Get the Most Out of Your Money

Money is tight for many people these days. Although it would be great to have more money to invest and spend, a more realistic option is to do more with the money you already have.

Here are some ways to start getting the most out of your money:

Save for Retirement. Start setting money aside for your retirement early, so there will be more time for your money to grow. The longer your money is left untouched, the greater its chance to compound. Try to put as much as you can toward your 401(k), and check with your employer about matching contributions. If you’re already retired, plan your withdrawals wisely to make sure your retirement fund lasts.

Create a Budget. Tax time is a good time to look back at your expenses from the past year. Make sure your spending is in line with your financial priorities. Are there any expenses you can cut to ensure you’re using your money the way you need to?

Avoid Fees. This may seem straightforward, but unnecessary fees can quickly add up and send you into debt. Pay your bills on time and in full. That way, you won’t spend money on late fees or finance charges. It’s also a good idea to plan out your cash withdrawals to avoid paying fees at unfamiliar ATMs.

Invest in a Home. Consider growing equity by purchasing a home instead of renting, if you plan to stay put for several years. Interest rates are still low, so talk with a loan officer at your local Bank of Luxemburg -- you may learn that a house payment will be lower than your rent! If you’re already a homeowner, invest in your current home with regular upgrades and improvements.

Watch the Rates. Try to be on top of loan interest rates, so you can save money on interest over the life of the loan. We can help you determine if refinancing your auto or home loan is a good option. Even a small reduction in your loan’s interest rate would add up to significant savings.

If you’ve been stuck in a financial rut, getting the most out of your money can help you get back on track. Rebecca Edler, Chief Operating Officer at Bank of Luxemburg, recently talked with Amy Hanten about money-saving ideas on FOX 11’s Living With Amy.

Take a look:

Supporting Area Students With the Bank of Luxemburg Scholarship

2012 marks ten years since we created our Bank of Luxemburg Scholarship program, and we’re eager to continue our commitment to the education of future business leaders. Bank of Luxemburg has already awarded $159,000 in scholarships to our customers’ children and grandchildren over the years.

Our scholarship is designed for graduating high school seniors planning to continue their educations at a university, college, or vocational school. The selected students will each receive a $1,000 scholarship annually for up to four years of fulltime enrollment. We’ll award several scholarships to students attending high schools in our Bank of Luxemburg market area.

Scholarship applications will be available at all Bank of Luxemburg locations and in the guidance offices at Luxemburg-Casco and Algoma High Schools.

To submit your application by the April 1, 2012 deadline, please mail it to:

Bank of Luxemburg
630 Main St.
Luxemburg, WI 54217

A Bank of Luxemburg representative will announce the selected students at their school banquets or ceremonies at the end of the school year.

If you’d like more information about the Bank of Luxemburg Scholarship, please call (920) 845-2345.

4 Quick Fixes to Save Money

Saving money can be a slow process. Little by little, you increase your funds until you finally reach your goal. Fortunately, there are also some faster ways to jumpstart your savings efforts.

Here are four “quick fixes” to save money:

1. Take a look at your bank accounts.
Some banks charge maintenance fees. Make sure your bank is giving YOU something! Look for interest, account perks and other benefits you’ll use and enjoy.

2. Shop smarter.
Use cash or your debit card. That way, you can only spend what you have, so you’ll save money on finance charges and credit card fees.
Here’s a good tip for online shoppers: Don’t save your card information with websites. It’s too easy to click and buy without making sure you can pay for that new item. If you have to take the time to dig out your card to buy something from a website, you may think twice about spending that money!

3. Escrow your property taxes.
Instead of trying to save for your property taxes on your own and having the temptation to use those funds for other items, consider an escrow account.
Here's how it works: You make an automatic payment into the account monthly or with every paycheck. When tax time comes around, the bank will send the money in your account to your municipality. Since you were diligent about saving each month, you won't have to worry about having enough money when your property taxes are due.

4. Consolidate debt.
Is all that holiday spending finally catching up with you? The bank can help you consolidate your debt, and this should give you a better interest rate.

Bank of Luxemburg’s Chief Operating Officer, Rebecca Edler, shared her “quick fixes” to save money in a recent segment on FOX 11’s Living With Amy:

Pump Up Your Finances in 2012

Have you ever made a New Year’s resolution to “get fit” in the upcoming year? The gym is always packed during the first days of January. Now that we’re a few weeks in, there seem to be more open treadmills and weight machines, right?

Just like a personal trainer can help you stick with your goal to exercise and eat right, Bank of Luxemburg is ready to get you “financially fit” in 2012!

Here’s your workout plan:

Remember, saving money is a marathon, not a sprint! If you lace up your new shoes and expect to cover 26.2 miles on your first run, you’ll have a hard time making it to the finish line. It’s the same with saving money – don’t feel pressured to put tons of money away from the start. Start small, and the money will add up. You can also save more as your financial situation improves.

