Tag Archives: save

How To Save On Your Taxes

Are you kicking yourself for how you handled last year’s taxes? You can feel better about next year by learning a little bit about tax savings now.

Consider Donations

Not only is donating to charity a great way to give back to the community, but it is also a smart way to have a tax write-off. It needs to be a charity that is recognized by the IRS in order to do this. This will require some organization on your part over the course of a year. You will be required to have written records. It should say the date of the contribution, the amount you gave and to who. If the amount is over $250 and you don’t have a receipt, the IRS may reject it.

Increase Contributions to Your Retirement

If you contribute to a 401(k) plan or an individual retirement account, you can reduce your income tax. You would need to increase the amount that is withheld from your paycheck automatically.

Start Saving for Your Child’s College Tuition

It’s never too early to start saving for your child’s education. A 529 is a college savings plan similar to an IRA except it’s for college. The contributions grow tax-free, and withdrawals are not taxed for a college education. You can either use this for your children or for yourself to take a fun college course in retirement.

Review Tax Credits for Children

Having children is incredibly expensive. Double-check that you’re getting all of the tax credits you qualify for. You can itemize medical and dental expenses. As we all know, these costs don’t come cheap. Whatever you are paying out of pocket for these costs may be itemized along with the child tax credit.

Begin a Health Savings Account

To help decrease some of the common stress of medical bills, consider starting a health savings account. Contributions made to an HSA are pre-tax dollars that can be applied to medical expenses. If you contribute the maximum amount, you can potentially save thousands on your taxes this year.

It is possible to pay less in taxes next year, you just need to put the work into finding some ways that you qualify for exemptions. For more ways to save, contact us at Heartland Bank.

7 Ways To Save On Your Energy Bill

With winter at full force, heating bills will begin to skyrocket. The typical family spends an average of $2,200 per year on utilities, according to the Energy Department. To cut costs and crush your saving goals, Heartland Bank offers some simple ways to save on your energy bill.

Wash Clothes On Cold

About 90% of the energy the washing machine uses goes towards heating the water. Not only will your clothes still get clean when washing them in cold water, but they’ll have less shrinkage and fade. If you wash 4 out of 5 loads of your laundry in cold water, you could cut out 864 pounds of CO2 emissions in a year. That’s equivalent to planting .37 acres of U.S. forest. This is because the cost of the hot/warm rinse setting for a load is $0.68 while cold/cold is only $0.04 – which also means less electrical output.

Update the Showerhead

An energy efficient showerhead can reduce your water usage by 2,700 gallons per year – just look for one with the WaterSense label. This means the showerhead is certified to meet efficiency criteria set by the Environmental Protection Agency.

Seal Up Your Home

Plastic to cover your windows and weather stripping around doors will cause fewer drafts and leaks, keeping your home from working too hard to stay warm. According to Lowe’s, an insulating window film can help retain up to 55 percent of your home’s heat in the winter, so it’s worth a shot to help you save!

Change the Thermostat

When away from home or asleep under your warm covers, knock your thermostat back 10 degrees. That seems cold, but it’ll help you save as you don’t need the warmth during those times. Doing so for eight hours can lower your annual heating and cooling costs by around 10 percent. You can also invest in a programmable thermostat, which will do the work for you.

Adjust Your Fridge and Freezer

Your food will still stay fresh with this tip! Set your fridge to 38 degrees and your freezer to 5 degrees to save BIG.

Turn Down the Hot Water

Lower your water heater temperature to 120 degrees. This can help reduce heating costs by 10 percent!

Switch to CFL Bulbs

Switching to compact fluorescent or LED bulbs that bear the Energy Star label, will help save you more than you think. CFLs use about 75 percent less energy and last up to 10 times longer than incandescent bulbs. This can save you up to $35 in electric costs over the lifetime of each bulb.

We hope you implement a few of these strategies to allow your money to stay in your pocket. If you’re looking for a safe home to keep your funds, our savings account options are the perfect place! Learn

Creative Ways to Save While on a Budget

We’ve all heard the tips about not eating out, cutting cable and canceling that gym membership you never use. However, that leaves us wondering what other crafty ways can we think of to save? Heartland Bank offers a few creative ideas on how you can keep money in your wallet while on a budget.

Switch Up Beauty Brands

Small expenses can add up in a hurry. Luckily, there are simple fixes for that problem. Try switching from your beloved expensive shampoo to a more generic brand. Instead of buying that department store eye shadow pallet, try out a drugstore option. By moving to more cost-friendly options with your beauty products, your bank account will thank you – and, you’ll still get the same end result after using your generic products.

Thrift It

Many people only think of online shopping and name brand stores when looking for a new outfit. However, there are plenty of options out there for your next stylish endeavor that won’t cost you an arm and a leg. Going to thrift stores is a great way to find pieces that aren’t going to be a part of everyone else’s wardrobe and you’ll save a large amount of money!

