Monthly Archives: September 2016

How to Hit a Homerun in Retirement

HomerunRetirement

Winning in a baseball game or in your retirement savings is no easy feat! It takes dedication and determination to seal the win. As you begin to reexamine your retirement plan try these key pointers from Titonka Savings Bank to coach you along the way!

Load the Bases

If you have available resources, make sure you’re using them! Just as a batter is primed to score with his bases covered in players, so are you by capitalizing on your 401(k), IRA, personal savings, and structured investing plan. Score extra points by taking advantage of your company’s 401(k) which matches your monthly contributions up to a certain percentage of your salary. Those are free dollars to aim towards your retirement!

Pitch a No Hitter

Don’t let the opposing team get ahead; work to pitch a no hitter by setting up your emergency savings fund. Instead of walking any unexpected expenses, such as auto repairs or medical bills, send those players back to the dugout with an added savings curve ball. You’ll be protecting your savings and racking up points, while staking your claim to your space in the hall of fame.

Build a Winning Team

Just as you would compile your fantasy team around leading scorers and left handed pitchers, the same applies to your financial team! At Titonka Savings Bank we have a well-rounded lineup of personal bankers, wealth advisers, and lenders to help you make it to the big leagues.

Play Extra Innings

Even in retirement, there’s no rule against a little over time! Take up a part or full-time job you enjoy to cover living expenses before you have to dip into your savings account. You and your spouse could land a home run in the bottom of the 10th with some additional income at the start of your retirement.
No matter if you’re swinging for the fences or just trying to get on base, our experienced team at Titonka Savings Bank can help craft a game plan for your retirement! Give us a call at (515) 928-2142 or stop by the bank today!

The True Cost of Owning a Pet

TrueCostPet

Seasoned pet owners know Fido and Fluffy add a special element to your family as only a pet can. However, adding another member to your household does come with its costs. From daily kibble, to late night vet calls, be sure you’re financially prepared before purchasing your next pet. Try these five financial tips to keep both your pet and your wallet happy.

Consider Adopting

A purebred pet can easily run over $1,000, while also requiring a hefty deposit in addition to registration fees. Try visiting your local humane society or animal shelter to meet some love-deprived friends that could use your attention. With most adoption costs under $300 total, you can save some green while helping a loving animal in need.

Determine Appropriate Size and Breed

Both your residence and your budget factor into this one! With many apartments posing weight and breed restrictions, there may be additional external factors to consider. When it comes to your budget, be sure to make note of your designated pet spending. If you’re trying to feed a big dog on a little budget, you may be fighting an uphill battle.

Buy Generic

Food is food, and pets don’t care whether their daily dinner is from brand A or B. Choose food that maximizes your pet’s energy without minimizing your savings. Treats can be another tricky topic – find one type of treat to reward your pet with for a job well done. There are several pet stores where you can purchase treats in bulk, and as long as you store them properly, you can save plenty of dollars, without running out of prizes for your pet.

Avoid Frill Expenses

Items such as decorative bowls, pet clothes, and squeaky toys are all fun splurges, but unneeded purchases on a continual basis. Choose a timeline for additional pet items on either a quarterly or biannual basis. You can keep your pet happy and entertained by offering household items such as empty water bottles or old stuffed animals instead of dropping $15 for a new toy each month.

Groom Smart

Every pet is different, some shed, others molt, but no matter what type of animal you have grooming may be involved. Various pets can groom themselves, or require little maintenance, but for the majority of our furry friends, assistance may be required. If you’re up to the challenge, see if grooming is something you can do yourself. Activities such as bathing or brushing can be done at home – just be sure to stock up on towels! If your pet requires frequent haircuts, or other monthly grooming, find a local groomer instead of your veterinarian for a more affordable rate.

Give your pet all the love and affection you can while keeping your budget on a leash. If you want to learn more about managing your monthly budget give us a call at (515) 928-2142 or drop by the bank today. We’d love to help you and your furry family make the most of your spending!

Generational Financial Habits: Baby Boomers, Gen X, Millennials, and Gen Z.

