Five New Year’s Resolutions to Improve Your Finances in 2017

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by Pam Reiss

New Year’s Eve is about much more than watching the ball drop in Times Square or popping open a bottle of champagne. It’s about reflecting on the past and looking ahead to the future. This time of reflection leads millions of Americans every year to make resolutions about how they can improve themselves. If you’re looking for a way to improve yourself in 2017, why not take a look at your finances? Here are five resolutions you can make that can drastically improve your finances and quality of life in the year to come.

Focus on your physical health: Your physical health and your financial health are inextricably linked. The CDC reports that 86 percent of our nation’s healthcare costs are attributed to chronic diseases. Many, like diabetes, heart disease and obesity, can be prevented with a good diet and plenty of exercise.

Cut an unnecessary expense: The cup of coffee you pick up at Dunkin Donuts every morning during your ride to work might seem like an insignificant expense at the register. But spending $3 on a cup of coffee every day over the course of the year ends up costing you $1095. Even if you’re not a coffee drinker, there’s probably something comparable in your own life. If so, is there a way you can do it cheaper, or cut it out of your budget entirely?

Diversify your nest egg: Diversifying your savings helps you maximize growth and protect your nest egg at the same time. While not all investment vehicles may suit your needs, sit down with a financial professional and figure out how to expand your portfolio effectively. Certificates of deposit, IRAs and money market funds are just a few options offered by The Milford Bank. You don’t need to try everything all at once, but if you add one new dimension to your portfolio every year, you can set yourself up for a very comfortable retirement in no time.

Tackle a home improvement project: Have you been putting off a renovation for years? Make 2017 the year that you finally make it happen. Home improvements can increase your property value, making them great investments—especially if you’re thinking about selling your home in the near future. For larger project, speak to a Milford Bank representative about affordable and flexible home equity or home improvement loans to get started.

Procure life insurance to protect your family: There are many families in this country without adequate life insurance coverage. Many more have no life insurance at all. Dwelling on our mortality may not be a popular pastime, and that may be why many individuals are misinformed about the importance of life insurance. Make 2017 the year that you finally have the uncomfortable conversation so that you and your loved ones can have peace of mind for every New Year to come.

To learn more about how you can make the most out of your New Year’s resolutions, check out our online Learning Center here or stop by any location of The Milford Bank and speak with one of our representatives today!

The Milford Bank is an Equal Housing Lender. 

Savings Tips to Keep Guitar Players from Singing the Blues

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by Pete Deleo

In the United States, the birthplace of rock’n’roll, there are nearly 2.5 million guitars sold every year.  And while the average price per instrument is higher than a typical holiday present—$433—guitars can actually be one of the most fiscally responsible gifts that you can give.

Once you’ve made the initial purchase, the musician in your life can enjoy a guitar nonstop with few additional expenses. Unlike more physical pastimes, they’ll be able to continue playing their guitar at any age. Guitar players can provide free entertainment, or even turn their hobby into a side job and make a little extra money too!

But purchasing a guitar should still be considered an investment. And just like any other investment, you’ve got to do your research and learn how to get the most bang for your buck. Follow these tips and you’ll be able to help keep the guitar player in your family from becoming another starving artist singing the blues!

Shopping for a first-time guitar player: If your 16-year old just got their driver’s license you wouldn’t purchase them a Rolls Royce. So why would you spend lots of money on a guitar? There are so many different types of guitars on the market today that finding the one that feels right can take some time. Check your favorite music store for guitars for sale on consignment, look online, or even look for guitars available for rent. That way, you can let your budding musician explore their newfound passion without breaking the bank.

Maintaining your instrument: Once you purchase your guitar you won’t rack up expenses as long as you maintain your instrument properly. A properly maintained guitar can last decades without anything other than the occasional new pair of strings. But if you don’t maintain your instrument, it can fall into disrepair, requiring work that can be more expensive than the guitar cost in the first place! Keep your guitar away from extreme hot or cold weather to avoid warping or cracking. When not in use, loosen the strings so that they put less pressure on the neck of the guitar, which will also help to curtail warping.

Consolidate gear for electric guitarists: Acoustic guitars require nothing more than a few fingers to strum their strings. Electric guitars, on the other hand, will be a little more expensive. You’ll need to purchase amplifiers, PA systems and cords—at the least. If you’re shopping for an electric aficionado, you can help save some extra money by purchasing all-in-one gear. For instance, some acoustic guitars come with electric pick-ups so it’s as if you have two guitars in one. There are also amplifiers that come equipped with PA systems so that you won’t have to purchase both separately.

