Tag Archives: budgeting

Renovate Your Home Without Breaking the Budget

renovation

Are you ready to mix things up in the design of your home, but not ready to burn through your precious money to do so? We know some tips and tricks that will allow you to revamp the look of your home without going overboard on price. Keep reading to find out how!

Improve the Lighting

The lights in a room can drastically affect a room’s tone. Swapping out those harsh, flickering lights for softer, warmer lights will give your room a more comforting feel. Another lighting trick is to hang mirrors in rooms that need to be brightened up. Mirrors make a room look bigger and increase the light throughout the room.

Removable Wallpaper

Although wallpaper might’ve had a bad reputation in the past, the new, improved and modern versions of removable wallpaper make changing your space affordable and simple. The best part is that it goes on easily and comes off with no damage to the walls, allowing you to change up a room at the snap of your fingers. Click here to check out one brand of removable wallpaper and see if it’s just what your house needs.

New Cabinet Handles or Faucets

Updating the handles on your cabinets or the faucet of your sink can make a world of a difference. New and modern handles have the ability to completely change the look of your kitchen or bathroom, and they aren’t a big investment. Replacing your old kitchen faucet with a sleek, contemporary one can give your kitchen a whole new look.

Rearrange, Don’t Repurchase

You don’t have to buy all new furniture in order to make your living space more attractive. Search the Internet for furniture setups that fit your room, and try rearranging your furniture to match. Sometimes something as simple as changing an item’s location could improve the look of a room.

Paint the Front Door

Upgrade the outside of your home by putting some primer and a few coats of exterior paint on your front door. You could choose a bold color that would catch a passerby’s eye, like red, or go for a modern look like black. It’s also a simple fix to add a door knocker or update the handle. Research suggests that updating your front door can increase a home’s value as much as $8,000!

We hope these money-saving renovation tips will allow you to give your house an upgrade without burning through your wallet. More questions about renovation on a budget? Give us a call and we’d be happy to help.

Budgeting Basics: How to Save on Inconsistent Income

budgeting

While budgeting for a fluctuating income can be difficult, Timberwood Bank is here to help offer a few strategies to lessen the madness. Finding a process to help soften the blow of the months where revenue drops is a perfect solution. Check out the following rules you should follow when living on an inconsistent income.

Know Your Baseline

Always having an idea of your lowest point for income will help you prepare for the months where fewer dollars come through the door. You’ll also need to know your bare-bones budget, as in how much money do you need that month to make it through – like groceries, utilities, rent, childcare and so on. By knowing the minimum amount of money you need, you’ll be able to compare that to the minimum amount of money you’d potentially make that month. This will help you know what costs to cut, so you can break even!

Build Your Rainy Day Fund

Your emergency fund is there for times like this. If your income is fluctuating, you will need to prepare for the unexpected. The general rule of thumb for your rainy day fund is to accumulate three to six months of living expenses. Work on building up to the six months, and then add a little more for a buffer, in case your income is lower for a longer period of time than expected. This will save you from having to dip into a savings account if a large expense comes your way.

Give Yourself A Grace Period

It takes time to get into the budgeting rhythm, so don’t give up the first month if you don’t hit your goals. Keep your eyes on the prize and learn from your budgeting mistakes. If your income is unpredictable, it doesn’t mean your budget has to be. Utilize apps on your phone or make an old school spreadsheet – whatever works best for you! These tools will help you keep track of expenses, so you can stay on target as the months pass.

Spend Based Off Your Lowest Paycheck

When your income fluctuates from paycheck to paycheck, depending on how many sources of income you have, try basing your budget on your lowest paycheck. This will help you learn to keep your expenses low, while offering extra cash to pay off debt or add to your emergency fund.

We hope these budgeting basics help you continue to save and stay financially sturdy with an income that rises and falls. If you’re looking for a safe place to keep your savings, we have a savings account option for you! Timberwood Bank also offers different solutions to grow your money, so feel free to discover more about the benefits of banking with us.

