How Much Should I Spend on Housing?

Posted on May 27, 2022December 11, 2024

How Much Should I Spend on Housing?

The question of how much to spend on housing has always been tricky. But if you’re buying a home in a seller’s market, this key consideration is even more daunting. Whether you rent or buy, understanding what percent of your income should go to housing can help you stay on track to meet your financial goals.

The bank may be willing to lend you much more than you’re comfortable repaying. While you may be dazzled by the possibilities, relying on your lender to decide what you can afford can result in buyer’s remorse. Of course, market fluctuations play a big role in how much house you can afford, but sticking with a reliable mortgage to income ratio will help keep your finances healthy in even the most volatile markets.

How much should you spend on housing?

One popular formula to determine what percentage of your income should go to a mortgage or rent is the 28/36 rule. With this formula, your mortgage, insurance, and taxes should come to 28% or less of your gross income. Your remaining debt should comprise no more than 12%, ensuring that the grand total amounts to less than 36% of what you make in a month.

More Mortgage to Income Ratio Formulas

When asking yourself how much you should spend on housing, you can rely on the 28/36 rule or any number of other percentage-based variations. The 35/45 model suggests you spend 35% of pre-tax income or 45% of after-tax income on housing.

The more conservative option of allotting 25% of your net income for a mortgage or rent gives you less wiggle room but allows more breathing room in your budget for savings and other budget categories.

Housing Affordability Calculators

When determining what percent of your income should go to housing, mortgage calculators can simplify the process. For example, the Quick Rate Calculator from Landmark National Bank makes easy work of deciding how much to spend on housing.

Just plug in a home’s purchase price, your credit score, the amount you have available for a down payment, and a few other figures, and you’ll have an idea of how much house you can afford in minutes. This option can help you prepare to speak with a lender about qualifying for a loan.

Deciding what percentage of your income should go to a mortgage or rent can be daunting in any economic climate. The question becomes even more overwhelming when you add skyrocketing housing costs to the equation.

There are many methods for choosing a mortgage-to-income ratio, but it’s hard to know which one will work for you. Whether you opt for a more conservative option or allow for a higher monthly payment, having a handle on your housing costs is key.

Learn How Much to Spend on Housing with Landmark National Bank

At Landmark Bank, we’re here to help with our quick-and-easy online calculator and a wide range of home loan options. Start the journey to finding your dream home today. Stop at one of our conveniently located branch locations, or explore our financial calculators before meeting with us in person.

Why is Budgeting Important?

Posted on April 15, 2022December 11, 2024

Why is Budgeting Important?

You’ve heard the old phrase a million times—”a place for everything and everything in its place.” This maxim doesn’t just apply to keeping household clutter at bay, though. Every dollar you earn deserves a designated place. Budgeting and saving are really as simple as ensuring that all your money serves a specific purpose. However, the benefits these financial tasks provide go well beyond the basics. Here at Landmark National Bank, you’ll find the budgeting tips you’re looking for and associates in bank branch locations near you who can help.

Why is budgeting important?

No matter how much or how little you make, allocating every dollar to a category can help you reach your financial and life goals. Budgeting takes the guesswork and stress out of money management. It also offers the following benefits:

Aids in avoiding debt
Helps prevent overspending
Is instrumental in planning for the future

Budgeting can even provide a new perspective on money. You’ll get a birds-eye view of how much money you have and where it all goes each month. This new vantage point will even give you a better idea of where your priorities lie from a financial standpoint.

What is a balanced budget?

You might be aware of this term in the context of government spending. However, personal finances can also benefit from a balanced budget. Basically, it boils down to having at least as much money coming in as you have going out. While making more money definitely helps you achieve a balanced budget, managing your finances is essential. Here are some ways to get started:

Open a no-fee or high-interest checking account
Choose a budgeting app, program or workbook
Make funding your savings account part of your routine

These small steps will help you get excited about taking control of your financial health. They make it easy to build momentum and find more ways to work towards an exciting, abundant future.

What is the 50/30/20 principle?

If you don’t know where to begin your budgeting and saving journey, consider using the 50/30/20 principle. More of an approach to money than a strict plan, this concept allocates 50 percent of your money to needs, 30 percent to wants, and 20 percent to financial plans.

The majority goes to house payments or rent, utilities, and other necessities. Just under a third is assigned to budget categories like entertainment, eating out and traveling. The final fifth can include socking away money for a down payment on a house, contributing to your retirement plan, or any other form of savings.

While there are books about the subject, you’ll find no shortage of free 50/30/20 rule spreadsheets to help you get started.

