3R D QUA RTER • SUMMER 2020

Summer 2020 • Page 1

This biggest misconception about saving money is that many people think it's some-thing you do at the end of the month with what you have left over after all of your expenses. The truth is, nobody ever has leftover money. There's always something to spend it on. The better way to think about saving is as something you do first, be-fore you spend anything. This is often called the "pay yourself first" method. Here are a couple of strategies for paying yourself first to build up your savings.

Create a budget. Perhaps the most im-portant "save first" technique is to figure out how much you can afford to put away each month. Add up all of your essential expenses for the month (bills, loan payments, etc.) and then subtract that amount from your total income. The bottom number tells you how much money you don't need to spend each month. Use that number to decide on the amount you want to "pay your-self" at the beginning of each month.

SAVINGS STRATEGIES

This edition of Money Talk highlights some great money savings strate-gies. Bank of Mauston’s products and services are designed to help our customer’s save money effortlessly. Setting up an automatic transfer from your checking account to your savings account on pay day is a great approach to starting a savings plan. Our friendly employees would be happy to help you set up an auto-matic transfer to get your savings plan underway. Certificate of depos-it (CD) accounts are a safe and se-cure way to invest money. We offer a unique account, our FLEX CD, that allows customers to bump the rate once during the term, and you can add funds to your CD as often as you like. Paul Coggins, at BOM Invest-ment Group, offers financial and re-tirement planning, 529 plans, and fixed and variable rate annuities - to name of few. Whether you are sav-ing for retirement, college, or your next vacation, Bank of Mauston has the right products and services to help you reach your goals. To find the best plan for you, contact one of our knowledgeable team members today! On behalf our entire staff, we sincerely thank you for your busi-ness.

Mike Lindert, President

A Message from our President Remember: Don't try to save every

penny available. Leave yourself some wiggle room by only com-mitting to saving half or a third of that bottom number.

Make it automatic. Many Americans with a savings account also have a checking account, and vice versa. Link your accounts together and set up an automatic transfer from checking to savings on the day of or the day after your payday. That way, the money you want to save will never appear in your checking ac-count, making it easier to avoid the temptation to spend. Start small, with amounts in the $25 - $50 range, then gradually build it to $100 - $150 as you find ways to cut your spend-ing each month.

Use direct deposit. If you're not al-ready taking advantage of paycheck deductions through your employer, start as soon as possible. Many em-ployers offer direct deposit to their employees, and one option is to ear-mark a portion of each paycheck for a savings account, CD, or IRA. Even if you only save $25 each paycheck this way, that money will go directly into your savings fund. -CONTINUED-

Summer 2020 • Page 2

Meet Our Dedicated Staff

JK Walsh is Vice President and a Commercial Lender at the Main Branch of the Bank of Mauston. JK’s internship at BOM began at the ten-der age of 10. His job duties included “shredding a lot of paper and rolling a lot of coin”. After graduating from UW-Eau Claire, he worked as a golf pro before putting his finance degree

to use while working for Wells Fargo and US Bank in Minneapolis. In 2005 he moved back to Mauston and

helped open and grow the Bank’s newest branch in Necedah. JK provides outstanding personal service to his customers and leads by example with his work ethic and passion for serving his commu-nity. He also keeps his co-workers on their toes as he thoroughly loves to joke with them. JK lives the Bank of Mauston motto “Helping our Community Grow”. JK is a trustee for St. Patrick’s Church, Board Member of

JK Walsh Vice President

NMLS # 440408

WELCOME TO THE BANK OF MAUSTON Please stop in to meet the newest members of the Bank of Mauston team! We are excited they joined us! Hanah Olson—Hanah joined Bank of Mauston as a Cus-tomer Service Representative at the Main Bank. Pam Hubert—Pam joined the BOM team in June as a Cus-tomer Service Representative in Necedah. Hannah Kiesling-Hannah joined us this June as a student teller. Rylee Guarjardo-Rylee joined us this June as a student teller. Colleen Bolchen-Colleen joined the BOM team in July and is working with the Real Estate and Commercial Lenders.

Updates to your home could mean updates to your policy, too. Whether you’ve remodeled one room or improved the whole house, we can help you adjust your coverage. We can also discuss policy endorsements. Call, email or stop by our offices in Mauston and Adams. We are here to help life go right.

Central Insurance Services, Inc.

HOME·AUTO·COMMERCIAL·LIFE·FARM

The key isn’t to fear market volatility, it is to understand it. Volatility is inevitable. When investing your money into the market, it is vital to weather any swings you may face.

Paul Coggins, an Infinex investment representative with BOM Investment Group, can work with you to develop a long-term strategy for weathering a bull or bear market. Solid planning can provide you with the necessary tools for market volatility. Contact us today for a complimentary review!

We are Bank of Mauston!

Confused About What to do in a Bull or Bear Market?

Paul Coggins | Certified Financial Planner 503 Gateway Avenue, Mauston, WI 53948 Phone 608-847-2558|pcoggins@infinexgroup.com

Investment and insurance products and services are offered through INFINEX INVEST-MENTS, INC. Member FINRA/SIPC. BOM Investment Group is a trade name of the bank. Infinex and The Bank of Mauston are not affiliated. Products and services made availa-ble through Infinex are not insured by the FDIC or any other agency of the United States and are not deposits or obligations of nor guaranteed or insured by any bank or bank affiliate. These products are subject to investment risk, including the possible loss of value.

