Raising Charitable Children

Among the many challenges parents face in raising children, instilling values ranks high on the list in importance. We all want our children to share our values (hard work, faith, generosity, etc.) and carry them on for future generations. One key value you can instill in your children is an appreciation for charitable giving.

Fostering an appreciation for charitable giving truly begins at home. Make it a family activity and model the behavior you want your children to emulate. When it comes to making monetary donations, show them how you select a charity, set realistic charitable giving goals and then make a schedule and adhere to it. Make them a part of the process and educate them about the impact your donations can make on an organization.

While making financial donations is important, don’t forget to discuss the many other different ways to contribute. Often giving your time and talent is equally important. Choose a location to volunteer as a family—a soup kitchen, community event or church activity, deliver meals to the homebound or help at the local animal shelter. The opportunities are limitless, as are the teachable moments.

Remember, it’s almost never too early to start sharing charitable activities with the next generation. Even at age three or four children can select a toy to give to a less fortunate child at the holidays, help clean out their closet and donate the outgrown clothing or be a part of your local acts of kindness—such as visiting an elderly neighbor or cooking for a sick friend. To get started, help your child open a savings account and teach them to save properly. Once they learn to save, they will have the funds available to also give.

If you want to bring up children who value charitable giving, make it a cornerstone value in your life and they will build upon it for a lifetime!

For more information, see Bank of Luxemburg Chief Operating Officer Rebecca Edler give tips for charitable giving on FOX 11's Living with Amy.

Get into the giving spirit

Bank vs. Mortgage Broker: You Be the Judge

Over the past few years, as people have been refinancing left and right due to plunging home loan rates, home owners are faced with the question—do we finance our loan through a local bank or a mortgage broker?  It’s a common, valid question.  Here are some truthful answers to help guide your decision.

Banks

When you finance your mortgage through a local bank, you meet with a local loan officer, and they can guide you through the process. They will address any problems you may encounter before, during, or after the loan process. They know the specifics about the area where your home resides, which is beneficial when it comes to home insurance and what coverage you may or may not need, based on your geographic location. When you make a payment or have questions come tax time, you can walk into the local banking establishment and take care of any necessary business.   

It’s worth noting that while not all banks service 100% of their loans, Bank of Luxemburg currently does. What this means is that, every customer who is approved for a loan through Bank of Luxemburg can rest assured that their home loan is being taken care of by Bank of Luxemburg.

Mortgage Brokers

It’s important to point out that a mortgage broker is paid a commission to find a match between a mortgage lending company and a buyer. They will only be paid a commission if they make this match happen, which oftentimes occurs even when the match is less than ideal.  

Example: Think of it the same way as financing a vehicle through a dealership. You want to buy a car. The dealership wants you to buy the car, so they can collect their commission. They have you fill out a loan application and send it into cyberspace for any lending company to snatch up at a good rate. This company doesn’t have to be local and doesn’t necessarily know anything about you or the area you’re in.

Mortgage brokers work the same way, sending your mortgage application to a multitude of lending establishments to allow them to “fight” over your mortgage. Once a lender is chosen, it doesn’t have to be a local company (most often it’s not). What this means for the borrower is that problems could arise—the lending company might not be familiar with terminology, regulations, or insurance exclusive to the region. Issues like these could slow down the loan approval process. Lastly, once the loan is financed, the buyer can’t go back to the mortgage broker for help. Prior to this, during the borrowing process, the mortgage broker has been a go-between. Once the closing occurs, the buyer is on their own to deal with an out-of-state lending company they’ve never spoken with before.

Fees

Believe it or not, whether you are working with a bank or a mortgage broker, there are fees involved. You could see them up front (as in the case of banks), or they could be hidden (as in the case of mortgage brokers). With a mortgage broker, you’ll see higher charges for some areas such as “application processing fee,” “doc. prep fee,” “paying for points,” and also “closing costs.” Typically, the fees associated with your loan will actually be higher when working with a mortgage broker.  

A Great Opportunity!

Lakeshore Community Action Program, Inc. is offering income-eligible homebuyers a $5,000 grant for the down payment of a home in Door, Calumet, Kewaunee, Manitowoc, or Sheboygan County. Buyers will be required to complete an education and counseling class, must have income that qualifies (per approved for a first mortgage), cannot have owned a home in the past three years, and purchase the home in specially designated areas.  

