Tag Archives: save money

How to Buy a Car – and Actually Save Money

Is your current car on the fritz or have you been eyeing that shiny new Jeep you see parked at a dealership on your way to work every morning? If you’ve been hesitant to buy a new vehicle because you’re worried about it costing too much, here are some ways that you can get the car you’ve had your eye on while still saving money.

Get Pre-Approved

Before starting your search, you should get pre-approved for a loan. It’s important to know what limit you can qualify for and match that up with your monthly budget. It has been estimated that your total auto expenses should not exceed more than 10 percent of your yearly income. This includes the loan, insurance, maintenance and interest. When you know your limit, you can stop yourself from gazing at cars out of your price range that you may have otherwise talked yourself into buying.

Sell Your Current Car

Many times the dealerships will ask for you to trade in your vehicle in order to get a “better” deal on the new car. However, you can typically get more for the auto if you sell it privately. This may cost you some additional time to fix anything major with the car, as well as listing it in the local classifieds. The dealership will turn around and sell the car for a profit anyways – shouldn’t that extra money be yours to put towards your new wheels?

Shop Around

You are your best advocate when it comes to finding and buying your new car. Don’t make any decisions right away. A smart way to start looking is searching at the average value of the car you are wanting. Look at reputable sellers online to see what the cars are typically going for, so you don’t find yourself getting swindled by a dealership transaction.

New to You Is Often More Valuable

The minute a car is driven off of the lot, it loses a significant amount of value. Often, the newer cars aren’t necessarily any different than ones a from few years prior in terms of features. Consider buying Certified Pre-Owned vehicles to save yourself hundreds or thousands of dollars.

Be Wary of Extended Warranties

Many dealerships will push heavily for you to have an extended warranty because this is how they make a large portion of their money. It is of course your choice on whether or not it is worth the risk of not accepting the warranty. However, many times these extended warranties are mute in comparison with the manufacturer warranty. They are usually very expensive and do not make it worth your dollar in the long run.

Allow us to help you with a big purchase like this – we’d be happy to speak with you about our options.

The 10 Best Things to Buy at the Farmers Market

Saving Money

One of the things we enjoy most during produce season is the delicious and money-saving weekend Farmer’s Market. Just about every community has their own local growers, and no matter where you are there’s sure to be some delicious baked goods as well. This season, our team at Milledgeville State Bank would like to share our favorite finds which brighten up our kitchen and keep a few extra dollars in our pockets.

The first thing you’ll want to do before shopping at any Farmers Market is to find a good reusable tote, (or wagon if you plan on purchasing a lot,) along with a predetermined amount of cash to help budget how much you spend with the various vendors. Once at the market, it’s a good idea to do a quick lap around to see what items are being offered from each vendor. Then, you can go through and decide which produce you want to buy and where.

Here are the top 10 items we look for while shopping at our local Farmers Market:

Honey: Did you know honey is one of the very limited products of nature that does not spoil? It’s eternal shelf life not only gives you an endless amount of time to use it, but it’s delicious too! Find a local honey provider who can ensure you’re getting the best product your area can offer, and add it as a sweetener to numerous recipes.
Heirloom Tomatoes: These delicious beauties aren’t commonly found in your home improvement stores while out shopping for plants or seeds. When you find them at the market, they may be a bit pricier than the traditional varieties, however, their complexities and flavors will make your dishes come to life!
Cucumbers: Did you know that it is cheaper to make your own pickles compared to buying them at the store? Grab up four or five decent sized cukes, an onion, and some dill the next time you’re at the Farmer’s Market, and give it a try!
Hot and Sweet Peppers: When these guys are in season, we love trying as many varieties as we can! Not only are they cheaper than their grocery store counterparts, but they taste significantly hotter and sweeter as well!
Onions: Have you ever seen a green onion with a bulb bigger than a quarter? You’ll enjoy these and other delicious delicacies, which give you a better bang for your buck! Be sure to take a look at all the varieties of onions available, as you may just find a new favorite. So long as they’re stored in a dry cool place, you can keep fresh onions for several months!
Rhubarb: There’s something about this especially sour vegetable. Sweet and crunchy, it offers a fun twist to many fruit dishes, but grocery stores rarely seem to carry it. Be sure to stock up this season, as this delicious vegetable can be frozen or canned easily.
Lettuce: Cut and go varieties will be seen year round at Farmer’s Markets. With many varieties available, now is an affordable time to taste and tweak your favorite salad recipes.
Berries: You name it! Strawberries, blueberries, huckleberries, whatever delicious morsels you can find are at your nearby Farmers Market are well worth the cost. These tasty treats are some of the region’s favorite sweet staples and are perfect for snacking.
Baked Bread & Jams: Be sure to sample home baked treats throughout the season, and enjoy the different flavors the market has to offer. Great products, such as buttermilk bread, offer mouth-watering twists on a many timeless classics.
Flowers: Compared to your area grocery store or box brand, these Farmers Market flowers are sure to stop you in your tracks. Not only do they last longer, because they’re picked locally, but they tend to cost less, and offer a more regional variety.

