Top Financial Resolutions for the New Year

Home Blog Top Financial Resolutions for the New Year

Posted On: December 5, 2023 by Peoples Bank of Kankakee County in: Personal Finances

As the clock strikes midnight on December 31st, you have a golden opportunity to embark on a new financial journey. Whether you're a recent graduate, a young professional, or someone with a few more years under your belt, the New Year presents a chance to take control of your financial future. In this guide, we'll cover savvy financial resolutions tailored for anyone aged 17 and above, regardless of your current life stage. Let's make this year a standout one for your finances!

Master Your Money with Our Financial Resolutions Guide

Starting a new journey doesn't mean the work you've done before doesn't matter. Even though it's tempting to hope for quick changes, remember that getting your finances in order requires steady work and careful planning. Our guide is here to help you make doable resolutions, knowing that real progress comes from not giving up, learning, and taking small steps forward. Think of the new year as a fresh start where you can work on your money goals, one step at a time.

Resolution 1: Craft a Crystal-Clear Budget Blueprint

No matter how old you are, managing your money with a budget is really helpful. Begin by keeping track of how much money you make and spend each month to see where your money goes. Remember to set aside money for things you need, savings, and a bit of fun too. There are apps that can make it easy for you to stick to your budget and manage your money well.

Resolution 2: Save Like a Pro

Whether you're building an emergency fund, saving for a big purchase, or investing for the long haul, consistent saving is crucial. Set up automatic transfers to a dedicated Peoples Bank savings account, even if it's a modest amount. As time goes on, you'll be amazed at how quickly your savings grows.

Resolution 3: Crush Debt Strategically

If you have student loans, credit card debt, or any other form of debt, make it a mission to tackle it. Prioritize high-interest debt first while making minimum payments on others. Consider a debt consolidation loan or refinancing options to lower interest rates and streamline payments.

Resolution 4: Invest in Your Future Self

Investing might sound intimidating, but it's key to building wealth over time. Start by educating yourself about the different investment types. It’s wise to consult a financial advisor to help you create an investment strategy aligned with your goals. Need help? Any Peoples Bank teller or personal banker would be happy to help make that introduction.

Resolution 5: Level Up Your Financial Literacy

No matter how old you are, learning about money is something you can keep doing. You can read books, listen to podcasts, and follow good websites to learn more. The more you know about how to handle your money, the better choices you can make.

Resolution 6: Protect What You Have

Life is unpredictable, which is why insurance is crucial. Review your health, auto, and renter's insurance policies to ensure they're up to date and provide adequate coverage. Look into life insurance if you have dependents relying on you financially.

Resolution 7: Set Tangible Financial Goals

Dream big but break your dreams down into achievable goals. Whether it's saving for a dream vacation, buying a home, or retiring comfortably, setting specific goals will give you a clear target to work towards.

Resolution 8: Maximize Your Earnings Potential

Consider ways to increase your income, such as pursuing further education, acquiring new skills, or even starting a side gig. The more you earn, the more resources you'll have to achieve your financial aspirations.

Resolution 9: Review and Revise Regularly

Life evolves, and so should your financial plan. Make it a habit to review your budget, investments, and goals periodically. Adjustments will keep you on track even when circumstances change.

Resolution 10: Practice Gratitude and Mindfulness

While not directly financial, cultivating gratitude and mindfulness can positively impact your financial journey. Being mindful of your spending choices and appreciating what you have can curb impulse buying and foster a healthier relationship with money.

As you step into the New Year, remember that mastering your finances is an ongoing process. Regardless of your age or life stage, implementing these clever financial resolutions will set you up for a year filled with financial success and growth. With determination, dedication, and a dash of financial savvy, you're poised to make this year the best one yet for your financial well-being.

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.