Author Archives: Milledgeville Bank Blogger

Attending a Wedding without Breaking the Bank

Some tips to help you enjoy all the happiness of a wedding without breaking the bank

With wedding season upon us, many people may have multiple weddings to attend this summer. Although being invited to many weddings is very exciting, it can get expensive quickly. Staying in a hotel, traveling, buying a new outfit, and buying a gift for the happy couple all contribute to costs that you pay to attend.

Milledgeville State Bank wants you and your family to attend all of your summer weddings, worry-free! Here are some tips to keep in mind when preparing for weddings this summer.

Book and Shop Early. If you decide to buy a gift off of the couple’s registry, try to buy it early so you have more options. Many people will probably buy the cheaper gifts first and if you go shopping too late you may be left with the larger ticket items. Also, if you need to stay in a hotel room, be sure to book it early enough to save yourself a spot in a discounted block of rooms.
Buddy Up to Split Costs. Whether you share a hotel room with a friend/family member or you go in on a gift together, splitting the costs will make it cheaper for both parties! Also, most couples who are getting married understand how costly weddings can be (think about how much they paid!), so they will appreciate any gift you give.
It’s Okay to Say No. Sometimes it just won’t be realistic for you to attend certain weddings. Depending on your finances, it can be hard to keep up with all of the weddings, especially if a wedding is across the country. So it is okay to say no, just don’t forget to RSVP, and send a note and/or gift in the mail.

Milledgeville State Bank wants you to enjoy all of the happiness of attending a wedding without having to sweat the costs; preparation is key.

Don’t hesitate to give us a call or stop by today!

Milledgeville State Bank

Member FDIC

Equal Housing Lender

Planning for Vacation Costs

Summer vacations are a lot of fun, so don’t let these added costs ruin your trip!

It’s that time of year: summer vacation! If you’re like most people, you have been planning and mapping out a summer trip since the first snowfall of last winter. There are a lot of elements that make up planning for a vacation, but have you considered all of the unexpected costs that may arise while on vacation?

Milledgeville State Bank wants you and your family to have a great vacation. Consider the following costs before you take off to help avoid paying more than you anticipated while on vacation:

Getting around- getting to your destination is one thing, getting around while you’re there is another. Depending on where you are vacationing to, you may be okay with walking from place to place. However, looking up the local transportation system may be helpful or even setting up a rental car for when you land in the airport.

Activities and events – so your destination city’s annual jazz festival is this weekend and you just happen to be a jazz aficionado? Plan a little extra into your budget for these last-minute activities.

Tipping and gratuities- working with a lot of service people during your trip, opportunities to tip are plentiful, so be sure to factor this in when thinking about how much cash you need.

Food and drink- unless you are headed to an all-inclusive resort, your food will have be planned and purchased for each meal. It may be a good idea to always have snacks around for those moments of immediate hunger!

Internet- You may think you have gotten a good deal on a hotel room, but it might not include Internet costs. If you are not prepared to go without the internet, you may have to pay an extra daily or weekly fee to access your hotel’s Internet.

Emergencies- whether your emergency is a loss of a debit card or an unexpected trip to the hospital, it is important to consider back up options and “plan B’s” in case of various emergencies.

We hope that these tips have helped you further prepared for you exciting summer vacation! Wherever you go this summer, we hope you and your family have a wonderful trip!

Milledgeville State Bank

Member FDIC, Equal Housing Lender

Tips to Protect Senior Citizens from Fraud

Senior citizens are often susceptible to financial fraud. Keep an eye out for these common scams.

Everyone is at risk for financial fraud. Unfortunately, senior citizens are often more susceptible to con artist schemes because of their good credit, mental state and overall trusting attitude. These unethical individuals know that older adults are more likely to have a “nest egg” after years of hard work and saving. There are different kinds of fraud that senior citizens are especially at risk for. Milledgeville Bank wants to inform you about these frauds and how they can be avoided.

How to protect yourself and your elderly loved ones from:

Health Care Fraud

Never sign blank insurance claim forms.
Keep accurate records of all health care appointments.
Don’t do business with door-to-door or telephone salespeople who tell you that they have free medical services and equipment.