Homebuyer Education will be offered Friday November 30th from 9am – 3pm at Bank of Luxemburg at 100 Old Orchard Avenue in Casco, Wisconsin. Lakeshore CAP Homebuyer Education offers practical tools, consumer information, and includes handouts for each participant about the home buying process. This workshop is sponsored by a generous donation from Bank of Luxemburg. To register for the workshop, please call 1-800-924-0510.  Lunch and refreshments will be provided. Lakeshore Community Action Program, Inc. is an Equal Housing Opportunity Agency.

Managing Finances After a Death in the Family

Bank Accounts

When a family member passes away loved ones are usually left with many financial decisions. To help ease this burden, we recommend setting up re-planned funerals, account beneficiaries and wills while living. Of course this is not always possible and in most cases family members will still need to deal with some financial issues.

It’s helpful to have an attorney or the executor of the estate advise you on a deceased’s bank accounts. Different types of accounts differ in their requirements for access:

• Joint Account: If you have a joint bank account with the deceased, control over the account can go to the survivor. The survivor can continue to make payments, deposits, and changes as usual. To remove the deceased from the account, you must show a valid death certificate.
• Traditional Bank Account: With a traditional account, the deceased had sole control over the account. In this case the money goes to the individual(s) named as beneficiaries. If there are no beneficiaries listed, the funds go to the estate. To access the account, the beneficiaries or the executor of the estate must have the death certificate.
• Trust Account: Usually set up as part of a larger estate plan, a trust names the beneficiary of the account and identifies how the funds will be distributed.
• Safe Deposit Boxes: Safe deposit boxes are similar to traditional bank accounts. To access, you will need a certified death certificate and legal documents identifying the executor of the estate. 

To Start ... 

1. Request numerous copies of the death certificate through the funeral home or your state Department of Health.
2. Contact each financial institution where the deceased had accounts. Most likely you will be asked to set up a meeting with a financial advisor. Make sure to ask what proof of identity you need to bring to the meeting.
3. Review any financial statements you find in the home of the deceased. Many times loved ones find additional bank accounts or safe deposit boxes.
4. Comply with the will or estate executor. Remember, legally you are bound by their wishes, even if you don’t agree with their decisions. 

This process often isn’t easy and is sometimes even more difficult given the emotions that come when dealing with finances. Remember, by preparing ahead—through funeral pre-plans, estate planning and wills—you can ease the process for your loved ones.

Debts/Bills

Few people die with all financial details in order, but before you start writing checks or panic about expenses, take time to learn your rights and responsibilities.

 Managing Bills

1) List all the deceased’s liabilities, including mortgages, bills, lines of credit, loans, etc.

2) Divide the liabilities into administrative expenses (bills that will continue to need payments, such as a mortgage) and final bills (bills that can be paid in full, such as funeral expenses). Administrative expenses will be paid by the executor of the estate out of any funds currently in the estate.

3) Make decisions about maintaining payments. Keep records of all payments for the estate’s financial records.

4) Determine what can be sold. This is usually the executor’s responsibility. Selling items may be necessary to cover debts.

This information is not intended as a substitute for legal advice and we urge you to obtain competent legal advice for any questions regarding financial matters following the death of a loved one.

Watch this video for even more tips from Bank of Luxemburg Chief Operating Officer Rebecca Edler:

Graduates—Kick Off the Next Chapter on the Right Foot

It’s a big jump from college or other technical schooling to “the real world.” Here’s a free graduation gift … five smart money moves for graduates. 

Smart Money Move #1: Don’t Buy a Car

Most students have either gotten by with no car or a clunker car during their college years. Now that the prospect of “getting a job” is a reality, a car might seem like a good investment. However, be cautious … you don’t need a NEW car to have adequate transportation to and from work. A new car may be unnecessary and will keep you on a tight budget (with that hefty monthly payment) for years. Instead, consider buying a car that’s gently used, one to three years old. It’ll look like new but save you a lot of money. And if you’re looking for something to save for, think about a starter home.

Smart Money Move #2:  Get in the Budget Habit

Don’t let the “b” word scare you. When you have fun things you want to do or items you’d like to splurge on, a budget really comes in handy. A budget is like a spending plan that helps guide your spending and saving. This way you can set aside money for bills and necessary things and still have money left over for the “fun stuff,” without the guilt.

