Author Archives: TimberwoodBanks Blogger

Can You Really Save on Travel: True or False?

Save Money

Checking numerous sites for the best deal can be labor-intensive, and potentially counterproductive. With many American travelers turning to vacation book sites and apps, Timberwood Bank is curious if they really save you money. After thorough research, we’ve discovered these four truths to successfully budgeting your next getaway:

TRUE: Travel sites offer money-saving opportunities.

FALSE: The lowest value is found on the hotel’s or airline’s website.

Many travel booking sites offer discounted airfare and accommodation, boasting the same services, only at a fraction of the cost. However, many times these sites merely display the cost an airline or hotel already has on their own site at no additional reduction. Select providers have begun to reduce participation in these travel search engines, and strive to instead offer their continued customers the best value straight from their own corporation.

TRUE: Credit cards are the most secure and affordable payment option while abroad.

FALSE: Airport currency exchange is worth the convenience.  

While there are many different options to exchange currency before your next trip, the safest method of payment during your getaway will still be your credit card. With many options now offering no currency exchange fees, you’re sure to avoid unwanted conversions costs while still protecting your finances. According to both Visa and Mastercard, credit card users are held liable for zero percent of any fraudulent charges. This means that should your credit card information become compromised during your stay, you won’t lose any funds because of it.

TRUE: Traveling outside of the peak seasons offers great savings.

FALSE: The skiing in Colorado is great in June.

While it is true that avoiding the crowds can save you and your family some extra dollars, it may not be worth it if it means decreasing the activities of your trip completely. Instead of limiting your travel timeline, we recommend looking for alternative accommodations such as VRBO, along with creative dining options, to maximize your destination’s budget. These additional savings can help to bring your overall cost down, while still making your dream vacation a reality.

TRUE: You can save a lot of money by using airline miles.

FALSE: Airline credit cards are worth the annual fee for a yearly vacation.

Unless you plan to fly every month, an airline credit card is hardly worth the cost. While these cards offer tempting miles for flights, increasing numbers of travel options are blacked out throughout the year. The annual credit card fee for United, American, and Delta costs approximately $95.00 after your first year of use. While boarding in group one can be a well-enjoyed perk, it doesn’t boast much ROI for fliers who are simply looking to reach their annual destination.

As you begin to plan your next vacation, Timberwood Bank looks forward to helping you save the funds to make it happen. Stop in today and learn how to open a designated savings account today!

How a $1,403 Cup of Coffee is a Bargain

Future Values

What do you dream of doing when you retire? Relaxing at home, traveling the world, or maybe a mix of both. Wherever your retirement takes you, you’ll want to be sure your savings can support your future lifestyle. Keep your dreams on track and follow this simple guide courtesy of Timberwood Bank.

When you decide to retire, you start to receive the benefit of those hard-earned savings you’ve tucked away. Interest earned from these savings, along with any assistance you may receive, will soon become your primary source of income. This means that in order to have a successful retirement, you need to have a successful savings.

As of today, the estimated cost of future income is $16.75. This means that if you want to accrue $1 in earned income each year, you need to keep a savings of $16.75 in the bank. Now, let’s say for example, one of your retirement goals is to go down to the local diner each weekend and meet with friends for a cup of coffee. This cup of coffee costs $1.61, and for the sake of simplicity we won’t factor in inflation.

$1.61 x 52 weeks = $83.72 for your yearly coffee.

At $83.72 for the year, that would calculate to be $837.20 over the course of a decade, and $2511.60 over the next 30 years. However, once we calculate the current dollar of future income:

$83.72 x $16.76 = $1403.15 to cover your coffee for 30 years.

By this measure, you can pay for $2511.60 of weekend coffee, over the course of 30 years, by utilizing the $87.72 yearly interest on a total sum of $1403.15.

Concepts like this help showcase the incredible potential your retirement can hold! If you’re curious on how to maximize your savings, stop in today to speak with one of our knowledgeable personal bankers. We’ll help show you how to have your coffee and drink it too!

