Author Archives: Milledgeville Bank Blogger

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.

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.
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.
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.
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.
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.

Use for daily transactions. It’s always great to have a paper trail reminding you of your purchases.
Use for repeated expenses such as gas, groceries, and other costs you can plan for.
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

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.
Spend more than you have in your account. Overdraft fees are no fun for anyone!
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.

Use for online expenses through secured vendors. Many discounts may be offered online only and can save you and your family a bundle.
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.
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

Spend more than you have allocated for the month. Paying more for interest and other fees is money wasted.
Open too many credit card accounts. Keep one or two cards that you use and payoff each month to help boost your score.
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!

10 Random Acts of Kindness

Random Acts Kindness

There are so many small and valuable things we can do to impact the life of another. While some of them are financially bound, others can be simple tasks, such as opening the door for someone. This year challenge yourself to more acts of kindness, random or not.

Pay for the person’s food or beverage behind you in line.
Write a letter to a soldier.
Donate new and used toys to daycares or children’s hospitals.
Cook a meal for a family who may be without.
Give a good server the largest tip you can afford.
Scoop snow or do other yard work for your neighbor.
Pick up trash at an area park.
Offer assistance to a charitable organization with your time and skills.
Bake treats for your area school’s teachers.
Visit a nursing home and spend time with the residents.

In addition to being kinder in 2016 you may find yourself becoming happier as well! With so many opportunities to make a difference, this list will help you get started! Add your own acts of kindness and see what you can do to better the lives of others this year.

If you’d like to contribute to others in a financial avenue let us know, we’d love to help! Milledgeville State Bank can assist you in remaining anonymous in donations, arranging monthly transfers, dispensing cash for personal giving, and more!

52-Week Savings Challenge

Savings Challenge

Whether it’s a house, a new vehicle, or other lending options, having a down payment is always a great first step. In this 52-week challenge you will begin saving a little at a time to accumulate $5000 this year! Here’s how it works, every week you deposit a different amount into your savings account. As the weeks go on you begin to build a steady base little by little. At the end of the year you will have saved $5000 if done correctly. You can also add to the numbers shown below if you’d like to save more than $5000. Simply take the additional amount you would like to save, and divide it by 52. Now add that number to each of the deposit amounts for the year and you have your game plan.

Savings Challenge

$5000 is a substantial sum of money that offers endless potential, so here are some ideas to get you started!

Vacation: Take a break and enjoy an exciting new destination with your family! Cruises start at less than $700/person, and a week in Florida typically runs $4000+ for a family of four.

New Vehicle: You can either purchase a used vehicle with the $5000 (or less), or you can use the $5000 to put a down payments on a more expensive vehicle you’ve had your eye on.

Down Payment on a Home: For first time home buyers using FHA loans, a down payment as little as 3.5% may be accepted. With lower closing costs, easier credit qualifications, and gifts allowed towards the home down payment, this $5000 potentially enables you to purchase a $140,000 home.

Wedding: A little creativity may be involved but the celebration can go on! With the largest event expenses being the venue, food, and photographer, finding inventive shortcuts can turn $5000 into the wedding of your dreams!

Start your savings challenge today with a savings account from Milledgeville State Bank! We’re here for all of your financial and lending needs!

After the Honeymoon: How-To Manage Your Finances Together

couples finances

Begin the journey of purchasing your new home with Milledgeville State Bank! We’ll help guide you through the process of securing a new residence for you and your family. Stick with these easy do’s and don’ts and you’ll be on the path to success.