GenerationalSpending

When it comes to your spending habits, your age may influence your decisions more than you think! Depending on your generation, there may be some key patterns that differentiate you from your older and younger counterparts. Discover your key financial traits with this helpful guide courtesy of Titonka Savings Bank.

Baby Boomers

Typically classified as the savers of the modern age, many of those age 51-70 are known for tucking away funds as quickly as they can accumulate them. Many baby boomers were affected by both the Kennedy and Martin Luther King Jr. assassinations and hold strong sense of mistrust of the system. There are many in this generation who choose savings options outside of financial institutions. This large generation of approximately 70 million people, is currently in the process leaving the workforce and entering retirement. The most important item on their financial agenda is to save and secure funds for the decades of life they will enjoy outside nine to five.

Generation X

Often overshadowed by the large baby boomers ahead of them, generation X’ers tend to be strong willed and decisive, fighting for their share of the financial pie. Having been one of the first generations to experience divorce as a normal occurrence, many of those adults age 40-50 continue to look out for their individual financial wellbeing through strictly defensive tactics. Boasting on the highest education rates, this group makes strategic savings plans, constantly preparing for the ball to drop. They are best known for their cautious optimism and lofty financial goals.

Millennials

The current generation of twenty and thirtysomethings, were shaped by a highly digital world. Growing up in the age of computers and terrorism, these young adults believe that the typical American dream, may be slightly skewed. In many areas, home and car ownership is on the decline as more and more millennials strive to gain experiences over material possessions. Influenced by their parental counterparts, it is common to see this generation shying away from long term debt after seeing their parents succumb to missed payments and foreclosures during the 2008 economic crash. Couple that cautious initiative with crippling student loans and added inflation, where now today many college graduates are working multiple jobs to simply make ends meet.

Generation Z

The up-and-coming generation of the century, this group is the first age demographic to grow up completely immersed in digital technology. The days of cell phones and computers encompassed their childhood, and many of those age 0-20 have never known life without the digital realm. Still relatively young, these Gen Z’s take diversification to the next level, not trusting too much in any one entity. With advancing diagnostic systems this generation takes time and consideration into account before making any major life decision. As this generation ages, more experiences and choices will continue to shape their financial style.

No matter what generation you are a part of, there are a variety of ways you can improve your financial habits. Speak with one of our experienced personal bankers today, and we’ll show you how to get started!

What Your Teen Needs to Know About Money Management

TeenMoneyMangement

Throughout their teenage years, your children will begin to grow their personal money management style. Offer them some assistance by offering these four financial lessons from Titonka Savings Bank.

Securing Their First Job

No matter if it’s babysitting, lifeguarding, or bagging groceries, there are plenty of employment options for eager high school students. These opportunities typically start at minimum wage with zero benefits, but offer a foundation of experience and learning. Talk with your son or daughter, and help them select positions to apply for that resonate with them. Resources such as the Chamber of Commerce often list local job openings, and are a good place to comb for recent availabilities.

Managing Money

The younger you begin various habits, the better they stick with you. Teach your children the positive effect proper money management can have on their pocketbook. Start by opening both a savings and a checking account for your teen. Each pay period, help them figure ten percent of their earnings to put into their savings. You can also work with them one-on-one each month to help balance their checkbook and plan for any large expenditures.

Saving for College

Secondary education isn’t cheap. If your son or daughter plans on attending a college or trade school, the time to start saving is now! Work with your future student to determine an educational budget, providing an estimate of upcoming expenses. Once you know the amount needed you can set savings goals for both you and your teen to start tucking money away. The sooner you begin your savings journey the smoother the road will be to your target amount.

Making Payments

Whether it’s purchasing their first car or simply covering the cost of meals at school, learning how to maintain a payment plan is an important life lesson. Explain your personal bill paying system to your teen and see how they can tailor it to their needs. Once they have a grasp on the system itself, gradually add payments to your child’s list of responsibilities, even if you add the money to their account. This will help them learn to keep an updated payment calendar before they graduate high school.

Money management is a continual learning process. There are always new techniques or tricks to better arrange your finances. Don’t stop honing your teen’s money management after these four lessons – stop by Titonka Savings Bank and see how you can keep growing your family’s financial skills today!