Eat This Not That

Save Money

Like many Generation X’ers we grew into adulthood alongside this viral diet book, which showcased the epitome of dieting in the late 2000’s. Now a decade or two later, there are still some relevant tips and tricks we’re excited to share here. See how Timberwood Bank can help you switch up your spending, by eating THIS instead of THAT, to put some extra bang in your buck.

 

  1. EAT Dried Beans NOT Canned Beans: While many Americans are used canned beans as a pantry staple, you can save more than 50 percent when you take the time to cook with dried beans instead. According the Bean Institute, dried beans typically run about $0.15 per serving, with canned store brands bean coming in at $0.34 per serving, and your national brand of canned beans costing approximately $0.48 per serving. Additionally, if you cook your beans in a stock you can add additional flavor to your dish for only pennies per serving.
  2. EAT Bulk Sized Snacks NOT Pre-packaged Portions: When trying to pack a child’s lunch, or meal prepping for yourself, it can be easy to turn to those pre-packed time savers. However, if you’re looking to lessen your grocery spending for the month, we recommend buying your family’s go-to snacks in bulk. Great retailers such as Sam’s Club, Costco, and Amazon offer great bulk pricing to help your household reduce their monthly expenses.
  3. BUY Store Brand NOT Name Brand: Speaking of name brand, forget your brand loyalty and seek out the options that truly stretch your dollar the farthest. Great pantry staples like canned tomatoes, sugar, flour, stock, etc are consistently less costly than their national brand counterparts. Enjoy those extra dollars somewhere else in your budget, and see how much you can save off your grocery bill using this simple switch.
  4. EAT Bread & Butter Roast NOT Flank Steak: Although these two cuts come from differents parts of the cow, they do offer very similar tastes. The bread and butter roast runs typically a few dollar less, but is still just as tender and buttery when sliced thin. Both options offer a great beef taste, however when shopping for the entire family, this bread and butter alternative could save you several dollars per person!
  5. EAT Ground Pork NOT Ground Beef: Many people are familiar with ground pork when it comes to meatballs or brats, however, did you know you can supplement ground pork for beef in many other recipes? Something as simple as Hamburger Helper can be used just as easily with this more affordable alternative. If you purchase the ground pork unseasoned you can ensure it only has the flavors you and your family want, compared to it’s spicy italian sausage counterpart.
  6. EAT Frozen Pizza NOT Delivery Pizza: Often you can find a frozen pizza at your local discount grocer for approximately $3.33 each. However, if you choose to purchase from a national chain you could be paying as much as $10.99 for a medium pizza depending on  your brand. An added benefit of frozen pizzas is the sales cycle of many chains. If you wait until this frozen entree goes on sale you could snag them for as little as $2.50 each or less!
  7. EAT Frozen Fruits and Vegetables NOT Canned Fruits and Vegetables: Not only do these frigid foods save you money but calories too! While the canned items can offer more convenience, they typically contain syrup or oil to help keep the produce fresh. Avoid these extra calories and costs by purchasing the frozen option instead.
  8. EAT Whole Chicken NOT Rotisserie Chicken: This change-up is purely time related. You can cut the cost of your meal in half or more by taking the time to roast your own whole chicken at home instead of purchasing one which has already been prepared. While you may need additional ingredients such as olive oil, herbs, and spices, they come at a fraction of the cost, and can be used for countless other dishes in your kitchen. Not to mention you can make your own stock with the scraps!

 

We love cooking, and we can’t wait to hear how these tips and tricks can help your family succeed! Be sure to share your favorite success stories and recipes on Timberwood Bank’s Facebook page. We’d love to see which hacks have helped your household the most.

Money Advice from the Movies

Financial Advice

Occasionally, even the best movies hold fantastic financial advice. We love these classic films and their timeless tales. At Timberwood Bank we’re excited to share their hidden financial advice, and help you make the most of your money-management, (while cluing you into some great movies to watch along the way!)