Customized Budgeting and Saving

Whatever your style, there’s a budgeting solution for you. From apps and software to 50/30/20 rule spreadsheets, choose a format that suits your style. Once you’ve chosen a method, establishing and maintaining a budget is easier than you might think. You’re in charge of where your money goes, so you can create whatever categories you like—think weekly movie nights, saving for vacations or dining out monthly—to ensure that you’ll stay on track.

Budgeting is also flexible. You can shift money between categories as needed, with the caveat that you should leave your savings category alone.

Budget With Landmark National Bank

Budgeting and saving provide peace of mind, help you plan for the future, and reduce the likelihood of taking on more debt. Taking action also helps you focus on reaching your short- and long-term goals.

Landmark National Bank has the financial tools you need to stay on-budget, from interest-earning checking accounts and mobile banking alerts to a debit card that rewards you for banking with us. Stop in at your local Landmark National Bank location, or open an account online today.

5 Must-Know Financial Literacy Topics

Posted on April 14, 2022November 11, 2025

5 Must-Know Financial Literacy Topics

Updated November 2025

Knowledge is power, but it’s also financial health. With the right information and understanding of certain subjects, the way you treat money can entirely change—hopefully for the better. It’s Landmark National Bank’s goal to make sure as many people are financially literate as possible, so we as a society can make well-informed decisions beneficial to ourselves and others.

In the spirit of financial wellness month, we’ve compiled financial tips to help enhance your financial education. Hopefully, we’re able to provide you with an intuitive explanation of these subjects so that if you haven’t started to think about them yet, you can begin now.

Why is Financial Literacy Important?

Financial education is important because it helps you understand the best ways to use your money in both the short and long term. When you’re skilled and smart about your money, you’ll find yourself less financially stressed, less wasteful, and better able to pursue your financial goals.

What is Financial Literacy?

Financial literacy is the ability to understand and use financial skills effectively—from personal budgeting and saving to managing debt and investing. In simpler terms, it’s knowing how money works and how to make it work for you. Being financially literate means you can make informed decisions about your finances, set realistic goals, and navigate financial challenges with confidence.

Financial education isn’t just for finance experts—it’s a life skill that impacts nearly every decision you make. Whether you’re choosing a credit card, planning for retirement, or deciding how much to spend on groceries each week, financial literacy provides the foundation for making smart, informed choices. It helps you understand the long-term effects of your spending, borrowing, and saving habits.

Today, financial literacy has never been more important. A financially literate person can avoid common pitfalls like overspending, high-interest debt, or poor investment decisions. They’re better equipped to plan for emergencies, build wealth, and protect their future. Financial literacy gives you the power to set goals, make smarter decisions and create a more secure financial future.

#1: Personal Financial Management & Earning Money

Also known as PFM, personal financial management is the simple practice of organizing and tracking your spending, accomplished through the use of a budget. A personal budget is a plan that helps an individual or family understand what they can and cannot afford, what their anticipated expenses are, and how to measure their different income streams, among other goals orbiting finances. Mastery over a budget and PFM can empower people to feel more in control of their money.

Personal finance refers to managing your money in ways that support your short- and long-term goals. It includes five key areas: income, spending, saving, investing, and protecting your assets. Learning how to balance these areas helps you stay in control of your financial life and avoid unnecessary stress.

Personal Finance Basics

A strong personal finance foundation begins with a personal budget. Tracking income and expenses helps you see where your money is going and where you can make adjustments. Once your essentials like housing, food, and transportation are covered, you can begin allocating funds toward savings and debt repayment.

Next comes building an emergency fund. Life is unpredictable, and having three to six months of expenses saved can be the difference between stability and financial hardship. Managing debt responsibly is another key piece, paying bills on time and keeping credit card balances low help maintain a healthy credit score.

Lastly, think about the future. Setting up retirement accounts, investing in growth opportunities, and protecting what you’ve earned through insurance all contribute to long-term success. With consistent habits and smart decisions, personal finance management becomes a lifelong tool for confidence and control.

#2: Protection & Insurance

Insurance exists as a countermeasure against potential loss. In exchange for a premium—a certain agreed-upon sum of upfront payment—as well as consistent, ongoing payments, an insurance company will agree to financially support an individual or company should misfortune befall them in the future. The exact policies and conditions are subject to change based on the insurance company, as well as the type of insurance you’re securing, so it’s important to carefully consider your needs and what insurance might benefit you the most.

Some common types of insurance include: health insurance, life insurance, travel insurance, car insurance, property insurance, liability insurance, and disability insurance, among others.

#3: Spending

We spend money for a nearly endless variety of reasons. We need to spend money on monthly and annual bills, subscription fees, mortgage/rent, groceries, recreation, property upgrades, medical premiums, and so on. By spending money, we’re stimulating the economy, upholding our responsibility as citizens, and enriching our lives through the things we love.

