Tag Archives: save

How To Stop Living Paycheck to Paycheck

Living paycheck to paycheck is more common than you may think. According to this website, over 65% of Americans are living paycheck to paycheck and would struggle to get by if their paycheck was delayed by a week. Why is living this way dangerous? And if it’s so bad, how do we stay away from it? Keep reading to find out.

Why is living paycheck to paycheck so bad? If relying on your paycheck gets you by, some may wonder what the big deal is. Sure, it can be stressful, but it works, right? Wrong.

You aren’t guaranteed your job.

Many people find themselves in the unexpected situation of losing a job, and once that happens, there will be no paycheck to live off of.

You can’t build an emergency fund this way.

Living paycheck to paycheck makes it nearly impossible to build up an adequate emergency fund. This is something you should have in case something unexpected took place, like an accident, unexpected car issues, etc.

It takes a toll on you emotionally.

Living with the stress of not having a backup plan can really have an effect on a person. This stress isn’t good for you mentally or physically!

So, what can I do to stop living this way? You now realize the dangers of living paycheck to paycheck, so it’s time to talk about what you can do to either avoid it or start getting out of it.

Use automatic savings. Having your savings taken out automatically instead of attempting to save whatever is left over makes a big difference. You’ll be less tempted to spend your saved money and your savings will build up much faster!

Differentiate your wants from your needs. There are definitely necessary expenses, like food or a mortgage, but lots of spending decisions can be impulsive and unnecessary. Start by being more intentional with deciphering what you need and what is just an added expense.

Set some goals and have patience.The best motivator is an end goal. Figure out what you are striving for and remind yourself of that whenever you walk away from a purchase. Be patient and trust the process, because saving money takes time!

Find an accountability partner. Talking to a financially wise, trusted friend or family member to hold you accountable is a great way to stay on track and improve your spending habits.

Getting out of living paycheck to paycheck is difficult, but not impossible. The first step is simply to recognize the problem and start making a change. For help with your savings, contact Milledgeville State Bank. We’re happy to talk and help!

Be a Super Saver: Out of the Box Frugality Tips

What’s the secret to having a large savings account? Spending less money is, of course, a simplified answer. But what does that look like in your daily life? We have gathered some out of the box tips that you may have not considered before. Get ready for ideas that will challenge your spending in a new way!

You. Don’t. Deserve. Everything.

This concept is very counter to the message that society places on us every day. Many of us are privileged when it comes to our basic needs being met: food, shelter, and clothing. Yet, we often go beyond this by convincing ourselves that we need items that are really just wants. For example, our spending on food can become destructive to our savings when we convince ourselves that we deserve to eat fine dining on a regular basis when what we really need is a nutritious meal that can be prepared at home. When we muddy the line between wants and needs, we put a roadblock on our savings. Don’t let the danger of entitlement hinder your long term goals.

Volunteer

Many might not realize this, but volunteering is a great way to have free or discounted entertainment. Places like nursing homes will even pay for your movie ticket when you join the residents for a movie at the local theater. Do some research and get connected with volunteer opportunities in your town to learn about how you can make a difference while also getting free entertainment!

Be Prepared for Gift Giving

Do you get stressed when holidays or birthdays seem to be nonstop? By planning ahead, you can make or buy meaningful gifts at a fraction of the price. Last minute purchases can sink your savings quickly.

Start Splitting Meals Out

If eating out isn’t a luxury you want to give up, consider splitting the meal with a friend or your partner. Eating out is expensive and can be very unhealthy. Cut both of these factors in half to keep yourself and your savings healthy.

Cut Out that Gym Membership

We don’t mean skipping out on your health! But gym memberships can be very expensive and there are many on-demand options where you can do programs from the comfort of your home. You’ll also save money on gas, clothes and time.

Adopt a Minimalist Attitude

The best savers have a less is more attitude, even with the belongings they already have. If you have the urge to spend, consider waiting a few days to evaluate if it is a true need. Having fewer belongings around your home can help to clear your mind and oddly help you to refrain from wanting to spend more. There is a phenomenon where the more you spend, the more you want to keep spending.

Get Back to the Library

Support your local library and get that library card renewed! Libraries have so much to offer beyond books like musical instruments, music, games and movies. Why spend money on something that is readily available to you?

We hope these ideas have started to get your wheels turning on how to amp up your frugality habits. Stop on in or visit our website to see what products we offer to make you a super saver.

