Cultivating Financial Wellness: Tips for Building a Secure Financial Future

Home Blog Cultivating Financial Wellness: Tips for Building a Secure Financial Future

Posted On: March 18, 2024 by Peoples Bank of Kankakee County in: Family General Personal Finances Saving

Achieving financial wellness is not just about accumulating wealth; it's about feeling confident and empowered in your financial decisions, regardless of your income or assets. At Peoples Bank, we believe that everyone deserves the opportunity to build a secure financial future, and we're committed to providing the resources and support needed to make that vision a reality.

Let’s explore practical tips for cultivating financial wellness and setting yourself up for long-term success.

1. Set Clear Financial Goals

The first step to achieving financial wellness is to define your goals. Whether it's saving for a down payment on a home, paying off debt, or building an emergency fund, having clear objectives will help you stay focused and motivated on your financial journey.

2. Create a Budget and Stick to It

A budget is the foundation of financial wellness. Take the time to track your income and expenses, and identify areas where you can cut back or reallocate funds towards your goals. Stick to your budget diligently to ensure that you're living within your means and making progress towards your financial objectives.

3. Build an Emergency Fund

Life is full of unexpected twists and turns, and having an emergency fund can provide a financial safety net when you need it most. Aim to save at least three to six months' worth of living expenses in an easily accessible account to cover unexpected expenses such as medical bills or car repairs.

4. Invest in Your Future

Investing is a powerful tool for building wealth over time. Whether it's through employer-sponsored retirement accounts like 401(k)s or individual investment accounts, allocating a portion of your income towards investments can help you grow your wealth and achieve your long-term financial goals.

5. Protect Your Assets

Life is unpredictable, and it's essential to safeguard your assets against unforeseen events. Consider purchasing insurance policies such as health insurance, life insurance, and disability insurance to protect yourself and your loved ones from financial hardship in the event of illness, injury, or death.

6. Educate Yourself

Knowledge is power when it comes to financial wellness. Take the time to educate yourself about personal finance topics such as budgeting, investing, and debt management. Attend financial literacy workshops, read books and articles, and seek advice from trusted financial professionals to enhance your financial knowledge and make informed decisions.

7. Seek Professional Guidance

Navigating the complexities of personal finance can be daunting, but you don't have to do it alone. At Peoples Bank, our team of financial experts is here to provide personalized guidance and support to help you achieve your financial goals. Whether you're planning for retirement, buying a home, or saving for your child's education, we're here to help you every step of the way.

Remember, achieving financial wellness is a journey, not a destination! By following these tips and working towards your financial goals, you can cultivate a secure financial future and enjoy peace of mind knowing that you're on the path to financial success. At Peoples Bank, we're committed to supporting you in your journey towards financial wellness and empowering you to achieve your dreams.

Peoples Bank of Kankakee County. Member FDIC.

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.