Tag Archives: budget

Wedding Planning on a Budget

Your wedding day is one of the happiest days of your life. You’re surrounded by family and friends as you embark on your new journey with your spouse. While your wedding is one of the best moments in your life, it is also among the most expensive. According to The Knot, the average cost of a wedding in 2018 was almost $34,000. Luckily for you, there are some strategies you can use to help trim costs and still have the wedding of your dreams.

Dressing Your Wedding Party

Everyone knows it’s most important for the happy couple to look their best, but dressing bridesmaids and groomsmen doesn’t need to break the bank. There are several ways you can save money by taking a look at the wardrobe of the wedding party. If having a set dress code for your wedding party isn’t imperative, you can allow them to dress themselves within basic guidelines that you’ve defined. Or, you can choose to ditch the tuxedo rental in favor of going with a classic suit and tie, which not only saves on rental fees, but allows your groomsmen to reuse their suits in the future.

Controlling Food Costs

Food and bar costs are among the largest contributors to expensive wedding receptions. So, how can you save some money while making sure your guests don’t go hungry? The first thing you need to do is ask about your reception venue’s rules for food and drink. If your venue allows you to bring in outside food and beverages, you can save thousands of dollars on a caterer by preparing the food yourself with some help from family and friends.

If your reception venue does not allow you to bring your own food, choosing a buffet option is usually cheaper than a plated dinner. With a buffet, your guests can choose from a variety of options while you save on the cost of table service and wait staff.

Be Creative When Setting a Date

Summer through autumn is wedding season, with the most popular wedding months being June, September, and October. Opting for a winter wedding can save you quite a bit of money. First, most venues are cheaper for weddings outside of the peak summer season, which can save you thousands. Secondly, there isn’t as much competition from other couples for the venue you want.

If a summer wedding is important to you, most reception venues are cheaper to rent on Fridays and Sundays. If you’re willing to be flexible and not have a traditional Saturday wedding, you can save big.

Make Decisions that Work For You

Ultimately, your wedding day is about being surrounded by the people you love as you celebrate your new union. We hope these savings tips help put you and your spouse in a stronger financial situation as you begin your life together. Open a savings account with Iowa State Bank today in order to start saving for your big day!

How to Boost Your Curb Appeal On a Budget

There’s always that house in town that makes you stare a little longer. It’s either landscaped so beautifully that you can’t help but take in their attention to detail or it’s so terribly neglected with tacky lawn ornaments you can’t help but gawk. We hope that you are the former but if you are looking to spruce up your curb appeal while sticking to a reasonable budget, here’s what you can do.

Power Wash Like You Mean It

You may be surprised just how dirty the exterior of your home is until you hit it with a power washer. Check to see if the material on the exterior of your home is safe for the intensity of a power washer. It can clean the mildew, mold and dirt off of brick and siding. It can even dramatically brighten up your driveway and sidewalk.

Paint the Front Door

Make your house pop by painting the front door a bright color. Usually, many people seem to like painting theirs red, blue or black. However, it can of course be whatever color you like! Paint for a door won’t put a dent in your pocketbook and can help your home to stand out in a classic way.

Clean Your Gutters

If the outside of your home is not well-maintained, it may impact future resale. If potential buyers see that you aren’t conducting routine household maintenance, it might make them wonder what you are neglecting on the inside of your home. Having clean gutters keeps your house looking fresh!

A Touch of Nature

Hiring a professional landscape architect may be outside of your budget right now, but adding some greenery to your home can really make it come alive. Consider adding two potted plants to your entryway or building your own flower boxes for the front exterior windows. This attention to detail and color will be sure to get noticed.

Welcome to Our Home

First impressions are everything, so be sure your front walkway and door say, “Welcome to our home.” This can be done by purchasing a welcome mat, adding cozy lighting and some colorful flowers to the front porch. These are all minimal expenses that make all the difference!

We believe you can make your home shine, without breaking the bank. Contact us today if you’re looking for a place to grow your money.

Understanding the Psychology Behind Spending

The words “budget” and “exercise” can often be put in the same category—both are necessary for a healthy lifestyle but are far from fun.

If you have trouble sticking to a budget, you’re not alone. There are some very powerful reasons why human beings feel compelled to spend money—and there are some things you can do to psychologically trick yourself into spending less.

The Need for Control.

A study in Journal of Consumer Psychology found that compulsive shopping was linked to a need for control. Those momentary feelings of happiness associated with a new purchase weren’t linked to the item itself but to the sense of control a person felt about their life in that moment.

The Need to Compete.

It’s true—we really do feel the need to keep up with the Joneses. Advertisers know this, so they often play on our desire to be like the people in their ads and on our fear that we’re falling behind our peers. This includes tapping into our need to look our best, be recognized and accepted by others, taking control of our health or being loved.

What you can do about it.

