Author Archives: TimberwoodBanks Blogger

Best Ways to Create a Money Goal for 2020

With just a little work, you can map out your financial goals for the upcoming year. With money, it can seem overwhelming or tricky to know where to begin. Luckily, Timberwood Bank is here to help! We’ve come up with some of our favorite ways you can create your money goal for 2020.

Figure Out Your Finances

The first step you should take is to calculate how much income you take in each month after expenses. You may feel that you have a good estimate, but once you start racking up all the costs, you’ll be surprised how much you are left with. Once you’ve subtracted all expenses (gas, groceries, eating out, rent, utilities, mortgage, etc.) from your income, decide where you can drop off some of those expenses.

Track Your Expenses

Use an app or a pen and paper to keep track of your spending to be sure you account for all expenses. If you want to reduce your spending in order to put even more money toward savings, identify your needs and wants and try to indulge in the wants less. This will help you create a specific way to spend less in order to meet your money goal.

Evolve Your Emergency Fund

Another great goal for 2020 would be to create a bigger and better emergency fund. Start the year off right knowing you’re covered if the unexpected happens. This will help you live with confidence, instead of worrying paycheck to paycheck if something could pop up that you aren’t ready for. This will make you feel more secure when reaching towards whatever goal you set.

Create Accountability

If you stop saving towards your goal and start spending a little extra here and there, who’s going to care? That is the mindset you need to get past in order to stay on track toward your money goal. You need to create accountability in order to feel like you are responsible for making this goal actually happen. Find someone like a parent, friend or spouse you can talk to, so they can encourage you to keep on the right path.

Follow An Actual Plan

Having a real plan put into place on how you’ll accomplish your money goal is vital to your success. Knowing what you bring in, what you spend, what you’ll cut, how you’ll cut those expenses and so on will allow you to keep on keeping on. If you don’t know where to start, follow Dave Ramsey’s 7 Baby Steps:

Baby Step 1: Save $1,000 for Your Starter Emergency Fund
Baby Step 2: Pay Off All Debt (Except the House) Using the Debt Snowball
Baby Step 3: Save 3–6 Months of Expenses in a Fully Funded Emergency Fund
Baby Step 4: Invest 15% of Your Household Income in Retirement
Baby Step 5: Save for Your Children’s College Fund
Baby Step 6: Pay Off Your Home Early
Baby Step 7: Build Wealth and Give

With these helpful hacks, you’ll be able to start your money goal of 2020 off right. We offer plenty of places to put your savings or build for retirement if one of those are your goals. Check out our site to see how we can help you!

How to Eat Healthy on a Budget

It’s extremely important to take care of yourself, just like taking care of your finances. We’re here to talk about both today! Eating healthy without spending lots of money on fresh fruits and protein can be a challenge, which is why we’ve compiled this list of clever ways you can do so.

Meal Plan Master

Make a list of what you’ll eat for the week – breakfast, lunch, snacks and dinner. This will leave no room for any extra purchases. Scan your cupboards, fridge and freezer to be sure you find all the items you can to help with your healthy meals before buying more. With healthy food, a lot of it can be fresh which is why meal planning will make sure you know you’re going to use it. This avoids having fresh food go bad and having to be thrown out.

Leftover Legacy

Making a slightly bigger portion of whatever you’re cooking can easily turn into an entire meal for lunch the next day! Cooking larger meals can save you both time and money. You can also use leftovers to turn into stews, salads, stir-fries or a healthy wrap with veggies.

Cheaper Cut Champion

Meat can get expensive, so be sure not to buy the first cut you see. Do some shopping around to see if there’s a different piece you can get for a dollar or two less. There are also other stores out there that can offer different discounts, so do your research. You could buy a larger, inexpensive cut of meat and use it in different ways throughout the week.

Protein Professional

If the last tip doesn’t help you out very much, there are plenty of less costly ways to get your protein in for the day. Try having one or two days per week where you use other protein sources, such as legumes, hemp seeds, eggs or canned fish. This gives you an inexpensive, yet nutritious, way to stay healthy and keep your wallet full.

