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.

Luxemburg Bancshares, Inc. Declares Dividend

Luxemburg Bancshares, Inc., parent company of Bank of Luxemburg, announced the approval of a semi-annual dividend of $.51 per share, payable on December 17, 2010, to shareholders of record as of December 6, 2010. The dividend is compared to a dividend of $.50 per share paid on December 18, 2009.

President John Slatky noted, “The increase reflects an improvement in earnings in 2010 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.”

Scam Attempt in Northeast Wisconsin

Bank of Luxemburg is alerting customers to a scam in our area. Everyone must be conscientious about protecting financial information.

It appears customers are receiving mailed notices asking for personal information. The mailer says a “Current Homeowner’s Protection Policy” needs to be renewed. Customers are asked to fill out a “Homeowners Data Card” and send it to Oklahoma. Bank of Luxemburg will never ask for private or financial information in this manner. Officials are currently unaware of who’s behind the scam attempt, but the Bank is working diligently with local authorities to end it. To our knowledge, no customers have lost money due to this scam.

Bank of Luxemburg Cookout Serves Up Gift to Dyckesville Lions Club

Bank of Luxemburg’s Dyckesville branch hosted a neighborhood cookout to raise funds for the Dyckesville Lions Club. The cookout itself raised $630, and Bank of Luxemburg additionally donated $1,500.

The donation check, presented by Bank of Luxemburg employees, will be used for new lights on the Red River Park Ballfield. (Photos available upon request.)

The Dyckesville Lions Club promotes, celebrates, and helps the community by volunteering and often holding fundraising events throughout the year.

Get Richer: Start Building Your Wealth Today

Saving and investing are important ways to build wealth. Once the saving part is taken care of, people might be left wondering how to start the investment process.
Bank of Luxemburg has some helpful guidelines to follow:
1. Get Guidance
*Choosing a good investment requires guidance. Gather information from newspapers, magazines, and credible sources online. Seek advice from banks and other financial experts.
2. Take Advantage of Compound Interest
*Money grows quicker when investors are paid on previously earned interest as well as on the original deposit or investment.