Get Ahead: Begin Your Financial Planning Now for 2024

Home Blog Get Ahead: Begin Your Financial Planning Now for 2024

Posted On: December 14, 2023 by Peoples Bank of Kankakee County in: Personal Finances Saving

As the new year approaches, there's no better time to lay the groundwork for your financial success. Whether you're aiming to save for a major purchase, build an emergency fund, invest wisely, or simply gain better control over your finances, careful planning and strategic decision-making are essential. In this blog, we'll walk you through a series of insightful strategies to empower you to take charge of your financial future in 2024.

Assess Your Current Financial Situation

Assessing your current financial situation allows you to gain an understanding of where your finances stand. It helps you to get a clear picture of your income and expenses, how much you owe (debts), and what you own (assets). It is a starting point for your financial journey. By understanding these numbers, you'll know how much money is coming in, how much is going out, and where you might have room for improvement.

Define Financial Goals for the New Year

Defining your financial goals for the new year means laying out what you want to achieve with your money. These goals could include things like saving a certain amount of money, paying off debts, or investing in the future. When you set specific goals, you're giving yourself a roadmap to follow. It helps you focus on where you want to go financially and gives you a sense of direction for your financial decisions. By having these goals in mind, you're more likely to make choices that align with your priorities and move you closer to what you want to accomplish with your finances in the coming year.

Craft a Budget

Creating a budget involves planning how you'll use your money. You decide how much you'll spend on things like bills, groceries, and entertainment. By setting limits and tracking your spending, you can make sure that you're not spending more than you earn and that you're directing your money towards the things that matter most. A budget gives you a clear picture of your financial choices and helps you make adjustments if you see you're going off track. It's a practical tool that puts you in control of your money, making your financial journey smoother and more organized.

Strategize Tackling Debt

Coming up with a plan to tackle your debt in the upcoming year involves creating a smart approach to paying back money you owe. It should be a step-by-step strategy to gradually lighten your financial load. You'll prioritize which debts to focus on, whether it's credit card balances, loans, or other obligations. By making consistent payments and considering techniques like consolidating debts or negotiating with creditors, you can make steady progress toward becoming debt-free. This strategy empowers you to take control of your financial well-being, alleviating stress, and setting the stage for a more stable future.

Explore Investment Opportunities

Exploring investment opportunities for the upcoming year means investigating ways to grow your money over time. Whether you're considering stocks, bonds, real estate, or retirement accounts, each option has its own potential for returns and risks. Diversifying your investments – spreading your money across different types – can help you manage risk while aiming for growth. By learning about various investment avenues and aligning them with your goals, you're taking steps toward building a stronger financial foundation and potentially reaping rewards down the road.

Plan for Taxes

Preparing for taxes in the upcoming year involves getting your financial documents in order and making strategic choices to optimize your tax situation. By exploring deductions, tax credits, and tax-advantaged accounts, you can potentially reduce your tax burden. You can use various tax strategies to create a tax plan that works in your favor. Planning for taxes ahead of time helps you stay in control of your finances, ensuring that you're not paying more than necessary and allowing you to make the most of your hard-earned money.

Taking control of your finances is within your reach and now is the time to put these insights into action, shaping your financial landscape for a brighter tomorrow. At Peoples Bank of Kankakee County, we are here to guide you every step of the way. Cont act us with us to explore financial solutions that align with your goals, and let's work together to make 2024 a year of financial achievements.

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.