Our Top 5 Money Management Secrets

Home Blog Our Top 5 Money Management Secrets

Posted On: November 16, 2020 by Peoples Bank of Kankakee County in: Budget General Saving

Figuring out how to properly manage your finances can be overwhelming when there are hundreds of dos and don’ts you may have heard. Following these five tips will make a huge difference in the way you handle your finances and can give you a clear slate of basic rules to follow. When it comes to starting good money habits, the sooner you begin, the better!

1. Have and Follow Your Budget

Setting a budget is one thing but sticking to it consistently isn’t simple. It’s easier now than ever to follow your budget with the various money management apps out there. Make a realistic, time-based budget and find an accountability partner if you need help sticking to it.

2. Always Compare Before You Buy

Before buying anything, even the small things, make sure you’re paying the best price. Is there a different grocery store nearby that has the same item? Can you find the same shoes on sale at another store? Is there a sale coming up you can wait for? Avoid making impulse purchases and look around at other cheaper options first.

3. Automatic Transfer is the Answer

If you haven’t already opened a savings account and set up automatic transfer, now is the time. Putting a certain amount away every month makes a massive difference over time, and it’s even easier when it’s automatic. This is a great way to help you or your children build healthy financial habits.

4. Track Everything You Spend

Keeping your receipts and writing everything down that you spend puts your money habits into perspective. Tracking what you spend also allows you to see exactly what you’re overspending on so you can make adjustments. One of the best things about today’s technology is how easy it is to manage your money. To better keep track of what you spend, download a budgeting or money management app.

5. Practice Makes Perfect

When you first start making money, it’s not always first nature to manage your finances wisely. Building good money habits takes time, life experiences, mistakes and lessons to learn from. Don’t let a couple mistakes throw you off course – a little financial bump won’t destroy your success. If finances are new to you, give yourself time to practice and adjust your spending habits overtime.

There’s no better time than now to make sure you’re on the right road with your money. It all starts with creating a smart plan, sticking to it and watching your money grow. Your hard work and patience will pay off in the future! For more financial assistance and to learn about the services we offer, contact Peoples Bank of Kankakee.

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.