Tag Archives: budgeting

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.

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)
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)
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)
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)
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.

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.

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!

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.

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!

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!

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!