Smart Money Move #3:  Use Envelopes With Cash

Rent or mortgage payment. Check! Water bill. Check! Electric bill. Check! Loan payments. Check! If you’re afraid you’ll spend the cash when you first get paid, label envelopes with your payment category. Write out a check, and put it in each envelope. Then, stash the envelopes until payments are due.  Of course, have an envelope for your “mad money” too, but once the envelope is empty, your funds have run out, and you’ll have to cut back until the next pay period.

Smart Money Move #4:  Consider Moving Out on Your Own

Many college graduates return to their parent’s home to save money, but most of them lack the discipline to save and end up blowing their earnings on cars, entertainment, electronic gadgets, and their social life. You’ll grow faster and learn more by being on your own, even though it may be a struggle at first. It’s easy to let Mom and Dad take care of everything, and you may become too comfortable. Being on your own forces you to take your finances into your own hands and start making smart—albeit sometimes difficult—grown-up decisions.

Smart Money Move #5:  Educate Yourself About Finances

When you needed to learn about math, you took a math course and did math exercises, right? Same rules apply. The best way to learn about personal finance basics is to read a good personal finance book—one that covers all the basics without boring you to tears. You could also meet with your banker to get information and have them help you create a customized plan for you!

Sure, making mistakes is part of growing up, but why make costly financial mistakes if you don’t have to?  With a little common sense, and by following our five smart guidelines, you’ll be embarking on a successful financial future! A+

Watch this video to get more helpful tips from Bank of Luxemburg Chief Operating Officer Rebecca Edler.

Managing Your Finances During a Divorce

Divorce is difficult. Plain and simple. Lots of things are changing, and confusion is a common feeling throughout the process. However, finances are a very important aspect of divorce, and planning for the future while going through a divorce should not be taken lightly. By staying on top of the financial aspect of divorce, it will hopefully prevent major hassles down the road.
 

Things to Consider When Re-establishing Your Personal Finances After a Divorce:

• Order a Free Credit Report — Following a divorce, order your free annual credit report to identify your remaining debts, and determine if the reported information is accurate. It is important following the divorce to remain financially vigilant and continue to pay your debts. 
• Establish Credit in Your Own Name — Following a divorce, it may be necessary to establish credit as an individual to start to build a credit history and credit score. This will be important if you need to make a major purchase such as a home or vehicle. 
• Review Retirement Savings Plan and Goals — As a single individual, your retirement goals may be different than when you were married. Meet with a financial planner to discuss your dreams, and determine what you will need to save each month to live your new retirement dreams.
• Review Insurance Policies — Review your insurance policies to determine what is necessary and appropriate for your new lifestyle. This is a great time to review your beneficiaries on the accounts and make updates as needed.

Many people have been down this road before and can offer advice on everything that needs taking care of.  The staff at Bank of Luxemburg is sensitive to each customer’s situation and will take the time and care necessary to help get answers and resolution.
 

Oh Baby! Making the Best Choices—Financially—for Your Newborn

Pregnancy—labor—bringing baby home. You’d think the hard part is over, but actually now comes the tricky part—determining the best savings plan for your child. 

PrePlanning…

It will most likely take four to sixteen weeks to receive a social security card for your little bundle of joy. (Typically hospitals have the paperwork for a social security card and provide new parents with it before they are discharged.) Wait until you receive the card to take action. You will need this number in order to proceed.

During this time, it’s a good idea to evaluate the timeline and what you would like to save for. Are you saving for something that your child will draw on regularly, or will they wait to draw funds until college or into the future? This makes a difference in deciding which option is best.

A few options…

• Traditional Savings Accounts — Most will follow a typical savings account rate, which is typically on the low end interest rate-wise but typically has a low minimum balance and requires minimal funds to open. If you put $5 a week in a savings account starting when they are born, your child will have approximately $4,700 when they turn 18.
• Certificates of Deposits (CDs) — Most require a minimum of $1,000 to open and have a certain amount of time where the funds must remain untouched. However, CDs have a higher interest rate than a savings or money market account. (It’s a good idea to watch for special promotional CDs that often have even better rates.)  If you put $25 a week in a CD starting when they are born, your child would have approximately $23,000 when they turn 18.
• College Savings Accounts — And if you’re really looking to get a good rate of return over time, you might want to invest in a College Savings Plan. In addition to offering a high rate of return on investments, these types of accounts also offer tax advantages. Wisconsin’s 529 College Savings Plan is EdVest. If you put $25 a week in a College Savings Plan starting when they are born, your child would have approximately $65,000 when they turn 18.  