Host a Potluck

Being on a budget shouldn’t mean you don’t get to socialize anymore; in fact, you may have friends who are trying to save, too. Help yourselves out by hosting a potluck party. By having everyone come over to one of your homes and bring their own dish, you won’t have to worry about spending money on an entire spread.

Skip Bottled Water

Invest in a water bottle and fill up! Spending money at vending machines, gas stations and grocery stores on something you’re already paying for at home is not the best financial move. Look at other items that may be in the same category and cut those expenses out of your life too such as buying coffee every morning instead of making your own.

Make a Meal Plan

Mapping out what your meal will be for a week or two can take a little time, but it will be well worth it financially. Going into the store with a set plan of what you will buy will help you avoid adding extra items to your cart while walking through the aisles. This will decrease the amount of unplanned expenses you have each month! You will also get the chance when meal planning to find healthier options for your days and make lunches, not just supper. Being able to pack lunch each day for you and your family gives you the chance to cut down on what you spend every day for lunch.

Try out a few of these unique ways to save and your bank account will thank you. Stop in or feel free to give us a call if you’re looking for more ways to save!

FAQs about IRAs

An IRA is an individual retirement account that is used as a tool for people to earn and earmark funds for retirement savings. Retirement may seem far away, but the earlier you start to save, the better off you’ll be! These accounts can hold more money than any other type of retirement account. You have flexibility when choosing investments and minimizing taxes, which means an IRA can play a huge role in how prepared you are for retirement. With that said, many people don’t fully understand how IRAs work; they can be confusing. As a result, there are many questions that arise when talking about IRAs.

Here are a few:

What does an IRA earn? – In simple terms an IRA is just a trust that is established with certain tax rules. More specifically, it’s a security blanket for your money. CD accounts, money market accounts, saving accounts and brokerage accounts can be IRAs.
Who can open an IRA? – Anyone under the age of 70 who earns a taxable income can contribute to a traditional IRA. Roth IRAs, however, have additional income restrictions. And for those who are under the age of 18, many banks, credit unions, and other financial institutions will allow an adult to set up a guardian IRA. However, the guardian will have control of those assets until the child is 18-21. To clarify, children who have a part time job can contribute to their IRA if they have earned income from a job. They just cannot contribute more than that income!
How do I open an IRA? – You can choose where to open an IRA, if you don’t already have an employer-sponsored retirement plan. Often you can go to banks, credit unions, brokerage firms and mutual fund companies. It never hurts to do more research and ask questions!
Am I able to contribute to someone else’s IRA? – Yes, but only if it is your spouse and if you file a joint tax return.
How do I invest into my fund? – Fortunately, the IRA gives you the option on how you want to invest your money. That includes stocks, bonds, and mutual funds. Furthermore, you can invest how you want or you can have your IRA managed for you by a financial professional.

IRAs can be a tricky subject, but hopefully with the answers to these frequently asked questions we were able to help you with some beginner’s knowledge. If you have more questions or are wanting to set up an IRA, we would be happy to help. Contacts us today!

Holiday Hacks for Saving Money

Shopping for the holiday season can get pretty expensive – especially with gifts for the whole family and hosting traditional holiday parties. Luckily, this holiday season we are offering you 3 top-notch money saving hacks so you save more than you spend!

Be a Thrift Store Champ – When you shop at thrift stores, you can find inexpensive gifts and decorations for the holiday season. This is the perfect spot to find your ugly Christmas sweater and a wonderful resource for one-of-a-kind gifts. The items you can find here will most likely be under $10. What a bargain!
Utilize Your Dollar Store – At the dollar store you can find decorations, wrapping paper, and even holiday ornaments! You can also buy serving platters, dinnerware and extra kitchen utensils to make your holiday party extravagant for your guests without putting a big dent in your bank account.
Participate in Secret Santa – Try something different this holiday season. Instead of buying gifts for everyone in your family, suggest the Secret Santa method! This is an easy and enjoyable gift exchange for everyone to participate in. A few weeks before Christmas, put the names of every member of the family in a hat or bucket, and have each person draw a name. They will then only have to buy a gift for that person. Not only will this help relieve some financial stress, it also serves the purpose of talking about the importance of service and giving during the holidays!

It is so easy to get all wrapped up into the spending cycle during the holidays, but hopefully with these hacks you will be able to find simple treasures and save money! If you’re looking for an extra special gift to give this holiday season, consider opening a savings account with us for your child – we’d love to be a part of the holiday spirit!

Simple Ways Going Green Can Save You Money at Home

Have you ever thought about making your household more environmentally friendly, but felt it would just be too expensive? Many homeowners are under this impression, even though they have a desire to reduce their carbon footprint. However, you don’t need to buy all new energy efficient appliances. In fact, going green and saving money can even go hand in hand. By merely adopting a few of these suggestions, you can decrease excess and expenses.