Mauston Office 503 Gateway Avenue Mauston, WI 53948 (608) 847-6750

Adams Office 636 Main Street, Ste. 3 Adams, WI 53910 (608) 339-6000

the Mauston Golden Eagle Athletic Booster Club, and has enjoyed coaching basketball at St. Patrick’s School for 5 years and Mauston Boys Club for 9 years. JK lives in the Mauston area with his wife, two kids and two dogs. He enjoys spending his free time with his family, golfing, boating, downhill skiing and detailing his lawn.

www.centralinswi.com

Summer 2020 • Page 3

www.bankofmauston.com

IMPLICATIONS OF IDENTITY THEFT

Bars:

2 cups flour 4 eggs 1 (16-oz) can solid pumpkin 2 1/2 cups sugar 1 cup salad oil 2 tsp. baking powder 1 tsp. baking soda 1/4 tsp salt 2 tsp cinnamon 1 tsp pumpkin pie spice

Mix all ingredients together and beat on high speed for several minutes. Bake in a large greased jellyroll pan for 25 to 30 minutes at 350*F. Cool before frosting.

Frosting:

1 (3 oz) pkg cream cheese 3/4 stick margarine or butter, softened 1 tsp vanilla 1 tsp milk 2 cups powdered sugar

Beat all together, and spread over cooled bars.

Baking with your Banker Pumpkin Bars with Cream Cheese Frosting

From the Kitchen of Terri Stull

Bank of Mauston

Identity thieves can:

• Drain your bank account • Make purchases with your credit cards. • Open new accounts (bank, cell phone, utility, credit card,

etc. in your name) • Get identity and government document sissued with your

name and their photos. • Receive medical care under your insurance. • Take out loans in your name. • Create a false criminal record for you by using your identi-

fying information when investigated or arrested by the po-lice.

• File a false tax return and collect a refund • Get a job and have earnings reported as your income. What can you do? • Call the companies where you know fraud occurred. • Place a fraud alert and get your credit reports. • Report identity theft to the Federal Trade Commission • File a report with your local police department • Utilize BOM products and services like Secure Checking,

MobiMoney, and setting up alerts through online banking. Tip: Keep an updated list of all your online account, credit cards and bank statements with customer service phone num-bers. A quick response can save you from additional problems.

Identity theft can damage your finances, credit rating, reputation, and complicate many areas of your life. The 2019 Identity Fraud Study, released by Javelin Strategy & Research, found that $3.4 billion was stolen from 14.4 million US consumers in 2018. Identity theft is big business.

-CONTINUED FROM PAGE 1- Consider a CD. No, not the thing "old people" used to play music on back in the days before iPods and smartphones… Certificate of Deposit accounts are federally insured (so you cannot lose the money, even if the financial institution is sold or fails) and mature after a specific period of time (usually one month to five years). Not only is it more difficult to withdraw funds from these accounts, most CDs earn much higher in-terest rates than savings accounts. They can be a great tool if you find yourself dipping into your savings account on a regular basis for unneces-sary expenses.

To find the best way for you to save, talk to your local banker. They'll be able to set you up with the right combination of financial products to help you reach your savings goal, whether it's early retirement or next year's vacation.

New Accounts Representatives at Bank of Mauston Main Branch: L-R: Jenni Salzwedel, Barb Moore, Nancy Hadley, Chrissy Krotzman

Summer 2020 • Page 4

Main Bank 503 Gateway Avenue Mauston, WI 53948 608.847.6200

Downtown Branch 103 Division Street Mauston, WI 53948 608.847.6200

Dells Delton Branch 402 County Highway A Wisconsin Dells, WI 53965 608.253.7030

Lyndon Station Branch 149 Wisconsin Street Lyndon Station, WI 53944 608.666.2411

Necedah Branch 101 South Main Street Necedah, WI 54646 608.565.6200

New Lisbon Branch 800 Germantown Road New Lisbon, WI 53950 608.562.6200

At Bank of Mauston, we offer special privileges for our customers who are age 62 or better & keep at least 5,000 in any personal deposit account or combination of accounts. This special club entitles customers to a wide range of discounted & free services, including:

• Local Merchant Discounts • Travel Programs & Special Events • Health Screenings • Seminars • No Fee Personal Money Orders • No Penalty for Early Withdrawal

of Certificate of Deposit (CD) in event of emergency

• Free Notary Service & Photo Copies

Upcoming 2020 Events:

Due to continual developments with COVID-19, many of the upcoming events have been cancelled or post-poned. If you have any questions or interest in the upcoming events listed in our brochure or on our web-site, please contact Barb Moore, Premier Club Coordinator.

Barb Moore Premier Club Coordinator

608.847.6200 bmoore@bankofmauston.com

Personalized scams have gained traction and are increasingly more common. Scammers take advantage of current events, utilize in-formation from public government records and source details you have put out on social media platforms. Even scarier, fraudsters can obtain or purchase personal information from websites that have been hacked. Oftentimes, this information by itself is not enough to cause alarm. But, criminals use this information and frame it in a way to cause fear and extort funds.

bankofmauston.com

•

P R O T E C T Y O U R S E L F

• Be careful about what you are sharing on social media platforms and update your privacy settings.

• Utilize strong passphrases. • Use Free Wi-Fi with caution. • Be suspicious of unsolicited emails and phone calls,

especially ones that imply urgency is needed. • Be cautious when opening emails from unknown per-

sons and don’t click on links or attachments without verifying first.

• Don’t let fear or urgency override your gut instinct.

Helping Our Community Grow!

BOM Tech Tid-Bits

LEFT: Team BOM supporting our community in their “Little But Local” t-shirts. BELOW: MHS Grads Emily Patton and Samantha Thrasher, recipients of the Thomas E. Schmidt Memorial Scholarship.

LEFT: JK and Kim Walsh pre-senting Jim O’Keefe of Mile Bluff Medical Center, a $20,000 dona-tion Below: “Blu”, our BOM Dairy Council Cow.