Home > What's New > Schedule of Events  > Press Releases

Baylake Bank Provides Tips to Survive & Thrive Through Current Economy

May 22, 2008

Anywhere you travel these days, you’re likely to experience sticker shock as pump prices continue to rise. Walk the aisles in your local grocery store and you will see that food costs are following suit. And, every time you tune the TV to the news, you hear about the nation’s housing situation and credit woes.

The key to surviving and even thriving in the current economy is to understand and implement a household budget. By implementing the following practices, you will be able to secure a better position to weather any economic conditions:

• Keep a record of your monthly income and expenses. You literally need to know where every penny is going, since you can’t determine where you can cut back until you see everything you are paying for.

• Recognize needs versus wants. Take an honest look at your purchases. The quickest way to save money is to only spend on what you need rather than what you want.

• Promptly review your bills and balance your checkbook. This enables you to keep track of your spending, and alerts you to any fraud or mistakes in your account. You can also avoid overdraft fees by being aware of the funds available to you.

• Manage your credit cards. Take a proactive approach to your credit cards. Rather than sticking to the minimum payments, determine which cards have the highest rate and pay them off first.

• Create a savings plan. This can be as little as $25 per month. Set an amount that you will deposit before paying your bills. You can even have it automatically taken from your paycheck every month to make it easier.

• Create an emergency fund. The general rule of thumb is you should have enough funds to keep your household running for 5-8 months.

These steps require work and discipline, but in exchange for the time and effort you put into them, you will be rewarded with peace of mind. You may also be pleasantly surprised how a well-managed budget will allow you to save for future purchases and even retirement. While not easy, developing these healthy financial habits will serve you well now and in the future.

Baylake Bank serves its communities from 28 financial centers in Brown, Door, Green Lake, Kewaunee, Manitowoc, Outagamie, Waupaca, and Waushara counties and from its website at www.baylake.com. For more information call (920) 743-5551 or 1-800-267-3610.