Additional Things to Consider…

• Budget — Babies bring expected—and unexpected—expenses. You should review your family’s budget and update it to include new expenses like diapers, baby food, insurance, health care, and day care. Remember to update your income to reflect any changes in your work status, if one parent is staying home to raise the child or only returning back to work part time.
• Insurance/Retirement — In addition to adding the new baby to your health insurance plan, parents should examine their own life insurance policies and possibly make adjustments. The same is true for retirement and other savings accounts. Are the goals that you’ve set for yourself before children the same goals you have as you begin to have children? If not, parents may need to make adjustments. Now is also the time to review beneficiary information on all investments, insurance, and retirement accounts.
• Will — Wills are often a touchy subject for people. However, having a child to think about is a great reason to establish a will if parents don’t already have one. Contact an attorney to discuss your options.
• Vehicles & Home — These are areas that need to be examined after the birth of a child. Is your vehicle equipped to safely transport children? Is your home functional enough to support a growing family? Even though it’s probably not necessary to buy a new vehicle or move to a new home simply because of a new baby, it’s still a good time to reevaluate. 

Remember: When it comes to a savings plan for your child, there isn’t one magic answer. It depends on your financial situation and overall goals. No matter how you look at it though, higher education is getting increasingly more expensive. It’s a good idea to start saving when children are young. As you’re going through our list of savings plan options, contact a Bank of Luxemburg representative with any questions or concerns.

 

Tips for Managing Your Personal Budget

Managing your budget is important at all times, but even more so during a challenging economic climate. We can all use solid advice on making sure that our income covers our expenses—and allows enough extra for savings and fun! Take a few minutes to learn some proven budgeting tips from the Community Bankers of Wisconsin. 

Balancing Act: Personal Budgeting in Tough Times

The problem with budgeting is it's easy to forget that this is an ongoing process. Any change in income-especially a downward change-or an upward change in expenses, from an unexpected veterinarian bill to the rising cost of groceries, requires an adjustment in your budget. Recent years have brought new budget challenges to many consumers. Here's an overview of actions you can take to keep your budget balanced.

First, take stock: list your monthly income and expenses to determine whether your income covers your current expenses. You may need to track all your expenses for a month to capture all your cash purchases, such as food, beverages, entertainment, or personal items from aspirin to zinc tablets.

If your budget is out of balance, figure out where you might cut back. If you routinely incur late fees or overdraft fees, work out a plan to pay your bills when they are due.

Maybe you've been thinking about switching your telephone landline to a cell phone. Or, taking the bus or biking to work three days a week. First, take any actions you may have been thinking about. Then, look for less obvious ways to make ends meet. Schedule an appointment with your insurance agent to see whether you might be eligible for safe driver savings or a discount if you insure your house and vehicles with the same company. You may want to talk with your community banker about refinancing your home mortgage at a lower interest rate or transferring a balance on a high interest credit card to a lower rate card or a personal loan.

Next, consider how you might increase your income. If you've been considering a career change, this might be a good time to apply for other positions. You might want to add a second job, especially in a field that's enjoyable to you, for example, in a quilt shop, hobby store, musical performance, or youth sports program. Or, maybe this is the time to explore your entrepreneurial side by starting a low-cost business you've been dreaming about.

Faced with a need for more income, people sometimes decide to have a garage sale or sell items online. Beware selling any items you will eventually need to replace or items of sentimental value that you really don't want to part with.

Whatever you do, don't take on additional debt in an effort to pay immediate bills. Unless your budget challenge is truly a short-term event, additional debt will just add to your financial problems. Also try to avoid cancelling your health insurance or using retirement savings.

Many Wisconsin resources offer more details about how to track your spending, cut back, increase your income, and balance your budget. A few of them are:

• The University of Wisconsin Extension offers several online publications to "Managing Your Finances in Tough Times" at: http://fyi.uwex.edu/toughtimes/.
• The Wisconsin Department of Financial Institutions offers on its website a link to Practical Money Skills," including saving, spending, and budgeting: http://www.practicalmoneyskills.com/ (click on Personal Finance).

