Making and spending money is a part of everyday financial life. Managing your money successfully relies on figuring out your income and expenses. This boils down to how much money you have coming in, and how you’re spending the money you have. Using those two factors, you can compare your resources with the amount of […]
About Lake Area Bank
This author has yet to write their bio.Meanwhile lets just say that we are proud Lake Area Bank contributed a whooping 45 entries.
Entries by Lake Area Bank
Individual retirement accounts (IRAs) are personal retirement plans. You must have earned income to contribute, and you can put money into an IRA whether or not you participate in an employer’s retirement plan. Roth vs Traditional There are two types of IRAs: a traditional IRA and the Roth IRA. The main difference between them is […]
Losing a job unexpectedly can leave you feeling unsure of what to do next. There are a few important steps to take that can help you shore up your funds while you search for your next job. Emergency Funds A healthy emergency fund is one of the most vital ways to protect yourself in periods […]
Opening an account at a bank or credit union is the first step toward owning your personal finances. Best of all? It’s super easy. Why Open an Account? Up until now, you’ve probably kept all of your money in your wallet or a jar on your dresser. While that may work when you’re first starting […]
It’s crucial for your children to know the basics of financial literacy, but how do you approach teaching them? Luckily, you’re making financial decisions every day—you simply need to let your kids in on the conversation. What is Financial Literacy? Financial literacy includes many different financial skills and concepts; to be financially literate simply means […]
If you find yourself facing an emergency that you’re financially under-prepared for, the prospect of what to do next may feel overwhelming. Don’t panic. There are things you can do to get through this crisis and Lake Area Bank can help! Work With What You Have The first step is to restructure your current budget. […]
The 50/30/20 rule is a simple, practical rule of thumb for Minnesota residents who want a budget that’s easy and effective. It offers guidelines for enjoying your income while putting savings on autopilot. Humans are fallible—sometimes we just need guidelines. If you struggle making sense of a sea of budgeting systems and apps, consider the 50/30/20 […]
If you’re willing to wait, a CD can be a great way to earn a high interest rate on the money you deposit.
While traditional envelope budgeting may feel a little extreme, there are plenty of ways to make the philosophy behind it work for you.
Interesting linksHere are some interesting links for you! Enjoy your stay :)