Financial Education

Are you struggling to get an emergency fund in action? It can be hard to understand the depth of what to start with, monthly contributions and how to build it up. An emergency fund is essential for unforeseen circumstances, a drop in income and all the chaos life can throw at us at any point. Most financial advisors suggest having enough in your emergency fund for 3-6 months’ worth of expenses based on your personal situation. The more you can build your emergency fund, the better!   1. Read More

It’s tax season! The IRS sets the start of tax season as Monday, January 24, 2022, and the deadline as April 18, 2022. Tax planning will help you gather everything you need to promptly and properly file your taxes for 2022. If you’re already pulling at your hair from stress—don't worry! Get a jump on preparing for taxes this year by following the steps we’ve outlined below.  1. Decide How You Will Be Filing  Will you be doing the filing yourself or will Read More

Whether you already have kids or are just preparing for the future, navigating the world of parenting may seem overwhelming. Don’t stress too much, as parenting is often a “learn from experience” kind of process. But, as a primary role model in your child’s life, it’s important to have important conversations early on so you can prepare them for life on their own. Be a Positive Example Don’t overlook this step because it’s one of the most important! Read More

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, Read More

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 Read More

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 Read More

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 Read More

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 Read More

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 Read More

Congratulations on your engagement and wedding! Whether you are recently engaged or have already tied the knot, talking about finances is extremely important in order to set you both up for success. Exchange Bank of Northeast Missouri wants to offer a married couple’s guide to finances, so you can live happily ever after.  How will bills be split?  There are many day-to-day and monthly expenses that arise. You’ll want to talk about how these will be shared so both Read More