Smart Money Habits: How to Take Control of Your Personal Finances

Home Blog Smart Money Habits: How to Take Control of Your Personal Finances

Posted On: March 31, 2025 by Peoples Bank of Kankakee County in: Budget Personal Finances

Managing your personal finances doesn’t have to be overwhelming. By building smart money habits, you can Take Control of Your Personal Finances, reduce stress, and set yourself up for long-term success. Whether you’re working toward a savings goal, managing daily expenses, or planning for the future, a few key strategies can make a big difference.

1. Create a Budget That Works for You

A budget isn’t about restriction—it’s about knowing where your money is going. Start by tracking your income and expenses to understand your spending habits. Categorize your expenses into needs (housing, groceries, utilities), wants (entertainment, dining out), and savings.

Tip: Use the 50/30/20 rule:

50% for necessities
30% for discretionary spending
20% for savings and debt repayment

2. Automate Your Savings

Saving money consistently is easier when it happens automatically. Set up recurring transfers from your checking account to a savings account. Even small amounts add up over time!

???? Pro Tip: Consider setting up separate savings accounts for different goals—like an emergency fund, vacation savings, or a home down payment.

3. Build an Emergency Fund

Life is unpredictable, and having an emergency fund can help you handle unexpected expenses without derailing your finances. Aim to save at least three to six months’ worth of essential expenses.

4. Keep an Eye on Your Credit Score

Your credit score impacts everything from loan approvals to interest rates. Regularly check your credit report (www.annualcreditreport.com), make payments on time, and keep your credit utilization low to maintain a strong score.

5. Take Advantage of Online and Mobile Banking

Managing your finances has never been easier with digital banking tools. With online and mobile banking, you can:

Monitor transactions in real time
Pay bills and transfer money seamlessly
Set up account alerts to detect fraud or unusual activity

6. Pay Down Debt Strategically

If you have debt, focus on paying it off efficiently. The snowball method (starting with the smallest debt first) or the avalanche method (paying off high-interest debt first) can help you reduce debt faster.

7. Plan for the Future

Investing in your financial future is just as important as managing your present finances. Whether it’s saving for retirement, buying a home, or setting up a college fund, Peoples Bank is here to help guide you through your options.

Take the Next Step Toward Financial Confidence

At Peoples Bank, we’re committed to helping you achieve financial well-being. Whether you need guidance on budgeting, savings, or loans, our team is here to support you!

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.