Monthly Archives: September 2019

How To Set Up Your Holiday Budget

budget

The holidays set back many Americans into debt every year. Last year, the average incurred per person was around $1,000. It’s never too early to start deciding what your holiday budget will be so that you aren’t fretting over overwhelming debt in the new year. If you haven’t set up a budget before, the holidays are a perfect place to start. 

1. Start with what you have. 

Every budget should begin by calculating what you have. This means having an exact tally on what income you and your household bring in each month. If your income is irregular, take the average of what you have brought in the last few months. You can’t know how much to budget for if you don’t have an idea of what you have coming in each month. 

2. Take note of every current expense. 

What are you really spending each month? Some people like to play the “ignorance is bliss” game, but it makes having a budget and comfortable savings nearly impossible. Review your bank transactions from the last few months and write down every bill you can expect to come in. What are you spending your money on? Are there areas where you can cut back? Some people don’t even realize how many subscription services they are signed up for and these monthly dues add up. Organize all of your bills either in an online spreadsheet or a piece of paper. 

3. Calculate the surplus.

Now, take that income and subtract your monthly expenses. Do the numbers surprise you? Whatever is left over doesn’t mean you can spend it all on the holidays. You need to now categorize the additional money. 

4. Allot an item to each dollar. 

Every dollar in your bank account should be accounted for – whether that be emergency savings, bills or holiday shopping. It’s up to personal preference, but you should consider what your goals are beyond the holiday season before you contribute a large amount of your savings towards the season. 

5. Plan!

Now that you know how much you are willing to save and spend on the upcoming holidays, it’s time to get specific on those purchases. If you’re buying gifts for people and this is a top priority for you, set a dollar limit on each person. If food or traveling this season is more important to you, set a limit. Being over-prepared can take the stress away from this fun time of year. Knowing your limits will help to challenge you in creativity and self-control. 

If you need help setting up a savings account, give us a call so you can be ready for this holiday season!

Be Giving This Season Without Giving All Your Cash Away

present

You don’t have to have extravagant wealth in order to take part in the season of giving. Being charitable means “relating to the assistance of those in need”. While a charitable gift of money can definitely be helpful, there are many other meaningful ways to give that leave a lasting impact on a family. These are some of our favorites. 

Donate Your Time

Time is a hot commodity and few give freely. There are many organizations in the area that would love an extra set of hands to help them with their community outreach. If you’re not quite sure where to start, look into hospitals, homeless shelters, soup kitchens, animal rescues and nursing homes. Many of these facilities are understaffed and could use all hands on deck. 

Part With Quality Clothing

Sure you can clean out your closet to donate clothing items that have a stain or even a small hole. What’s more of a helpful gift of charity is to part with quality items to people who cannot afford it. Maybe it’s business attire so that others can have a nice outfit for an interview or another one of your favorite clothing items that will put a smile on someone’s face. 

Plan an Event

Do you have a talent for event planning? Why not plan a charity or fundraising event? There are nonprofit organizations that would love your help with planning the next event. Some like Soles4Souls will even provide all of the materials you need to have a successful event. 

Learn a Craft

Have you always wanted to try your hand at knitting or woodworking? Whatever your interest or passion, it can be turned into charity by selling the items and donating the proceeds to someone you know personally that is in need or to your favorite charitable organization. If you don’t want to learn a new craft, think about your current skills or talents. You may be able to donate your services to someone, whether it be photography or doing someone’s taxes. 

The great thing about giving is that there are so many ways to make a difference in someone’s life. Giving isn’t an activity solely for the rich, but for the fellow neighbor who wants to leave a positive mark on the world around them. We can help you learn how to save money in other ways, give us a call today!

10 Inexpensive Ways to Decorate Your Home for Fall

fall

Fall into the season without falling into debt! You can have a cozy autumn vibe without breaking the bank. The pictures that you look fondly on in magazines doesn’t have to be a “someday” home goal if you follow these simple tips. 

1. Nature’s Touch

It’s a beautiful time of year. Take it indoors! The simplest touches of nature can bring the best parts of fall into your home. Keep an eye out for twigs, leaves and even acorns. Twigs can be put in tall vases as a centerpiece on your table. Throw some of the bright orange fall leaves in with it for a pop of color!