In the discussion about why financial literacy is important: this is why it’s important to spend money effectively, taking us back to PFM and the power of a good personal budget. When we know our money coming in versus money going out, we can take the steps to spend money in intelligent, well-considered ways.

#4: Borrowing

Among the financial literacy topics, understanding the importance of borrowing money is critical. Poor borrowing decisions can deal tremendous damage to the long-term health of your budget and lifestyle, chaining you to frustrating, nonoptimal repayment plans. But loans themselves are not the enemy, and can serve as a boon in some circumstances.

A well-chosen loan can help you out of an unexpected emergency scenario, get your promising new business on its feet, or allow you to make an important life transition. Before committing to any new loan, ensure you understand the institution behind it, the terms and conditions, interest rates, additional costs, and any involved collateral. All of these details should be outlined in the contract you’ll be asked to sign.

#5: Saving & Investing

Essential to the financial literacy training experience is the understanding of how saving and investing can elevate your financial portfolio. You’ll find many practices surrounding exactly how much you should save and when; but virtually every source of wisdom agrees you should be saving something.

A good savings account can provide lucrative benefits, such as making you more money the longer you have cash sitting in it. Other healthy practices include:

Not spending all of your money as soon as it comes in
Stowing part of it away in case of emergency
Saving money in anticipation of a large purchase, like the down payment on a car

Investing is an extension of saving. It’s wielding your money in a way that the money is allowed to grow on its own. Like everything else on this list, investing is an entire skill unto itself, and can take years to cultivate. However, a strong investment profile can create unrivaled financial security and generate you wealth in addition to your income.

Understanding Credit Options

As you’re working on your personal finances, credit cards can be a powerful tool to manage spending, if used wisely. Understanding the different types of credit cards available can help you choose one that fits your lifestyle, spending habits, and goals. When choosing a credit card, compare annual fees, interest rates (APR), and rewards programs.

Financial tip: The key to financial health using credit cards is all about consistency. Make payments on time and keep your balance low to maintain a strong credit score and support your financial wellness.

Types of credit cards

Standard credit cards offer a simple way to make purchases and build credit. Paying off your balance in full each month avoids interest and demonstrates responsible use.
Rewards credit cards provide cash back, points, or travel miles for everyday spending. These cards can be beneficial if you pay your balance monthly, allowing you to earn perks without accumulating debt.
Secured credit cards are ideal for individuals who are new to credit or rebuilding their credit history. They require a refundable deposit, which acts as your credit limit and helps establish good credit behavior over time.
Low-interest or balance transfer cards can help you manage existing debt. These often feature introductory rates that make it easier to pay off balances faster and save on interest.

Learn More and Live More with Landmark

The learning never stops. Though we’ve covered some of the basics, remember each of these financial literacy topics can go far deeper. We’re here to help with financial tips and guidance to help you manage your daily finances and long term goals.

To continue in the spirit of financial wellness month, Landmark National Bank would like to encourage you to explore the benefits of our personal savings account, designed to help you earn interest and invest in your future. This is a great next step toward learning how financial literacy is important, and how it can directly improve your life.

Find a Landmark National Bank location near you to talk to a banker about your financial needs!

Tips for Managing Your Subscriptions

Posted on February 7, 2022December 11, 2024

Tips for Managing Your Subscriptions

Subscribing to a newspaper or signing up for the hot new streaming service is easier than ever. With a few clicks, you can enjoy the latest movies, news, podcasts, and other entertainment. Free trials make these memberships even more appealing.

But that convenience is also what makes it so easy to pay for more entertainment or information than you can possibly consume. Learning how to manage your subscriptions can help prevent forgotten charges from appearing on your bank statement.

How to See What Subscriptions You Have

The costs of your $8.99 streaming service, $9.99 newspaper subscription, and $11 food delivery membership may not seem like much individually. But together, they can put a strain on your budget.

It’s easy to forget that you’ve signed up for a seemingly inexpensive service, and even easier to forget about free trials. Learn how to track your subscriptions and rescue your budget with Landmark National Bank.

Tracking Subscriptions in Your Digital Wallet

For subscriptions attached to a digital wallet, it’s relatively simple to see what you’re paying for every month. Google Pay and Apple Pay users can see existing memberships by heading to the Subscriptions section. Google users will find theirs under “Payments and Subscriptions”; it’s found under “Settings” for Apple users.

PayPal-funded subscriptions are listed under the “Payments” tab, which you can access by selecting the settings icon.

How to Manage Subscriptions

App developers took note of the challenge multiple subscriptions pose to consumers’ wallets. They responded by creating apps to track and manage memberships and automatic payments. Some options for finding your subscriptions include:

Mint
Trim
Subby
Bobby
Truebill
Track My Subs

Some apps are free; others charge a fee or offer tiered membership options. It might seem ironic to pay for a membership to an app that tracks your paid subscriptions, but if it works, it’s worth it.