Follow these tips and by this time next year, you may even have someone to play you some of your favorite holiday tunes! To see more great ways to save money in your daily life, check out Milford Bank’s blog here, our online Learning Center, or stop by a office location near you!

Take Time to Give Back This Holiday Season

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by Jorge Santiago

Entering the home stretch of 2016, there are plenty of highlights coming up on the calendar: Thanksgiving, New Years and everything in between. The holidays can be full of excitement as you gather with friends and family to give thanks for the wonderful things in your life. With all the planning that goes into the holidays, they can admittedly be a little stressful too. With everything that you and your family have going on over the last few months of 2016, it can sometimes be easy to overlook the fact that many families in the local community are not as fortunate to be in a position to celebrate this year.

One of the most important things to remember during the holidays is that it is a blessing to have everything you need to enjoy a high quality of life. And it is equally important to lend a helping hand to those who do not whenever you can.

Here are just a few ways you can help contribute to the members of the local community that could use extra support this holiday season.

Feed the hungry: Some of the most unforgettable holiday memories are created around the dinner table. For families that struggle to put food on the table, local food banks provide significant relief. While non-perishables are always appreciated, you can also check with representatives at your local food bank to see which items are in high demand. If you have some spare time, you should even consider assisting food banks when they open their doors to serve families—volunteers are always needed. Check out a list of local food banks here.

Help fight homelessness: Given the chilly weather that sweeps in around the holidays, this time of year is particularly difficult for individuals with no roof over their heads. You don’t need to take out a mortgage to lend a hand—donate to local shelters like Milford’s Beth-El Center. The Beth-El Center does more than give a place to eat and sleep. It also offers support services, advocacy and community education. By partnering with organizations like the Beth-El Center, you can not only help the homeless members of the local community meet their basic needs, but provide a comprehensive strategy to reach a long-term and lasting quality of life.

Play Santa Claus: There’s nothing quite like the face of a child when he or she awakes Christmas morning to and sees what Santa Claus has left under the tree. But for many families struggling to make ends meet, toys are a luxury that is out of reach. In order to make sure the holidays are full of excitement for all children in the local community—regardless of which one they celebrate—donate to a toy drive this year. You can purchase a toy for any age group, boy or girl. Even if you can’t purchase a brand new toy, you can still contribute—simply select a few items from home that your own kids no longer play with. Click here to find a toy drive near you.

The Milford Bank will also be participating in and sponsoring a number of charitable events this holiday season, and throughout the entire year. Be sure to stop by any office location, read our blog and follow us on social media for more news!

There’s No Such Thing As A Free Lunch (break)

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by Nila Pathammavong

The saying goes that there’s no such thing as a free lunch. According to a recent report the common phrase is now more appropriate than ever. A pricing analysis conducted by NDP Group found that in many restaurant segments, prices have risen 5 percent in the last 12 months. At the same time, grocery prices have remained relatively stable. As a result, restaurant lunchtime traffic is down 4 percent and the average customer bill is down five percent—exactly the same amount as the average restaurant price hike.

According to NPD analyst Bonnie Riggs, “Price value, especially at lunch, is out of whack. Consumers have cut back because they can’t afford to go out for lunch every day.”

Nonetheless, you shouldn’t be cutting the meal from your diet entirely. So how can you take the bite out of your lunch budget without dealing with hunger pangs throughout the afternoon? Here are several ways that workers can deal with the rising price of lunches.

Bring your lunch from home. Packing your own lunch is a very simple solution to deal with the high cost of restaurant prices. The same sandwich you pick up at Subway will cost a fraction of the price if you make it at home. If you never seem to have enough time to make your lunch in the morning, consider doubling the recipe when you make a dinner the night before. If you have a short commute, you may even be able to stop home to prepare your lunch without taking too much time away from your work.

Plan your lunch around special offers. If you can’t find the time to prepare your own meals, at least stay alert for special discounts at the restaurants surrounding your workplace. There are often coupons in local newspapers or online, as well as in-store offers that may bring a meal that is typically too expensive back into your price range.

Eat family-style with your colleagues. Instead of footing a bill by yourself, bring a few colleagues out for lunch with you, order a few dishes that are easy to share and split the cost between yourselves. Not only will you all be able save a few dollars, but you’ll be able to sample a better variety of fare and get to know your coworkers better at the same time!

Graze throughout the day. The earliest humans were nomadic hunters and gatherers and would graze over the course of a day instead of sitting down for three square meals. You can get back to your ancestral roots by selecting a nutritious and filling snack, such as trail mix, and enjoying a few handfuls over the course of the day.

If the cost of your lunch break is leaving you sick to your stomach, try these cost-effective alternatives to eating out. For more ways to save money in your day to day life check out the Milford Bank blog here.