Counterfeit Prescription Drugs

Be wary of product promotions or “special deals” that may be associated with counterfeit product promotion.
Don’t buy medications from unlicensed online distributors. Look for a seal of approval called the Verified Internet Pharmacy Practice Site (VIPPS) to make sure that it is a legitimate online pharmacy.

Funeral and Cemetery Fraud

Take time to shop around before making any funeral, casket, cremation or embalming service purchases.
Understand the difference between basic funeral home fees and additional fees.
Be sure that you understand the entire contract before signing. This includes purchasing agreements, contract cancellation and refund terms and your portability options for transferring your contract to other funeral homes.

Telemarketing Fraud

Always ask for and wait to receive written material about any offers or charity donations.
Don’t pay in advance for services. Wait until they are delivered or performed.
Don’t buy from unfamiliar companies. If a business is legitimate, they will understand that you want more information and will be happy to comply with your requests.

If you or a loved one is a victim of fraud, report it to the authorities. If any offer seems too good to be true, it probably is. When you are suspicious about a salesperson, do your research or talk to another person who can offer some perspective. Milledgeville Bank is always a resource for our customers who feel like they might be getting scammed. Contact us for more tips about how you can protect your family from fraud.

Your 5 Step Checklist to Showing Your Home

If you are showing your house soon, go through this checklist to make sure your home is in great condition!

Home buying season is here! Streets across the country are littered with For Sale signs and excited couples have started looking for their next home. As you get ready to show your castle to prospective buyers, there are some steps you want to take to make your mohome look as appealing as possible. Milledgeville State Bank has a few tips to help you get your home ready to show.

De-clutter and deep clean everything. Go through closets, storage areas and the attic to get rid of the things you don’t need. The less stuff you have around, the roomier it will seem. Then go through the house room by room and clean everything well. Having a clean house signals to potential buyers that you have cared for the home and it is in good condition.
Make small fixes. If a buyer sees squeaky floorboards, cracks in woodwork and dingy walls, they will either make a lower offer or insist that everything be fixed before they move in. Don’t leave potential buyers any reason to offer less than what you are asking.
Let fresh air in. People are easily turned off by unpleasant odors. Some of the worst smells you should get rid of are that of tobacco, pets, cooking and musty laundry. Scents that will attract positive attention are baked bread, cinnamon and fresh flowers.
Use natural light. Pull back the curtains and let some sunshine in! Bright, open rooms feel larger and more inviting. It is also beneficial to replace your light bulbs with brighter bulbs to add some extra light.
Neutralize your home. When a prospective buyer is walking through your home, they are trying to envision themselves living there. Take down some of your family photos and personal items. Fresh flowers, a bowl of fruit and fresh batches of cookies are some neutral ways to add a homey touch.

Changing homes is an exciting time! We want to help you make it go as smoothly as possible. If you are looking for a new home and need advice on your mortgage, talk to the lenders at Milledgeville State Bank. We know the area market and can help find the best option for you!

How to Get the Most Out of Your Checking Account

When it comes to managing your money, there are different tools available to you. One of the most important tools is a checking account. There are a few different features available to you in your checking account that can simplify your life and your banking. These tips will help you make sure that you get the most out of this common financial tool.

Use a debit card

Debit cards allow for secure access to your checking account without needing to carry a lot of cash. Debit cards are accepted at millions of locations worldwide and can also be used at ATMs to withdraw money from your account.

Track spending with Online Banking

Online Banking allows you to monitor your account information, transfer funds and more by signing in to your account from your computer or mobile device. Milledgeville State Bank also offers Mobile Banking through our Mobiliti app.

Set up a direct deposit

Direct deposit puts money safely and securely into your account without any action from you.

Manage overdraft fees

When you spend more money than what is in your checking account, an overdraft fee is incurred. Keep an eye on both your account balance and the money you plan to spend to avoid these extra costs.

Take advantage of Online Bill Pay

Setting up automatic payments for recurring bills can be a helpful way to make sure that your bills get paid on time. Online and Mobile Banking also allows you to set up alerts to manage your accounts.

The features that come with a checking account can make it much easier to manage your finances. Your checking account is one of the most powerful tools that are available to you. It is important to make sure that you have the right one! Milledgeville State Bank offers a number of different account options to make sure that you find the right one for you!

