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Iowa State Bank Blog

6 Steps to Scoring Your Savings Goal

Savings Tips

Do your savings goals make you feel frozen? Get back on the ice this season, and let Iowa State Bank help you win your personal financial game. We’ll show you how to keep pushing forward with these strategic hockey tactics:

 

Find the 5-hole.

One of the first and most important ways to save is to keep your eyes open! Whether it’s taking advantage of grocery store specials, buying household items in bulk, or cutting spending from your monthly budget, the biggest opportunity you have while saving money is continually searching for new ways to save.

 

Complete the hat-trick.

Before you start saving for the short-term items, be sure you have the long-term set in place. Just as in hockey, there are three things you need, to make the best play of the game. Start by setting up an emergency savings account, to help guard your savings. Follow up by opening a personal retirement account such as IRA, to continually grow your savings. For the last trick of the play, we suggest creating a 529 or Coverdell account to help save for your child’s future education. These three accounts will help not only you score your savings goals but will assist you in winning your entire financial game as well.

 

Put your debt against the boards.

Show your debt whose boss, and push them against the glass. By aggressively paying off your outstanding debt, you make additional funds available to further your monthly savings. We recommend paying the minimum payment on each debt, and then using any surplus funds to add extra payments to help pay it off sooner. Once you have paid off a debt, use the funds from that allocation to help erase the next obstacle, one payment at a time.

 

Place your spending in the penalty box.

While working on your savings goals, look into your monthly spending to see where you can cut costs. Consider reducing your funds for eating out and entertainment. The extra money can go towards your debt, or once paid off, can help you achieve your savings goal sooner!

To help, there are some innovative apps available that can you visualize your various expenses.

 

Beat the buzzer.

Saving for retirement is a marathon, not a sprint. Like hockey, if you don’t play until the end, you may lose the game in the last five minutes. To help prevent this, we recommend working with a personal financial adviser, ensuring your funds are in the right place at the right time. If you make a pass and transfer them to stocks too late, you could lose money and valuable time. We suggest creating a strategic and well-coordinated retirement plan to make certain all your savings get time on the ice, and your key players continue to stay in the game.

 

Drop your gloves for additional fees.

Whether it’s big banks searching for unnecessary add-ons, or potential financial advisers looking for a percentage of earnings, don’t be afraid to negotiate fees you deem excessive. The business is certain to have referees to let you know if you’re asking too much. However, it never hurts to ask!

 

With our affordable deposit accounts and expert financial coaching, we look forward to helping you sink your upcoming goal in the back of the net! Stop by and meet our dedicated team today!

The 10 Most Affordable Winter Destinations

wintervaca

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!

10 Tips for a Great Holiday Party

holidaypart

No matter which holiday you are prepping for, there are some essential party essentials you should always plan for! Throughout this holiday season, try these top 10 planning tips, courtesy of Iowa State Bank:

 

  1. Pick the best date. Saturday’s are always the prime time for holiday parties. Be sure to book venues ahead of time to ensure you can capture the best date for your gathering.
  1. Choose a simple theme. Don’t oversimplify it, but make sure it’s something that will click well with your guests. Simple things such as color coordinating, can help continue your theme throughout the event.
  1. Send invites at least six weeks before. People want time to plan, but not too much time to forget. Let your guests know about this holiday party six weeks prior to ensure they have plenty of time to plan. If you ask them to RSVP this can help you gain an accurate head count for food and beverage purposes.
  1. Email a reminder the week of. Sometimes people forget, ensure that all your guests who are available can attend, with a simple email reminder one week out from the party.
  1. Keep food fun yet familiar. A little twist here and there keeps things interesting, however, going too far can turn guests off to food altogether. Work with your caterer to determine what the best mix is for your holiday event!
  1. Set-up a good flow of traffic. Create a space that allows hungry guests to move through the food on both sides, well out of the way of your more conversational area.
  1. Create a timeline. Every party has activities, whether it’s dancing, trivia, or a simple informational slideshow, planning ahead of time can save you a headache later. Create a schedule for the evening to share with your guests. This will help them plan their time accordingly as well!
  1. Play festive music. Create a simple playlist full of upbeat and festive songs, but also be sure to include some current music selections as well! This will keep the holiday tone, without being overwhelmingly so.
  1. Give away or donate leftovers. Leftovers are a given at any holiday event, be sure you send your guests home with some goodies to help avoid discarding surplus food. If doggie bags are not an option, stop by your local food bank that night, or the next day to see if it can be used.
  1. Have a clean-up crew. Cleaning up is the worst part of event coordinating. Make this task easier on yourself, and recruit a team of guests and friends to help clean after the event, or the next day. Offer to provide a meal and beverages as thanks, in addition to a free ticket or gift at the party.

