Monthly Archives: November 2019

Stop Spending Money With These Strategies

Do you feel like you have a sufficient income, but never any money? You’re likely spending more than you realize on non-essential items. This often happens to those who don’t have a budget established. If you’re guilty of too easily swiping your card, these strategies can help keep you in check.

Know Your Triggers

Spending money thoughtlessly is what gets too many people into trouble and in financial positions they do not want to be in. If you seem to have developed a bad habit of spending money, it’s important to not only figure out why, but what triggers you to overspend.

These are common triggers for other overindulgent habits:

Time of Day – Let’s say you frequently shop for groceries after work. You may want to consider shopping when you have more energy to make wise purchase decisions instead of buying thoughtlessly at the end of the day when your energy is low.
Mood – Think about the last time you spent money unnecessarily. How were you feeling? If you know that anger is a trigger for you to overspend, stay far away from the temptation in those moments.
Environment – What’s going to a mall or a favorite department store going to do for you? Likely, it will make you want to shop or feel guilted into spending money. Only take cash with you next time so you can’t cave in.
Lifestyle & Social Media – While there are great benefits to social media, it can cause what is known as FOMO or the fear of missing out. If you see others living a certain lifestyle, it may trigger you to purchase items to have a similar life so you feel a sense of belonging.

Do any of these sound familiar to you? Create a game plan for avoiding these triggers or an alternative option when you feel the urge to spend because of these scenarios.

Think About Your Company

Our friends should bring out the best in us, but that isn’t always the case. Be careful who you spend time with and if they pressure you to spend money in order to hang out with them. Let them know your new savings goals and if they can’t respect this until you have your spending under control, it might be time to create some distance in the relationship.

Track Your Progress

Don’t just wonder if you’re doing better on spending. Keep track of what’s going out of your account weekly. Knowing you are doing well can be motivating!

Budget, Budget, Budget

We believe any plan or goal you have in life should be supported by a budget. This is incredibly true for getting in control of your spending. Know what money you have coming in (income) and going out (bills). If you don’t do this, you will keep spending because you think you can afford it, when you really don’t know if you can. Create a category and have a set dollar amount for each category. This includes more set expenses like a mortgage but also flexible ones like groceries. This budget is for you, so make it as specific as you need for success!

If you’re ready to get serious about curbing your spending habits, we can help you take it a step further to make sure you have everything you need to successfully stick to a budget. Whether it be our online banking features or competitive savings accounts, we’re happy to help – contact us today!

How To Set Up Your Holiday Budget

The holidays set back many Americans into debt every year. Last year, the average incurred per person was around $1,000. It’s never too early to start deciding what your holiday budget will be so that you aren’t fretting over overwhelming debt in the new year. If you haven’t set up a budget before, the holidays are a perfect place to start.

1. Start with what you have.

Every budget should begin by calculating what you have. This means having an exact tally on what income you and your household bring in each month. If your income is irregular, take the average of what you have brought in the last few months. You can’t know how much to budget for if you don’t have an idea of what you have coming in each month.

2. Take note of every current expense.

What are you really spending each month? Some people like to play the “ignorance is bliss” game, but it makes having a budget and comfortable savings nearly impossible. Review your bank transactions from the last few months and write down every bill you can expect to come in. What are you spending your money on? Are there areas where you can cut back? Some people don’t even realize how many subscription services they are signed up for and these monthly dues add up. Organize all of your bills either in an online spreadsheet or a piece of paper.

3. Calculate the surplus.

Now, take that income and subtract your monthly expenses. Do the numbers surprise you? Whatever is left over doesn’t mean you can spend it all on the holidays. You need to now categorize the additional money.

4. Allot an item to each dollar.

Every dollar in your bank account should be accounted for – whether that be emergency savings, bills or holiday shopping. It’s up to personal preference, but you should consider what your goals are beyond the holiday season before you contribute a large amount of your savings towards the season.