2. Thrifty and Fun

Even if you aren’t the most creative person, there are often many stylish decor items for every season at thrift stores. Keep an eye out for picture frames that you can paint fall colors, artificial fall flowers and retro signage. 

3. The Classic Smell

When you think of fall, what smell comes to mind? For many, its apples, cinnamon and pumpkin pie. Bringing that smell into your home will immediately make guests feel like they are in a fall atmosphere even without extravagant decorations. Buy a low-cost candle or get baking to bring in the smell of sweet treats to your home!

4. Dish Towels

Dish and tea towels are one of the cheapest ways you can add a touch of fall to your kitchen. At some department stores, you can find tea towels for a few dollars that have cute fall sayings or pictures. Hang them from your oven or refrigerator handle as decor. 

5. Paper, Not Plastic

There is so much that can be done with paper. The best part about it is the low cost! Look online for pictures that give you all of the good fall feelings. Print them out and place them in a picture frame that you found from the thrift store!

6. Plan Ahead

While it won’t be decor for this year, you may want to consider shopping the end of the season sales to stock up for the next year. 

7. Chalk It Up to Fall

The good news is, chalkboards are still in! You can write fall quotes or draw a nice picture of fall if you have the skillset! If you’re new to the DIY world of chalkboard paint, check out these tips to get started. 

8. Autumn Scarves

You likely already have scarves in your closet that have some kind of color synonymous with fall. Use them to decorate your centerpiece or as a tapestry on the wall. 

9. DIY Pillows

Having a few throw pillows can really make your living room or bedroom pop! If you don’t want to spend the money buying brand new pillows, make your own pillow covers with low-cost fabric.

10. Pack a Punch with Pumpkins

Pumpkins are probably the best thing you can do to really make your home scream “fall” without it breaking the bank. Keep an eye out for roadside stands for some of the best deals. It doesn’t have to be big orange pumpkins. There are so many different types of pumpkin colors and gourds to make your home say, “Welcome to fall.”

Make your home everything you want it to be for fall without taking a hit to your savings account. For more information about our savings account options, contact us!

6 Ways to Ditch Your Bad Money Habits

money-habits

Too many Americans have poor money habits. Do you resonate with this in the way you spend and think about money? Perhaps you were never taught financial literacy in school like many others. However, there’s no time better than the present to start learning and why not learn it from the experts at Timberwood Bank? These are tried and true ways to say goodbye to bad money habits. 

Track Your Spending

It’s easy to overspend if we don’t really know that we are overspending. If you don’t take a close look at what’s coming out of your bank account on a recurring basis, you may be even more hesitant to purchase unnecessarily. Set a date of the week to review your purchases. A good day might be a Sunday so that you can review what you spend the week prior and take note of how you can improve. Ignorance does not equal bliss when it comes to finances. 

Choose Growth Over Convenience

So many of us love the convenience of fast food or the ability to have nearly anything you want delivered to your front door in a matter of days. This has the potential to create some negative financial consequences. We challenge you to choose to grow your finances over convenience. Too often, we rationalize that the convenience is worth paying a higher dollar amount. We can promise you that it’s not. 

Stock Up On Essentials

Your house is likely always in need of toilet paper, dish soap, laundry detergent and perhaps a few other items. You know these are items that your household needs to function, so why is it that so many of us wait until we are completely out to buy more? If you keep an eye out for sales, you can stock up on these items and not be at the mercy of whatever the prices are when you need to purchase the items again. 

Become an Expert in the Kitchen

Not knowing how to cook is too much of a poor excuse when it comes to saving money. You can learn how to be a decent cook in the kitchen by watching online videos like Rachel Cruze. 

Be a Problem Solver

While some household fixes are too serious to try on your own, the next time something breaks, try to fix it yourself after doing your research. You’d be surprised at how much this can save you. 

Think Critically

Ditch those money habits by thinking smarter, not harder. Keep an eye out for coupons. Realize that just because something is advertised as a sale doesn’t necessarily mean that it is. Ask why something is a certain price before buying and if there are other alternatives. 

You can be on your way to better habits by taking even one of these steps into your life. We’d be happy to help you set up an online banking account, so you can have even more control of your spending habits.