Financial Awareness for All Ages: Tools and Tips to Build a Strong Financial Future

Home Blog Financial Awareness for All Ages: Tools and Tips to Build a Strong Financial Future

Posted On: August 11, 2025 by Peoples Bank of Kankakee County in: Budget Family

From childhood piggy banks to retirement planning, financial awareness plays a role in nearly every aspect of life. Regardless of age or life stage, understanding how to manage finances empowers people to make confident decisions and prepare for the future.

At Peoples Bank, we’re committed to helping individuals, families, and communities build financial strength through personalized banking services and accessible financial education. Here’s how you can build financial confidence at every stage of life, and how we can help along the way.

Learning the Basics: Financial Awareness for Children

The earlier children learn about money, the better prepared they’ll be for lifelong financial decisions.

Make it tangible: Use a clear jar or a youth savings account to show how saving adds up over time.
Discuss spending: Help children understand the difference between needs and wants.
Celebrate saving: Encourage children to save for small goals, such as a toy or outing, and recognize their progress.

Teens and Students: Building a Budgeting Mindset

As young people begin to earn income from part-time jobs or allowances, it’s important to start forming strong habits.

Create a simple budget: Help track income and spending with a basic budgeting plan.
Start saving early: Saving for college, travel, or a car teaches goal-setting and discipline.
Understand credit: Introduce the concept of credit scores, interest rates, and responsible borrowing.

Young Adults: Managing Credit, Debt, and Long-Term Goals

In early adulthood, financial decisions begin to have a long-term impact.

Use credit wisely: Emphasize the importance of paying on time and avoiding unnecessary debt.
Plan for repayment: Understand loan terms, interest rates, and strategies for managing student debt.
Think long-term: Introduce the basics of investing and encourage saving for future milestones such as a home or retirement.

Adults and Families: Focused Financial Planning

As responsibilities grow, so does the need for structured planning.

Set financial goals: Whether it’s buying a home, raising children, or building a business, set clear and attainable financial goals.
Create an emergency fund: Save three to six months’ worth of living expenses to protect against the unexpected.
Review insurance and investments: Make sure coverage and savings strategies align with current life needs.

Retirees and Seniors: Protecting Your Legacy

Later in life, financial literacy is key to maintaining security and peace of mind.

Understand retirement options: Explore traditional and Roth IRAs, pension plans, and 401(k) strategies. Make 401k rollovers easy by talking to a Peoples Bank retirement professional.
Plan for healthcare costs: Budget for medical expenses and become familiar with Medicare benefits.
Prepare your estate: Wills, trusts, and power of attorney documents ensure your wishes are honored and your assets protected.

Tools and Resources to Support You

Peoples Bank offers practical tools and personalized guidance to support every financial journey:

Online financial calculators: Estimate savings, loan payments, and more using helpful tools available on our website.
Budgeting apps: Tools like YNAB (You Need a Budget), Monarch Money, EveryDollar, and PocketGuard help track expenses and monitor progress. Note: Most apps require a paid subscription to unlock their full features.

In-branch support: Our team is ready to meet with you to discuss your goals, answer questions, and provide tailored advice.

The Peoples Bank Difference

We believe financial literacy is more than just understanding numbers, it’s about helping people feel confident and supported. Whether you’re saving for education, managing debt, or preparing for retirement, we’re here to help every step of the way.

Let’s Make It Happen… and build your financial future together!

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.