 

“You… you said… what’d you say a minute ago? They had to wait to save their money before they even ought to think of a decent home? Wait? Wait for what? Until their children grow up and leave them?” – It’s a Wonderful Life, 1946

 

Just like this movie’s protagonist, our lenders at Timberwood Bank believe you should enjoy your home as soon as you can instead of waiting to pay for it in full. Our dedicated team of mortgage professionals are here to help you find the ideal lending solution to purchase the perfect home for your growing family. Instead of waiting ten, fifteen, or twenty years down the line to purchase your first house, stop in today and discover your home ownership potential.

 

“One more thing, they don’t want to pay taxes again, ever.” -Armageddon, 1998

 

Just like the heroic men of this movie, we understand you don’t want to pay any more taxes than you have to. While we can’t help you eliminate having to pay taxes, helpful savings accounts such as a Roth IRA, can assist you in legally avoiding extra taxation later in life. If you’re curious and would like to learn more about our savings account options, stop by today!

 

“You know why the Yankees always win Frank?” “Cause they have Mikey Mantle.” “No, it’s ‘cause the other teams can’t stop staring at those… pinstripes!”  -Catch Me If You Can, 2002

 

Instead of choosing your personal loans or mortgages based off of flashy deals or specials, choose a reliable lineup with our team of community focused professionals at Timberwood Bank. Our goal is to help you have the best experience possible alongside our local lenders, without the need for door-buster deals. Before you start your search for financing, ask yourself if you’re searching for the ideal teammate, or if you’re just staring at those dang pinstripes.

 

“The moment you become embarrassed of who you are, you lose yourself. I changed the house, the way I dressed, the way I ate – and for what?” -Oceans 13, 2007

 

If you haven’t heard already, keeping up with the Joneses is overrated. A high amount of debt, low savings, and never feeling like you have enough; there aren’t many upsides to this eternally competitive contest of who has what. Instead of trying to compare and contrast your belongings, instead focus on the experiences and essential items that mean the most to you and your family. These fundamentals can help you structure your financial well-being and focus your earnings on things that mean the most to you, not your neighbors next door.

 

We love the movies showcased above! Are there any movies you find yourself watching time and time again? If you notice any great financial tips or tricks, be sure to post them to our Facebook feed. At Timberwood Bank we’re always searching for new and exciting ways to help our customers save!

3 Sure Fire Ways to Save on Travel

Budgeting

Still planning that next family vacation, or you and your sweetheart’s upcoming getaway? Timberwood 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.

 

  1. 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!)
  2. 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.
  3. 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, Timberwood Bank has the perfect solution! Stop by your nearest location, and start saving today!

Nature v. Nurture: The Psychology of Spending

Spending Habits

If you’ve ever taken Psychology 101, you’ve probably heard the argument for nature v. nurture. In this multi-century discussion, psychologists have debated whether a person’s genetics or environment make a greater impact their personal behavior. At Timberwood Bank we’re excited to share our take on this timeless debate, and share how nature and nurture affect your spending habits.

The financial traits which we see as more nature based are:

  • None

Are you surprised? Contrary to many personal opinions, financial lessons and preferences are 99.99 percent teachable. This concept is backed by an interesting study in which children were given one marshmallow immediately, but were given another if they could occupy themselves until the tester returned to the room. Researchers found that the kids who were able to wait to receive the second marshmallow went on to have more successful ACT scores and other measurably improved personal relationships. This information is particularly interesting due to the fact that delayed gratification is a skill, which can be taught from a young age.

Delayed gratification is one of the initial skills learnt for financial education in the form of savings. For this reason, it is practical to begin a child’s understanding of finances with this particular task, however, there are many other aspects of managing your money that can be tied to these initial skill sets as well.

The financial traits which we see as more nurture based are:

  • Whether you prefer to save or spend.
  • The specific items you enjoy saving or spending for.
  • Your skillset for prioritizing tasks and expenses.
  • The desire you have to compare yourself to others.

While the list of nurtured traits could go on for miles, the important fact is that like any other skill, fiscal education can be learnt through practice and continued repetition.

If you want to grow your personal financial skills set, we recommend starting with a household budget and saving plan. By committing to these two monthly activities you can start to build a foundation of learning to ensure you are adhering to the best financial practices.  As you grow your understanding of finances, adding in a retirement savings plan and debt repayment schedule can be valuable steps to gaining your financial freedom.