 

Teaching Your Children the Meaning of Giving

Seasonal Giving

The holiday season is all about giving. Whether it’s through time, labor, or funds, philanthropy is the spirit of the season. This December, help your little one’s understand the power of giving with these four lessons, courtesy of Timberwood Bank:

  1. Help Yourself by Helping Others

Did you know that every time you participate in “gift-giving behaviors,” your body releases positive chemicals in the brain? Referred to as a “Helper’s high,” these chemicals are released into the body while participating perceived good deeds. The release of dopamine, serotonin, and oxytocin is the body’s way of physically boosting your spirits during these activities.  While helping others has great benefits for the recipients, one of the most impactful things you can do to boost your mood, is to lend a hand!

  1. The Gift of Time is the Most Precious

Throughout the winter months, try offering a gift more precious than presents, by helping a neighbor in need. Whether it’s shoveling the walkway or blowing snow from the driveway, these gestures can make a world of difference. If you know of a family struggling during the holidays, offer to bring home cooked meals to help them along the way. Sometimes we overlook the kindness in a small act, so this season, see what you can do instead of what you can give.

  1. Financial Education is Key

To better understand how much to give, you first need to understand how much you have. If you give your child a weekly allowance, create three jars for them to store it in. One marked save, one marked spend, the last marked give. (You can practice this same exercise using envelopes for your monthly budget.) Each “payday,” you and your child can deposit the amount you would like in each. Be sure to let your little one know that the save and give categories allow them to continually accumulate funds for bigger items, but the spend category is specifically to use that week. At the end of a month see where you both stand. If there are funds for the save and give jars, help them choose a great organization or purchase to make it worthwhile.

Sharing the love of giving with your child is the perfect way to teach them about many life lessons, including finances! For everything from balancing a budget, to automating savings, there are many financial lessons that can prepare you to give more. If you’d like to grow your giving potential, stop in today and we’ll help you make it happen!

 

5 Ways to Save on Your Home Energy Bill

Save Money

The cold months are here, and so is the increase in your home’s energy usage. Before the days get too chilly, put these key steps in motion to save some serious pocket change on your next utility bill.

  1. Swap out your 40 watt bulbs for a more efficient LED bulb. While the lights themselves may be more costly, they will save you money in the long run. Begin with one room in the house and every couple months splurge for another room’s new light bulbs. Slowly, your home’s lighting will become more energy efficient, dropping your electricity usage.
  2. Trade in those mesh curtains for an energy efficient alternative. Darkening shades can help to keep your house warm by trapping heat inside. As an added bonus, they also shield the sun, so sleeping in on the weekends has never been easier.
  3. If you have a family of four, doing laundry can add up quick! Decrease your energy usage by switching to a coldwash detergent and only using hot water when deep cleaning whites. For additional savings, hang items to dry in the basement or garage, eliminating the energy needed for the dryer.
  4. Fill your freezer. By keeping a full freezer, you make the appliance work less, once all the food is frozen. Each of the items inside of the freezer will help keep the space frozen, meaning less energy is needed to keep everything cold.
  5. Pile on the layers this season. Once the cold comes, instead of running to the thermostat, make your way to the closet. Adding sweatshirts, jackets, and cardigans to your wardrobe can help you stay toasty on those chilly nights, without spiking your energy bill. If the evening is particularly cold, enjoy the night in front of a warm kindling in the fireplace, and remember to add a couple blankets to your bed!

Whatever tactics you choose to save, Timberwood Bank is here to help! Give us a call or stop by today!

Which Subscription Service is Worth Your Money?

Holiday Gifts

The concept of subscription packages aren’t going away anytime soon! Offering the convenience of shipping, and the added surprise of finding out what’s inside, these clever subscription services keep you wanting more. With so many to choose from, how do you know which box is a worthwhile spend for your family? At Timberwood Bank, we’re excited to share our favorite options, and how they can help improve your budget:

Blue Apron: Out of all the make your own meal plans, this one by far stands apart! With plans as low as $8.74 per serving, these step-by-step culinary creations can not only help you eat better, but spend better as well! Reduce wasted money and food with their pre-portioned delivery system – and shipping is always free!

Bark Box: For all your furry friends, this box will have them waiting for the mailman every month! At $20 a month for a year long subscription, these fun-filled packages are stocked with nutritious treats and toys for your pup to enjoy. Check out their BarkShop page too, and see if your dog is a fit perfect for their Destroyer’s Club!

