The Bank of Kaukauna

Your local hometown bank.

[bokblog]

Closed Monday, October 8th

We will be closed on Monday, October 9th for staff training.  Thank you for your continued business.  Normal business hours on Tuesday, October 9th.

[bokblog]

Back to School Savings Reminders

Summer may be in full swing, but fall will be here before you know it. That means back to school shopping is on its way. Have you budgeted for school supplies and new clothes yet? According to the National Retail Federation, U.S. spending on supplies will reach $83.6 billion in 2017. Here are a few tips to keep your back to school shopping from squeezing the family budget.

Take inventory of what you already have. Once you receive your shopping list from the school (or create your own), check off any items you already have around the house. Notebooks, pens and pencils, and scissors are examples of items you don’t need to purchase every year. This tip also applies to clothing. Basics never go out of style, so you don’t need to buy your child a whole new wardrobe every year. When you do need to get them new clothes, buy sizes they can grow into.

Start looking for sales and coupons early. Going back to school shopping last minute is a sure-fire way to spend more than you need to. Start going through that pile of “junk mail” flyers you get every week for school supplies you’ll need. Spreading out the shopping over several weeks not only makes it easier on your budget, but is a good way to make sure you buy as many items as you can while they’re on sale, rather than getting everything in one giant trip and only buying a few discounted items. It’s also a good idea to be open to refurbished versions of big-ticket items like graphing calculators, computers and tablets. These gently used items often come at discounts of up to 40 percent, and many retailers still offer a warranty on them.

Organize a back to school swap. Round up a couple of other families with kids the same gender as yours but different ages, and host an annual clothes swap. You can trade toys and books, too, for additional savings. Many schools that have uniforms organize this type of event, so be sure to check with the school office to see when and where the swap will take place, as well as the condition requirements for clothing to be swap-able.

Have the kids help. You can use back to school shopping as an opportunity to teach your kids about budgeting and price comparing. Give teens a set budget for their items, and then go through their list with them to separate the “wants” from the “needs” before shopping. Have younger children participate by decorating plain binders, folders and notebooks (which are cheaper than character-decorated items) to personalize them.

[bokblog]

Homebuying Tips for First-Timers

Interest rates are still historically low, but rising. The housing market is strong. The economy is on the upswing… You've decided now's the time: you're going to buy your first house. It can be an intimidating process, so here are a few tips to help your transition from renter to owner go smoothly:

1: Do Your Research The first—and most crucial—step in home buying is to determine how much you're able to spend. That includes knowing how much of your savings you're willing to apply to the down payment and how much you can afford each month for your mortgage payment. In general, housing costs (including property taxes, utilities, maintenance, and insurance) should not be more than 28 percent of your pretax income. Another good baseline is to make sure your mortgage is less than five times your annual income. So, if you make $45,000/year, shoot for a mortgage less than $225,000.

2: Build a Great Team Purchasing a house isn't a one-person job; it takes a team. Assemble a group of experts you trust to work with your best interests in mind. Find a real estate agent and a mortgage lender (Sarah 920-462-2975) you get along with and trust to give you good advice. Often, if you find one, they'll recommend the other, since professionals in these fields work with one another frequently.

3: Get Pre-Approved Loan pre-approval is a free service at most banks and will boost your credibility with real estate agents and sellers because it shows you're able to get financing and are serious about buying a house. It will also make the process of applying for your mortgage faster, especially if you obtain the loan from the same bank that pre-approved you for credit. First, review your credit score and clear up any errors you find. Then, go to your bank (or online) and get pre-approved for the largest mortgage loan you can; keep in mind you probably won't end up signing a mortgage for this "stretch" amount, but it will give you wiggle room while you're house hunting.

4: Ask Questions Buying a house is the most significant financial commitment most consumers ever make, and it can also be an emotional, stress-inducing process. Asking questions—no matter how silly you think they are—is a simple way to reduce some of that stress. Not sure what the difference is between a fixed-rate loan and an ARM? Ask! Don't know how long it will take to close? Ask! Especially when it comes time to sign the final documents, be sure to read everything and ask for clarification on anything you find confusing. That awesome team you assembled will help you understand what you're committing to.

[bokblog]

Prevent Elder Abuse: Recognize the Signs and Common Scams

No matter how careful you are, anyone can become a victim of financial fraud. However, older adults are particularly at risk. Those who commit elder fraud range from loved ones—family members, friends, or caregivers—to complete strangers. In its financial form, elder abuse is the exploitation of senior citizens to gain access to their property, investments, cash, or real estate.