Luckily, you don’t have to let your brain trick you into spending more than you should. A few ways you can fool yourself into spending less include:

Only carrying cash. Decide ahead of time how much you will need and stick to that.
Don’t shop when you’re in a bad mood.
Scan your social circle. Are your friends pressuring you to spend beyond your means?
Identify where you spend the most money and take steps to resist temptation. For example, do you spend too much eating out? Make sure your pantry is stocked so you won’t be tempted to spend too much at restaurants.
Question yourself as you go to make a purchase. Are you really happy about that new TV, or are you trying to escape a problem at work or home?

While we’re hardwired to want to spend—especially in our consumerist society—a little bit of planning and restraint can go a long way to keeping us on financial track. Iowa State Bank & Trust Company of Fairfield can also help you stay on track with a variety of banking products. Give us a call or stop on in today!

4 Ways You Can Budget With an Irregular Income

If you work sales, freelance or are self-employed, you have a major issue to contend with when it comes to personal budgeting—an unpredictable income. While this can make it hard to plan your monthly spending, it’s not completely impossible. Today, Iowa State Bank & Trust Company of Fairfield would like to offer you these tips to budgeting on an irregular income:

1) Calculate the Bare Bones.

These are the minimum expenses you need to cover every month, usually in the form of your absolute essentials. Rent or mortgage, utilities, groceries, debt repayment and transportation all fall into this category. This way, you know what you absolutely need to get by.

2) Figure out your discretionary expenses.

These are all the expenses you have after you’ve paid for the basics. This includes the cable bill, streaming services, entertainment, eating out and hobbies. Once you add that to your bare-bones spending, you can figure out how much you spend on average each month.

3) Use the Zero-Sum budget.

This is where you use the income you brought in from last month to live this month. Once your bare-bone expenses are paid, put away a certain amount for savings, retirement and investments. The rest can then be spent on discretionary expenses.

4) Have an emergency fund.

It’s recommended that you have three to six months’ worth of expenses in the emergency fund. That way, if you have a lean month, you won’t have to forgo paying a bill. This can be tricky to build, especially if you have no savings to begin with.

A few ways to build this up include setting aside a certain percentage of what you make each month or allocating unexpected income (such as selling something, a gift, a tax refund, etc.) directly into your savings account.

By following these steps, you should find yourself with less of a headache when it comes to living on a balanced budget. If you haven’t already set up a savings, checking or retirement account, come see the experts at Iowa State Bank & Trust Company of Fairfield today. We can help set you on the right financial path.

Fall and Winter Home Prep to Save You Money

As the seasons change, so do your bills. However, finding new ways to save can be tricky when you’re already super savvy. By creating a good savings foundation during the fall and winter, you will be able to start 2018 off in a healthy financial state. That’s why Iowa State Bank & Trust Company of Fairfield has compiled a list of tips and tricks to prepare your home for the seasons to come in order to save some cash!

Install energy-efficient windows

A low-emissivity glass also known as Low-E glass helps block the rays of the sun up to 90 percent, and keeps the heat inside when it’s cold. Energy Star estimates those who replace a single-pane window with an energy-efficient model will save $126-$465 annually. Now multiply that times the number of windows you replace and you’re looking at quite the savings.

Lower water heating temperature

If you lower your water heating temperature, you will save 4-22 percent yearly on your bill. Instead of allowing the water to get scalding hot, you can set it to only become warm which will increase your savings every time you shower, wash your hands, or do dishes.

Adjust the temperature

By turning back your thermostat by 7-10 degrees for 8 hours a day, you can save up to 10 percent each year on heating and cooling bills. Each time you raise your heat by one degree, your heating bill raises three percent, so it’s important to avoid that mistake.

Weather stripping

Thirty to 40 percent of your heating costs are lost to air leaks, according to Energy Star. That’s why it’s important to find where drafts are coming from to cover the leaks with weather stripping materials, which start off at around $5.

Replace light fixtures

If you replace your home’s five most frequently-used light fixture bulbs with energy efficient ones, you can save $75 a year. Imagine if you did that with more bulbs!

Fix leaking faucets

If you fix a leaky faucet, you will save $35 and 1,661 gallons of water if it drips one drip per second. Little things like a leaky faucet end up having a big impact on your bills over time, so be sure to check your nozzles.

We hope these home hacks will help you save this fall, winter, and hopefully the seasons to come! Contact Iowa State Bank & Trust Company of Fairfield if you have questions about what else you can do in order to grow your savings.

Eat This Not That

eatthis

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 Iowa State Bank can help you switch up your spending, by eating THIS instead of THAT, to put some extra bang in your buck.

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 to 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.
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.
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.
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!
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 its spicy Italian sausage counterpart.
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!
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.
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 Iowa State Bank’s Facebook page. We’d love to see which hacks have helped your household the most.

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 world 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 Iowa State 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!

Which Subscription Service is Worth Your Money?

Personal Finance

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 Iowa State 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, user 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.