We wish you luck on your next Farmers Market outing, just be sure to stick to that budget, and enjoy all the tastes and smells the market offers. Happy shopping!

5 Strategies to Shrink Debt

Personal Finance

Minimizing your debt can always seem like a mountain of to-do lists. With various recurring payments, differing interest rates, and due dates that never seem to end, if you feel overwhelmed, you’re not alone.

While having a credit card, or other outstanding debt, isn’t a situation anyone wants to find themselves in, a surprising 38.1% of American households carry credit card debt. Couple that with a total household debt average of $134,643.00 and the idea of debt starts to seem more common than you’d think!

While we know that having debt isn’t always the best solution, but Milledgeville State Bank is here to help you conquer it. We’ve found five proven ways to reduce your debt, and stop your spending process from adding more! Take a look at the five tools below, and see if they help you become debt free!

Find New Ways to Save: Whether it’s reducing your grocery bill, finding more affordable clothing options, or simply turning to the cash-only budget. There are numerous ways you can save. In fact, we recommend blogs such as The Simple Dollar, Making Sense of Cents, and Penny Hoarder to continue bolstering your savings knowledge.
The Snowball Method: This is by far our favorite way to reduce your overall debts. While you may need to start with finding some new ways to save, once you can allocate some extra dollars, you can put this effective method in action, eliminating your debts. Simply pay the minimum amounts on all outstanding balances, and then using the surplus funds, add to your smallest payment to help pay it off sooner. Once your smallest debt is completely paid, you can rollover the funds being used for that into your next largest debt and so on. Repeat this process until all the debts have been paid off.
Refinance Your Current Loans: The snowball method will help you erase debts one by one, however, using this other strategy you can see about reducing those payments in one quick action. Speak with one of our dedicated lenders to see if your home mortgage or personal loan can be refinanced at a lower rate to save on monthly payments. This may make a small dent, but every little bit counts!
Freeze the Credit Cards: In order to proactively prevent yourself from overspending, freeze all credit cards you currently have in your possession. This step helps you to force yourself to spend only what you have. If you decide to use cash only, the envelope system may help you save even further!
Set Up Automatic Transfers: This one simple trick can save you hundreds each and every year! By using your online banking as a resource, you can create an automation to ensure you are never tempted to spend those extra dollars. Instead of waiting for them to spend, allocate them in your savings plan, and tuck them away for paying down debt or building your emergency fund to eliminate emergency debts.

However you and your family decide to decrease your household’s debt, Milledgeville State Bank is behind you! We’d love to talk about your family’s financial goals, and help you identify the best tools to help you get there. Give us a call, or stop by your nearest branch to get started today.

How to Shave Thousands of Dollars off Your Mortgage

Mortgage

Congratulations on purchasing your home. You are now privileged to enjoy the thrills of home repair, maintenance, and occasional renovation. Depending on your mortgage structure, you may be paying off your home for up to thirty years. Luckily Milledgeville State Bank has some tips and tricks to help you reduce your repayment time. Using these three strategies, we’ll show you how to pay off more of your principal to decrease the term of your loan, and lessen your overall interest costs.

Method 1: Making Additional Payments

In addition to your regularly scheduled payments, making extra installments can help you knock down your principal and associated interest. These additional amounts can be paid on the same day as your scheduled portion, or they can be more frequent throughout the month as funds become available. If you find yourself having a surplus in your budget, a great option would be to use those dollars as an additional mortgage payment.

Method 2: Increasing Your Monthly Payments

As you make your mortgage payments each month, create a plan for how much you can add on top of your regular installments. Similar to method two, these subsequent funds will continue to help you pay down your principal amount, and lessen the amount of interest owed for the life of the loan.

Method 3: Making One Lump Payment

Sometimes if you’re refinancing or purchasing a home, you may be trading an old mortgage for a new one. In this case, we recommend making one large installment after closing. This not only pays off a large portion of your loan but brings your overall interest accumulation down as well.

Owning a home is an exciting and well-earned milestone, however, the additional costs of ownership can raise questions. If you’re curious about the most efficient way to pay down your mortgage, stop in and speak with one of our experienced lenders today.