To start teaching your child these valuable lessons, we suggest great activities (like these) to help them understand the value of waiting. Simple games such as Mister Noodle can provide valuable comprehension for your child early in life.

Fix-Up Your Budget

Budgeting

HGTV’s latest hit show, Fixer Upper, has fans and home buyers looking for new ways to save and restore old homes. While Chip and Joanna have become experts in home renovation, they’re not too shabby when it comes to finances either. Using their home building skills and our banking knowledge we offer these top tips to help fix up your budget in 2017:

  • Build a Strong Foundation

Just as a home cannot stand without a solid base, neither can your personal finances. To begin building the foundation to your finances, it is imperative to start a monthly budget. This system can help you organize how much money is coming in and out each and every month, allowing you to allocate funds for both spending and saving.

  • Make the Most of the Unexpected

Shiplap has become a household word thanks to Joanna’s love of this Texas home material. Often covered up by sheet rock, it is always a great find to add something special to the house. Similarly, should you uncover any income that you weren’t expecting, we suggest making the most of it by contributing to your IRA or other savings fund.

  • Take Advantage of Open Space

It seems every time Joanna finds a wall in a home project, you hear the words, “Open space.” By constructing areas that are connected instead of separated, she’s uncovered a way to not only make a home more welcoming but your spending too. Add this concept into your budget, and enjoy the feeling of flexibility in your monthly allocations. If your household remains stocked from bulk ordering, or your entertainment is your kiddos for a month, embrace those savings and shift your spending to another room of the house.

  • Always Take Free Advice

Chip and Joanna offer endless tips and tricks to their home flipping business. Always full of great ideas, and sage advice, these two make a consistent effort to give their viewers a leg up on their next home project. Similarly, our team at Timberwood Bank wants to help you work to achieve your next financial goal! Whether it’s saving for your first home, purchasing a new vehicle, or setting a plan for your retirement, we’d love to offer our experience to help make your financial dream a reality.

 
Whether you watch Fixer Upper every week or are just starting this addicting series, we hope you keep your eyes peeled for other great financial tips. You may find more money management advice than you’d think!

 

How to Plan Spring Break on a Budget

Spring Break

Spring break is a magical time of the year when school is out, the beaches are calling, and wanderlust seems to finally hit at full force. Before you jet-set to your next destinations, make sure you’ve saved enough to enjoy this vacation, without the addition of debt. To help cut the costs, but not the fun, Timberwood Bank offers these proven money saving tips:

  1. Split Costs – Make the most of your money, and divide the cost of a room between you and your fellow friends. Paying $150 a night may be a high price tag, but by splitting the cost, you can stay twice as long!
  2. Drive Instead of Fly – If your traveling troop decides to book a trip abroad, then this tip may not apply, but for eager spring breakers traveling south, driving instead of flying could save you hundreds!
  3. Try Alternate Accommodations – Who says a hotel is the only appropriate place to stay. With innovative new offerings on VRBO and Airbnb, you can find deals that not only save you money but offer a more unique setting than traditional accommodations.
  4. Get Groceries – One of the most expensive parts of a vacation is the food. Cut down on this cost by hitting up the local grocery store when you arrive. You can grab breakfast items, and other easy foods to prepare to avoid exorbitant dining fees.
  5. Maximize Free Activities – Things like going to the beach or relaxing by the pool can be both enjoyable and cost effective. Since there are typically no entry fees, you can enjoy this fun-filled relaxation again and again.
  6. Bring Your Own- Everything is more expensive on the beach. Food, drink, shade, you name it! Instead of purchasing everything ala carte, pack a reliable beach kit, with everything you need for the day. Don’t forget sunscreen!
  7. Utilize Your Rewards – What’s the point of having travel rewards if you never use them? By putting those points to work, you can cover the cost of your flight and/or room, and reserve your money for food and fun.