6 Mistakes You Can’t Afford to Make When Buying a Home

There are some things in life that don’t require much thought or preparation to purchase: toilet paper, batteries, or a new light bulb. You buy these things out of necessity, plus they are cheap and readily available.

While there are some purchases that aren’t expensive and require little thought or preparation, there are also large purchases, like a new home, that require research. Here are some common mistakes to avoid throughout your next home purchase.

Forgetting about all the costs- This rings especially true for first-time home buyers. When purchasing, there’s your down payment, principal with interest, property taxes, homeowners insurance, utilities, appraisal fee, credit report fees, escrow fee up front and then any maintenance costs once the home is yours. Plan wisely.

Making a down payment that is less than 20 percent- Do this, and you’re looking at the additional cost of private mortgage insurance.

Skipping an inspection- Even though it seems like just another thing to pay for, you’ll be thankful if the inspector points out some serious issues you couldn’t see, saving you from a investing in a money pit.

Buying if you aren’t staying put- renting is great for those that move around a lot; purchasing a home is not. If you’re buying a home, make sure you’re ready to establish some roots.

Buying a home is one of the most important investments you will make. This means that the consequences associated with not being financially prepared are also a big deal. The professionals at Milledgeville State Bank can help you understand all the prep work you need to get done. We can also help you find the mortgage option that is right for you and your family. Give them a call today to get started or visit to get more home buying and selling tips.

Is the Five Category Budget “Just Right” for You?

If you are looking for a budget that is organized, but not too restrictive, try the Five Category Budget.

We have all heard the story of Goldilocks. She always wanted something that was in the middle or “just right”. But who knew that the Goldilocks rule could apply to budgeting? Budgets like the 50/30/20 budget may be too structured but the 80/20 budget can often feel too broad. If you don’t want a budget that represents a broad overview of overall spending, the Five Category Budget may be “just right” for you.

Housing

This category should comprise of 35 percent of your take home income. It includes mortgage or rent, home repairs and maintenance, property taxes, utilities, and homeowner’s or renter’s insurance. Simply put, include every housing-related expense.

Transportation

This should only take up 15 percent of your take home income. Include car payments, gas, car insurance, repairs and maintenance, parking payments, and public transportation tickets.

Other living expenses

These are primarily discretionary expenses and should take up 25 percent of your income. This category includes eating at restaurants, concert and sporting event tickets, new clothes, and vacations.

Savings

Your savings should consume 10 percent of your budget. Build up an emergency fund with three months’ worth of living expenses first then start saving for retirement.

Debt Payoff

This should include credit card debt and student loans. It does not include your minimum mortgage or car payment because those are listed under the housing and transportation categories. If you are paying more than the minimum, include the extra payment cost in this category. Debt payoff should consume 15 percent of your income.

Milledgeville State Bank always recommends a budget as a map for your finances. But if you don’t think that a detailed line-item budget is right for you, the Five Category Budget may be the solution. For more advice about saving and budgeting, stop by Milledgeville State Bank.

Are You a Smart Home Buyer? Take Our Quiz to Find Out!

Do you think you are a whiz when it comes to the housing market? Take our quiz to find out!

Spring is just around the corner! This means that “For Sale” signs will be popping up left and right. If you are in the market to buy your first home, it is important to be educated on the home-buying process. The more you know, the more money, time and stress you will save. To find out if you are prepared to buy a house, take our quiz!

What matters more for a mortgage: being prequalified or preapproved?
1. Prequalified
2. Preapproved
You can’t use a buyer’s agent when buying a home “For Sale By Owner”.
1. True
2. False
What percentage of the purchase price should you expect to pay for closing costs?
1. 1%
2. 3% to 6%
3. 10%
The title insurance you have to buy to get your own is for your own protection.
1. True
2. False
If you take money from your Roth IRA to purchase your home, you must pay it back before retirement.
1. True
2. False
Even when rates are rising, an adjustable-rate mortgage can still be a good deal for some people.
1. True
2. False
How much will a home inspection usually cost you?
1. $75-$100
2. $300-$400
3. $800-$1,000
Who needs private mortgage insurance?
1. Buyers with a down payment less than 20%
2. Buyers with a down payment more than 20%
3. It’s mandatory for all buyers
If you are buying a condo and the realtor tells you that two other units in the same building sold for $200,000 and $225,000, what should your offer be?
1. You need more information
2. $185,000
3. $200,000
4. $212,500
When you file your federal taxes, what costs can you deduct from your income as a new homeowner?
1. Mortgage interest
2. Property taxes
3. Points paid at settlement
4. All of the above

