budgeting

In uncertain times, having an emergency fund can provide peace of mind and financial stability. An emergency fund is a savings account specifically set aside for unexpected expenses, such as medical emergencies, car repairs, or job loss. Here’s how you can start building your emergency fund and ensure you’re prepared for whatever life throws your way. Why You Need an Emergency Fund An emergency fund acts as a financial safety net, helping you cover unexpected expenses without resorting Read More

As the back-to-school season approaches, many parents and students are looking for ways to save on essential supplies. Here are seven tips to help you make the most of your budget: Create a Budget and Stick to It: Before you start shopping, determine how much you can afford to spend. Make a list of necessary items and prioritize them. This will help you avoid impulse purchases and stay within your budget. Shop Sales and Use Coupons: Keep an eye out for sales, discounts, and coupons. Many Read More

If you’re thinking about revamping the way you handle your finances, the first step is to plan. If you lay the details out and write things down, you’ll be much more likely to follow through and be financially wise. We’ve gathered some of the basic and practical tips when it comes to financial planning! Start an Emergency Fund You don’t realize how fast your money can disappear until an emergency happens and you have no choice but to spend your hard-earned money. Planning Read More

While budgeting for a fluctuating income can be difficult, Exchange Bank of Northeast Missouri is here to help offer a few strategies to lessen the madness. Finding a process to help soften the blow of the months where revenue drops is a perfect solution. Check out the following rules you should follow when living on an inconsistent income. Know Your Baseline Always having an idea of your lowest point for income will help you prepare for the months where fewer dollars come through the door. Read More

When you and your sweetheart set your budget each month, there are a variety of factors at play. Where can you get the best deals on groceries? How many date nights will you have each week? Do the kids have any sporting activities that require new equipment? At Exchange Bank of Northeast Missouri, we recognize that everyone’s budget is different. No matter which categories you enjoy most, we’d love to showcase some great examples to help you find extra ways to save, and better identify Read More

If you’ve ever taken Psychology 101, you’ve probably heard the argument for nature v. nurture. In this multi-century discussion, psychologists have debated whether a person’s genetics or environment make a greater impact on their personal behavior. At Exchange Bank of Northeast Missouri we’re excited to share our take on this timeless debate, and share how nature and nurture affect your spending habits. The financial traits which we see as more nature based are: None Are Read More

Managing your money is a great skill to learn at any age. We agree with financial guru, Dave Ramsey, who famously said, “Personal finance is only 20% head knowledge. It’s 80% behavior!” While creating a budget is a great first step, the next way to better manage your finances is to decrease surplus spending in order to save more for future plans such as retirement, vacation, or education. At Exchange Bank of Northeast Missouri we recommend examining the following expenses to see Read More

One of the most proactive ways you can protect your personal finances is to take advantage of tax beneficial accounts such as a 401(k) and/or an IRA. Though these accounts are typically tied to retirement savings, this is not always the case. At Exchange Bank of Northeast Missouri we want to help you make the most of your money by offering these two account options:   Work Sponsored Retirement Account (401k): Many companies now offer this account as a corporate benefit. By automatically Read More

This year, make the leap into financial success with a savings plan you can be proud of. Using a variety of budget-friendly strategies, Exchange Bank of Northeast Missouri will show you how you can save $1,000 or more a month towards your next fiscal goal. Here’s how to get started:   Use a Budget ($150/month) - One of the most important ways to save is to track your spending. We recommend creating a monthly budget, while also using apps like Intuit’s Mint, to accurately see Read More