6 Steps to Scoring Your Savings Goal

Savings

Do your savings goals make you feel frozen? Get back on the ice this season, and let Timberwood Bank help you win your personal financial game. We’ll show you how to keep pushing forward with these strategic hockey tactics:

Find the 5-hole.

One of the first and most important ways to save is to keep your eyes open! Whether it’s taking advantage of grocery store specials, buying household items in bulk, or cutting spending from your monthly budget, the biggest opportunity you have while saving money is continually searching for new ways to save.

Complete the hat-trick.

Before you start saving for the short-term items, be sure you have the long-term set in place. Just as in hockey, there are three things you need, to make the best play of the game. Start by setting up an emergency savings account, to help guard your savings. Follow up by opening a personal retirement account such as IRA, to continually grow your savings. For the last trick of the play, we suggest creating a 529 or Coverdell account to help save for your child’s future education. These three accounts will help not only you score your savings goals but will assist you in winning your entire financial game as well.

Put your debt against the boards.

Show your debt whose boss, and push them against the glass. By aggressively paying off your outstanding debt, you make additional funds available to further your monthly savings. We recommend paying the minimum payment on each debt, and then using any surplus funds to add extra payments to help pay it off sooner. Once you have paid off a debt, use the funds from that allocation to help erase the next obstacle, one payment at a time.

Place your spending in the penalty box.

While working on your savings goals, look into your monthly spending to see where you can cut costs. Consider reducing your funds for eating out and entertainment. The extra money can go towards your debt, or once paid off, can help you achieve your savings goal sooner!

To help, there are some innovative apps available that can you visualize your various expenses.

Beat the buzzer.

Saving for retirement is a marathon, not a sprint. Like hockey, if you don’t play until the end, you may lose the game in the last five minutes. To help prevent this, we recommend working with a personal financial adviser, ensuring your funds are in the right place at the right time. If you make a pass and transfer them to stocks too late, you could lose money and valuable time. We suggest creating a strategic and well-coordinated retirement plan to make certain all your savings get time on the ice, and your key players continue to stay in the game.

Drop your gloves for additional fees.

Whether it’s big banks searching for unnecessary add-ons, or potential financial advisers looking for a percentage of earnings, don’t be afraid to negotiate fees you deem excessive. The business is certain to have referees to let you know if you’re asking too much. However, it never hurts to ask!

With our affordable deposit accounts and expert financial coaching, we look forward to helping you sink your upcoming goal in the back of the net! Stop by and meet our dedicated team today!

The Cost of Kids: How to Plan for Your Growing Family

Family Budgeting

At Timberwood Bank, we understand that adding to your family may not only be an emotional decision but a financial one as well. With the growing costs of childcare alone, it’s important to have a well-rounded plan for covering the expenses of your expanding household. In order to plan most effectively, we recommend structuring your budgeting into these three stages:

Beginning or Before Pregnancy: Examine your current health insurance to determine an estimate of cost for both prenatal care and delivery expenses. While many insurers offer prenatal care at no or little additional cost, the price for delivery can be complex. Study your monthly premium, annual deductible, and out-of-pocket limits for the calendar year to help establish these cost before the baby is delivered.

After Birth: Once the baby is born, there will be traditional costs such as health care, food, diapers, clothing, and more. However, many new parents also spend more on take-out meals to help lessen their time cooking. These expenses, along with a decrease in income for parents on maternity leave, can cause many parents to slide into debt. To help alleviate the burden of these growing figures, we recommend creating a monthly budget to designate every dollar to a purpose. By allocating a specific dollar amount to each area of your spending, you can ensure that all of your costs are covered while also planning for the future.

During the First Year: As your child continues to grow, the costs for new clothes and equipment will continue to grow with them. Many expectant parents can spend upwards of $16,000 during the first year of their child’s life, and variables such as location, number of children, and other factors can contribute to the overall costs as well. When possible we recommend saving for each step in your child’s growth. From birth to three month’s they’ll need many one-time purchases, but during the later stages, you may have adequate time to save for each time period’s necessities.

Continue to grow your finances as you grow your family using Timberwood Bank’s trusted deposit services. We’ll help you organize your funds, and make the most of your savings.