Tag Archives: save

When to SAVE and When to SPLURGE

save and splurge

When you and your sweetheart set your budget each month, there are a variety of factors at play. Where can you get the best deals on groceries? How many date nights will you have each week? Do the kids have any sporting activities that require new equipment? At Timberwood Bank we recognize that everyone’s budget is different. No matter which categories you enjoy most, we’d love to showcase some great examples to help you find extra ways to save, and better identify which costs are worth the splurge.

SAVE: The best areas to find savings.

  • Weekly Groceries: If you don’t need the atmosphere or the free samples, there are numerous discount grocers which can save you BIG for weekly grocery runs. Coupling those savings with a pre-planned menu and sale scanning, can further reduce your overall food costs.
  • Kids Activities: During both the summer months and those after school hours, you may find yourself searching for activities to keep your children occupied. Whether that’s going to the pool, attending various summer camps, or finding an after school caretaker, keeping your kiddos active can be easier said than done. To help reduce these costs, we recommend season passes to recurring parks/activities, along with fun and affordable activities at home, which you can do with a number of household supplies.
  • Exercise: If you have ever purchased a gym membership you didn’t use, you are not alone! Many Americans see a gym membership as automatic attendance, when truly, it may be easier for you to workout at home. With so many new calisthenic exercises, yoga, and free-weight routines, there are a variety of tools out there to help you stay in shape without having to pay that monthly membership fee.
  • Travel: Searching “travel savings” on Google will inevitably leave you with pages of results. One fantastic tip we’ve found is purchasing travel through membership programs such as Costco, even if there’s not one in your area! There are countless reports of happy customers who not only saved money but had a much better experience when compared to booking it themselves.

SPLURGE: The expenditures worth the extra cost.

  • Budgeted Special Occasions: Occasions like your child’s birthday or you and your spouse’s 30th anniversary deserve a special treat. While we do recommend saving for these outings in advance, so long as the funds are budgeted for, feel no regret in celebrating your family’s happiness.
  • Childcare: Raising a child is no simple task, and for most parents the number one expense after a mortgage is childcare. We recognize that there are certainly savings opportunities to be had, however, in the long you’ll find that a friendly and reliable caretaker can make the world of difference on your child’s happiness, and your sanity, for years to come.
  • Healthcare: Your health, and the health of your family members is paramount to everything else in life. Whether you’re looking to find a reliable family practice physician, or are seeking long-term care treatment, now is not the time to scrimp and save. Making sure that your family is well taken care of and continues to live a happy and healthy life means you’ll have plenty of time to save for nearly everything else life throws your way.
  • Toiletries: Toilet paper, toothpaste, shampoo, etc.; these are items you use every day. If you’re using poor quality products to save a few cents you may find yourself with dry skin or poor hygiene. While it’s not necessary to purchase the most expensive option available, know that spending the extra dollar or two is well worth the cost to avoid potential problems.

Whether you’re looking for a place to store your savings, or budget your spending, Timberwood Bank has the perfect solutions for you. Stop by your nearest branch today and learn about our personal savings and checking services.

The 10 Best Things to Buy at the Farmers Market

farmers market

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 Timberwood 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:

  1. Honey: Did you know honey is one of the very limited products of nature that does not spoil? Its 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.
  2. 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!
  3. 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!
  4. 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!
  5. 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!
  6. 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.
  7. 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.
  8. 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.
  9. 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.
  10. 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!

Why Your Child’s Allowance Should be Tied to Their Chores

allowance

There are literally thousands of how-to’s and self-help books for parents, but truly the only real way to learn how to raise a child is to do it! Luckily our growing team of parents at Timberwood Bank have some true hands-on experience when it comes to upbringing and explaining money management to little ones.

One of the most common fiscal questions parents have concerning their child’s financial education is, “How do I teach them about money using an allowance?” The simple answer is, however you want. There are a number of ways you can utilize a recurring allowance to help your children understand both the importance of good money management and a sound work ethic. Below are two of our favorite strategies:

Example #1: Earn Your Extras

In this scenario, allowances are guaranteed to an extent. Every two weeks give your child a pre-determined amount of cash, say $5.00. That money then has to be split evenly between their educational savings and their retirement savings (yes – retirement savings!) While this money is technically theirs for future use, they have no tangible money to immediately spend. Where the fun part comes in, is the commission. Assign a small dollar value to various tasks around the house. Ensure things like making their bed, or doing their homework are givens, and they are required to do them no matter what. However, extra work such as mowing the lawn, cleaning the bathroom, or cooking dinner, earn a predetermined amount of commission. Paid every two weeks, this commission is then there’s to spend between three areas, save, spend, and donate, but they MUST allocate at least $0.50 in each area. This lesson teaches three primary lessons; the first is housework is a part of everyday life and it doesn’t come with a paycheck. The second lesson is that working hard pays off, and the third is that creating a plan or budget for your money allows you to use it as a tool instead of using debt as a burden.

Example #2: Ambition Is Important

There is a viral story trending about a young boy whose allowance was determined by how many self-help books he read and wrote a report on. This simple lesson offers many variations and proves an important point on the dedication to values at a young age. For this example, there is no guaranteed allowance on a weekly or monthly basis. In this scenario, all funds are accumulated via commission. How that commission is earned is determined by you. This can be the number of extra assignments completed or the amount of successfully replicated YouTube tutorials. It could even be the quantity of miles your child is dedicated to running each week. Through this valuable learning experience, you can showcase to them that a solid work ethic is pinnacle to success, and can at times even out earn an education.

However you decide to help your children understand the complexities of personal finance, Timberwood Bank is here to support you. Stop in today, and ask about our designated children’s savings accounts. We’d love to help your family get started on their journey to financial success.