Dollar Shave Club: This popular grooming subscription is the perfect fit for men and women seeking a smooth shave. With options starting as low as $3 a month, this offer makes it simple to always have a fresh blade when you need one. If you do choose to upgrade, your product ships for free! Give it a try for a month, and adjust your shipments as needed, depending on how quickly you use the razors.

Birchbox: A traveling beauty bar for both men and women, this monthly subscription provides samples straight to your door for $10-20 each month. Complete with added membership pricing, and special offers, these little boxes pack a punch! If you discover products you simply cannot live without, simply go to their website, and select the full size version to purchase.

Raw Spice Bar: Eager cooks unite behind this affordable and delicious small batch spice subscription. Each month, they send professional and home cooks alike a mix of three regional spice blends. See how much you can grow your palette for only $8 a month!

Graze: Staying healthy can sometimes feel like a chore, especially while you’re working. Take the struggle out of hunting down those nutritious nibbles, and let graze do the shopping for you. For the low cost of $11.99 a month, you will receive 8 pre chosen snacks delivered straight to your home or office, and shipping is already included!

Gamefly: Video game addicts rejoice! Finally, there is a monthly subscription that allows you to play video games and rent movies at a low monthly cost! Starting at $15.95 you can rent one game each month with the option to return it at any time for a new game to rent. There are no late fees, and you can cancel at any time! Or for only $10 a month, you can live stream games straight to your home, 24/7!

Texture: No more magazine racks to clutter up your home, get the newest and latest news straight on your device with Texture’s digital monthly subscription. Offering the hottest magazines in every industry, this convenient service allows you to read the latest issue without the clutter of pages.

LootCrate: Allow your inner geek to celebrate for these gamer and movie centric crates! At a bargain of only $13.95 a month plus shipping and handling, these bountiful boxes offer one wearable item, a t-shirt, vinyl figure, comic book, household item, and utility item in every shipment! What are you waiting for? Sign up today.

Tasting Room: Nothing says relaxation like a satisfying glass of wine. Enjoy a bottle of your favorite flavors each month, through this interactive monthly tasting subscription. After the initial $9.95 tasting assessment of six personal-sized bottles, users are able to order wines to fit their personal tastes for approximately $15 a bottle.

Whichever box has begun to peak your interest, be sure to evaluate your family’s monthly budget to determine if it’s the perfect match for you.

Community Banking: Why It’s a Wonderful Life

Community Banking

As the seasons begin to change, and the holidays approach, our team at Timberwood Bank would like to share all the wonderful reasons we are grateful to be a community bank. Just like Mr. George Bailey, in the classic tale, It’s a Wonderful Life, we have found countless people and experiences that make our bank lucky to consider this community home:

It’s all About the People: Unlike the big banks of America, our small and locally-owned operation prides itself on putting our people first, making the success of our customers the bank’s number one priority. Just like the old Building and Loan, Timberwood Bank strives to help our customers make their home ownership dreams become a reality.

Growth Engine for Small Business: We succeed when you succeed. Just as George Bailey invested funds in Mr. Martini’s home and business, Timberwood Bank is here to offer advice and financing on your next home or commercial project. We want to help you and our hometown community grow, just like Bedford Falls.

Built on Long Lasting Relationships: The movie’s guardian Clarence, was a very wise man saying, “No man is a failure who has friends.” At Timberwood Bank we pride ourselves on not only helping our customers with their finances, but also building relationships with them as well. If you have a question on how to budget, which retirement plans to look at, or other money management inquiries, consider us your friendly neighborhood adviser!

Community Backed: Instead of being underwritten by Mr. Potter, or other national big banks, our institution is built directly upon the needs and wants of our community’s citizens. With no higher ups attempting to monopolize the town, our dedicated team of officers works to build up the community, and the men and women who call it home.

Employees Local Citizens: Just like George and Uncle Billy, Timberwood Bank is filled with fun and lovable characters. We take great pride in employing local citizens throughout our company, and helping them grow within the banking industry. If you’re looking for a new career, stop in and see if Timberwood Bank is right for you!

Get to know all of us at Timberwood Bank and discover how community banking can help you achieve a wonderful life. For everything from personal financing, to commercial lending, we have the perfect solution for you. Get started today and share your next financial goal with us, we’ll help you shoot for the moon!

