A Household Budget Can Help YouHave you set up a household budget yet? It’s a great tool for tracking yourmonthly expenses and income – and planning for the future.  Read full article

Quarterly Quote

Click Here forUpcoming Events!

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Rent or Buy? 5 Questions You Should Ask FirstYour local banker can help navigate challengesassociated with choosing a home, including decidingwhat is affordable and whether to rent or buy. Readfull article

6 Ways to Boost Your Credit ScoreConsumers looking for a new place to live should bemindful of the critical impact credit scores can haveon their housing options.  Read full article

RiverWood Community Spotlight

RiverWood's Regional President, Bart Taylorappeared on Fox 9 News to demonstrate how tocook his award winning chili!  He also defended histitle at the Crosslake Days Chili Cook-off on Saturday,September 26th.  Bart came in 1st place for People'sChoice.  Congratulations Bart!

          Photo courtesy of the Bemidji Pioneer

Our Community brat feed was held on June 23rd,2015, and was made possible with helping hands ofmany RiverWood employees (Curt Lundquist pictured).

As a pacesetterbusiness for the BemidjiArea United Way,RiverWood Bank hadanother successful yearof fundraising. Throughout the yearemployees are busywith internal bake sales,silent auctions,luncheons anddepartment basketraffles. This year'sUnited Way contributionincludes donations byemployees, fundraisingevents, and a corporatematch for a grand totalof $12,580.00!  It was agreat team effort!  This is

one of many examples of exciting communityfundraisers in which all our RiverWood officesparticipate.  Thanks to all who help throughout theyear!

Welcome New Members of the RiverWood Team! 

LAUREL ST. MARIE DURUSHIA, Teller, Big LakeDARION LEWIS, Teller, MonticelloSALLY LARSON, Loan Assistant, Homeland MortgageLEIGHA BOUTWELL, Personal Banker, BagleyEMILY ROWLAND, Personal Banker, Big LakeCONNIE SCHAUER, Deposit Ops Manager, Corporate Office

 

RIVERWOOD RECIPES

Santa Fe Crockpot ChickenJason RiesgrafDigital Marketing Specialist ▪ Big Lake

Servings: 8 servings

24 oz (1 1/2) lbs chicken breast

14.4 oz can diced tomatoes with mild green chilies

15 oz can black beans

8 oz frozen corn

1/4 cup chopped fresh cilantro

1/2 fresh red pepper, chopped

1 tsp garlic powder

1 tsp onion powder

1 tsp cumin

1 tsp cayenne pepper (to taste)

salt to taste

8 oz cream cheese (add last half hour)

Combine all ingredients in crockpot (EXCEPT CREAM CHEESE). Season chicken breast with salt and lay on top.  

Cook on low for 8 hours or on high for 5 hours. Half hour before serving,remove chicken and shred. Return chicken to slow cooker and add creamcheese. Adjust salt and seasoning to taste. Serve over rice or tortillas andyour favorite toppings.

Pumpkin BarsNancy TatroTeller ▪ Bemidji Downtown

4 Eggs2 C. Sugar1 C. Salad oil1 - 15oz can pumpkin

Mix above ingredients in a large bowl. Add the following ingredients to above mixture.  Stir.

2 C. Flour1 TSP. Soda1/2 TSP. Ginger2 TSP. Baking Powder1/2 TSP Salt1/2 TSP. Cloves2 TSP. Cinnamon1/2 TSP. Nutmeg

Mix Well and pour into Greased and Floured Pan12x18 (Jelly Pan)  Bake at 350 for 25 to 30 MinutesTop with Frosting (Recipe on right)

Makes 36 Bars.

FROSTING1 – 8 OZ PACKAGE CREAM CHEESE1 ½ STICK BUTTER1 TBSP. OF CREAM OR MILK1 TSP. VANILLA3 OR 4 C POWDERED SUGARBEAT CREAM CHEESE, BUTTER, VANILLA AND CREAM OR MILKTOGETHER UNTIL SOFT.ADD POWDERED SUGAR UNTIL CORRECT CONSISTENCY TOSPREAD. CUT INTO 2” X 3”

 

Upcoming Event Schedule

BaudetteHoliday Sharing Tree:Stop in to pick up a tag and purchase a gift for local residents in need. All Holiday SeasonBaudette Lobby

BensonToys for Tots Collection:We will have a box available for the "Toys for Tots" collection.All Holiday SeasonBenson Lobby

Big LakeHoliday Collection Tree:We will have our Holiday Tree in the lobby for collecting mittens, hats, scarves, & Toys for Tots.All Holiday SeasonBig Lake Lobby

CrosslakeMonster Dash:6th annual Crosslake Monster Dash - 5k fun run/walk and Children's Spirit Sprint.  Wear acostume!  Click Here for more informationOct 24: 8:30-11:30am

Traveling Art Pub Painting Class:Brings together local artists and local venues to host a creative DIY art event.http://kicks66crosslake.com/Oct 27: 6:00-8:30pm