5. Plan!

Now that you know how much you are willing to save and spend on the upcoming holidays, it’s time to get specific on those purchases. If you’re buying gifts for people and this is a top priority for you, set a dollar limit on each person. If food or traveling this season is more important to you, set a limit. Being over-prepared can take the stress away from this fun time of year. Knowing your limits will help to challenge you in creativity and self-control.

If you need help setting up a savings account, give us a call so you can be ready for this holiday season!

Identity Theft Tips For This Holiday Season

Online shopping and in-store deals will bring everyone out this holiday season. This also means that with the shoppers come criminals. Identity theft is on the rise with all the different ways information can be stolen. Milledgeville State Bank wanted to offer these top tips this season to help you keep your identity safe and secure.

Use Secure Sites

When you see an ‘s’ at the end of ‘http’ in the URL, that means the site has an SSL which means it’s secure. LifeLock states, “You should also be sure that emails sent to you with promotional links don’t point back toward an altered link, often with one or two letters missing or changed. This could signal a phishing scam, designed to fool you into entering personal information, like your credit card number or your email and password, which may later be used in an attempt to compromise your identity.”

Set Spending Alerts

For debit and credit cards, you can usually set a limit on the card for when it needs to alert you to ‘spending past your set limit.’ If you get an email or text alerting you to extra purchases, that can be a quick way to find out your identity was stolen.

Check Your Statements

A lot of banks now offer e-statements, so you don’t even have to wait until the next month to see your expenses. Find out ways to check your statements this holiday season more frequently to be on the lookout for strange purchases.

Watch For Scams

There are so many scams during the holiday season – we can’t even name them all! Be very wary of fake charities, emails, links and so forth. Only give to trusted sources if you want to spread the holiday cheer and be extra cautious when reading emails and clicking links.

Keep Away From Skimmers

It’s easy to forget that even when you’re the one using the card, it’s still in danger. Skimmers tend to pop up more around the holidays, which are invisible to the untrained eye and download your credit card information to the computers of criminals. Then, criminals can steal your identity. Here’s an article on how to avoid skimmers.

Hopefully, these simple tips help you stay a little more cautious when doing your holiday shopping. Be on the lookout and extra aware this season, so you can keep your identity safe!

4 Ways to Make Adulting Less Difficult Financially

Even if you don’t want to admit it, you’re an adult. Some parts of adulthood are fun and exciting, while others are not. Part of being an adult is to become financially independent and embrace some of the less adventurous tasks. We’re here today to help give you four simple ways you can make adulting less difficult when it comes to finances.

Create a Budget

You’ve heard this before and you’ll hear it again, but it really is important. Nowadays, there are so many apps out there to make budgeting a breeze. Use them – don’t think you’re keeping a good eye on what you’re spending. You have no idea how much those trips to Starbucks or sweet deals at Target are adding up to be. Mint, Acorns, Pocket Guard, Albert and Wally are all great options if you’re looking to start budgeting now.

Pick a Meal Plan

Going to the grocery store randomly and not having a set budget and list can hurt you financially. It’s really easy to miss that money slipping away as you walk down the aisles throwing items in your cart. A meal plan helps you decide what you’re going to eat to keep things healthy, as well as figuring out exactly how much you need for the week so you don’t spend too much on extra food or snacks. Check this article out to see how to design your perfect meal plan.

Tackle Debt

Having debt is no joke as an adult. Start chipping away right now at your credit card debt. By having missed payments or too much debt, your credit can start to slip. This will impact you immensely when it comes to getting a home loan or a higher limit on your card. Figuring out a plan of action for each month’s payment is your first order of action. Take note of all debt and start finding the perfect plan to pay it all off.

Start Saving

You need to save for a wedding, house, car, kids, retirement and so on. That’s a lot to think of all at once and how will you ever do that AND pay the bills each month? Take it step-by-step to know what’s most important. Start by saving a little for your retirement and finding accounts that help add money to the pile.

We hope you can adult your way through your finances easily with these four tips. We also offer different accounts to help you store your savings and continue to grow your finances to be the responsible adult you are. Check them out!