 

4 Ways New Homeowners Can Save on Their Taxes

New Homeowners

Becoming a homeowner is an exciting and trying time in your life. Once all the papers are signed, and the keys turned over, it all seems worth it. That is until a pipe bursts, lightning knocks out a tree, or your dog decides to burst through the screen door. Not all hope is lost however. In return for your endless work, and commitment to a never ending to-do list, the U.S. Government has provided four tax-based ways to reward you for your new home ownership. See how to take advantage of these four tax breaks, and make the most of your home purchase:

  • Early IRA Withdrawal: For many new homeowners, securing the initial down payment can be the first hurdle in their real estate journey. If you’re a first-time home buyer and have an IRA, or Roth IRA, the IRS will allow you to withdraw up to $10,000, penalty-free, to aide in the cost of your new dwelling!
  • Valuable Deductions: Between your mortgage interest, mortgage insurance, and real estate taxes, your home deductions could make a big dent in your taxable income. When preparing your taxes as a new homeowner, be sure to bring any mortgage documents, and escrow account information, to your tax professional to gain the full benefit of the deductions.
  • Renewable-Energy Tax Credit: Did you upgrade your home appliances to more efficient and environmentally-friendly options? Did you install a geothermal system in your home? If so, this helpful tax credit may be able to take a portion of that improvement cost out of your deductible income!
  • Tax-Free Profit on Sale: When you go to sell your home, the IRS allows you to avoid the capital gains tax on the profits you generate from the sale. This means that if your home’s value goes up $35,000 in the two or more years you live there, you are then able to retain the additional $35,000 your home is sold for without having to pay any taxes on those funds. One other major stipulation of this benefit is that in order to avoid the capital gains tax, you must purchase a new home as your primary residence within the next two years.

With these key homeowner tax breaks, the next thing to put on your to-do list is to make a plan for those tax refunds! If you have questions on how to best budget for your new home, don’t hesitate to stop in. We’d love to talk taxes, financing, or other improvement ideas you have for your home!

Low-Cost New Business Ideas

Business Financing

Creating a new business is an exciting journey filled with a constant flow of ups and downs. When deciding which industry to invest your time and money, consider these cost-effective options, courtesy of Timberwood Bank:

Virtual Assistant: Needing a basic set-up of only a desk, computer, and phone, this affordable opportunity allows you to work from home, and establish your own hours. Start slow with one or two clients, and work your way up to a full-time schedule.

Medical Reporter: Quick typing skills and a high accuracy is all you need in this quick start-up. Speak with area hospitals and gain contracts for their on-location reporting. The higher your words per minute, the better!

Pet Groomer: Keeping dogs squeaky clean may sound like a lot of fun, but it can be tough work! With minimal startup costs, you can start your own service straight from home. By focusing your business on smaller dog breeds, you can minimize your cost, and maximize the number of clients you can maintain!

Freelance Writer or Photographer: Put your skills to use in this nomadic and highly flexible field. With an increasingly high amount of online publications, many magazines are searching for additional content and imagery to accompany them. Search the web for opportunities, and begin to build your digital content portfolio.

Event Planner: If arranging holiday parties and birthday celebrations sounds like fun to you, this could be your ideal career! Get started planning events for families and friends, and begin building your network of clients at each function. Once people start to see what you can do, you can begin to build your client list, and slowly fill your calendar with events and your pocketbook with revenue.

Wherever your passions take you, Timberwood Bank will help you arrive safely! With our trusted business financing, we can help you and your budget stay on track. Stop by today to speak with one of our commercial lenders, and discover how to create your ideal cash flow.

Budget Friendly Game Time Snacks

Football Snacks

Every weekend feels like a holiday in the fall! With countless college and professional football games, ‘tis the season for tailgating! Whether you’re creating the dream set-up or a simple pre-game snack, there are three things you need for a top notch tailgate!

  1. A Competitive Team Rivalry: Nothing makes a game better than passionate fans and devoted team players! You’ll stay cheering throughout the whole game when these two teams go head-to-head.
  2. A Merry Group: You can’t have a great party without great people! Mix it up and invite friends from the opposing team to join, and always get to know your tailgate neighbors!
  3. A Tasty Table of Food: Good food and good tailgates go hand in hand. With classic dishes, family competitions, and fun new recipes, you’ll always have new treats to try!

