Baylake Bank Earns Financial Education Award,
Offers Savings Tips for New Year
The staff of Baylake Bank recently earned an award in
recognition of their outstanding financial education efforts from the Wisconsin
Bankers Association (WBA). At their Consumer Education Conference held in
October, WBA honored 57 banks from across the state. Baylake Bank and the other
award recipients were honored for their outstanding achievement in teaching
children and adults in their communities the basics of financial management and
saving.
Staff members from Baylake Bank did presentations, gave tours, and participated
in other activities over the past year to help community members achieve
financial success. Presentation topics ranged from tips on saving money, to how
a bank operates, to maintaining a checking account.
In the past year, nearly 700 Wisconsin bank volunteers taught more than 65,000
people of all ages about the basics of money management through the nationally
recognized WBA Personal Economics Program (PEP). Baylake Bank has participated
in PEP since the program’s inception in 1989, and along with the American
Bankers Association Education Foundation, offered the following savings tips for
a financially healthy 2007:
Pay yourself first. If you wait to see what's left over, you are less
likely to save. Determine in advance how much money you plan to keep on deposit
each month. If you receive a raise, increase the amount of money deposited into
your savings account.
Take advantage of bank technology. Consider automatic payroll deductions
or automatic transfer from checking to savings. Arrange to have a specific
amount transferred to your savings account every pay period.
Pay your bills on time-and pay more than the minimum amount. Although 97
percent of Americans pay their bills on time, some consumers find themselves
paying late fees. Alleviate the hassle by scheduling time once a month to pay
bills, and put them in the mail with enough time to get to the creditor.
Determine needs versus wants. Do you need to eat out every day for lunch?
Do you need that gourmet cup of coffee in the morning? By bringing your lunch to
work a couple days a week, you can save hundreds of dollars a year.
Shop around. There are thousands of options for financial services
products. Be selective, and get the best prices, services, convenient locations
and lowest fees for credit cards, bank accounts, mortgages and CDs.
Consider investments. For long-term goals, such as saving for a home or
retirement, look into bonds, mutual funds, real estate and stocks.
Consult your local bank. Ask which package of bank products and services
would best suit your needs. Your banker is the best source of information about
accounts and interest rates available at your bank.
Baylake Bank is helping build the good life from 28 financial centers in Brown,
Door, Green Lake, Kewaunee, Manitowoc, Outagamie, Waupaca, and Waushara
counties, and from their website at www.baylake.com.
