!

Be Prepared for Gift Giving

Do you get stressed when holidays or birthdays seem to be nonstop? By planning ahead, you can make or buy meaningful gifts at a fraction of the price. Last minute purchases can sink your savings quickly.

Start Splitting Meals Out

If eating out isn’t a luxury you want to give up, consider splitting the meal with a friend or your partner. Eating out is expensive and can be very unhealthy. Cut both of these factors in half to keep yourself and your savings healthy.

Cut Out that Gym Membership

We don’t mean skipping out on your health! But gym memberships can be very expensive and there are many on-demand options where you can do programs from the comfort of your home. You’ll also save money on gas, clothes and time.

Adopt a Minimalist Attitude

The best savers have a less is more attitude, even with the belongings they already have. If you have the urge to spend, consider waiting a few days to evaluate if it is a true need. Having fewer belongings around your home can help to clear your mind and oddly help you to refrain from wanting to spend more. There is a phenomenon where the more you spend, the more you want to keep spending.

Get Back to the Library

Support your local library and get that library card renewed! Libraries have so much to offer beyond books like musical instruments, music, games and movies. Why spend money on something that is readily available to you?

We hope these ideas have started to get your wheels turning on how to amp up your frugality habits. Stop on in or visit our website to see what products we offer to make you a super saver.