Reduce

Travel – Dealing with traffic on your way to work is frustrating. Why not share the ride with a coworker? This not only decreases air pollution, but lessens the traffic, the daily stress of driving and gas costs. This is a huge help to the environment, as 30 percent of carbon emissions come from transportation. If this isn’t your thing, consider biking to work or working from home.
Waste – Whether it’s saving on stamps from Heartland Bank’s paperless billing or adjusting a thermostat, you can eliminate waste with simple choices. Unplug any electronics you are not using, or invest in a powerstrip to easily turn off of multiple money-hungry appliances. Say goodbye to plastic water bottles, and hello to a water filter and glass water bottle. Water-efficient fixtures and LED light bulbs are a low cost way to decrease waste – it’s that easy!

Reuse

Compost – Instead of throwing your banana peel in the trash, consider starting a compost bin. This is the hallmark of an eco-friendly household. This will not only lessen the use of garbage bags, but provide you with nutrient-rich soil for your garden!
Electronics – If you have gadgets you no longer use, there are many places that will buy them from you to refurbish. By not throwing these in the trash, you will have prevented harmful chemicals from entering the water systems. Never buy new when you can get it cheaper online!

Rethink

Cleaning – Even if you are buying chemical-free cleaning products, it can be easier to make your own products from natural ingredients like lemon and vinegar. Did you know your dryer can increase your electric bill by 6 percent? Set up a clothesline outside for fantastic smelling laundry and savings.
Purchases – Be a smart shopper. Convenience has a price when it comes to food. Buying from your local farmer’s market and cooking at home will eliminate the waste from packaging and the costs that come with manufacturing. Even buying clothing that seems “cheap” comes at a price, as those items typically come from countries with low environmental standards, and the products won’t last as long as quality items.

Implementing any of these tips into your routine is a great start to going green and saving money! For more great ways to maximize your dollar, check out the wide range of services at Heartland Bank.

Cheap Updates to Improve your Kitchen’s Value

Mario Batali said “The kitchen really is the castle itself. This is where we spend our happiest moments and where we find the joy of being a family.” Do you find people leaving the comfort of your plush rugs and pillows to only be leaning against your laminate counter talking for long periods of time? If you find your guests and family gravitating to the kitchen, why not make it a unique experience for them?

Heartland Bank is here with some helpful ideas for how you can improve the value and experiences of your kitchen on a budget.

Lighting
Having the right lighting can dramatically change the vibe of your kitchen. Even if this is the only tip you utilize, it is sure to make a difference. You can typically find reasonably priced lighting at large hardware stores, or online. Pendant lights are a current trend that people are drooling over. If you have old-school vintage lighting, you can update it by replacing the lights with Edison light bulbs and spray painting with a metal finish or coordinating paint. Additionally, adding under cabinet lighting will help to soften the kitchen. This can help it to appear bigger and more welcoming to those large groups that always find their way into your kitchen!

Storage

Get that clutter put away! Not only will your kitchen look smaller, but having too many items on the countertops can keep it from looking modern as the minimalist look is on the rise. Look for new ways you can utilize your storage, or create more. Maybe it’s time to get rid of some appliances that you never use. You could sell these to make some extra cash to go towards revitalizing the room. You can purchase a pull out storage kit and drawer organizers to maximize what you have for space, without needing to do a complete cabinet remodel.

Paint

You don’t have to be an expert designer to use paint! Although it may be tedious, it’s a cheap way to up the value of your home by making it look fresh and clean. Here are some items you can paint to dramatically change the feel of your kitchen.

Cabinets- If you don’t have the money to spend to update your tired cabinets, grab some sandpaper, primer and a light colored paint. Professional designers recommend light or citrus colors. Even removing some of your cabinet doors to showcase your favorite dishes will modernize the room. Paint the inside shelves white to really make it pop!
Focal Wall- Paint one wall in your kitchen a few shades darker than the walls, to create an accent wall. This will give more dimension to your home and be a quick fix. Try out Chalkboard paint to make it even more fun!
Island- If you have an island, paint this a bright color.
Floors- If you have weathered floors, look into mixing it up with painting them a fun design like these. This is much less expensive than completely replacing your flooring and you can always add a comfy rug to add even more appeal.

Accessories

If you don’t have the time to complete a large project, these simple additions are another option.

Put new handles and pulls on your cabinets that are sleek and current. Don’t choose anything that has too much character, as most likely whoever you are selling your home to won’t find it amusing.

You may not be a plumber, but it doesn’t take too much skill to replace your faucet. There are so many options on styles and functions, you will be pleased with how much you can enjoy this simple addition.

While you don’t want to darken your kitchen too much, adding window treatments amplifies style and privacy. You can make your own out of kitchen towels or buy roman shades.

You may not have spent the whopping average of $21,907 on a kitchen remodel, but you will definitely have added value to your kitchen and to your guests’ experiences!