Which Subscription Service is Worth Your Money?

Save Money

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.

 

The Best Black Friday and Cyber Monday Steals

Save Money

Whether this is your first year, or your fifth, post-Thanksgiving shopping will always have a special place in your heart. Each year shoppers find new ways to take advantage of the steep discounts retailers offer. Iowa State Bank wants to help you make the most of your holiday shopping, by offering these tried and true tactics to the best shopping strategies:

 

Black Friday: Originally coined from the notion of retailers changing from the red to the black in their profit ledger, this national day of shopping is historically the largest retail day of the year. 2016 boasts some of the largest discounts offered by companies such as Target, Best Buy, and Macy’s.

 

To make your Black Friday shopping experience a success follow these 5 tips:

 

  1. Scout Out All the Deals: Check the deals on theblackfriday.com for all the latest news and last minute steals. Be sure you know which stores are offering the best doorbusters and overall discount percentages.
  2. Create a Timed Route: Once you know the discounts, you can create a plan to maximize the most of them! Set-up a strategy and time table for how long you want to spend at each store, ensuring the quickest route to navigate store to store.
  3. Assign Team Roles: To make the most of your time in each store give each member of your team a role. One person can go wait in line, while two people go look for the top items, and the last person scours the store for unadvertised deals.
  4. Choose a Top 3: Before you step foot in any store, know what your main priority items are. Do you want to try for the limited doorbusters, or are you after the time restrictive steals? Whatever it may be, each location should have both primary objectives and supplementary items should the primaries fail.
  5. Dress Comfortable: Black Friday can at times be both a marathon AND a sprint.Be sure to dress in layers for various temperatures both in and out of the stores. Well-worn shoes are also a must, this is not the time to suffer through blisters or sore feet.

 

 

Cyber Monday: Still relatively new, Cyber Monday offers a highly discounted shopping experience all from the comfort of your home. With large-scale retailers such as Amazon, Overstock, and Wayfair participating, you are sure to find fantastic savings throughout the day. Try this home-based retail exchange this year and see how much time you can save too!

 

To make the most of your Cyber Monday shopping be sure to try these 5 tricks:

 

  1. Bookmark Items Ahead of Time: Go to your favorite online retailers and create a wishlist, or save the urls for all your favorite items. This way when you return for Cyber Monday, you can easily check if your go-to
  2. Set Alarms and Reminders: Create alerts on your phone or computer to notify you when an upcoming deal may be approaching. Often times these deals are limited both by time AND quantity, so being there right as it goes live can make a world of difference.
  3. Use Coupon Apps and Extensions: With services such as RetailMeNot, Honey, and Groupon, there now become countless online coupons and deals to add to your list!
  4. Compare Prices: One of the perks of shopping online is that you can be browsing multiple stores at once. Check several sites for your top items, and see which one is offering the best deal!
  5. Take Advantage of FREE Shipping: Retailers will be giving away shipping throughout the holiday shopping season. If your purchases fall within their spending limit or holiday shopping period, you won’t have to pay a dime to get them!