The Benefits of Online Banking

Don’t let technology scare you. Technology can actually simplify your life when you learn to embrace it.

Online Banking

One of the greatest things technology has brought us is online banking. For all Bank of Luxemburg customers, online banking is absolutely free! And, it’s easier than you might realize!  Grab a computer, tablet, or smart phone and start reaping the benefits. You can…

1.  View your recent transactions

2.  Check your balance whenever, wherever you want

3.  Transfer funds

4.  View images of checks you’ve written

5.  Put a stop payment on checks written

6.  Send email messages to the bank with any questions

7.  Make your loan payment

We’re talking 24 hours a day/7 day a week access, too! (Even weekends & holidays!) The most exciting benefit of online banking for some people is the ability to pay bills online with Bank of Luxemburg’s bill pay services.

Bill Pay Services                       

Paying bills online is a huge time saver and also incredibly easy to set up with Bank of Luxemburg’s online banking system. You have many options and benefits when it comes to paying your bills…

1.  Make reoccurring monthly payments to anyone or any business

2.  Schedule a one-time-only payment to anyone or any business

3.  Schedule payments just for when you’re out of town

4.  View payment history and future scheduled payments

5.  Acquire virtually no late fees on bills

6.  Set up a reminder calendar

7.  Lessen your costs on paper checks and stamps

If you already have a Bank of Luxemburg checking and savings account (or have Premier Checking alone), you’re already eligible for FREE Bill Pay services. If you just want to test it out and have a different type of account than those listed above, good news! You get the first three months for free, and after that, it’s only $5 per month anyway (limited to ten transactions, with a fee of $35 after that).

eStatements                                   

Getting a paper statement in the mail is fine, but think about this…by the time the statement reaches your mailbox, you open it, and finally sit down to review it, many other transactions have probably occurred. (Also, think about all the paper that’s being used month after month.) Instead, think about signing up for eStatements which arrive as an email notification, and you are up-to-date instantly. Here are some other great benefits…

 

1.  eStatements are safe and secure.

2.  An email notifies you when your eStatement is ready.

3.  You simply log in through Bank of Luxemburg’s online banking section.

4.  You can view the last 18 months of account statements.

5.  How nice to view and balance your statement online 24/7?

And if you didn’t already guess, eStatements are absolutely FREE for Bank of Luxemburg customers!           

Technology is ever-changing, but it’s not always something you need to cover your head and run away from. For additional assistance with understanding the technological options available to you in banking, feel free to stop by any Bank of Luxemburg office with questions.

Bank of Luxemburg Chief Operations Officer Rebecca Edler demonstrates the ease of Online Banking.

Keep Your Online Accounts Safe

People are understandably frustrated upon learning that an online account has been hacked. The best way to avoid this problem is to get a strong handle on your own online security.  You can achieve this by following some simple guidelines:

1.  Establish Quality Usernames & Passwords

• Use both upper and lowercase letters
• Use digits and punctuation characters
• Use at least eight characters
• Do NOT choose passwords based on personal details
• Do NOT share, write down, or store online
• Change passwords regularly 

2.  Keep Your Computer Secure

• Use Antivirus Software
• Use Spyware
• Use Spam Filters
• Use Firewall Protection

3.  And…Don’t Forget

• Install Updates To Your Computer When Available
• Make Sure To Log Off, Rather Than Closing Windows
• Monitor Online Accounts Regularly 

In a time and society where things are becoming “paperless,” people are becoming more and more reliant on their computers and online accounts in general. Whether you’re shopping, paying bills, or socializing online, you want to have everything private, safe, and secure. By following the steps outlined above, you’ve taken some major strides in ensuring your own online security.

For more information, speak to a banking professional at Bank of Luxemburg (920) 845-2345, with eight convenient locations from Green Bay to Algoma.  Learn more at bankofluxemburg.com. Also, check out Bank of Luxemburg’s Chief Operating Officer, Rebecca Edler, discussing these same points on our YouTube channel.

Make Your Summer Job Money Last!

