Q&A Regarding IRAs

IRAs can be confusing and even seem unnecessary to talk about for some, especially if retirement still seems lightyears away. Allow us to answer some of the most common questions people have about IRAs: Q: Am I allowed to contribute to an IRA if I have a retirement plan through work?  A: Yes, as long as you meet the IRA’s eligibility requirements ‐ even if you participate in a 401(k) plan at work.  Q: What is the contribution limit? A: The contribution limit is annual,
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The holidays are quickly approaching, which means it’s time for the fun yet expensive process of Christmas shopping. By incorporating some of these habits and ideas into your holiday traditions, you can make this Christmas and the ones to come much more affordable than normal. Have a Family Potluck Some people enjoy hosting a big family dinner each year. But making dinner for 20+ people can get pricey very quickly. It may also be a tradition to go out to eat each holiday season, and it’s
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No one can predict what the future has in store for us, but we can be better prepared for it. That’s where an emergency fund comes in. Setting aside funds allows you to cover those unexpected expenses such as a costly repair bill, unemployment or medical.   But where to start? Follow these tips to set some goals and start building your emergency fund.   Review Your Monthly Expenses A great place to start is to take stock of your monthly expenses
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Even though it may seem far off into the future, it is never too early to start saving for retirement. If you have an idea of what you want your retirement to look like, it makes it much easier to plan for it and set goals in order to reach that vision. Here are some tips on how you can look ahead toward retirement savings.   Set Your Goals After all your years of hard work, you’re looking forward to some rest and relaxation—but how will you finance it after
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Debt can seem intimidating at first, especially when you’re looking at all the different balances across various accounts and credit cards. Paying off your debt will allow you to increase your income and have a little extra room in your budget for other things. By following a few simple strategies, you can pay off your debt faster than you think.   Follow the tips we’ve provide below to pay off your debt faster.   Review the Amount of Debt You Owe Find
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Whether you’re planning your dream vacation or buying a new car, a big purchase needs a big budget, and you need to make sure you’re prepared for it! To help you achieve your goals, we’ve compiled a list of 6 ways to prepare for big purchases. Good luck!   Research Your Options  Research affordable options for the big purchase you have in mind. You can do this by keeping an eye out for discounts, holiday sales, comparing prices
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Our main goal is to provide you tips to help you achieve financial success. Finding ways to save more and cut costs can be difficult when many things feel essential. Exchange Bank of Northeast Missouri is here to offer our advice on certain things you can cut to save money!  Limit Subscriptions  If you have Hulu, Netflix, HBO and Amazon Prime – you probably don’t need all of them and aren’t utilizing them enough to make it worth the money. All the
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In the digital era we’re living in, passwords are the gateways to our entire lives. You log into your phone, bank account, email, shopping carts and sometimes even your healthcare provider’s mobile app all using passwords. Any cybercriminal that has just one of those passwords has the potential to steal your identity and your money. While we don’t mean to scare you, we do want to protect you! Keep reading for password protection best practices that
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How much can I reasonably spend on a home? This is a question every single prospective homeowner asks before purchasing a house, and this is exactly what we want them to be asking! While buying a home is a great financial investment to start building equity and wealth, no one wants to be house poor. Create a budget for yourself by using the tips below or jump straight to our mortgage calculator.  Save for a Down Payment and Closing Costs  A
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The elusive credit score... you know it’s important, but what actually is it and how does it affect you? We’re here to explain how you can build a good credit score from scratch!  Become an Authorized User  Before you open your own credit card, becoming an authorized user on a family member’s card is a great place to start! As an authorized user, your name is attached to their credit card and their payment history is added to your credit
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