How Much Money Do You Need to Retire?

retire

Asking yourself how much money you need in order to enjoy a comfortable retirement is difficult. Although it may be a challenge to figure out how much money you’ll need, a true monetary amount is different for everyone. It depends on factors such as where you’ll live, how healthy you are, and what you want to achieve in retirement. For example: travel or try exciting, new adventures. Ultimately, it depends on your lifestyle. But, here are some general guidelines to help you refine your answer.

Figure out your living expenses.

It is best advised to figure out how much you’re actually spending now. Create a budget, (if you haven’t already) to keep track of all your expenses. Doing this gives you the opportunity to see how much you’ll potentially need for your future.

Aim for 80 percent.

Financial experts suggest that you will need at least 80 percent of your income during retirement. For instance, if your salary was $75,000 per year, you may need $60,000 per year when you retire. That amount will vary depending on what you plan to do for retirement — whether you plan to take vacations or retire elsewhere, but 80 percent is a good start.

Use an online calculator.

If you’re having trouble trying to figure out estimates in your head, try an online calculator. Often times they will be able to offer estimates for how much you need to retire. It will also be in your best interest to try a few different calculators because each of them vary on the information it collects — see which one works best for you!

Have retirement checkpoints.

You will always want to make sure you’re on the right track with how much you’re saving. It’s important to know where you stand, and what could be done to further your success. Checkpoints allow you to see how you’re doing based on the progress you’ve been wanting to make.

Save Save Save.

The best thing you can do is save — start early and stay consistent. Amounts will differ based on income, but if you have extra income coming in be sure to deposit it right into your retirement savings account. By saving at a reasonable or consistent rate, you’ll be able to keep an open mind about your retirement and hopefully avoid any situations where you fall short of money.

Saving for retirement may come as a challenge, but with these general guidelines, we hope to help you figure out how much you need to save for a comfortable retirement. Save what you can and decide what you want for your retirement lifestyle. We’re happy to help with any financial questions you may have, so contact us today!

The DO’s and DON’TS of Using Credit Cards

creditcard

Using a credit card is a great stepping stone to help boost your personal credit history. By proactively managing your ongoing finances, you can showcase to potential lenders that you know how to fulfill your repayment promises. What many people don’t know, is that simply having a credit card does not automatically indicate an increase in your credit score. To help you succeed with your credit, Milledgeville State Bank has put together our most commonly asked do’s and don’ts of using credit cards.

DO: Pay your balance in FULL every month or every two weeks.

DON’T: Keep a balance even if the interest rate is low

While keeping a balance less than 30 percent won’t drastically harm your credit score, it’s always better to be safe than sorry. We recommend never spending more than you can pay off each and every month. By keeping yourself to this standard you can make certain to never become a victim of expensive credit card debt.

DO: Choose a card that will compliment your lifestyle.

DON’T: Pick your credit card based of mail or TV offers.

There are countless websites and app centered around helping you find the ideal credit card. Instead of signing up for a credit card through the mail, start perusing sites like NerdWallet to discover which card fits not only your spending but your rewards preferences too! Before you start applying, remember to only apply for a credit card if you need one If you plan on using more than one, wait six months or more before applying for a new line of credit. This will help to keep your credit score on track and assist in preventing any unwanted dips.

DO: Use reward points to save money.

DON’T: Spend more just to get additional points.

While some credit card options certainly do offer some great sign-on rewards, remember that added debt and expenses are never worth the hike in points. The money you manage is yours, and it’s real! While the points are truly a great perk, never let them outweigh the tangible money you currently have in your individual accounts. If you allow this to happen you may find yourself with a mountain of debt, the equivalent of half the vacation you can no longer afford to take.

DO: Have more than one card when you can pay them all off on time.

DON’T: Cancel a credit card without researching its history.

There are certain cards that boast the best rewards when utilized for specific industries, and others that can add extra perks for those all-encompassing purchases. To make the most of these various benefits, we recommend using multiple credit cards for your household’s purchases, only once you’ve maintained a zero balance on one for more than six months. If you feel confident in managing multiple credit cards, you’ll find great advantages of using the rewards behind the various programs and their associated bonus structures. However, if you close a card, always check and see if that card holds your longest history of a credit line. Should that be the case, you may not want to cancel it, as it could create a slight dip in your credit score.

Did you know Milledgeville State Bank offers credit cards too? If you’re looking to boost your credit, or want to begin building your history with a local institution, our dedicated staff would love to help you get started. Simply stop by your nearest location, and we’ll help find the perfect fit for you and your spending.