As Wisconsin citizens join in commemorating World Elder Abuse Awareness Day on June 15, please familiarize yourself with the common scams and red flags below. You could prevent a loved one from becoming a victim.

Common Scams

Grandma Scams – "Hi Grandma! It's your favorite grandkid calling, and I need your help." Many seniors find it difficult to resist pleas like this and are more than willing to immediately wire money to their "grandchild" in need. The most important thing to do in this scenario is to verify the caller. Most scammers will plead with their "grandparent" not to tell anyone, but if you receive a call like this the fastest way to determine if the request is real is to contact another family member. Do not wire money or provide a credit card number until you've verified the identity of the caller.

"Free" Prize or Cruise Calls – Scammers call to inform an elderly consumer that they've won a sweepstakes prize or free cruise-they just need to send a "processing fee" or "cover shipping costs" to collect their winnings or tickets. Sometimes, these callers go straight to asking for credit card or bank account numbers. The best way to avoid this scam is to simply hang up. It is illegal to charge a fee to enter a sweepstakes. If the caller says you've won a cruise, ask what cruise line is involved and then verify the contest.

Fake Charities – This type of scam is especially popular after a well-publicized natural disaster. The scammer solicits "donations" and sometimes provides official-looking documents to prove the charity exists. When donating money, it's best to go through a well-known company and verify the organization or charity through the Better Business Bureau.

Red Flags for Abuse

Isolation – The number one tactic used by perpetrators is to separate the victim from family and/or friends who would stop the abuse. Watch for victims to stop attending social events or even disconnect their phone line.

Changes in spending habits – Drastic changes in account balances or unusually flamboyant purchases like cars and real estate are a sign that the senior citizen is not the person in charge of their finances. Keep a close eye on lavish "gifts" to new friends or acquaintances.

Unfamiliar names on joint accounts – Sometimes perpetrators convince their victims that they will help them organize their finances by creating a joint account. In reality, this gives the perpetrator unlimited access to the victim's funds. If a senior citizen wants another person to manage their finances, they should use a Power of Attorney (POA) account instead, which puts a legal obligation on the co-signer to protect the elderly person's interests.

If you notice these warning signs, what should you do about it? Visit ReportElderAbuseWI.org for more information about elder abuse and how to report it.

[bokblog]

SNL’s Kate McKinnon talks money with kids. Fun with financial literacy!

[bokblog]

[bokblog]

It’s Still a Good Time to Become Financially Fit

New Year, New Me, right? We’re a few weeks into the new year and you may have dropped your New Year’s Resolution to become financially fit. Don’t despair. It’s still early in the new year and a great time to clean up your financials, adopt better spending habits, and start saving more. Here are a few tips to keep in mind:

Make a budget and stick with it This almost cliché financial advice is repeated so often for one important reason: it works. Start by tracking your spending, once you’ve tracked how much money you spend over the course of a few weeks, you can look for trends in what you’re spending. These trends help you start planning on how much income goes towards necessities (like rent/mortgage, utilities, groceries), and see areas where you can cut back (rarely-used subscription services, eating out less) and start putting away a portion of your income towards a savings goal. The most important part of a budget is sticking with it, once you start tracking your spending you should make sure to take time every day or every few days to log your spending and compare that to your planned spending.

Deal with any debt Debt is an extremely stressful thing to deal with but the new year is a time to get a handle on any debt that may have piled up around the holidays. Debt should be something factored into your budget like your electric bill and tracked. Although it may be daunting, contact your creditors to discuss your situation, they may be willing to work with you to put together a repayment plan. If you're carrying debt on multiple credit cards, talk to your local bank about the possibility of consolidating that debt into a single payment so you can close the extra card accounts. No matter what you do, addressing debt instead of ignoring it will help you get a handle on it and make positive progress.

Shop around Many times people will stick with whatever they find first, be it their internet provider, car insurance, or brand of soup, but that may not be the best deal, especially a few years down the line. There’s nothing wrong with being loyal to a company but just because they’ve been your cable provider for a few years isn’t necessarily a good reason to stay with them and doesn’t ensure that you are getting the best value for what you are paying. Look around to see what other companies are charging for similar services, you may find that your current company is priced competitively or you may find that you can get a better deal elsewhere. One thing to beware of is a cheaper product or service that is cheaper for a reason, make sure you are still getting a similar quality or ask yourself if you are ok with a downgrade. Making a commitment to financial health and wellness can be a great way to start the New Year on good footing that can last throughout the year and your life.  