How did you do? Even if you didn’t fair very well on the quiz, we hope that you have learned more about the process of buying a home so you feel confident moving forward!

Milledgeville State Bank wants to help you make your home-owning dreams come true. Talk with one of our lenders about finding the right mortgage for you today!

Financial Rules for Your Twenties

Your twenties are an exciting time. But it is also the time to make wise financial decisions that will establish spending and saving habits for the future.

When you are in your twenties, managing your finances is overwhelming. Between heavy debts, daily expenses and long term goals, it can be hard to make a feasible financial plan. But the sooner you start building good habits, the better your long-term success. Milledgeville State Bank has a few rules you should follow throughout your twenties to take control of your finances.

Establish your budget – when you start a new job, likely with a new salary, you need to decide how to wisely divide your income. If you don’t set up a budget, you are more likely to overspend on unnecessary things while undercutting your savings. Differentiating between needs and wants is a good place to start.

Make a plan – Debt is common for young adults. But letting that debt hang over your head for too long can set you back for years to come. Skimping on loan payments can haunt you in the form of higher interest payments and lower credit scores in the future.

Start an emergency fund – Stash away enough to pay three to six months of expenses as a precaution. Insurance alone won’t cover every unforeseen problem in your future. Try to contribute 10 percent of each paycheck to your emergency fund until you reach your goal.

Leave the Mom and Dad Bank – The goal of your twenties is to become self-sufficient. Financial independence starts with a job which will lead to a separate car, phone plan, home, insurance, etc. This is easier said than done! If you need financial help from your parents, approach them maturely and responsibly.

Picking up good financial habits in your twenties is a good first step towards your long-term goals. If you are embarking on a new phase of life, talk to the experts at Milledgeville State Bank. We can help you figure out how to budget and save to pay off debt, start saving and more. Stop by today!

Which Presidents Are On US Money?

To celebrate Presidents’ Day, we have a history lesson in the presidents that are featured on our money today.

As we celebrate Presidents’ Day, Milledgeville State Bank thought it would be fun to take a look at the presidents featured on our paper money. Treasury.gov says that their records don’t suggest why specific presidents and statesmen were chosen for each bill. But let’s look at some of the facts about these historical leaders to figure out how true that is.

George Washington – Our first president was first put on the dollar bill in 1869 – seven years after the bill was first printed. This Founding Father has also been pictured on the quarter since 1924 when Congress voted to mint a Washington quarter in honor of the 200^th anniversary of his birth.

Abraham Lincoln – The 16^th US president is credited with saving the Union and ending slavery in the nation. He has appeared on the $5 bill since 1914. In 1909, Teddy Roosevelt commissioned the Lincoln penny to celebrate Lincoln’s 100^th birthday.

Alexander Hamilton – Featured on the $10 bill, Hamilton was the first US Secretary of the Treasury. He is one of only two non-presidents pictured on US paper money. Up until 1861, Lincoln was the face of a $10 bill.

Andrew Jackson – Jackson’s face replaced Cleveland’s on the $20 bill in 1928. Since then, several petitions have gone around to have this controversial political figure’s image removed.

Ulysses S. Grant – Civil War general and 18^th US President Ulysses S. Grant first appeared on the $50 bill in 1913. Legislation to put Ronald Reagan on the bill instead of Grant has been introduced to Congress on two occasions in the last 10 years, but has been voted down both times.

As you can see, there has been conflict and change regarding our paper money in the last 100 years. It will be interesting to see if any of the historical figures featured on our bills will change in the future. For advice on saving more and spending less of your Lincolns and Grants, talk to experts at Milledgeville State Bank. We have a number of savings and checking accounts to fit your needs.