February 2023| Issue #4

News & Updates

Happy February, 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.

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Personal Finance Topic of the Month: Funding Your Fun


Do you have a hobby, like traveling, going to the movies, seeing concerts, or watching sports live? Our hobbies are a huge part of who we are, but sometimes spending on these hobbies gets in the way of accomplishing other important financial goals, like paying down debt or saving for big purchases.


Setting aside "Fun Money" is a great way to work toward your financial goals without sacrificing your favorite activities. Instead, you carve out a specific amount of money in your budget each month to spend on (or save up for) the things you love.


Why budget Fun Money?

  • Prevents overspending
  • Makes budgeting fun
  • Reduces financial guilt
  • Benefits health


As with any budget, careful planning and monitoring are key to accomplishing your goals. If you can do that, then you can feel good about spending your hard-earned Fun Money.


Check out the full article on Fun Money from Mint for more information and tips on creating a budget that meets your needs.

Ask an Expert Q&A


This month's question asks, "Should I pay off my credit card or save?"


According to one expert, "It’s all about balance. Can you afford to do both? Make sure you know when your credit balance is due, and then decide if you can pay a little off with the money you have as well as save a small amount too. It can be counterproductive to put all your money into savings if you have credit to pay off as it’ll be a never ending cycle of interest rates adding up – make sure you transfer your credit balance regularly to a 0% interest credit card to ensure you’re not accumulating extra interest. If interest is unavoidable, it’s best to pay off your credit card and then look to save."




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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We believe quality financial information should be available to everyone, so we encourage you to let others know about our monthly newsletter and sign up on our website. First time seeing this newsletter? Subscribe Today for more helpful financial information and advice!

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Need to Open An Account?

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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Visit the Financial Empowerment Hub

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

Financial Empowerment Hub

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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