Summer is a time for fun in the sun and—if you’re in high school or college—working to earn money for the school year. Everyone knows it’s easy to spend money—especially on fun summer activities. But saving money is a considerably more difficult. To get you started, here are some tips from Bank of Luxemburg:

Create a budget and stick to it. It can be intimidating at first, but knowing how much and where you’re spending your money will help you keep your finances under control and start good habits that will last throughout your lifetime. 

Make saving a habit. It’s a good idea to save a set percentage of every paycheck—automatically if you can. If you never have the money in your checking account, you’re less likely to miss it. Once you become accustomed to this practice it will become painless.

Carefully consider purchases. Before buying a non-essential item, sleep on your decision. You just might be surprised at how many things you decide NOT to buy.

Keep control of credit card debt. To help avoid future money woes, use credit cards only for emergencies and pay off the balance each month. Make sure all payments are on time to avoid penalties, late fees and interest. 

If you already have credit card debt, try the “debt snowball,” where you pay off small balance cards first. Once those balances are paid in full, apply the monthly money you were using to pay off that debt to the card with the next largest balance. 

Be selective when choosing bank accounts. Look for accounts that don’t charge fees and banks that charge reasonable fees for services you use. Don’t overdraw your account, and use bill payment services to eliminate postage stamps, envelopes and paper checks.

For more banking and saving tips listen to the Money Smart Podcast Network right from our website. 

Do you have any helpful tips? Let us know how you hold on to your hard-earned summer job cash!

The Importance of Saving

Does it ever feel like you’re treading water financially?  Getting ahead of the game—saving—can be difficult.  With some helpful information on how to save properly and the different avenues for saving, you’ll be on the right track to making “saving money” an attainable goal. 

Personal Savings Accounts & Certificates of Deposits (CDs)

To determine whether a personal savings account or a certificate of deposit is right for you, keep time horizons in mind.  Interest rates are lower with savings accounts, but you can take money out and put money in more liberally.  CDs, however, can be opened for terms varying in length from three months to five years.  Typically, the longer you invest your money, the higher the interest rate.  Therefore, if you keep your money in a CD for a prolonged length of time for your savings goal, you’ll reap a larger amount of money saved in the end.

Health Savings Accounts (HSAs)

If you’re participating in a high-deductible health insurance plan through your employer, you might want to consider opening a health savings account.  With a health savings account, you can save for your future health care costs and take greater control of how you are paying for medical expenses.  Typically, high-deductable health plans offer lower premiums compared to traditional medical insurance plans.  The money you are saving on premiums can be invested in your HSA. 

Individual Retirement Accounts (IRAs)

You might be participating in a 401k account through your employer, but you could be saving additional money for retirement by opening a Traditional or Roth IRA.  By speaking with a banker, you can go over your current 401k options through your employer, make sure you’re utilizing it properly (percents/matches/breakdowns), and consider if a Traditional or Roth IRA might be another option for you to save for your future.

The life stage you are currently in will help you establish the best savings plans for you as well.  Whether you’re single, married, married with children, or looking to retire, your financial situation is unique.  The best strategy for savings and investment goals will vary, so feel free to speak with a banker personally at any of our eight locations.

Bank of Luxemburg Chief Operating Officer Rebecca Edler provides tips for saving on Fox 11's Living with Amy. 

Bank of Luxemburg Announces Retirements and Appointments to Board of Directors

Luxemburg, Wis. (June 28, 2012) – Bank of Luxemburg, an independent community bank in Northeast Wisconsin, announces the retirements of Thomas J. Rueckl and Donald Pritzl as members of the Board of Directors of Bank of Luxemburg.  Rueckl was a member of the Board of Directors for the Bank since 1985 and previously held the position as Chairman of the Board.  Pritzl was a member of the Board of Directors since 1992 and recently held the position of Vice Chairman of the Board.  During the terms both served as directors, the Bank expanded into new markets and remained a strong financial institution serving the shareholders of the Bank.

Raymond Balza was appointed Chairman of the Board for Bank of Luxemburg on June 12, 2012.  Balza, a graduate of the University of Wisconsin-Green Bay, has been a director at the Bank since 2003 and is currently the Assistant Controller for America’s Service Line, LLC in Green Bay, WI.  Balza brings years of experience to the board with a strong background in accounting and financial reporting.  He is a devoted supporter of the local community and has been involved with the growth and prosperity of the Bank.