Icy Instructor

Buying frozen fruits and veggies guarantee your fresh items won’t go bad. They are great to use when cooking and are perfect for smoothies. A lot of the time, you can also buy frozen food in larger quantities, so you have everything you need when cooking. You can also make sure you’re freezing any leftovers you aren’t going to eat, so it doesn’t go bad. This will allow you to have an extra meal sometime, instead of having to go out to eat when you don’t have any food left for lunch.

We hope you are able to save a little here and there with these helpful healthy tips! You can’t really put a price on good health, but you can save lots of money while maintaining your health. Once you become an overall winner at saving while being healthy, store those savings in an account with us.

Budget-Friendly Fun For Kids

Finding activities for you to do with your kids, or have them do on their own, can be a challenge. It’s great to get them active and not just sitting on the couch, but at this point, you’re out of ideas. We have crafted the perfect list of kid-friendly things to do while also making sure it won’t break the bank!

Movie Marathon

If it’s chilly outside and the kids are looking to wind down, a movie marathon isn’t a bad idea! Make a theme of it, so you can make themed snacks to go with the movies you decide to watch.

Hands-On at Home Depot

Home Depot offers kids workshops which are perfect if you’re looking to entertain them. Home Depot says, “Kids workshops provide a lively environment mixing skill-building, creativity, and safety for future DIYers.” Find one near you.

Rockin’ Roller Skating

Roller skating is a cheap activity you can do indoors or out! Find a rink close to you to take your kids and their friends to.

DIY Arts & Crafts

There are thousands of articles online that offer fun DIY craft ideas for kids of any age. For example, here are some great Fall crafts you can make for cheap!

Scavenger Hunt

Throw a scavenger hunt and have the kids searching around the house all day long for your hidden goodies. Buying dollar prizes to hide here and there will keep them engaged and ready to search for more!

Money Lessons

When at home with your kiddos, you have the perfect chance to teach them about money. Talk about saving to start and get them their own piggy bank to begin the process.

Make Your Own Fun

Playdough, goop, shaving cream counter art and so on are all fun, messy items that kids can create and play with for hours. Keep them in the kitchen while you’re doing dishes or cooking by plopping them down to create their own playdough with this recipe.

Board Games

Teaching your child how to play chess or checkers is a great way to spend time with them without spending money. There are plenty of other board games you can play too, but chess is a great game that teaches thinking ahead and skill – so try it out!

Showtime

Puppet show, magic show, fashion show – you name it! Let your children entertain you or just themselves while hosting their own show.

Obstacle Course

Set up an obstacle course around the house for your kids to burn off energy. The floor is lava, so they have to climb all the chairs and items you put in place to make it across the room!

We hope your kiddos enjoy a few of these activities – we know your bank account appreciates it! Feel free to open a savings account with us to place some of that extra cash, or open one for your child so they can start saving too.

How to Rebuild Your Emergency Fund

It finally happened – you had to spend your emergency fund. The good news is you had a fund, but the bad news is you spent it. Where do you go from here and how do you rebuild what you had? We wanted to offer some insight on ways you can begin to rebuild your emergency fund for the next rainy day.

Say ‘Bye’ To The Unnecessary

That gym membership and extra show subscription will have to be canceled for now. You can get by without, as saving for the next emergency is more important than having Netflix, Amazon Prime, Hulu and HBO all at once. Find the right balance though, as it’s still okay to treat yourself every once in a while with a small expense.

Put Other Goals On Hold

If you were hoping to renovate your home or go on a big vacation, you still can, but maybe just wait a little. All that savings you were adding to that fund could partially be transferred into your new emergency account. It’s important to stay prepared, as you never know when the next disaster might strike.

Get A Side Gig

Acquiring another job can be very beneficial for making money quick. Use your marketing skills to do some work for clients on your own or wait tables for a few months. This will help you get back on track before you know it. Tutor, give music lessons, babysit, pet sit, dog walk or design wedding invitations – whatever your skills or availability, you can find a side gig that works for you.

Start Saying ‘No’

You don’t have to turn down every opportunity, but try to say ‘no’ here and there while rebuilding your funds. Should you be spending money on eating out if you already did it once this week? No. Should you spend money on a new outfit or tickets if you already treated yourself this month? No. Be a little more stingy while saving again, as it’ll come in handy the faster you replenish your fund if something happens suddenly.