 

Whether you’re battling in the aisles, or scoring deals online, we hope your holiday shopping is a success! Share your favorite Black Friday or Cyber Monda photos with us on our Facebook page. We can’t wait to see how you do!

The Most Affordable Costumes for Kids

Halloween

Get your family into the fun of Halloween without breaking the budget! Try these exciting costume ideas, courtesy of Iowa State Bank:

 

  1. Ballerina: Help you little one showcase her favorite after-school activity, by using her dance class attire for an easy Halloween costume! If you’re searching for a new dance outfit try this affordable option. At a price tag of only $25, a portion of these proceeds go directly to the Make-A-Wish Foundation.
  2. Identity Theft: Give your neighborhood a laugh, and adorn your child with 20 different name tag stickers, all sporting various names. As different people answer the door, your child can give them a giggle, and begin explaining the costume.
  3. Football Player: Energize your favorite quarterback, by helping your child to pretend to be their favorite NFL Star. Safety pin some simple graphics to their existing school jersey, and you’ve an all star player in the making!
  4. Crazy Cat Lady: This is one of the greatest last minute Have your child put on a robe, add curlers to her hair, and attach several stuffed animals (preferably cats,) onto the robe. Plastic glasses and a touch or red lipstick finish this ensemble off.
  5. Grapes: As simple as a pair of leggings, a long sleeve t-shirt and a pack of balloons, this easy costume is sure to be a family favorite. Color coordinate all your items to be red, green, or purple. Once your child is wearing the leggings and long-sleeve, attach the 10-20 balloons to the outfit for the full effect.
  6. Zombie: These creepy creatures come in all shapes and sizes. Puruse your local thrift shop for some clothing items than you can cover in ketchup or fake blood. Add a little creative makeup application, and you’ve got the real life walking dead on your hands!
  7. Rockstar: Imagine how many autographs your child will sign, dressed up as the next pop singing sensation. Help them coordinate an outfit with their own clothes, or a mixture of yours too. Add a wig and a homemade microphone, and you’re in business!
  8. Pop Art: Make the most of your artistic skills, and use facepaint and makeup to create this one of a kind costume! Let your kids pick out the color of their dots and accompanying catch phrase.
  9. Minons: Combine a pair of blue overalls, a yellow long sleeve, dollar store safety glasses, and canning lids to create your favorite banana loving character. Add in some fun squirt guns as gadgets, and this costume is complete.
  10. Shadows: Find a black morph suit for your child, and then layer items of all black clothes over it. The more black accessories, the better!

 

With so many crazy costumes to choose from, your family will surely have the best outfits on the block! Show us your Halloween fun on Facebook, and share your best costume creation!

Money and Matrimony: How to Combine Your Finances

Wedding

Finding your perfect person can make you feel like you’re on top of the world. However, after the ceremony, reception, and honeymoon, you and your sweetheart may begin to feel the stress of money management. Combining two lives into one takes time. The same is true with your finances. Together, you’re now responsible for the well-being of each other, one penny at a time.

 

First things first.

Before you start making any decisions or budgeting plan, sit down with your partner and have an honest discussion about financial goals and struggles. Having a transparent partnership where you work together to achieve financial success, will ensure you view finances as team effort instead of a me-versus-you mentality. Once you’re aware of each other’s debts and savings goals, you can begin to make a plan on how to best achieve your joint financial freedom.

 

Always put it in writing.

A plan is the perfect place to begin your new financial journey. With your savings goals in mind, you can tailor a budget to both pay off debt, and efficiently save for long-term goals. No matter if it’s on your household computer, shareable Google Doc, or simple a written chart in the office, having an accessible budget can help you check and balance your spending throughout the month.

 

What’s yours is mine.

Putting your money where your mouth is has never been truer than in marriage. Joining in union not only means a ring and shared life, but combined finances as well. Setting up a joint checking account is a great first step in managing your funds together. This account should be delegated to all household spending such as rent, utilities, groceries, and other combined expenses. By having an account you both contribute to, you can ensure that these funds are accumulated for joint expenditures only.