Do:

Secure a loan before a home: While the hunt for the first house is exciting, your final decision will depend on the mortgage you can secure. Your first step in the home buying search should take place with a loan officer who can assess whether you qualify for a mortgage, and if so, at what price. This provides a framework guiding the search so you don’t expend time and money on houses outside your means.
Take your time: The average homeowner occupies their house for nine years before relocating, so additional time spent thoroughly searching for homes can reap a decade of benefit. Track trends in the housing market to buy during the most cost-effective season. Weigh personal, important factors beyond price listing, such as neighborhood quality, length of commute, and potential for expansion and home improvement.
Consult the professionals: The listing agent represents the interests of the seller, not the buyer. As a first-time home buyer, you’ll need as much trusted, unbiased advice as you can garner. Ask friends and family to recommend their real estate agents so you receive counsel from a professional with a track-record of success.

Don’t:

Look at homes well over your budget: You set a budget for a reason. Stick to it! Paying more than you designated for a home can financially limit you to update and repair as needed. By spending within your originally determined limit, you’ll avoid heftier mortgages and continue to withhold extra funds for any household incidentals.
Empty savings into a down payment: Securing your mortgage requires a down payment. Putting down less than 20% requires you to buy mortgage insurance. To avoid this added expense, some home buyers drain their savings to cover the down payment upfront. Liquidating your account, however, leaves you without a safety net in the event of job loss or medical emergency. The expense of mortgage insurance is worth the financial cushion you can leave in your account, and you can always eliminate the insurance once you’ve paid off 20% and opt to refinance your mortgage.
Speed through the closing: The end is in sight, but don’t let the glow of the finish line obscure your view of the paperwork. Review documents with a fine-tooth comb, double check that nothing has been altered in your agreement, and ensure that it describes your understanding of the transaction to a “T”. A day or two of extra analyzing can save you years of headaches!

At Milledgeville State Bank, we offer a number of mortgage options to make securing your home financing as easy as possible. To schedule your first meeting with one of our knowledgeable mortgage lenders, give us a call at (815) 225-7171 or stop by today.

Teach Your Children the Value of Finances with These 5 Easy Lessons

TeachingKidsMOney

Do:

Secure a loan before a home: While the hunt for the first house is exciting, your final decision will depend on the mortgage you can secure. Your first step in the home buying search should take place with a loan officer who can assess whether you qualify for a mortgage, and if so, at what price. This provides a framework guiding the search so you don’t expend time and money on houses outside your means.
Take your time: The average homeowner occupies their house for nine years before relocating, so additional time spent thoroughly searching for homes can reap a decade of benefit. Track trends in the housing market to buy during the most cost-effective season. Weigh personal, important factors beyond price listing, such as neighborhood quality, length of commute, and potential for expansion and home improvement.
Consult the professionals: The listing agent represents the interests of the seller, not the buyer. As a first-time home buyer, you’ll need as much trusted, unbiased advice as you can garner. Ask friends and family to recommend their real estate agents so you receive counsel from a professional with a track-record of success.

Don’t:

Look at homes well over your budget: You set a budget for a reason. Stick to it! Paying more than you designated for a home can financially limit you to update and repair as needed. By spending within your originally determined limit, you’ll avoid heftier mortgages and continue to withhold extra funds for any household incidentals.
Empty savings into a down payment: Securing your mortgage requires a down payment. Putting down less than 20% requires you to buy mortgage insurance. To avoid this added expense, some home buyers drain their savings to cover the down payment upfront. Liquidating your account, however, leaves you without a safety net in the event of job loss or medical emergency. The expense of mortgage insurance is worth the financial cushion you can leave in your account, and you can always eliminate the insurance once you’ve paid off 20% and opt to refinance your mortgage.
Speed through the closing: The end is in sight, but don’t let the glow of the finish line obscure your view of the paperwork. Review documents with a fine-tooth comb, double check that nothing has been altered in your agreement, and ensure that it describes your understanding of the transaction to a “T”. A day or two of extra analyzing can save you years of headaches!

How to Pair Your Perfect Ride with the Perfect Financing

auto financing

Begin your new year with a new ride! For all of your vehicle purchase needs, Milledgeville State Bank is here for you and your financial needs. With so many options to choose from how do you know what the right selection is for you? Try these handy tips to get the most out of your next auto purchase.