MonticelloToys for Tots Collection:We will have a box available for the "Toys for Tots" collection.All Holiday SeasonMonticello Lobby

MorrisParade of Lights:The Annual Parade of Lights kicks off the Holiday Season!Nov 12: 6pm

 50 Plus Club Event Schedule Click on 50 Plus Club Newsletter links below for details:

 Baudette 50 Plus Club Baxter/Crosslake 50 Plus Club  Bemidji/Bagley 50 Plus Club Monticello/Big Lake 50 Plus Club Morris/Benson 50 Plus Club

November 11  ▪ Veterans Day  ­  All Offices ClosedNovember 26  ▪ Thanksgiving Day ­ All Offices ClosedDecember 24  ▪ Christmas Eve Day ­ Open until 1pmDecember 25  ▪ Christmas Day ­ All Offices ClosedDecember 31  ▪ New Year's Eve Day ­ Normal HoursJanuary 1        ▪ New Year's Day ­ All Offices Closed

RiverWood Bank Locations & Hours

A Household Budget Can Help You

Have you set up a household budget yet? It’s a great tool for tracking your monthly expenses and income – andplanning for the future.

Besides helping you get organized, it also allows you to focus on two important things: How much money youhave in the bank, and how much your bills cost you each month.

A realistic budget can help keep your revenue and expenses in line, and can even be a roadmap for settingrealistic saving goals – whether it’s for a new car, a fun vacation or the day you retire.

It can even help you plan for the unexpected - a trip to the hospital, a costly car repair, or a broken water heater.

The basics are straightforward: How much money do you have, and how much do you spend? With a goodbudget, at the end of each month you can compare the list of your expenses with your income.

Whether you purchase a computer program to enter and track your income and expense categories, do yourbudget online, or with pencil and paper at home, make sure to record the numbers and total them up everymonth.

While you can – and should – make adjustments each month as necessary, make sure you also take a look atyour spending and income at the end of each year so you can set goals for the coming year.

Household budget: Tracking your expenses – expected and unexpected

A big first step in creating a household budget is figuring out your monthly expenses.

Thinking of all the things you spend money on will take some work, so don't get frustrated if it doesn't all happenin a single sitting.

Start by making a list of the money you spend - and what you spend it on - keeping in mind that the number islikely to vary from month to month.

If possible, review all your bills from the past year. The more numbers you can include, the more likely you are tohave a realistic picture of your actual expenses … and the more likely you are to not overlook occasional costs.

If you only have 3 months worth of bills, add those totals and divide by 3. If you can find your expenses for a fullyear, get those totals and divide by 12. That will give you average monthly totals to use for your budget.

If you don’t keep your monthly bills handy, sign on to your online bank account and check your monthlystatements. You’ll be able track what you’ve paid for with your debit card, as well as any paper checks you’vewritten.

Here are some important expenses to track:

Fixed paymentsThese are costs that stay the same - things such as rent or mortgage payments, car payments, student loansand your cable bill. Don’t forget regular but occasional things like car or life insurance bills.

Variable costsThese are bills you have to pay monthly but have totals that can vary – things like gas, electric, water and phonebills, as well credit card payments.

Ongoing expensesThis category includes things like fuel for your car, groceries, as well as entertainment costs – such as goingout to eat, drink, watch a movie - or vacations and other travel expenses.

Irregular expenses and cashThese are miscellaneous things such as clothes; gifts for birthdays and holidays; medical co-pays orprescriptions; printer ink; donations to charities; sporting events; and cash you might spend on snacks or othersmall purchases.

Set up the expenses category of your household budget so you can track your regular expenses individually.This helps you monitor any possible changes, and can even help remind you to make sure you’ve paid a bill.

Expect the unexpectedYou should also set aside money each month for unexpected expenses such as emergency medical bills or carrepairs.

There is no specific number for this, but it’s always better to be safe than sorry. Recommendations includealways having at least an extra $1,000 to $2,000 in the bank, setting aside 10% of your income each month, orgiving yourself a cushion of at least 6 times your average monthly expenses. In other words, be prepared.

While banks can loan you money to cover big expenses, remember that you’ll still have to pay that loan back,along with interest.

Household budget: Tracking your income

Spending only what you can afford is one of the prime considerations when developing a household budget.

When you know how much money you have, you’ll know how much you can afford to spend, and what youcan save.

How much do you currently have in the bank?Money you have in your checking and savings accounts becomes your starting point. But don’t touch yoursavings – this is your head start for the future.

If you use online banking, checking your account balances is simple. Sign on and check the numbers.

How much do you get paid?This includes paychecks and other regular income you might get. Leave overtime pay out of your base incomecalculations, since that money might not be a guarantee from month to month.

Your list of expenses will be the total of what you can predict having to spend each month. Your incomenumbers are how much money you have to cover those expenses – and hopefully you will have enough leftover to set aside for saving.