3 Sure Fire Ways to Save on Travel

savetravel

Still planning that next family vacation, or you and your sweetheart’s upcoming getaway? Milledgeville State Bank is here to help you save as much as possible! We know the internet is flooded with travel savings hacks and hints, however, these three strategies have proven their value time and time again!

Before we jump into these smart savings strategies, we want to offer some affordable inspiration for your next getaway! For example, did you know there are various destinations where your dollar can go farther or other getaways which are less expensive during the holidays? Vacations like these aren’t always the easiest to find, but they’re well worth looking for! Once you know where you want to go, it’s time to implement these supportive saving systems.

Costco Travel – Save MONEY when booking. In our searches for an affordable and fulfilling vacation, we stumbled across this great article detailing the incredible savings offered through Costco Travel. After looking into many of these packages and adventures, we found the savings were almost too good to be true. While you do need to purchase a membership, the savings from your vacation alone far outweigh the expense of the annual cost. (Not to mention the countless savings you can find in store or online too! )
TSA Precheck – Save TIME when traveling. After you’ve saved your money during the booking process, you’ll want to enjoy every minute of your hard earned vacation, even those few minutes (or hours!) at the airport. Instead of waiting in security lines for what seems like an eternity, enjoy a quick and speedy process through the Transportation Security Administration’s Precheck program! After doing one extensive background check and identification, you and those traveling with you, can enjoy the ease of transit for the next 5 years for only $85.00 dollars. If you could miss one flight due to security lines, this membership would pay for itself in saved ticketing fees alone.
FLIO Airport App – Save your SANITY in transit. Sometimes when you’re traveling you end up in an airport you may not have traveled through, but fear not! Before you start searching for you next departure gate, or walking to find the best bite to eat, open up this all encompassing airport app. Filled with airport layouts, restaurant ratings, and flight tracking capabilities, you can manage all your in-route activities with this one helpful hack.

We hope you and your fellow travelers enjoy these tips as much as we do! If you need to setup a designated savings account for your next adventure, Milledgeville State Bank has the perfect solution! Stop by your nearest location, and start saving today!

5 Affordable Summer Vacations

vacation

One of the best things summer brings, aside from the beautiful weather, is time to enjoy with your family. Whether that’s planning a fun weekend adventure, or carving out a week to go exploring, your kids are sure to remember these getaways for decades to come. After years of trial and error, we’ve discovered some ideal destinations where you can stay in budget while enjoying all the perks of your family’s time away.

Wisconsin Dells, USA

This midwestern hot spot is filled with many of the nation’s premier water parks. With options at every price range, many resorts include park passes and discounts on other area activities. For those looking to save some extra funds, we recommend finding accommodations with a kitchenette. This added feature allows your family to cook meals instead of having to eat out at pricier restaurants, plus the kids will appreciate the extra time in the pool!

Tamarindo, Costa Rica

One of the most difficult parts of organizing a vacation is finding all the activities for you and your family to enjoy. At GO Adventures in Tamarindo, they have a bit of everything for your little ones to experience. Back at the hotel, they can run across award winning beaches, and spend the day relaxing in the sand. For those days you want to venture out, there is always an endless supply of options, and not to mention delicious food!

New Orleans, USA

This city is filled with a rich and vibrant history perfect for family vacations. With countless historical tours, you and your little ones can learn about the history of the South while enjoying some truly decadent dishes! Exciting excursions such as airboat tours and crocodile encounters will give your kiddos stories they’ll be anxious to share back home! For added savings, we recommend booking a home rental to avoid costly hotel fees and save some extra money by trying out your own creole recipes.

Vancouver, Canada

This vibrant town, just north of the border, is filled with fun and flavor! Enjoy all the best bites and adventures alongside your family at the Granville Island Public Market, and then take a walk through the Vancouver Aquarium, to watch your children learn all about Canada’s sea creatures. No matter what you and your family decide to do, you’ll be warmly greeted throughout one of the happiest cities in the world. Just be sure to remember your passport!

Austin & Waco, USA

These two sister towns are separated by just over 100 miles, but offer fun-filled activities in both locations. By combining the two cities for this memorable trip, your family can step on the set of Magnolia Market and savor the mouth-watering taste of Franklin Barbecue, all in one fell swoop. Austin will provide an endless list of new restaurants and tours, while Waco can set the tone for the ride home with classic family-fun that the whole clan can enjoy.

Wherever your summertime travels take you, Milledgeville State Bank is here to help safeguard you and your finances while you’re away.