President John Slatky noted, “The Bank of Luxemburg continues to grow and prosper because of the knowledge and dedication of our Board of Directors.  Mr. Rueckl and Mr. Pritzl will be missed, however, prior to leaving they insured that the Bank had competent individuals, like Mr. Balza, to assume their duties.  On behalf of the shareholders, employees and community we would like to thank them for their commitment and congratulate Mr. Balza on his election as the new Chairman of the Board of Directors.”

About Bank of Luxemburg:

Started in 1903, Bank of Luxemburg now serves customers at eight Northeast Wisconsin locations.  As an independent community bank, Bank of Luxemburg is owned by local stockholders.  More information can be found at bankofluxemburg.com.

Luxemburg Bancshares, Inc. and Bank of Luxemburg have banking offices in Luxemburg, Green Bay, Forestville, Dyckesville, Casco and Algoma.  The company also operates Raymond James Financial Services, offering financial planning and the sale of alternative investments to its customers in each community.  For more information about Luxemburg Bancshares, Inc. contact John Slatky at 1-920-845-2345.

How to Handle Finances When You are Getting Married.

Getting married is a big step in anyone’s life. Finances are a major issue that a couple needs to address even before their big day. Since money is one of the top issues that cause disagreements within a marriage, it’s best to work out all your financial issues as soon as possible.

Before you say “I do”:

• Have a frank discussion about money. Be up front about all income and debt and discuss your spending styles and habits.
•  Decide if you are going to pool your finances, keep them separate or find a middle ground. No one method works for every couple.
• Decide who will be responsible for paying bills and managing finances—or divvy up the responsibility.
• Talk about a spending limit—a “safe” amount one of you is free to spend without consulting the other.

After you are married:

• Don’t forget to change your name on accounts and credit cards and update your social security card. 
• If you both have existing loans, look at interest rates and consider consolidating them.
• Make sure your health, property, life, automobile, casualty, and other types of insurance are set up properly and that insurance companies have been made aware of your change in marital status.
• Change the beneficiaries on your insurance policies, bank accounts, retirement plans and investment accounts. (For some types of accounts spouses automatically become beneficiaries unless they waive that right.)

Spending a little time communicating about money early in your relationship—as well as on an ongoing basis—can help ensure a happier financial future for you both!

Bank of Luxemburg Chief Operating Officer Rebecca Edler provides tips for managing your finances before and after getting married on Fox 11's Living with Amy. 

Bank of Luxemburg Supports Local Communities by Awarding Scholarships to Six Area Students

Luxemburg, WI, June 14, 2012—Bank of Luxemburg presented six students with $4,000 scholarships each to be used for furthering their education. Eligible student applicants were selected by a Bank of Luxemburg appointed committee based on specific criteria: academic requirements, extracurricular activities, community and/or religious involvement, and references. The following 2012 applicants received scholarships:

·      Lindsay Kirchman, Algoma High School, Attending UW-Eau Claire, Major: Undecided

·      Katherine Bretl, Southern Door High School, Attending Massachusetts Institute of Technology, Major: Biomedical Engineering

·      Brandon Wiley, Kewaunee High School, Attending UW-Madison, Major: Bio-Engineering

·      Kelli Rollin, Luxemburg Casco High School, Attending University of Nebraska-Lincoln, Major: Journalism

·      Lauren Destiche, Luxemburg Casco High School, Attending UW-River Falls, Major: Pre-Vet/Animal Science

·      Anna Pearson, Luxemburg Casco High School, Attending Bethel University, Major: Education or Social Work

Bank of Luxemburg awards academic scholarships to children and grandchildren of Bank of Luxemburg customers within the following schools: Luxemburg Casco High School, Algoma High School, Southern Door High School, Kewaunee High School, and Green Bay High Schools. Since beginning the program ten years ago, Bank of Luxemburg has contributed a total of $183,000 to deserving and accomplished students.

Bank of Luxemburg is an independent community bank, owned by local shareholders, existing to serve the needs of the communities in which it is located. Bank of Luxemburg has banking offices in Luxemburg, Green Bay, Forestville, Dyckesville, Casco and Algoma. For more information about Bank of Luxemburg Scholarship Program contact Denise Kinjerski at 1-920-845-2345.

Start Saving for the Holidays Now

It’s summer! Why talk about holiday accounts now? You might be surprised at how many great reasons there are! 