[bokblog]

Resolutions for Your Wallet

Every year, people around the world make financial New Year's resolutions in January and give up on them by Valentine's Day. According to a recent survey by GoBankingRates, the top three financial resolutions are: 1) save more, spend less; 2) pay down debt; and 3) increase my income. Below are tips to help you actually accomplish those resolutions this year.  

Save More, Spend Less The most critical step to achieving the balance you want between saving and spending is to develop a sustainable budget. That budget is your step-by-step plan for sticking to this resolution. There are two essential pieces of a successful budget: the money you make and the money you spend. Break down all income and all expenses on a monthly basis to get a clear picture of what your personal budget should look like. This will help you optimize your spending and cut back on unnecessary expenses.

A second tool that will help is to use automation for saving. Set up an automatic transfer through your bank that will take a cut of each paycheck and put it into your savings account. It's less likely you'll be tempted to spend what you planned to save if you never see the money in your checking account.

Pay Down Debt If your resolution is to pay down your debt, tackling all of it at once may seem like an insurmountable task. Break it down into smaller goals, such as monthly or bi-monthly dollar amount targets, in order to make it more manageable. For example, if you have $1,200 in credit card debt you want to pay off, commit to paying off the full balance of the card each month plus$100. At the end of the year, you'll be debt-free. Achieving the smaller goals can also motivate you to reach the big one.

If you have a lot of debt you're trying to pay off, another tool that may help is consolidation. Certain types of debts can be lumped together into a single account so that you can easily see how much you have left to pay off. Sometimes, you can even improve the interest rate you're paying on the loan. Talk to your banker to find out if consolidation is a good option for your situation.

Increase My Income Resolving to make more money than last year is a popular goal, and more achievable than some people think. In addition to sitting down and asking your boss for a raise, it's important to consider additional sources of income that you may not be using. Do you have a hobby you could monetize? Painting, writing and even helping people fix their computers are all valuable skills in the freelance market. If not, consider taking on a part-time position on the weekends to bring in additional cash.

No matter what your financial goals for 2018 are, you can rely on your local banker to help you create a plan and find the tools to achieve them.

[bokblog]

Closed for Thanksgiving.  November 23rd.  Open regular business hours on November 24th.

[bokblog]

Budgeting Tips for the Holiday Season

'Tis the season for holiday shopping. Black Friday is just around the corner, not to mention the gifts, family meals, and decorations that will all put a strain on your wallet. Creating a holiday budget and sticking to it can help keep you on track. Here are some budgeting tips for the busiest shopping season of the year:

Make a List, Check It Twice Creating an effective holiday budget means including everything you plan to spend. Budget for decorating, new outfits you plan to buy, food estimates, and travel costs alongside the gifts on your expense list. Be sure to include any money you plan to receive, too. Does grandma give you $50 every year like clockwork? Include that in your calculations. Will you be buying a joint gift and then receiving cash from the others going in on it? Include that, too. The best budgets encompass all of the spending and saving you do throughout the holidays, not just how much you spend on gifts. If you're not sure where to start, look up what you spent last year as a good jumping-off point.

Keep Track The most important key to remember with your budget is to not forget about it after you create it. Keep track of all the purchases you make, especially ones made with cash, and adjust your budget if need be. It is a good idea to hold a weekly "reckoning" meeting, especially if you're not the only one making the purchases for the year. Sit down and check your real spending against your planned spending (the budget). If you've gone over in one area, these meetings give you the chance to adjust by lowering the amount set aside for another area to make up the difference. That way you'll keep your overall spending on track.

Avoid Impulse Buys Holiday sales can be especially tempting (Black Friday and Cyber Monday for example), but the fantastic deals on these days can also lead to impulse buys. If an item isn't on your list of planned purchases, wait at least 24 hours. After you've slept on it, if you still want the unplanned item, see if you can work it into the budget without straining your other financial obligations.

Setting and sticking to a holiday budget will help you enter the New Year without any added financial stress, making the holidays that much more enjoyable!

[bokblog]

Equifax Hack FAQs: What You Need to Know

The Equifax data breach has been making headlines since it was first announced on September 7, and with good reason. The breach may have exposed personal information—including social security numbers, drivers license numbers, and addresses—of 143 million Americans, making it one of the largest and most serious cybersecurity breaches in history. Read on for answers to some commonly asked consumer questions.

How do I find out if I'm affected? Statistically speaking, you've probably been affected. The current population of the U.S. is 323 million, so the Equifax breach impacts nearly half of all Americans. Equifax has set up a special website for consumers to check if their information may have been compromised in the cyberattack. However, this requires the consumer to submit personal information to the website, which some are hesitant to do. If you're debating whether you should check with Equifax to see if your information was part of the breach, ask yourself if you will act differently depending on what you find out. If the answer is 'yes,' then visit https://www.equifaxsecurity2017.comand scroll down to click "Potential Impact" to begin the process.

