Monthly Archives: July 2016

What Your Teen Needs to Know About Money Management


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

Securing Their First Job

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

Managing Money

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

Saving for College

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

Making Payments

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

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

Putnam Bank, Member FDIC, Equal Housing Lender.

Putnam Bank President & CEO, Thomas A Borner Announces Promotions

IMG_0947bLeft to right: Clara Angelos, Barbara Rasmussen & Joyce McOsker.

Thomas A. Borner, President and CEO of Putnam Bank recently announced the following promotions. Mr. Borner commented, “We applaud them for their exemplary service to the bank, and their commitment to the communities we serve. They represent the best of community banking, and it is rewarding to be able to promote from within as our staff develops and grows along with the bank.”

Clara Angelos was promoted to Vice President and Commercial Credit Manager. She joined Putnam Bank as a Senior Credit Analyst in 2013 bringing over 27 years of banking experience and knowledge. She received her Associates Degree from Quinebaug Valley Community College (QVCC) in Business Management. Ms. Angelos has an extensive background in both credit and lending, as well as loan administration. She is very active with her Holy Trinity Greek Orthodox Church in Danielson and is also involved in various other local charities.

Joyce McOsker was promoted to AVP & Assistant Branch Administrator. An employee of Putnam Bank since 1998 she has vast experience in Branch Administration and Training. She is currently enrolled in the Center for Financial Training (CFT) Management Training Diploma. Ms. McOsker’s community involvement includes the Deary Memorial Cancer Fund (now the NECT Cancer Fund), Day Kimball Woman’s Board, Habitat for Humanity and other Putnam Bank sponsored events. She was the 2015 recipient of the Grammy Deary “Service Recognition” Award for her volunteerism for Day Kimball Healthcare and the Deary Memorial Race, Walk and Ride.

Barbara Rasmussen was promoted to Assistant Treasurer & Assistant Controller. She has been employed by Putnam Bank for almost 30 years. She has received an Associate’s Degree in General Studies and a Certificate in Supervision from QVCC, a General Banking Diploma from CFT and attended the CT School of Banking and Finance. Ms. Rasmussen is very involved with the Deary Memorial Cancer Fund (now the NECT Cancer Fund). She was the 2014 recipient of the Grammy Deary “Service Recognition” Award for her volunteerism for Day Kimball Healthcare and the Deary Memorial Race, Walk and Ride.

Putnam Bank has served eastern CT since 1862, is a state-chartered and FDIC insured institution, with assets, including the holding company of approximately $500 million dollars. Putnam Bank has branch offices in Putnam, Pomfret Center, Danielson, Plainfield, Griswold, Gales Ferry, and Norwich. It also operates a full-service loan center in Putnam. For more information call (800) 377-4424, or visit

Budgeting for Your Big Day


After the question has been popped, answered, and celebrated, it’s time to get into planning mode! Coordinating everything from table seating, gift registries, food, and more; putting together an exciting wedding celebration is no easy task! Find out how to get the most out of your big day, with these helpful budgeting tips courtesy of Putnam Bank.

  1.   Have the Money Talk with Your Family

One of the great parts about a wedding is the fact that it symbolizes two people, and two families, joining together. Likeminded, your budget should be a joint effort as well. Sit down with your parents, spouse, and his/her parents to discuss what can be contributed by each family. Once you have decided on a reasonable budget you can begin to look into appropriate venues and vendor options.

Be sure to also ask relatives with talents to help with various wedding activities. Whether its photography, floral arrangements, or singing during the ceremony, you’d be surprised how many talented family members are more than happy to help!

  1.   Pick Three

The golden rule to budgeting the perfect wedding is to choose your top three priorities. Whether that’s the food, venue, photographer, or other wedding elements, choose which components you want to put the bulk of your budget in. This doesn’t mean you can’t spend money outside of your three choices, rather this budget allows you the freedom to save money in the areas that aren’t your main focus.

In most weddings the top three expenses are the venue, dining, and entertainment, followed closely by the photographer, floral arrangements, and wedding dress.

  1.   Staying Under Budget

Like any good budget, staying on top of your numbers can be a huge advantage! Be sure to keep all your receipts associated with the event to help track expenses and create a paper trail with your various vendors. Just like your personal finances, it’s a good idea to leave some cushion for unexpected costs and additions. Whatever your overall budget is for the event, be sure to leave 5 percent of it unused for various unplanned changes. This way if extra flowers or drinks are needed, the money is already set aside, headache free!

Many couples are opting to use apps like HoneyFund to take the expense of a honeymoon out of their budget. With apps like this relatives and guests are able to choose an item on your honeymoon wish list to give instead of a traditionally wrapped present.

Setting the date is simply the start of your wedding planning adventure! If you need help structuring your wedding budget, stop by Putnam Bank or give us a call at (800) 377-4424, we’d love to help make your big day a success!

Putnam Bank, Member FDIC, Equal Housing Lender.

How to Hit a Homerun in Retirement


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

Load the Bases

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

Pitch a No Hitter

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

Build a Winning Team

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

Play Extra Innings

Even in retirement, there’s no rule against a little over-time! Take up a part or full-time job you enjoy to cover living expenses before you have to dip into your savings account. You and your spouse could land a home run in the bottom of the 10th with some additional income at the start of your retirement.

No matter if you’re swinging for the fences or just trying to get on base, our experienced team at Putnam Bank can help craft a game plan for your retirement! Give us a call at 1-800-377-4424 or stop by today!

Putnam Bank, Member FDIC, Equal Housing Lender.