 

Remember to be yourself.

While being married is about doing many things together, it also means being comfortable apart. Some hobbies may be unique to you and your personality, while others you two may enjoy together. Take this into account when creating your budget, and allocate an “allowance,” for each person every month. These funds can be spent on anything from movies to makeup, or you each can save your funds for a purchase of your own choosing. This is a great tool to help you both enjoy your own independence while still being conscious of your joint spending.

 

If you have other questions on budgeting, savings, or checking accounts, drop us a line, or stop by today!

How to Tip on Vacation

Vacation Tips

Traveling the world is both adventurous and insightful. From climbing mountain peaks, to swimming among tropical fish, wherever your next vacation takes you, make sure you’re financially prepared. At Iowa State Bank, were excited to help you get ready for your upcoming destination! Try these tipping tricks next time you’re out and about on your future getaway.

 

Bartenders: $1 per drink or, or 15-20 percent of the total bill.

 

Bellman/Porter: $1-2 per piece of luggage.

 

Casino Card Dealers: Tip a chip in the amount you are betting, staggered on your amount of wins. If you are playing $5 chips and win a few then giving the dealer a $5 chip as well.

 

Concierge: $5 per request.

 

Hairdresser/Manicurist: An additional 10-20 percent for a good service.

 

Housekeeping: $2-3 per night up to $5 generally in higher end hotels.

 

Instructors: An additional $10-20 per quality lesson for various sport or leisure activities.

 

In suite dining: Service charge goes to the hotel not the waiter. If no gratuity added put on an additional 15-20 percent tip.

 

Scuba Diving: For an afternoon (or 2 tank dive) it is common to tip $20 per person, per day of the trip. These tips generally go to the deck hands and dive guides for equipment hauling and tank turnover.

 

Spa: Tip 10-20 percent if gratuity has not already been included.

 

Tour Guides: 15-20 percent or more depending on knowledge and quality of the outing.

 

Valet Parking: $2-5 when picking up car.

 

For all your vacation excursions and more, these helpful tips will aid you in all of your travel spending. To better manage your finances back home, be sure to give Iowa State Bank a call! We’ll work with you to help boost your savings to make your next vacation a relaxing success.

 

What Your Birth Order Says About Your Money Management

Birth Order

Every family knows there’s a difference between the various siblings, but why is that? Many psychologists agree, birth order plays a large role! Each member of your family is generally rooted in one of four personality types which help define their core behaviors and beliefs. Discover how these traits can translate to your money management style at Iowa State Bank.

 

First Born: Typically the leader of the family, first borns are strong minded and organized with a heavy protective tendency. Many of those born first err on the side of caution, creating savings accounts for emergencies and unexpected situations. This sibling tends to enjoy being in charge and knowing all the variables. Any expenses, debts, or other monthly bills will be allocated and prepared accordingly. First borns tend to work towards their dreams, and may have the downfall of taking a financial risk to do so.

 

Middle Child: Always the people pleaser, middle children are most known for helping others. If you need an extra buck or two for lunch, this sibling will the first to lend a hand. Often on the rebellious side, the middle child may be more apt to invest in some riskier stocks, but depending if they pan out, it could make financial sense in the long run. Typically talkative and social, many middle children challenge the norm and create new versions of savings schemes. This sibling will be the first to try the next and best retirement plan before storing away long term savings.

 

Last Born: Optimism, attention, and organization generally drive the youngest of the siblings. After learning from the mistakes of the older members of the family, this child typically has most financial questions answered before ever needing to ask. This sibling will be the guru of rewards points, always finding the best perks and benefits for various programs. Always looking on the bright side, the last born is compelled to live the best of their life now, assured the future will work itself out later.

