Celebrating National Financial Awareness Day: Your Guide to Financial Wellness

Home Blog Celebrating National Financial Awareness Day: Your Guide to Financial Wellness

Posted On: August 13, 2024 by Peoples Bank of Kankakee County in: Budget Family Personal Finances

National Financial Awareness Day is August 14th! It’s a perfect opportunity to take charge of your financial future and set yourself up for success. At Peoples Bank, we believe in empowering our community with the knowledge and tools needed to achieve financial wellness. Here’s your guide to financial wellness in getting ready for this important day.

1. Set Clear Financial Goals

Start by defining what you want to achieve financially. Whether it’s saving for a down payment on a house, building an emergency fund, or planning for retirement, having clear goals will help you stay focused and motivated. Write down your goals and set realistic timelines to achieve them.

2. Track Your Spending

Understanding where your money goes is crucial to managing your finances. Use budgeting apps, spreadsheets, or even a simple notebook to track your income and expenses. This will help you identify areas where you can cut back and save more.

3. Create a Budget

A well-planned budget is the foundation of good financial management. Allocate your income to cover essential expenses, savings, and discretionary spending. Stick to your budget to avoid overspending and ensure you’re living within your means.

4. Build an Emergency Fund

Life is unpredictable, and having an emergency fund can provide a financial safety net. Aim to save at least three to six months’ worth of living expenses in a separate, easily accessible account. This fund will help you navigate unexpected expenses without derailing your financial goals.

5. Save Regularly

Consistent saving is key to building wealth over time. Set up automatic transfers to your savings account to ensure you’re saving regularly. Even small amounts can add up and make a big difference in the long run.

6. Educate Yourself

Financial literacy is an ongoing journey. Take advantage of the many resources available to enhance your knowledge. Read books, follow financial blogs, and consult with financial advisors to stay informed about personal finance.

7. Invest Wisely

Investing is an important part of growing your wealth. Understand your risk tolerance and investment options to make informed decisions. Diversify your investments to minimize risk and maximize potential returns.

8. Reduce Debt

High-interest debt can be a major obstacle to financial wellness. Focus on paying down debts, starting with those that have the highest interest rates. Consider consolidating debts to lower your interest rates and monthly payments.

9. Simplify Your Lifestyle

Decreasing your cost of living by simplifying your lifestyle can free up more money for savings and investments. Evaluate your spending habits and identify areas where you can cut back without sacrificing your quality of life.

10. Review and Adjust Your Financial Plan

Your financial situation and goals may change over time, so it’s important to review and adjust your financial plan regularly. Assess your progress, make necessary adjustments, and stay flexible to adapt to life’s changes.

Peoples Bank is Here to Help

As you prepare for National Financial Awareness Day, remember that Peoples Bank is here to support you every step of the way. Our team of financial experts can provide personalized advice and a wide range of services to help you achieve your financial goals. From savings accounts and investment options to retirement planning and debt management, we have the resources you need to build a strong financial foundation.

Take control of your finances today and set yourself up for a brighter financial future! Reach out to us at Peoples Bank to learn more about how we can help you on your journey to financial wellness.

An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We can cover your overdrafts in two different ways:

We have standard overdraft practices that are available after your account has been open for 30 days and as long as you maintain your account in good standing.
We also offer an overdraft protection plan, Overdraft Protection Sweep, a link to a savings account. It may be less expensive than our standard overdraft practices. To learn more, ask us about this plan.

This notice explains our standard overdraft practices.

What are the standard overdraft practices that come with my account?

After your account has been open for 30 days and as long as you maintain your account in good standing, we do authorize and pay overdrafts for the following types of transactions:

Checks and other transactions made using your checking account number
Automatic bill payments

We do not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):

ATM transactions
Everyday debit card transactions

We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction.

If we do not authorize and pay an overdraft, your transaction will be declined.

What fees will I be charged if Peoples Bank of Kankakee County pays my overdraft?

Under our standard overdraft practices:

We will charge you a fee of up to $30 each time we pay an overdraft.
The maximum daily overdraft fee per presentment or item paid using the Overdraft Reserve Program is $150.00 per day.
No per item handling fee will be charged on de minimis overdrafts. De minimis overdraft for this policy means transactions that overdraw your account by $30 or less.
There is an overdraft fee of $5 per day that will be charged beginning the 4th consecutive business day your account is overdrawn.

Nonsufficient funds (NSF) fees - if an item drafted by you (such as a check) or a transaction you set up (such as a preauthorized transfer) is presented for payment in an amount that is more than the amount of money in your account and we decide not to pay the item or transaction, you agree that we can charge you an NSF fee for returning the payment. Be aware that such an item or payment may be presented multiple times by the merchant or other payee until it is paid, and that we do not monitor or control the number of times a transaction is presented for payment. You agree that we may charge you an NSF fee each time a payment is presented if the amount of money in your account is not sufficient to cover the payment, regardless of the number of times the payment is presented.

PAYMENT ORDER OF ITEMS - The law permits us to pay items drawn on your account in any order (for purposes of this section "items" means checks, orders and electronic transactions). To assist you in handling your account with us, we are providing you with the following information regarding how we process those items. When processing checks and orders drawn on your account our policy is to pay lower numbered checks and orders in numerical sequence, but electronic transactions are paid first in the order received. The order in which items are paid is important if there is not enough money in your account to pay all of the items that are presented. There is no policy that is favorable in every instance. If the smallest items are paid first, you may have fewer NSF or overdraft fees, but the largest, and perhaps more important items (such as rent or mortgage payments) might not be paid. However, if the largest items are paid first, your most important items might be paid but it may increase the overdraft or NSF fees if funds are not available to pay all of the items. We think our policy attains a reasonable balance between minimizing additional costs to you and paying your more important items. We encourage you to make careful records and practice good account management. This will help you to avoid creating items without sufficient funds and incurring the resulting fees.

What if I want Peoples Bank of Kankakee County to authorize and pay overdrafts on my ATM and everyday debit card transactions?

If you also want us to authorize and pay overdrafts on ATM and everyday debit card transactions after your account has been open for 30 days, you may opt in.

You have an ongoing right to change this consent at any time. If your overdraft privilege has been revoked for any reason, the opt-in or opt-out selection may not apply. Please contact your nearest office for more information.

Alternate ways to Opt In/Out or make changes:

By Phone. Our Customer Care Representatives can be reached at 815-936-7600.
By Mail. Peoples Bank of Kankakee County, 333 E. Court Street, Kankakee, IL 60901
In Person. Please visit your local office and ask a representative to help you decide which plan is best for you.