April 2023| Issue #6

News & Updates

Happy April, readers!


We hope that you enjoy this month's edition of the Dollars & Sense newsletter. Don't forget to submit your questions to our experts for some great (and FREE) financial advice.

Personal Finance Topic of the Month: Budget Basics


The importance of budgeting cannot be stressed enough. Making a budget and sticking to it helps us live within our means and make progress toward our financial goals. This helps us eliminate undue stress.


If you haven't done it lately, creating a budget from scratch is a great exercise for understanding your financial habits.

Here's how to begin:


  • Stary by gathering your financial data (income and expenses)
  • Put your monthly expenses into categories
  • Separate those expenses into needs and wants
  • Determine how much of your income will go toward needs, wants, and savings (some advise using a 50-30-20 method)
  • Look for places where you can reduce your spending, such as coffee, dining out, or shopping
  • Create a realistic monthly budget based on your goals and preferences


Once you've made your budget, be sure to monitor your progress and reevaluate as needed.


If this seems daunting, know that there are numerous apps and tools online to help you create your budget and monitor your spending. For more tips on budgeting, see this helpful article from Nerd Wallet.

Ask an Expert Q&A


This month's question asks, "I am thinking of buying a home. How do I know what size mortgage I can afford?"


Response: "You should sit down together and discuss what you intend to spend on a home. What are your non-negotiables, like the number of bedrooms, bathrooms, and amenities, and what you can live without or add later?


When you start to save you not only want to set up a separate account to put that money in, but you need to treat it like a bill and pay it every month. You also want to monitor your credit score and care for it by ensuring that it stays in good standing since this can affect your interest rate on what you finance. Depending on how you finance a mortgage will dictate how much you will save up. Some loans require less, or in a few cases, no money down.


The best advice I can give is to find a banker you trust and share your vision with them and let them help you achieve it. You also must be willing to see the big picture. You may need to make some sacrifices in the short term in order to afford the home of your dreams! Also, do not forget to save up for a lawn mower. You almost always need one of those right away! -Michelle Casady, Area Manager, Northwest Bank



"The best advice I could give, without knowing budgetary restrictions, is to save something, or as much as possible, from every paycheck and put it in a secondary savings account to be used strictly as savings towards the home down payment. Amounts can vary vastly dependent on family finances.


Fifth Third Bank does offer 100% financing options, through USDA and Indiana Housing, these programs are income based. With rent prices on the rise every year, it is very probable that many people could easily purchase a house at 100% financed and still be paying less than they do in rent each month. Plus, they would be building equity in themselves each month vs. their landlord. If they have concerns about credit establishing or credit rebuilding, we do have a secured credit card that can help build their credit score that only requires a $300 deposit to their savings account to start out.

-Amy Palmer, Officer & Financial Center Manager, Fifth Third Bank


Have a question? Submit it anonymously by clicking the box below!

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This month’s Bank On Spotlight

Farmers and Mechanics Federal

Farmers and Mechanics Federal was organized in April 1892 as a mutual institution by a group of individuals to better the community through thrift and home ownership. Originally established as a savings and loan, F&M became a state-chartered savings bank in 2017. We pride ourselves on being in business for over 130 years so that we may serve our community by providing them with savings opportunities, along with loans for consumers and small business owners.


In 2022 we joined the National BankOn movement, and partnered with United Way of Monroe County, by providing our BASIC checking account so that those who are trying to save for their future may do so without high account fees.


Our motto is “Where Community Matters” and we live by those words by donating to local charities such as Greene County Hospital Foundation, Bloomfield-Eastern Greene County Library, and Monroe County Community Kitchen, among other worthy and valuable organizations.


Visit one of our three branches located in Greene and Monroe counties, or our website www.famf.bank to learn more.

What is Bank On Bloomington?

Bank On Bloomington is an affiliate of the national Bank On program, which aims to connect consumers to safe, affordable bank accounts. 


All participating Bank On Bloomington banking partners have accounts that meet national Bank On standards and are designed to serv the needs of every household, not matter their income. These banks are committed to providing services to the greater-Bloomington community and helping you become more financially stable.

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Visit the Bank On Bloomington website for a list of participating Bank On accounts. Here you will find information on low cost, accessible banking services offered by each of our partners.

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Learn more about Financial Empowerment programs and tools like the Free Community Tax Service and Financial Stability Guides.

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Financial Disclaimer. UNITED WAY OF MONROE COUNTY IS NOT ENGAGED IN RENDERING LEGAL, TAX OR FINANCIAL ADVICE OR SERVICES. UNITED WAY OF MONROE COUNTY IS NOT A FINANCIAL PLANNER, BROKER OR TAX ADVISOR. The Bank On Bloomington Dollars & Sense newsletter is intended only to assist you in your financial organization and decision-making and is broad in scope. Your personal financial situation is unique, and any information and advice obtained through the newsletter may not be appropriate for your situation. Accordingly, before making any financial decisions or implementing any financial strategy, you should consider obtaining additional information and advice from your accountant or other financial advisers who are fully aware of your individual circumstances. 

United Way of Monroe County is a nonprofit organization that improves the lives and futures of all people in the community. We bring together expertise, funding, and volunteer support to positively impact the resilience of our community, and those who live within it. In partnership with others, we work to eliminate inequities experienced by low-income and diverse populations so that all people have a safe, healthy home environment, achieve their educational potential, and increase their financial stability. We commit to building bridges across cultural, racial, religious, and economic boundaries.

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