Six Things You May Not Know About Labor Day

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by Pat White

With Labor Day coming up on September 5—the first Monday of the month—many of us will be taking advantage of the impending three day weekend. Whether you’re using the chance to take one last weekend getaway to the beach before the end of summer, hosting a backyard party with your friends and family, or heading out to the mall to take advantage of Labor Day sales, we all have one thing in common—we’re grateful to have a little extra time for ourselves.

However you choose to spend your Labor Day, be sure to take a few moments to remember the meaning behind the holiday. We wouldn’t have the wages, benefits or time off that we enjoy today without the activism of our ancestors.

Here are five things you may not know about Labor Day to better educate you on the origins of the holiday.

  1. The idea for Labor Day is believed to have begun in Canada in 1872—22 years before it became a national holiday in the United States! In a show of solidarity for striking workers, 1,500 citizens from Hamilton, Ontario demonstrated in the streets. Their aim? A nine hour work day.
  2. Even though Labor Day became a national holiday in 1894, it was first celebrated in New York City by the Central Labor Union in 1882. Over the following 12 years, 23 states marked their own celebration before the Federal government opted to make it a universally recognized holiday.
  3. Congress voted unanimously to make Labor Day a national holiday in 1894, just six days after the conclusion of the Pullman Strike. During the strike, 125,000 railroad workers walked off the job to protest wage cuts without a corresponding decrease in rent and utility costs in their company-owned housing. During the strike 30 workers were killed, 57 were wounded and property damage exceeded $80 million.
  4. The average wage for a laborer during the 1890’s was 15 cents per hour. A skilled worker, such as a carpenter, would still expect to bring home an average of only 32 cents per hour.
  5. President Cleveland, though he supported the establishment of the Labor Day holiday, was fearful that empowering workers would give rise to strikes, riots and strengthen socialist and anarchist movements.
  6. The first minimum wage law was passed in New Zealand the same year that Labor Day was established as a national holiday.

Ultimately, we should not celebrate Labor Day without forgetting the activism and difficult conditions that workers endured in our recent past. Because those individuals were willing to stand up and fight for their rights, we now enjoy the fruits of rising wages, shorter work hours and better benefits.

All offices of The Milford Bank offices will be closed in observance of Memorial Day. Be sure to download our mobile application though, and you’ll be able to conduct your banking conveniently without having to stop at one of our locations. You can download the application here.

Thinking About Adding a Dog to the Family? Read This First!

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by Lynn Viesti Berube

There’re reasons dogs are considered man’s best friend: They give their owners unconditional love, are intelligent, provide countless hours of entertainment and are highly loyal. If you’re thinking about adding a puppy to your family unit, consider all these charming attributes. But also think about whether you can afford to own a dog. According to Pet Education, out-of-pocket expenses for just the first year of your puppy’s life can be as high as $6,600.

Certain costs, such as for services provided by a veterinarian—from vaccines to heartworm shots, to spaying or neutering—are unavoidable. Yet, you can mitigate other costs by taking the following measures:

Find an alternative to pet stores: Buying a puppy from a pet store could cost you $1,000. For a dog with a lower price tag, explore alternative options like animal rescue shelters or adoption clinics. Have a specific breed in mind? Consider contacting a rescue group. All pedigrees are available in shelters and foster homes. Adoptions are usually low cost or free.

Double your dinner recipe: Purchasing food for your dog isn’t cheap. The good news is that you can add some of the common foods you already cook—rice, vegetables and meat, for example—into their diet for a healthy and cost-effective solution. Be sure to consult with your veterinarian first, though, to make sure the ingredients you use are dog-friendly and offer enough nutrition.  

Invest in proper training: Taking the time to properly train your dog will have long-lasting positive effects for all of you. Don’t think of spending money on training as an expense, but rather, an investment. If your dog isn’t taught to respect you and your property, it might behave in unfriendly, even dangerous, ways. Dog’s have lots of energy and need to learn how to channel it appropriately so they don’t do damage when you’re not around. In addition, dogs in new surroundings often experience anxiety and might express their feelings by chewing on furniture, or behaving in other destructive ways. In other words, a well-trained dog is less likely to require frequent shopping trips to IKEA.

Make your own toys: Trekking through the aisles of a pet store, you’ll see a multitude of expensive dog toys made from common household items. Instead of spending money on a piece of rope, for example, check your garage for a similar “toy” first. Another tip: Purchase out of season toys at the pet store. Your dog does not care if you give him/her a snowman toy in the summer.

