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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.

4 Creative Ways to Avoid Spending

If you are trying to cut back on spending but don’t know how, it is time to try some fresh ideas.

Realizing you have a spending addiction is a good first step. But what really matters is what you do about it. Cutting back on spending can be easier said than done. Try one of these creative tips to keep yourself from overspending in 2015.

Freeze Your Credit Cards

We have all been warned of the dangers of credit card debt. The best way to rid yourself of a plastic swiping habit is to stop carrying cards around with you. You can make credit cards as inaccessible as possible by freezing them. Literally! Fill a bowl halfway with water and let it freeze. Place your cards in the bowl of ice, add more water, and freeze again.

Pay Your Bills Before You Go

If you are heading out with friends for the night, pay bills or balance your checkbook before you leave. Seeing the reality of your finances right before you leave can help motivate you to spend less or nothing at all.

Cancel Emails and Catalogs

Email blasts from your favorite retailers offering exclusive deals and sales are designed to tempt you into browsing their website. Unsubscribe to emails from retailers and ask to be taken off their catalog mailing lists. You will never miss a sale that you don’t know about.

Focus on Your Goals

If you are trying to cut spending to save up for a house, pay off debt, or just to save more in 2015, stay focused. Whenever you are tempted to reach for your wallet, reflect on your goals and how happy you will be when you reach them. Don’t let instant gratification throw off your plans!

Milledgeville State Bank wants to hear about the creative ways you keep yourself from overspending! Stop by our office to talk with our friendly staff today. If you can’t make it in, fill out our contact form online!

Dating on your Dime

Love doesn’t have to come with a big price tag. There are plenty of unique date ideas that work for any budget.

Did you find someone under the mistletoe this year? If so, your budget might need to be adjusted a little bit in the coming year. Dating can be expensive, especially for men. It may seem old fashioned, but a NerdWallet survey found that 77 percent of people believe men should pick up the tab on a first date. As a relationship develops, the costs generally split more evenly. Check out some of these ideas to keep the cost of romance low.

Skip the dinner and movie date

Although a dinner followed by a movie is a traditional first date idea, there are more creative options that are easier on your wallet. There are other ways to get to know someone such as an outdoor concert, community event, or free museum trip. Check out the local paper to find some new ideas!

Stay in

While this may not be appropriate for the first date, staying home to cook together is a nice way to spend time together and get to know each other better in a natural setting. Staying in and renting a movie rather than going on the traditional restaurant and movie date will save your wallet.

Get Active

One of the best dates to get to know someone can cost as little as $5. Take a walk around a local fair or scenic part of town with coffee or juice. This allows you to have uninterrupted conversation to get to know each other while getting some exercise. If you head to a park, you can pack a picnic lunch as well!

If you have found someone you care for, it is important to keep talking after you get past those initial few dates. Spending, saving and long-term financial goals often cause turmoil in otherwise happy relationships. Having an open dialogue about these issues is important to make sure you stay on the same page.

Dating isn’t always cheap, but it can be! While we may not be able to offer much love advice, Milledgeville State Bank can help you find ways to save. Stop by our office or contact us online today!

Decorating for Christmas on a Budget

You don’t need to spend a lot of money on Christmas decorations. You just need some creativity and Christmas spirit!

Are you ready to deck your halls with Christmas cheer? You don’t need to break your budget to get in the holiday spirit this year. Milledgeville State Bank has a few Christmas projects for you to try that are all available on a budget. These easy DIY decoration ideas are sure to keep your Christmas merry and bright!

Pretty Pinecones: Collect pinecones outside or buy a package of fake ones. Dip the pinecones in gold paint or use a mixture of glue and glitter to add a sparkling effect. Fill a basket or bowl with these pretty pieces or just scatter them on side tables.

Present Pillows: Tie a bow around the throw pillows on your couch using holiday-colored ribbons to make them look like Christmas gifts! If you know how to sew, you can also make temporary pillow covers using inexpensive cloth napkins with Christmas colors and themes. Buy two napkins and sew three sides together, place over the pillow, and tie up the fourth side with ribbon.

Bring Back Christmases Past: Some Christmas cards are almost too pretty to throw out! Convert these cards into works of art by mounting them to a mat board to decorate the doorway or tree. You can also loop a piece of string across a wall or doorway and attach the cards using a clothespin.

Spice Up Your Wreath: Try out a new spin on traditional wreaths and make your own out of round ornaments or bows. You can purchase Styrofoam or wicker wreath forms at a dollar store and glue inexpensive ornaments to it. If you prefer to keep your evergreen wreath, mix it up and add a painted cardboard initial of your last name to jazz up your front door.

You don’t need to overspend on holiday cheer! Try one (or all) of these creative ideas to get your home in tip top Christmas shape. Milledgeville State Bank is always equipped with tips and tricks to help you save money. Continue to follow our blog for more fun, budget-friendly ideas!

Inexpensive Gift Ideas For Everyone On Your Nice List

Buying gifts for everyone you care about can add up. Plan ahead and manage your budget wisely to prevent overspending.

Buying gifts for everyone you care about can add up. Plan ahead and be mindful of spending to keep your budget on track.

The season of giving often translates to the season of spending. Luxury cars, jewelry, and designer stores make us feel like a good gift needs to be extravagant and expensive. However, giving your loved ones a thoughtful gift is the best way to show them you care! Milledgeville State Bank has put together a list of inexpensive and considerate gifts for everyone on your list this year.

For the cook…

Although most recipes can be found online, many people still value a cookbook with their favorite recipes. For a personal touch, bookmark some of the ones you think they will enjoy the most!
Kitchen tools like a can opener, cheese slicer, or potato peeler are practical items that the chef in your family will be sure to put to good use.

For the writer…

Nice journals can be found at a reasonable price. Writers are always looking for beautiful paper to mark their thoughts on. Write a note on the first page telling the individual how much you care and what you appreciate about them.
A nice set of stationary, quality pen, and a few stamps is a thoughtful gift for those who like to use snail mail. Maybe you will even receive a “thank you” on the new stationary!

For the food lover…

Bake some of their favorite homemade goodies! Breads, cakes and cookies are a good idea for those who don’t need more “stuff” taking up space. A gift basket of gourmet chocolate, trail mix or popcorn makes for a special treat that can only be found once a year.
If you know a coffee lover, a nice mug with a bag of gourmet coffee or tea is something you know they will enjoy every day.

For the couple…

Treat them to a well-deserved date night! Pair a movie with a box of popcorn or restaurant gift card to give them an excuse for a night off.
A beautiful picture frame or scrapbook with photos of the couple together is a gift that will be cherished in their home for years to come.

Your gifts don’t need to be excessive to be appreciated. Some of your loved ones would be happy to just spend time with you! Take some time and really think about what those who are special to you would use and appreciate. Our family at Milledgeville State Bank wants to wish you and your loved ones a happy holiday season full of love and joy!