Sell Something

You have plenty of clothes and decor that are no longer of use to you. There are probably old electronics lying around as well that you don’t use anymore. See what you can sell online or bring to a thrift store for a couple of bucks. You’re decluttering and adding money to your account – we couldn’t be more proud of you!

Don’t let this minor setback discourage your financial independence. You were well-prepared by having your first emergency fund in place, so now it’s time to make the next one bigger and better than ever. If you’re looking for a great place to store that rainy day fund, our savings accounts are always available for you!

How To Set Up Your Holiday 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

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 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

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.

How to Save for Your Dream Vacation

From sunny beaches to tall mountains, everyone has their own version of a dream vacation. But how do you save enough cash to go? It’s important to see the world and take in all it has to offer, which is why Timberwood Bank has come up with these tried and trusted ways to save for your dream vacation.

Timing Is Key

Instead of taking off 5 whole days of work, is there a week where you can travel to include a weekend and a holiday? This automatically gives you a three day start to your vacation, with no time having to be taken off yet! You can also factor in the time of year, as plane tickets and places to stay can be cheaper during some months over others. This can easily save you hundreds right off the bat.

Cut Back To Necessities

There are plenty of things you don’t need to be spending money on each month. Stop getting your nails done, buy generic brands instead of brand name, eat out less and drop some memberships. You don’t need ANY of those items, so cut them out of your life and put all of that savings towards your vacation fund!

Airbnb It

Airbnb has phenomenal prices compared to hotels in some areas. Instead of paying $200 a night, you can pay $60. This also allows you to be able to bounce around to different places in the country you choose to explore, instead of being tied down to only areas that have hotels. There are also plenty of alternatives to Airbnb, so check them out to see what they offer!

Download A Budgeting App

An app can help you stay on top of your savings game while trying to rack up money for your trip. Of course, while these apps have cool features, like the capability to set financial goals or save toward a single event – like your vacation – it’s still up to you to make it happen. Some apps include: Mint, Acorns, Pocket Guard, Albert and Wally.

Travel During The Off-Season

Going when everyone else normally doesn’t travel is a perfect way to save! Even though it’s the off-season, you’ll still be able to explore all the beautiful landmarks and places you want to see. Lots of places are always warm, so traveling at a different time than you originally wanted won’t hurt your chance to soak up the sun.

We hope these tips help you start saving for your big trip! Getting out and exploring the world is so important, so we want to help in any way we can. Open a savings account with us today to help store your vacation fund!

How to Save for Your Baby’s Future

Blankets, gliders and toys galore – the list of items you need for your baby’s arrival seem like a mile long. The good news is that while some items like diapers and wipes are essential, baby can get along just fine without the matching crib and dresser set. What’s more important is planning for the days ahead. From braces to college, you can give your child a head start in life by saving for their future now. Here are some ways to start bulking up the savings!

Get Insured

Insurance can help to give you some peace of mind in case the unexpected were to occur. Having a policy on yourself is a certain way to ensure your children are taken care of should something happen. Even if the policy doesn’t get utilized before they leave the house, if it’s a permanent policy, it will last until they are adults to help pay for end-of-life expenses.

Another savings plan option is to take a policy out on your child. A permanent policy grows in cash value over their lifetime. They are able to deduct the cash value of the policy tax free to use however they wish when your child reaches adulthood.

Make a Budget

If there was ever a time to stick to a budget, it’s now. If you’re reading this blog, you’ve probably already decided that an important goal is to save for your child’s future. Now take a look at your other goals and calculate what percentage you want to put towards each goal and expense every month. Sticking to this will also set a great example of money management for your child as they grow.

Ask for Contributions

It’s easy to accumulate too many toys and items that your child simply does not need. While the baby is young, for each birthday party or celebration, ask for cash to go towards their financial future instead of a present.

Start a Savings Account

There are many different options for saving for your child’s future. There are some that are solely to be used for a child’s college tuition, like a 529 plan, and there are other basic savings plans. Meet with one of our financial specialists to determine which plan is right for your growing family.

Open a savings account with us today, so you can make sure your baby’s future is bright!

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