Determine if you want a new or used vehicle.

Many auto dealers today offer both new and used. While new can offer updated technology and the assurance of no prior owners, choosing a used vehicle can drastically diminish cost and offers a comparable quality with moderate mileage.

Decide on a budget and a timeline.

When choosing the right vehicle to purchase, there are many questions to help you research which may be best on your pocket book in the long run.

-How long do you want to drive this vehicle?

-What does your budget allow you to spend for the down payment and installments?

-When do you need your vehicle by?

-What type of MPG do you need to keep gas costs within your overall budget?

-How long do you want to be paying the loan off? (0-5 years)

With these questions in mind you can better view the credentials needed for the ideal vehicle for you and your family.

Save your down payment.

Speak with one of our lenders to confirm your auto financing needs and decide on an appropriate down payment amount. As a general rule 20% of the final cost of the vehicle is ideal, however depending on your personal finances a lower percentage may be available to you. Be sure to include any maintenance work, tires, or other repairs a car may need in the overall cost.

Talk to us!

If you have any questions or want to begin the process of auto financing call or stop by today. We’re happy to help, and look forward to making you auto buying dreams a reality.

Practice good car maintenance.

After purchasing your new vehicle you’ll want to keep it prepped and ready for the winter! Try some of these quick tips to keep your car safe and warm this winter.

Warm up your care before you go to work to make scraping ice easier.
Rotate your tires to ensure a stronger tread on tires.
Keep a winter emergency kit in your vehicle, just in case!
Maintain a full gas tank when possible to avoid freezing gas lines.

Keeping up with auto maintenance can save you big money in the long run, just like staying on top of your money! If you’re curious what’s in your budget for an auto loan stop by today!

Post-Honeymoon Finances

honeymoon

So you took the plunge and said “Yes.” What’s next? Well in the financial realm there are certain things that may change or be altered now that you are jointly responsible for one and other. From joint accounts, to budgets we’ll help guide you along the way.

Be transparent with one and other.

Begin the conversation with sharing each of your individual financial states, and the goals you have for where you want to be in the coming years. Once everything is out on the table you are able to dissect the differences between your finances and discover any areas that perhaps you differ on. If say one of you has debt and the other does not, then you are able to build a plan to first eliminate your now joint debt. By being open with one and other you can communicate more efficiently and work toward the goals you each share.

Evaluate your account setup.

In today’s world the words “joint checking” don’t always apply. While most common among married spouses with children, a joint checking account can provide a larger sum for paying expenses and saving toward goals. Additionally spouses today are also utilizing a combination of joint and separate accounts to maintain relative independence and have access to personal spending funds. Some couples choose to select separate accounts for all their financial means, paying bills fifty-fifty or perhaps every other. Whichever account scenario you choose, ensure that you and your spouse are on the same page, establishing ground rules acceptable spending habits.

Make a plan and stick to it.

At least once a month set aside time in your day to discuss finances with your spouse. This helps alleviate any financial tension should any money situations arise. By openly discussing successes and failures in your household finances on a regular basis you maintain a level of security in seeing where you finances stand in conjuncture with your goals each and every month. To be successful your finances your spouse and you must create and maintain a household budget. When creating your monthly budget remember to factor in costs for any loan installments, debt repayment, monthly expenses, and joint or separate savings. By evaluating your budget during your monthly finance discussions you can track you progress and adjust the budget if needed to better reach your joint financial goals.

With so many financial choices, schedule a time to sit down with your spouse to decide what is best for you and your family. Milledgeville State Bank is here to help! Call or stop by today to learn about our joint checking and budgeting tools!

Great Last-Minute Gift Ideas for the Holidays

Time, energy, and funds are running low by this point of the holiday madhouse – what are you going to do for those last names on your gift list?

Our team at Milledgeville State Bank has assembled a gift list that shows you poured serious thought into your giving and looks like you invested more financially than you really did. Check out these last-minute gift options that are both personal and wallet friendly.