Set personalized goals. If you want to shed fat, you’ll exercise differently from someone who wants to bulk up. Likewise, decide what’s most important for your life. Are you trying to get out of debt? Saving for the kids’ college funds? Planning your retirement? Having a goal that makes sense for you will determine what kind of plan you need.

Be willing to make sacrifices. Given the choice, would you rather go to happy hour after work or do your workout at the gym? How about this choice: buy that new TV with your paycheck or make more than the minimum payment on your credit card? The best decisions aren’t always the most fun, but reaching your goal will be worth the sacrifices you make to get there.

Deal with the setbacks. Getting fit and healthy comes with challenges! Maybe you didn’t lose as much weight as you wanted or an injury prevents you from doing some activities.  You can also encounter setbacks when you’re trying to get financially fit -- from mistakes like paying a bill late to emergencies like car repairs or sudden illness.

If you’re faced with a financial setback, it’s important to evaluate your situation and determine what caused it. If you miss a payment due date, look at setting up automatic payments well in advance. Make sure you’re saving enough money in your emergency fund, so you can be more prepared for unexpected expenses.

We’re eager to help you stick with this plan! Stop in to your local Bank of Luxemburg to get started.

Thank You, Bank of Luxemburg Customers!

As 2011 winds down and we spend the holidays with our families, we would like to thank our extended Bank of Luxemburg family -- you, our customers.

This has been another tumultuous year for the largest U.S. financial institutions. Fortunately, Bank of Luxemburg – an independent community bank owned by local shareholders – has fared much better. That’s a testament to you and your trust and confidence in us.

In fact, Bank of Luxemburg President John Slatky has this message to share with you:

As a bank, we do well because people in Northeast Wisconsin have great ethics. When they borrow money, they pay it back. That is not true everywhere. It reflects on how we were raised. This financial moral conduct is rewarded because our customers understand the value of money and therefore will make better financial decisions.

We are fortunate to have strong relationships in all the Northeast Wisconsin communities we serve. We appreciate those relationships and look forward to working with everyone in 2012 and beyond.

All of us at Bank of Luxemburg send you and your loved ones the warmest wishes for this holiday season. Please let us know how we can serve you even better in 2012!

Holiday Tips for the Last-Minute Shopper

How’s your holiday shopping going? We know some of you go-getters already have your presents wrapped and under the tree, but most of us still have a few gifts to get.

Photo: realsimple.com

Here are some reminders as you finish up your shopping:

Make a list and set a budget: Heading to the mall without a plan is one of the surest ways to overspend during the holidays. Take a little time to figure out who needs a gift and then think about how much money would be appropriate to spend. Most stores have new sales starting every few days, so check the Sunday paper for deals. If you have a certain item in mind, you can even search online to make sure you’re getting the best price.

Beware of credit cards: Recent reports show more shoppers are using credit cards during this year’s peak holiday shopping season. Part of the draw could be the rewards and extras many credit card companies offer, but Consumer Reports reminds you to keep an eye on spending tiers, expiration dates, hidden caps and missed-payment penalties. Of course, using credit cards also means the potential of paying for your holiday purchases for months to come. That’s especially true with store credit cards, which often carry APRs of 20% and higher.

Use your debit card instead: Buying gifts with your Bank of Luxemburg Debit Mastercard will help you stay on budget because you can’t spend money you don’t have! Using the debit card is also faster, easier and safer than carrying cash or writing checks. Plus, you can use it anywhere MasterCard is accepted. Our Bank of Luxemburg debit cards do not have any fees for our customers -- NO monthly, annual or usage fees. We also offer fraud protection in case you find yourself the victim of identity theft.

Giving gift cards? This may be one of the best ways to give your loved ones the perfect present – the ability to buy what they want! Make sure this straightforward option doesn’t become complicated; read the fine print before you buy. This includes checking on fees, expiration dates and the procedures if a card is lost or stolen. Also, verify which locations will accept the gift card and what services or products the card will cover. You don’t want to spend money on a gift that can’t be used!

Buy local: What better way to spread the holiday spirit in your own neighborhood than by keeping money in the community? Bank of Luxemburg just participated in a Buy Local holiday shopping promotion in Kewaunee County, but it’s not too late to support businesses in your community! Visit Buy Local Kewaunee County to find helpful resources and business listings.

Check out our Bank of Luxemburg YouTube channel for more holiday tips from Chief Operating Officer Rebecca Edler.

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 16, 2011, to shareholders of record as of December 5, 2011. The dividend was the same $0.51 per share paid on June 24, 2011.

The Company’s earnings as of September 30, 2011 totaled $1,465,967, which equates to annualized earnings of $1,954,623. The Book Value per share increased to $44.57, with Earnings per share of $2.83, as compared to a Book Value per share of $41.16 and Earnings per share of $2.41, as of September 30, 2010.

President John Slatky noted,

“The dividend reflects an improvement in earnings in 2011 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.