How does Equifax have my information if I never gave it to them? Equifax is one of three major credit bureaus in the U.S. (there are other smaller companies with similar services). Their role is to provide lenders—such as banks, credit card companies, and other creditors—with the information they need to make loan decisions. When you apply for a new credit card, for example, the credit card company checks with a credit bureau to see if you have a history of late or missed payments in order to determine if they should grant your application and send you the new card. To facilitate this process, many businesses report relevant information to one or more of the bureaus as part of their day-to-day operations.

What should I do to protect myself? There are several options for consumers to protect themselves in the wake of the Equifax data breach. The most common concern is that criminals will use the stolen information to obtain credit under a victim's identity. The most drastic way a consumer can help prevent this is to request a credit freeze with each of the credit bureaus. However, this option makes it more difficult (and costly) to obtain additional, legitimate credit in the future. The best way to protect yourself is to monitor your accounts closely and frequently.

Where can I get help to figure all of this out? One of best resources to turn to for help navigating this situation is your local bank. As a trusted, secure resource for financial advice, your bank will be able to guide you on the best course of action for your specific circumstances. If you have any questions, don't hesitate to reach out.

[bokblog]

Identity Theft Protection for Kids: What Parents Can Do

Identity theft is on the top of many consumers' minds these days, with new data breaches announced seemingly weekly. As masses of Americans turn to credit monitoring, fraud alerts, and other solutions to prevent their identities from being stolen, one group sometimes slips through the cracks: children. Parents: don't forget that your child has a social security number, so their identity could be stolen and used to take out fraudulent loans that could damage their ability to buy a car, get student loans, rent an apartment, or even get a job in the future. Below are some steps to consider to help protect your children from ID theft:

Watch for red flags. First, keep an eye out for common signs that your child's identity has been used to obtain credit. These include an influx of mailed credit card and/or loan offers addressed to your child, a notice from the IRS that your child didn't pay income tax or was claimed as a dependent, and collections calls for bills addressed to your child. When your child gets older, being denied a bank account, driver's license, or government benefits (such as Medicaid) are also indications that their identity may have been stolen.

Check your child's credit report. The next step to take is similar to what you would do to protect your own identity: check their credit report. It's a bit more complex when the credit report you're requesting is your child's (versus your own), but it is an important step. Contact the major credit bureaus (Equifax, Experian, and TransUnion) to find out the specific documentation they require. You'll likely need to mail in copies of your child's birth certificate and/or their Social Security card, as well as a copy of your own ID. Keep in mind that your child may not have a credit report-and that's a good thing! It means your child's identity has not been used by criminals to obtain credit in their name.

Consider a credit freeze. If you find that your child has a credit report, consider placing a freeze on it. This is especially important to consider if your child's identity has been stolen, since it will help prevent future instances of their information being used to obtain credit. Wisconsin's Child Credit Protection Act allows parents and legal guardians to place a freeze on their child's credit record. By freezing their credit with each of the major credit bureaus, you will prevent criminals from taking out credit using your child's identity. Each credit bureau has a different process for freezing credit, so contact them to find out the steps if you are interest in a credit freeze for your child(ren). Keep in mind, the bureaus charge a fee to freeze and unfreeze credit, so you'll want to consider how close your child is to legitimate credit requests (such as student loans or a first credit card) before taking this step.

If you suspect your child's identity has been stolen, visit www.identitytheft.gov for step-by-step guidance on what to do next.

[bokblog]

[bokblog]

Equifax Cybersecurity Incident

On Thursday, September 7, 2017, Equifax announced a cybersecurity incident in which Social Security numbers, birthdates, addresses and in some instances driver’s license numbers have been compromised.  As many as 143 million consumers may be affected by this breach.   Safeguarding your information is important to us and we are continuing to monitor the situation surrounding this breach.  

It is always best to monitor your accounts closely and contact us immediately if you notice any suspicious activity.  For more information about the Equifax breach, go to https://www.equifaxsecurity2017.com/ or call 1-866-447-7559.  

[bokblog]

Make these smart money moves to keep your finances in order at every life stage.

[bokblog]

Closed Monday, October 9th

We will be closed on Monday, October 9th for staff training.  Thank you for your continued business.  Normal business hours on Tuesday, October 10th.

[bokblog]

Do This One Thing Each Year If You Want a Better Retirement

There is a time-honored way to manage your investment risks while smoothing out the ups and downs in the value of your nest egg on…