Category: Budgeting

Home Renovations with a HELOC

Home Renovations

With warm weather approaching spring is the ideal time to shake off the dust and get your house back into shape! Get started on your next home renovation with a strategic Home Equity Line of Credit from Milledgeville State Bank. Our custom financing allows you withdraw only the funds you need along the course of your future project. Inspiration can be found everywhere when updating common areas such as the kitchen, bathrooms, basement, or outdoor living area. See what these average home renovations cost with this handy guide courtesy of Milledgeville State Bank.

Kitchen Remodel: Creating your ideal culinary environment is more than just choosing cabinets and granite. With all the updates and finishing work, a typical Midwestern kitchen remodel can cost around $15,000 to complete. Carefully crafting the heart of your home takes concentrated decision making and long term planning. Consider updating your kitchen appliances to save you time and energy while preparing future meals. You may want to refinish or replace worn out flooring to match the new feel of your fresh remodel.

Bathroom Remodel: Giving your common space a much needed facelift can help you add value to your home. With updates as simple as new hardware and a tasteful backsplash you can bring some timeless style to a functional space. When undertaking a full renovation, features like a walk-in shower or a double vanity can bring a bold statement to the room. The average bathroom remodel in Illinois typically runs under $12,000 for a completely revamped space.

New Deck: Building a fun outdoor patio or deck can open up the area for countless fun family activities. Costing around $6000 for the average Midwestern deck, you can complete this exciting renovation in time and under budget. Spice up your new construction with added rails to hold beverages or food during grill outs and get-togethers.

Finishing a Basement: Depending on your foundation and other structural issues, most basement renovations center on adding dry wall, placing new flooring, and waterproofing the entirety of the room. Typically costing under $25,000, a finished basement can serve as additional space for an office or play room, increasing the livable square footage of your home.

There are endless projects to begin your spring to-do list this season. Let Milledgeville State Bank help you get started on your next home renovation with a tailored Home Equity Line of Credit. Speak with one of our helpful lenders to get started today!

Top 5 Budgeting Apps to Get You Organized

Top 5 Budgeting Apps

Have you noticed yourself hitting the “check out” button a little more frequently when you shop on your phone? You’re not alone. In 2015, mobile commerce grew to a staggering 30% of all U.S. online shopping. This shows a growing trend of mobile purchasing moving billions of dollars in sales via handheld technology.

While smart phones enable spending, they can also be powerful tools for strategic saving. Check out these top budgeting apps and learn how to easily keep track of your finances.

  1. Mint. By pulling all your balances and transactions into one simple design, Mint allows you to see the big picture. You can add accounts, cards, and bills and track spending patterns and investments in real time. A budget calculated by your average spending will break down where your cash is flowing from month-to-month and year-to-year so you can watch your savings progress over time. (Free)
  2. PocketGuard. If spur-of-the-moment spending is your weakness, PocketGuard is here for you. Connecting directly to your bank accounts, the app’s home screen tells you how much you’ve spent for the day, week, or month in relation to your income. With transactions automatically updated 24/7 you have an instant visual of your personal cash flow. (Free)
  3. Level Money. This helpful app aids you in spending for the short-term and saving for the long-term. By analyzing your income and expenses, Level Money reveals a daily allowance to help you save for a larger purchases or pay down debt. Connect the app straight to your bank account and create goals for saving and spending, all backed by a planning module that sends reminders and encouragements to help you stick to your goals. (Free)
  4. You Need a Budget. YNAB operates on 4 Rules; Give every dollar a job, save for a rainy day, roll with the punches, and live on last month’s income. This app adjusts your entire budget to prevent overspending. This app also ensures a constant safety cushion of funds so you’re never scrambling to cover unexpected expenses. ($5/month or $50/year)
  5. Good Budget. Unclutter your envelope budget with this exciting app. Instead of juggling a stack of envelopes for different expenditure categories, you can open digital folders on one simple screen. For joint accounts, you can easily synch the app with your spouse across multiple devices to prevent double dipping into funds. ($15/3 months or $24/6 months)

If you’re ready to take the first steps in re-evaluating your budget stop by Milledegeville State Bank today. With knowledgeable lender, we’re here to answer all of your budgeting needs.

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.

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.

  1. Pay for the person’s food or beverage behind you in line.
  2. Write a letter to a soldier.
  3. Donate new and used toys to daycares or children’s hospitals.
  4. Cook a meal for a family who may be without.
  5. Give a good server the largest tip you can afford.
  6. Scoop snow or do other yard work for your neighbor.
  7. Pick up trash at an area park.
  8. Offer assistance to a charitable organization with your time and skills.
  9. Bake treats for your area school’s teachers.
  10. 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.