How to Avoid the Over-Subscription Trap

Companies know what they’re doing. Free trials offer a great way to check out a streaming service or other membership, but they do make it easy to add another bill to your monthly budget without even noticing. Even worse, fewer companies offer the 30-day free trials that were once so common.

Instead, you get seven days of free services. If you don’t take advantage of your new service in the first few days, you’re more likely to forget you signed up for it. Before you know it, you’re paying for yet another membership without the benefit of enjoying it. Ask yourself these questions before signing on the dotted line:

Am I only signing up because it’s free?
Do I have time to use this subscription?
Does this membership offer benefits I really need?

Being honest with yourself can help you avoid being swamped with subscriptions and associated fees that end up doing nothing but costing you money and effort.

Eliminate Subscriptions from Your Budget with Landmark

Knowing how to manage subscriptions can help you avoid a common money trap. While the conventional money-saving wisdom once began with dropping cable TV, today’s cord-cutters can adapt the same concept to streaming services, paid podcasts, and other sneaky budget bombs.

Landmark National Bank makes managing your finances even easier with a variety of online and mobile banking. From tracking expenses via our mobile app to earning shopping points with the Landmark National Rewards, partnering with us helps you protect and grow your finances.

Visit your local Landmark National Bank branch location and enjoy access to other financial tools and products.

How to Save Money by Cooking at Home

Posted on February 3, 2022December 11, 2024

How to Save Money by Cooking at Home

Most of us enjoy dining out, at least once in a while. And takeout makes our lives infinitely easier. But for many, eating out isn’t a special treat; it’s a regular habit. The average American eats food from a restaurant nearly six times per week. Restaurant meals aren’t just less healthful in general; they’re also much more expensive than home-cooked meals.

So, how much can you save by cooking at home, especially with help from affordable meal prep? We’ll answer this question and share time- and money-saving tips.

Average Cost of Dinner at a Restaurant

Business Insider analyzed the average meal cost at restaurants around the country. In New York, a restaurant meal will set you back $12. In Kansas, that price is just under two dollars less. That may not sound like a lot, but it means the average New Yorker spends about $3,470 a year on restaurant fare and Kansas residents shell out approximately $2,167 annually.

Having food delivered doesn’t cost much less than a full-service meal, depending on whether you add alcohol to the mix. According to Money Crashers, delivery fees, tips and the food itself can drive costs up to five times more than a meal cooked from scratch.

How Cooking Meals at Home Can Help

You don’t have to cook everything from scratch to save money. While affordable meal prep plans offer the ultimate in thriftiness and efficiency, a few shortcuts can make home cooking so much easier and less painful for the kitchen-phobic. Try these tips:

Make double batches to put in the freezer
Use your crockpot or InstantPot for weeknight dinners
Plan a leftover night or eat the remainder of dinner for lunch the next day
Read recipes in advance to ensure that you have the time and right ingredients
Keep canned tomatoes, beans, broths, cream soups, and other kitchen staples on hand

Once you discover how simple cooking can be, you might even find that you like it. And if you don’t fall in love with the culinary arts, searching for simple, limited-ingredient recipes can lessen the pain. Stick with one-pot, sheet-pan, or skillet meals if you hate washing cookware.

Affordable Meal Prep

So, how much money do you save cooking at home? One avid meal-prepper puts his average meal cost at $3.57. Of course, you do have to factor in your time, especially if you’re self-employed. But not only will you save money; you can control portion size and ingredients, which adds up in terms of healthcare savings over time.

If you’re interested in learning more about meal prepping, do a little research and start small. Start by making enough for two or three meals at a time. You may appreciate the time and money savings enough to become a prepping aficionado!

Smarter Grocery Shopping

One benefit of affordable meal prep plans is that they simplify budgeting for groceries. If you know exactly what you’re eating the following week, you can buy only what you need. Even if you don’t plan to meal-prep, try these cost-cutting tips:

Always make a list
Reduce impulse-buying temptation by shopping online
Clip physical or digital coupons for items on your list

Sticking to a food budget will help you stay on track. Use a budgeting app to monitor expenses and remain motivated.

Become a Savvy Shopper with Landmark National Bank

The mobile banking app from Landmark National bank makes easy work of staying on budget. Easily monitor restaurant or grocery expenses to determine your own average meal cost.

Once you discover the average cost of dinner at a restaurant in your town vs cooking at home, it will be easier to make the right choices. You’ll also appreciate having access to in-app bill payments, bank account alerts, and other convenient app features. Find your nearest Landmark National Bank branch location today!