Can you reduce expenses in order to save?After seeing what you spend each month, take a look at those costs to see if you can economize. Are youspending too much on entertainment? If you raise the temperature in your house by a degree or two in thesummer, or lower it in the winter, you can reduce utility bills. If you can afford it, paying off loans early will savemoney on interest payments. Do you need to drive as much as you do? Reducing time in the car will cut yourgasoline and maintenance costs.

Give yourself a challenge: Try to reduce your expenses and keep them down. The money you save will turn toincome.

Your goal should always be to spend less than you earn. Use that extra money each month to put in some sortof savings account offered by your bank or other trusted financial institution.

Household budget: Follow your budget and review itAfter you create a household budget and get in the habit of recording your monthly expenses and income, thereis another important step: Reviewing your budget and making adjustments.

At the end of each month, check the total amount of your income and expenses. Are they in line with what youexpected? Do they fall within your budget?

If you’re spending too much, look for ways to cut back.

If you are actually spending less than expected, take some time to decide whether to give yourself a small treatwith some of the extra money – or add it to your savings for a bigger treat in the future. But keep in mind that it’salways better to have money in the bank.

While you can – and should – make budget adjustments each month as necessary, make sure you also take alook at your spending and income at the end of each year so you can set new goals for the coming year.

A utility bill could go up or down. You could pay off your car and have more money to put into savings.

Use these tips to plan ahead and prepare for the future.

Rent or Buy? 5 Questions You Should Ask First

Your local banker can help navigate challenges associated with choosing a home, including deciding what isaffordable and whether to rent or buy. 

Before pursuing a rental or homeownership opportunity, consider the following questions:

How much money do you have saved up?Start with an evaluation of your financial health. Figure out how much money you have for a downpayment or deposit on a rental. Down payments are typically 5 to 20 percent of the price of the home.Security deposits on rentals are usually about one month of rent and more if you have a pet. But be sureto keep enough in savings for an emergency fund. It’s a good idea to have three to six months of livingexpenses to cover unexpected costs. How much debt do you have?Consider all of your current and expected financial obligations like your car payment and insurance, creditcard debt and student loans. Make sure you will be able to make all the payments in addition to the cost ofyour new home. Aim to keep total rent or mortgage payments plus utilities to less than 25 to 30 percent ofyour gross monthly income. Recent regulatory changes limit debt to income (DTI) ratio on most mortgageloans to 43 percent. What is your credit score?A high credit score indicates strong creditworthiness. Both renters and homebuyers can expect to havetheir credit history examined. A low credit score can keep you from qualifying for the rental you want or alow interest rate on your mortgage loan. If your credit score is low, you may want to delay moving andtake steps to raise your score. For tips on improving your credit score, visit aba.com/consumers. Have you factored in all the costs?Create a hypothetical budget for your new home. Find the average cost of utilities in your area, factor ingas, electricity, water and cable. Find out if you will have to pay for parking or trash pickup. Consider thecost of yard maintenance and other basic maintenance costs like replacing the air filter every threemonths. If you are planning to buy a home, factor in real estate taxes, mortgage insurance and possibly ahome owner association fee. Renters should consider the cost of rental insurance. How long will you stay?Generally, the longer you plan to live someplace, the more it makes sense to buy. Over time, you can buildequity in your home. On the other hand, renters have greater flexibility to move and fewer maintenancecosts. Carefully consider your current life and work situation and think about how long you want to stay inyour new home.

6 Ways to Boost Your Credit Score

Consumers looking for a new place to live should be mindful of the critical impact credit scores can have on theirhousing options.  To make sure you’re building a healthy credit history, consider the following tips:

Request a copy of your credit report – and make sure it is correct. Your credit report illustrates yourcredit performance, and it needs to be accurate so that you can apply for other loans – such as amortgage. Everyone is entitled to receive a free copy of his or her credit report annually from each of thethree credit reporting agencies, but you must go through the Federal Trade Commission’s website atwww.annualcreditreport.com, or call 1-877-322-8228.  Note that you may have to pay for the numericalcredit score itself. Set up automatic bill pay.  Payment history makes up 32 percent of your VantageScore credit scoreand 35 percent of your FICO credit score. The more you pay your bills on time, the better your score. Avoid missed payments by setting as many of your bills to automatic pay as possible. Keep balances low on credit cards and ‘revolving credit.’ Racking up big balances can hurt your

scores, regardless of whether you pay your bills in full each month. You often can increase your scoresby limiting your charges to 30 percent or less of a card's limit. Apply for and open new credit accounts only as needed. Keep this in mind the next time a retaileroffers you 10 percent off if you open an account. However, if you need a new line of credit, don’t jump atthe first appealing offer; compare rates and fees offered through mail solicitation, on the Internet or at yourlocal bank. Don’t close old, paid off accounts. According to FICO, closing accounts can never help your scoreand can in fact damage it. Talk to credit counselors if you’re in trouble. Using legitimate, non-profit credit counseling can helpyou manage your debt and won’t hurt your credit score

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Bank located at PO Box 458, Bemidji, MN 56619.

 

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