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

Baylake Bank Offers "Home Health" Tips for Family Financial Fitness

April 22, 2010 - Like many habits developed in our youth, financial actions may mimic those of our parents. If you have little ones of your own, you’re probably well aware that the things you do and say don’t go unnoticed by your children very often. If your kids see you spending freely, living paycheck to paycheck, and putting little or nothing aside in savings or for retirement, there’s a good chance those are the kind of financial decisions they’ll make for themselves someday. So as you make financial decisions for yourself and your family, consider how they might impact your children years from now.

Don’t be afraid to talk to your kids about the importance of saving and spending wisely. Even very young children can understand concepts like “only buy what you can afford” and “save for a rainy day,” but those are lessons they’ll have to learn the hard way if you don’t practice them yourself.

Here are some tips about how you can teach your children to save:

• Be a financial role model and make responsible saving and spending decisions.

• Discuss money and financial choices with your kids.

• Set spending limits, and stick to them.

• Allow your children to manage some of their own money and learn the consequences of their financial decisions while they’re young.

• Teach children to divide their money and always set aside a percentage in savings. You may want to use the “3-S” formula: save some, spend some, share some.

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.