Timing: Chances are if you wait until November or December to start thinking about holiday spending, you won’t have enough time to save the money. Start saving now!

Budgeting: At this point, you’ve probably adjusted to your 2012 budget and therefore have a better idea of how much money to put aside each month or each pay period. Sectioning off this amount of savings for the holidays now, ensures that you have enough money come December. 

Allocating: Why can’t you just keep extra money in your savings account for holiday spending? It happens all too often … because you have some extra money set aside in your savings account, that shiny new summer toy looks all the more affordable. Or, when one of your household items is in need of repair or replacement, that money you had sectioned off for holiday spending now seems like your “emergency fund.” By having money set aside in a specific Holiday Savings Account, you’re avoiding the temptation to use the money on other items.

You can stop in to any Bank of Luxemburg office at your convenience and open up your Holiday Savings Account quickly and easily. You are in control of where the funds will be coming from and how often they will be added to your Holiday Savings Account. Withdrawal periods start October first, giving you the ease of shopping early during the holidays. Flexibility and customer convenience are two important attributes of Bank of Luxemburg’s Holiday Savings Accounts.  

           

We may not hear sleigh bells in the distance or see snow on the ground—thank goodness—but that doesn’t mean we can’t plan ahead for the most wonderful time of the year … and enjoy the holidays that much more for doing so.

Click here to learn more about holiday accounts from Bank of Luxemburg Chief Operating Officer Rebecca Edler.  

Luxemburg Bancshares, Inc. Declares Dividend

Luxemburg Bancshares, Inc. Declares Dividend

Luxemburg, WI, May 24, 2012—Luxemburg Bancshares, Inc., parent company of Bank of Luxemburg, announced the approval of a semi-annual dividend of $.52 per share, payable on June 15, 2012, to shareholders of record as of June 4, 2012. The dividend was increased from the dividend of $0.51 per share paid on June 24, 2011.

President John Slatky noted, “The dividend reflects an improvement in earnings in 2012 and is an example of the solid financial position of Luxemburg Bancshares, Inc. and Bank of Luxemburg. While the Bank continues to contend with the challenging economy and the current real estate market, the Bank is profitable and expects to remain profitable.”

Luxemburg Bancshares, Inc. and Bank of Luxemburg have banking offices in Luxemburg, Green Bay, Forestville, Dyckesville, Casco and Algoma. The company also operates Raymond James Financial Services, offering financial planning and the sale of alternative investments to its customers in each community. For more information about Luxemburg Bancshares, Inc. contact John Slatky at 1-920-845-2345.

How to Become a Good Loan Candidate

From car purchases to mortgages, almost everyone needs loans throughout their life. When you need a loan, you’ll want to ensure you are able to get the loan you need, at a desirable interest rate. That’s why you should do everything you can to make yourself a good candidate for a loan.

How to become a good candidate for a loan:

• Pays your bills on time—every bill, every month.
• Maintain a good credit score.
• Save for a down payment or find a source for down payment funds.
• Have a good source of collateral (i.e., your home or business) 

Your Credit Score

A credit score is primarily based on credit report information typically sourced from credit bureaus (see below). Maintaining a good credit score is a key factor in determining your suitability for a loan. If you are just starting out establishing credit, or need to improve your credit, here are a few things to keep in mind:

•  Avoid maxing out credit lines on cards or loans.
• Avoid applying for excessive credit (numerous department store credit cards can add up).
• Consistently make payments on time.
• Pay down the balances currently on credit cards or loans.
• Satisfy any “past due” bills.
• Request and review copies of your credit report and verify the information for accuracy.

Obtaining a Credit Report

You are entitled to one free credit report—within a 12-month period—from each of the three major credit bureaus. The bureaus run AnnualCreditReport.com where you can get your free credit report. Your credit score is available for an extra $10 fee. If you dispute something on your report you can request an investigation and/or ask that a note be included in your file. The FICO credit score is the most common. It ranges between 300 and 850. As a rough rule of thumb, ideal loan candidates—those with the easiest time getting a loan at the lowest interest rate and associated fees—usually have scores above 740. Bank of Luxemburg will work with each customer on an individual basis to find the best loan option for you, even if your credit score is not ideal.

If you have questions about obtaining a loan, contact your local Bank of Luxemburg for information and advice.