Tap the App store: If you like fast and direct options, give your recipient a few new apps from the Apple App Store. You can send right from your personal device by choosing the “Gift This App” option to deliver it to another’s iPad, iPhone, or iPod in a matter of moments. Drawback: Android doesn’t have this option yet, so make sure their device is IOS compatible.
Compile a memory bucket: The aim is quantity over quality for this $5-$10 option. Load a creative with snacks and trinkets that commemorate your relationship. Dollar stores, bargain bins, and thrift stores will be your best friend as you pad this sentimental gift.
Personalize a mug: With a Sharpie and a blank mug, you can create a one-of-a-kind gift for under $5. Adding a favorite quote or your embarrassing nickname for them creates a gift they couldn’t find anywhere else. Before you wash or present it, just slide it into the oven to bake for 15 minutes at 400 degrees to seal it on. Bonus points if you stuff the mug with packets of their favorite hot drink.
Whet Their Appetite for a Dinner Date: Anybody can snap up a gift card, but not everyone can give the promise of actually using it. Give the gift of a dinner date with a symbolic item promising they can redeem it for the real thing with you later. Do they love barbecue joints? Wrap up a bottle of their favorite sauce. Are they a fan of that Thai place down the street? Gift a jar of gourmet peanuts. They’ll love the excitement of a two-part present.
Where you met: Remember where you and your loved one first met? They probably do, too. Commemorate it with an inexpensive memento of that location. If it’s a coffee thermos from the café or a homemade pendant of the city where your paths collided, they’ll remember the launch to your relationship every time they use it.

You don’t need to break the bank or agonize for days to make your gifts matter. For an extra hand allocating your cash wisely, give our financial advisors at Milledgeville State Bank a call!

7 Amazing Winter Savings Tips

After shoveling snow or walking in and out of blustery winds all day, nothing beats stepping inside a warm, toasty home. However, it’s not just electricity burning to keep you warm, but your cold hard cash. Save money this winter with these around-the-home winter additions from Milledgeville State Bank.

Pump up your tires: Low tire pressure kills gas mileage, and as temperatures drop, so will the pressure in your tires. Buy a tire gauge for $1 at an auto store, and fill up at a gas station offering free air. Just double check your manual to make sure you’re not over-filling.
Make use of socks and hats: Your feet and your head are vents for the body, helping you let off steam when you overheat. Unfortunately, this doesn’t stop during the winter months. Trap natural heat with wool or polar fleece hats and socks as you pad around the home, and the rest of your body will be grateful.
Keep blinds closed: Obviously, keeping your blinds wide open during the day helps soak up warm sunlight. Keep that heat contained at night by shutting the blinds to provide extra insulation.
Secure your garage: If your house is separated from your garage by nothing but a door, heat will trickle out and cold will creep in. Add a sweep to your garage door, which is a noting more than a metal strip easily screwed into position under your door, to block out drafts.
Replace your furnace filter: A forced air heating system removes dust from the air by catching it in a filter, making it easier to breathe. However, a clogged filter means the fan must run longer to circulate heat through your home. Replace the filter regularly for a quick and cost-saving fix.
Close off unused rooms: Guest room or sitting area used only for special occasions? You’re heating up a whole lot of nothing, if that’s the case. Manually shut the vents in unused rooms to redirect heat elsewhere, and slide blankets under door cracks and around windows to stop warm air from trickling in.
Insulate your water heater: Lightly touch your tank hot water heater – is it warm, or is it hot? If it’s the latter, drape it in an insulating blanket to keep heat trapped in the tank. Otherwise, it escapes to its surroundings, which makes the tank run longer and harder – and makes you burn more money.

A couple of small changes add up to big differences in the end. Milledgeville State Bank has a number of personal savings account options to invest all that money you’ll save by saving energy this winter, so look around and let us know how we can help!