 

Only Child: Frequently told they’re mature for their age, the only child is known for their leadership, sophistication, and drive towards perfection. The typical only child will have a detailed account record with meticulous payment upkeep. These individuals strive to be the best, and are determined to achieve their goals. Expect them to have a strategic savings plan, retirement investing, and a well-rounded home improvement fund. Always up for a challenge, only children can often be great investors seeking out the best stock options for their needs.

 

No matter your place within the family tree, you’ll always have a financial partner with Iowa State Bank. Whichever goal you’re aiming to tackle next, we’ll help you achieve it!

What’s Your Spending Style?

budgeting

Everyone spends and saves differently. There are spending personalities on all ends of the spectrum that range from extreme spenders to tireless penny pinchers. Discover what type of spender you are with this helpful quiz courtesy of Iowa State Bank.

 

What’s your typical lunch during the workweek?

A: A packed lunch, typically leftovers from the night before.

B: A variety of prepared lunches from home and a handful of take out meals throughout the month.

C: I usually grab something from one of the local restaurants during my lunch break, occasionally I’ll bring something from home if it was really good.

D: I can’t get through the day without my latte in the morning, and a solid lunch out of the office in the afternoon.

 

How important is your credit score to you personally?

A: I live and breathe by this number, it influences almost all of my buying decisions.

B: I check my credit every month, it’s important to know where you stand.

C: I have a general idea where I’m at, but it’s not the first thing on my mind.

D: What’s a credit score?

 

If you want a something that is $3,000 but you only have $1,500 available funds in your account what would you do?

A: Wait until I can save the additional $1,500 I need before purchasing it.

B: Compromise on a similar item that only costs the $1,500 I currently have.

C: Purchase the $3,000 item, paying $1,500 up front, and putting the rest on credit.

D: Purchase the $3,000 item and put it all on credit.

 

What does retirement savings mean to you?

A: Roth IRA, 401(k), stocks, bonds, and personal savings.

B: Using my work benefits along with personal savings.

C: I think I get something for retirement through my place of employment.

D: Something I don’t have to worry about until I’m older.

 

When you see an exciting impulse buy, how do you manage the situation?

A: I remind myself I’m here for these 5 items and nothing else.

B: I remember I already bought a small impulse buy yesterday, so this one could potentially harm my budget.

C: I made it through the work day today, I deserve this.

D: I already have 4 other things I wasn’t expecting to buy, what’s one more?

 

If most of your answers were [A] then you are a Penny Pincher: For you, finances are the key to your existence. All aspects of your financials are crafted into a strategic plan to make the most out of your various savings accounts. You’re the first to suggest a restaurant based on cost, and the last to splurge on a large purchase. Typically you’re also the person other family members typically ask for well-rounded financial advice.

 

If most of your answers were [B] then you are a Balanced Budgeter: In your world, the life of a budget doesn’t have to centered around a hunker down mentality. A budget is a fluid medium that is meant to be customizable to you and your needs. Occasionally an added expenses or unforeseen purchase is needed or warranted, but overall, you ensure you and your family stay on track with a well thought out financial plan.

 

If most of your answers were [C] then you are a Cautious Creditor: Although much of your financial expertise is based on credit card rewards, and other point benefits, you do care about your money management. While not all your choices are made to help boost your savings, there are certain measures you take on a continual basis to help push your financial goals forward.

 

If most of your answers were [D] then you are a Debt Developer: Often times you spend more than you intend. Between check-out line snacks, and lunch time splurges, your bank account just tries to keep up. Understanding your financials isn’t necessarily first on your list of priorities, but there are certainly some things you know you could improve. You appreciate the things you purchase and genuinely enjoy the experience of shopping.

 

No matter what type of spender you are, Raccoon Valley Bank is here to help you succeed. For everything from setting up savings accounts, to consulting on wealth management, we have everything you need to continue your financial success. Give us a call at (319) 753-2265 or stop by today to get started!

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