Finances can often be a source of great stress, but good financial health can be life-changing if handled proactively and given the proper support. Toni Voegli, Monroe branch manager and assistant vice-president for Greenwoods State Bank, encourages the individuals she serves to take one financial step at a time.

“Small successes will help with getting you on the right path,” said Voegli.

Greenwoods State Bank offers both personal and business financial services, ranging from checking and savings accounts to CDs or loans. Customers can also partake in mobile banking and mobile bill pay. More information on their services can be found on the Bank’s website at greenwoods.bank.

The bank has nine branches in southern Wisconsin, three of which are in Green County — Monticello, Monroe and Albany. The bank offers wealth management services, treasury management products, and products for both businesses and consumers. 

While financial decisions can often be overwhelming, Voegli says customers can expect to be walked through the process step-by-step.

“You can expect to be promptly greeted with a friendly face, a smile, and a warm welcome,” she said. “Our team members will sit down and talk with you to help determine, based on a question-and-answer dialog,  what products and services would best complement your current and future financial goals.”  

Voegli’s top tips for improving your financial health:

●  Create a budget and stick with it. 

●  Build an Emergency Fund; Save an established dollar amount each month.

●  Ensure you are using the right accounts and products.  Review all your accounts, including credit cards, for fees and interest rates.

It’s common to start the new year with goals for self-improvement. When it comes to finances, it can be confusing to decide where to start. Should you build an emergency fund first? Build up a savings account? What about establishing a 401K or retirement fund? 

The first step Voegli suggests is to pay down your “highest cost of funds.” If your employer offers a 401K match, take advantage of those benefits. Then, she says, work on building up an emergency fund. “Set a goal to save a certain dollar amount from each paycheck,” she said. Overall, make sure your bank accounts and your lifestyle goals are on the same page. 

For teens getting started on their financial life, Greenwoods State Bank recommends opening a savings account as a first step. Once the student has started working, they can open a checking account with a parent and “start learning the value of savings, interest, and budgeting.”   

Finances are a common source of stress and, while not a one-size-fits-all solution, Voegli encourages everyone to stick to a monthly budget. It can be as simple as setting a savings goal for things like a vacation or new gym membership — as long as you commit to your goals.

“Financial Health is knowing your personal financial situation, the accounts you currently have, any fees and interest rates that you are paying, along with the rates that you may be receiving,” said Voegli.

Finances on the Farm

For those in the agriculture industry, daily operations can pose a host of unique financial challenges. Compeer Financial’s Monroe office specializes in those working in agriculture or living in rural communities.

Compeer Financial is part of a national network. The company serves farmers and rural home and business owners in 144 counties across Illinois, Minnesota and Wisconsin. 

As a Farm Credit cooperative, “Farm Credit’s mission is to support rural communities and agriculture with reliable, consistent credit and financial services, today and tomorrow,” said Erin Mullett, financial officer at Compeer Financial.

Compeer provides a variety of financial and business services, from loans for financing things like agriculture real estate and livestock to mortgages for rural homes; crop and dairy/livestock insurance; and even tax preparation services. Their appraisal team is also available to appraise real estate, farm equipment and livestock. A full list of services can be found on their website.

The relationship between Compeer and the communities it serves is multi-faceted, including with Green County and its strong agricultural industry. In addition to helping rural communities reach their financial goals, Compeer also gives back to the areas they serve. 

Each year, one percent of the company’s net income goes to the Fund for Rural America, and Mullett said approximately $4.8 million went to supporting grant programs and scholarships in 2022. “Those funds go toward farmers markets, county fair facilities, emergency response departments, agricultural education and more,” she said.

Compeer starts clients off by assessing their strengths and any challenges facing an individual operation, then customizes a financial plan to mitigate risks and improve their overall financial standing. 

“By implementing the necessary measures of reviewing one’s financial position and actively taking steps to ensure financial health and security, an individual can potentially minimize the financial stress they are experiencing and associated risks that could develop,” said Mullett.

Compeer’s tips for financial wellness include seeking out educational and financial resources and always continuing to ask questions. 

Said Mullett, “Whether that’s listening to a podcast, reading a publication or attending a seminar, there are several outlets to gain more information and build individual skillsets, that can ultimately help an individual or operation reach their goals.”

“Although our geographic footprint is large, our team members’ roots run deep as we live and work in the areas we serve,” she said.

Local farmers, business owners or anyone who may be interested in seeking their services can contact Compeer Financial at (844) 426-6733 or at compeer.com. 

— This story is part of a six-part series highlighting local services that can help readers be the best version of themselves in the new year. This story focuses on the topic of financial health.