Bank of Luxemburg on FOX 11

Bank of Luxemburg's Rebecca Edler spoke to FOX 11's Amy Hanten this morning about fighting the winter blues when it comes to your finances.
That includes:

• Consolidating debt
• Creating a budget
• Planning for retirement

5 Tips for Saving Money

Having trouble building up your savings?  Always wondering where your money goes?  Here are five ways to save:

1. Track spending and evaluate results.  By tracking your spending habits, you'll get an idea of where you spend your money.  By evaluating the results, you can see if you're using money for things that aren't really necessary.

2. Forget the plastic.  Limit yourself to one or two credit cards with the best rates, and use them for only major purchases or emergencies.  Also, pay off your credit card balances monthly.

Consolidating Your Debt

Mounting bills can be overwhelming for anyone dealing with debt.  In 2011, consider taking some steps to alleviate your stress and lower your level of debt.

Think about using a Home Equity Line of Credit (HELOC) for credit card debt consolidation.  With a Home Equity Line of Credit simply write yourself a loan whenever you need it, pay it back and use it again.  Battling credit card debt can be frustrating. One way that many homeowners are solving their credit card debt woes is by taking advantage of the equity built up in their home and the low interest rates being offered today. If you take out a home equity line of credit, you can get a very low interest loan that can pay off your credit cards.

You can approach your bank about a low interest personal loan to pay off your credit card debt.

Consolidate your debt onto a single 0% interest or low interest credit card, then make double payments to ensure you're paying down the principle of your credit card debt.


BankofLuxemburg.com has some helpful resources to help you assess your debt, like the Financial Calculation Tools.  Scroll down and click on "Personal Debt Consolidation" to find the debt consolidator pictured below.

Visit bankofluxemburg.com for financial calculators like this one.

Tips for Financial Fitness

Are you trying to get financially fit in the new year?  Here are some ideas to get you started:

1) Establish a budget for yourself.

2) Determine what you need financially each month, and if necessary, cut out unnecessary expenses.

3) Choose the right credit card for your lifestyle, and use it sparingly and wisely.

4) Make sure you have a savings and checking account that also fit your lifestyle and are from a reputable banking establishment.

5) Don't be afraid to purchase "used" instead of "new," when looking at cars or other pricey items.