Personal Finances

Retirement may seem far away or it may be approaching soon. Either way, you likely have some questions as many people do. Today, we will tackle some of the most common questions.  What is an IRA? IRA stands for Individual Retirement Account. The purpose of it is to help people save for retirement. The two basic types of IRAs are Traditional and Roth.  Traditional: With a Traditional IRA, you are able to put pre-tax dollars away for retirement, which will later be taxed upon withdrawal. Roth: Read More

The new year is full of hope and imagination for the future. It can be challenging for anyone to stick with these goals, especially financial ones. We’re happy to tell you that there is a way to make these goals a reality by sticking to these wise practices. Be Realistic In order to make your goals a reality, you should set realistic goals. While a beach house on Maui would definitely be an attractive prospect to most people, it’s not in the cards for everyone. Maybe something like Read More

While it’s not a good idea to pursue any “get rich quick” scheme, there are some ways that you can quickly add more money to your pocket. The secret is to be cautious with your spending. This is obviously easier said than done, but it’s a way to “make” money without having to spend money. Follow your favorite one or challenge yourself to all five! Sell Your Skills Do you have a hobby that people would be willing to pay you for? Are you just simply good at Read More

“Let us not forget that the cultivation of the earth is the most important labor of man. When tillage begins, other arts will follow. The farmers, therefore, are the founders of civilization” (Daniel Webster). We love our farmers and believe they are the backbone of this nation. If you are new to farming or if it has been in your family for years, it’s important that you know about farm loans. Here are the basics you should be familiar with.  FSA When talking about farm Read More

Start the year out strong so you can finish the end of next year with a bang! These are some of our favorite savings resolutions that are great for novice savers or experts! 1. Start with the emergency fund. The first step you should take this year is to make steps to build up an emergency fund. Don’t let the unexpected set you painfully back in your budget and even from your ability to pay bills. Seventy eight percent of Americans live paycheck to paycheck and cannot afford to have a Read More

Too many Americans have poor money habits. Do you resonate with this in the way you spend and think about money? Perhaps you were never taught financial literacy in school like many others. However, there’s no time better than the present to start learning and why not learn it from the experts at Exchange Bank of Northeast Missouri? These are tried and true ways to say goodbye to bad money habits.  Track Your Spending It’s easy to overspend if we don’t really know that Read More

The holidays set back many Americans into debt every year. Last year, the average debt incurred per person was around $1,000. It’s never too early to start deciding what your holiday budget will be so that you aren’t fretting over overwhelming debt in the new year. If you haven’t set up a budget before, the holidays are a perfect place to start.  1. Start with what you have.  Every budget should begin by calculating what you have. This means having an exact tally Read More

The holidays are upon us and that means more money will be spent! However, be careful not to go too far outside of your budget. Exchange Bank of Northeast Missouri has compiled our favorite holiday savings hacks to help you keep more money in your pocket this season. Avoid Extras When buying food for the holidays or gifts for others, it can be really easy to treat yourself, too. Stop buying extra items, like that latte or new pair of shoes, and begin being a super saver. Make a list of what Read More

As your family grows, so will your budget - but where do you even begin when trying to make one? With all the demands of taking care of your family, it may be hard to find time to make a budget...and stick to it. However, you’ll be ecstatic once you start seeing your hard work pay off. Take a look at how you can begin creating your family budget with these starting points. Put Everything On The Table You’ll want to list your income and expenses - don’t leave anything out (even Read More

It’s the holidays! As they come closer, you’ll want to be preparing your budget for the food and presents you’re buying. But, be careful not to overspend! Here are our top sanity-saving holiday hacks to follow. Be Frugal Online Use cashback apps like Ibotta and Ebates when you shop online for the holidays to save money and earn bonuses. There are also ways to earn free gift cards online when you take surveys, such as using a program like Swagbucks. Simplify Your Giving Don’t Read More