Choosing your game and your friends is up to you, but Timberwood Bank is here to help you provide the perfect game day buffet! Be sure to try these deliciously simple recipes for your next big tailgate:

Sliders: There are so many tasty ways to enjoy this delicious treat! With different meats, and condiments galore, you can tailor these savory sandwiches to your game day budget. Here are four fan favorite versions to try!

Gyros: Both portable and delicious, this delectable dish makes for the perfect halftime bite. Made with either lamb or chicken, this recipe can be adapted to your group’s specific taste!

Chicken Wings: How do you enjoy a football game without this classic snack? A very affordable option if you purchase the wings whole, a simple cut or two on each can save you 10-20% overall. Dress your drummettes accordingly, and always throw them on the grill for added flavor!

Chili: This is the perfect cure for any game time blues! Give your team a meal they can root for with this affordable and addicting chili recipe.

Sweet Pepper Poppers: Tame those jalapeno poppers with this mild, bacon-filled alternative! A healthy and delicious option for any tailgate, these sweet peppers offer the perfect vehicle for a crunchy and cheesy bite! Prepare them for your weekend menu in 20 minutes flat!

Totchos: Imagine the perfect two tailgate foods combined into one; that’s the concept behind totchos! With a mix of both nachos and tater tots, this new and delicious combination is sure to keep your group asking for more! With both sweet and regular potato versions, you can customi09ze this simple appetizer to whatever works best with your budget.

The 10 Most Affordable Winter Destinations

Getaway

The snowbirds seem have the right idea! Just as winter becomes too chilly and snow-filled, they flee to warmer weather! It just so happens that this is the ideal time to visit a variety of areas, while their prices remain low during their slower season. See how you can capture the best deals on your getaway from the colder weather, along with other popular snow-covered destinations.

Panama City, Panama: This amazing city is a must-see for those with a case of wanderlust. Filled with old history, and new innovation, the town of Panama City continues to surprise your senses. Explore the Casco Viejo area, and make your way to the Manolo Caracol restaurant. With this deliciously simple meal in your belly, you’ll be able to take on any adventure you find in Panama.

Singer Island, Florida: For this tropical getaway you don’t even need a passport! Tucked along Florida’s southeast coast, this local paradise offers the best of the beach life along with luxurious city activities in the neighboring West Palm Beach. If you’re looking for adventure, scuba shop Pura Vida Divers can help you fulfill all your scuba dreams! With diving, snorkeling, and surfing services, this family-run business will make sure your time with them is the best memory of your trip.

Punta Cana, Dominican Republic: Filled with luxurious all-inclusive resorts, this Caribbean getaway will help maximize any budget! There are hundreds of resorts to choose from, and most offer packages which include meals, beverages, and on-site hotel activities. Be sure to also catch a round or two of golf at their renowned clubs across the island!

Ambergris Caye, Belize: Feel the heat year round in this island paradise! With activities on both the island and inland, you’ll never have a dull moment at this destination. If you’re searching for some adventure, be sure to stop by Amigo’s to book your next cave tubing, zip lining, or ruin climbing tour! After your day you can enjoy an unwinding meal at the island’s best ceviche restaurant, Hurricane’s, but watch out for their signature hurricane cocktail!

Vancouver, Canada: Home to the famous Whistler Blackcomb mountain, this chilly destination is filled with plenty of activities and beautiful snow-covered trees! Extend your trip into the city of Vancouver itself to discover the Granville Island market and delicious local delicacies such as poutine and the JapaDog.

Big Sky, Montana: Avoid the chaos of Winter Park, and venture to the less populous, but immaculate slopes of Big Sky. With affordable packages to ski and stay, you and your family can enjoy your days on the slopes, and your evenings at the lodge. If you feel like venturing into town, you can warm up with some deliciously spicy food from the local favorite, Alberto’s.

New York City, New York: This iconic destination definitely makes its mark on your traveling memories, and during the winter, it becomes more affordable than ever! With inspiring sights such as the Rockefeller Center, and the Ground Zero Memorial, this city will inspire you throughout your vacation. Share a laugh with your family and get tickets to the Tony Award-winning Best Musical, Book of Mormon. This trip will surely be one to remember!

For every adventure you plan, there should always be a budget behind it! If you want to learn how to best save and budget for your next getaway drop us a line or stop by today!