Be proactive about healthcare: Just as you do for yourself, take a proactive approach to your dog’s healthcare. Regular check-ups can prevent illness from impacting your dog’s quality of life, and help you avoid more-expensive medical treatments. A balanced, nutritious diet and daily exercise will also go a long way toward keeping your pet in top shape. Also be sure to brush your dog’s teeth, administer heartworm and tick prevention medications, and strictly follow any recommendations made by your veterinarian.

These measures will ensure that adding a dog to your family won’t upend your financial stability, and will allow you to enjoy your new pet for a long time. For more ideas on managing your money as you go through life, check out the Milford Bank Learning Center.

Three Ways You Can Improve Your Credit Score

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By Paul Mulligan

The importance of having good credit cannot be overstated. Having a good credit score—at least 700 on a scale from 300 to 850—can open up a world of possibilities that might otherwise have been unavailable to you. Good credit can help you get approved for a car loan or mortgage. In some cases, employers and landlords will even use credit scores as part of their background checks. A good credit score may also help you qualify for financing and credit cards with lower interest rates.

In general, you’ll find managing your finances and improving your quality of life easier with a first-rate credit score. On the other hand, the lower your credit score drops, the harder time you’ll have qualifying for low interest rates that will help you cut into your debt.

Fortunately, you can establish a good credit score early on and keep it headed in the right direction by following these three steps.

  • Apply for a secured credit card. Building credit is difficult to do without an existing payment history. One of the quickest ways to establish your ability and willingness to pay off debts in a timely manner is by using a credit card. Yet, first you have to qualify for the card, which is also contingent upon a solid history of loan repayment. In this case, a good solution is to procure a secured credit card. The lender assumes no risk with this alternative, as a sum of money equivalent to the total available balance on the card is held in an account and only released after you’ve established a track record for making regular payments.
  • Pay more than the minimum on your credit card(s). Another way to prove that you’re a low-risk customer is to pay down more than the monthly minimum on any of your existing balances. You don’t need to go overboard; paying 10 extra dollars a month can have an impact.
  • Leave repaid debts on your credit history. There is a difference between good and bad debt. If you’ve paid off a loan, don’t make the mistake of trying to erase the evidence that you had debt from your credit score. The fact that you incurred debt and handled it responsibly will help your score.

To learn more about the importance of credit and what you can do to improve your standing, stop by Milford Bank to speak with one of our financial advisors, or check out our Online Learning Center by clicking here.

Stop by The Milford Bank on Your Path to Becoming a Pokemaster

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By Rebecca Tudor

Since being launched in early July, the mobile application Pokemon Go has taken the world by storm. It took only one week for 10 million users to download the game (a new record) and has now been downloaded over 30 million times.

The odds are, you or someone you know is on the path to becoming a pokemaster themselves. Be sure to stop by The Milford Bank’s locations at some point along your path. You won’t be disappointed.

Here’s what you can expect when you stop by:

  • At our downtown office, there are 12 pokestops within a half-mile radius where you can resupply yourself with pokeballs, eggs and other boosters to help you capture the monsters. There are also four pokegyms nearby where you can test your skills battling other players.
  • At our Post Road West office, you’ll find one stop and one gym nearby.
  • In the vicinity around our Devon location, there are two pokestops.
  • There’s a pokegym very close to our Woodmont office.
  • Near our Stratford location, you’ll find three pokestops and a gym.
  • There have even been pokemon spotted inside our Post Road East location.

We’ll even be setting up lures within our locations to draw pokemon into our offices. Be sure to look for updates by following us on Facebook, Twitter and Instagram to see when a pokemon you still need to collect makes an appearance.

When you stop in to one of our branches, be sure to mention pokemon to one of our friendly representatives and you’ll even receive a free blink light so you can safely hunt after dark as well.

Speaking of safety, be sure to follow these guidelines put out by the Connecticut state police:

  • Don’t play while driving.
  • Don’t trespass on private property (scaling fences, parachuting, tunneling, etc.).
  • Don’t fight or argue with other players.
  • Don’t be lured by a beacon signal into unfamiliar surroundings.
  • Stay alert near roads.
  • Make yourself visible when playing at night.
  • Play with friends or family.

The Milford Bank even has a few employees that moonlight as pokemon trainers that have been happy to provide a few tips on how to improve as a player yourself. But don’t be surprised to receive an invitation to test your skills as a pokemon trainer if you run into one of them.

  • The pokemon eggs you collect will require you to walk a certain distance to make them hatch. Gather up as many eggs as you can before embarking on a long walk to save yourself time and energy.
  • Try to be as accurate as possible when throwing a pokeball out to capture a pokemon. Not only will this increase the likelihood of capture, saving you resources, but you’ll gain extra experience points for accurate tosses, which will help you level up more quickly.
  • When you’re in the heat of battle, wait until your screen starts to flash yellow and then swipe your screen to the right or left and you’ll have a chance to dodge your enemy’s attack.

To find out the nearest office of The Milford Bank to you, or to see how you can follow our social media accounts for the latest Pokemon Go updates, click here.

Back to Basics: Banking 101

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by Pam Reiss

Believe it or not, many people get through life without understanding the basic principles of banking. They make their deposits on payday and make withdrawals to pay the bills, and as long as the balance is in the black their finances aren’t given a second thought. But to know the “what” of banking is only half the story—understanding the “why” is equally important. By educating yourself on why certain elements of banking happen the way they do, you can become better equipped to manage your assets responsibly.

Even some of the most basic banking principles, like balancing a checkbook, have gone by the wayside—especially with the growth of online banking. Would you believe that 69 percent of people never balance their checkbook?

So let’s get back to basics and cover a few of the fundamentals of banking that you should understand about your hard earned savings.

Why do you need to balance your checkbook?

While the practice of balancing a checkbook is commonly viewed as a lost practice these days, in fact it is more important than ever. Even though there are strict procedures in place within financial institutions to protect your assets at all times, cases of identity theft and cyberattacks continue to rise. If this happened to you and you haven’t reconciled your account, you might not catch the crime until more damage has been done.

Why are there temporary holds on check deposits?

When you make a checking deposit, a portion of those funds become immediately available for use. But a temporary hold is placed on the remainder. This is important to know so that you can avoid bouncing checks with money that has yet to be transferred to your account. Don’t take it personally, though—the reasoning has nothing to do with your bank’s impression of you. In fact, your bank is simply waiting for the funds to be transferred from the payer’s bank, which can take up to several days. Your financial institution is simply making sure those funds arrive as planned.

Why pay off your whole credit card balance instead of the monthly minimum?

When you’re struggling to make ends meet, the monthly minimum payment option offered by credit card companies might seem enticing. But paying off the bare minimum has a far-reaching impact. Credit scores, for instance, are calculated largely based on the amount of debt that you carry. You also may end up owing more in the long run, as your interest rates could end up creating more debt than you’re paying off each month.

Even if you can’t pay the whole balance in full, making a payment a little above the minimum will help you avoid letting your debt spiral and will demonstrate to your card issuer that you are a responsible customer, giving you more bargaining power in the future when you look to increase your credit line or take out a loan.

For more basic banking principles, stop by a Milford Bank branch location near you or check out our Learning Center online by clicking here.

When Should You Start Saving for Retirement?

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by Patty Gallagher

Even if you love your job, you’re probably looking forward to the day you punch your last time card and can begin your retirement. But while you may have a 401K and social security coming your way, the bulk of your retirement stash may still fall on you and your ability to save.

With that said, when should you start saving for retirement?

It is never too soon.

Relying solely on a 401K or social security can be a risky bet. Your 401K is tied to the success of the stock market. Even if your 401K performs well for 30 years, a sudden economic downturn could erase your earnings just when you need them.

Social security, too, is growing increasingly uncertain. According to 2015 findings from the Social Security Administration (SSA), the ratio of workers to SSA beneficiaries is currently at a record low of 2.8. (By comparison, when social security was first rolled out, there were 41 workers supporting the program for every social security recipient.) As the baby boomer generation ages that number is anticipated to continue shrinking, raising questions about the long-term viability of the program as it currently exists.

Both of these pillars of retirement planning can be highly unpredictable. That’s why it is so important to begin planning your retirement savings early.

To ensure a long and happy retirement, here are the two easiest and most impactful things you can do:

Change your spending habits: Increasing your savings for retirement isn’t just about earning as much as you can during your working career. Making slight lifestyle adjustments to alter how you spend that money can have just as large an impact. What is that five-dollar specialty Starbucks drink you get every day worth to you? Over the course of a 40-year work history, it would add up to $73,000—more than enough for a down payment to help you move into a relaxing, beachfront condo.

Diversify your investments: While your 401K can be viewed as a risky investment, it is still a safe harbor for your savings as long as you have other types of investments for balance. Certificates of deposit, savings bonds, annuities and IRAs are other financial tools that can provide safekeeping for your savings. Or, if you’re handy enough to take care of your own repairs, real estate can also be a good place for your money. In an economic downturn, gold and silver prices typically do well by comparison, so having a small supply of precious metals might provide an additional safety net.

To learn more about how you can prepare for a prosperous retirement, stop by any office of The Milford Bank and speak with a financial expert.