We're Here to Help (315) 735-8571

Yes, It’s That Season: Tips for Tax Time

March 1, 2019

TaxTip_LR.jpg

Every year some people’s tax returns end up in others’ accounts, due to errors in submitted account numbers. Should this happen, you’ll have to call the IRS at 800-829-1040, and have them file an IRS form 3911 to trace the check. To minimize problems, follow the easy steps below:

  1. Use caution when setting up the direct deposit of your tax refunds. Refunds are deposited solely based on account number, not by name.

  2. Make sure you use your full 9-digit routing number and 14-digit account number.

  3. Make sure you submit an active checking or savings account.

  4. Do not add or delete any zeros.

  5. Double- and triple-check all information and numbers before submitting your account information.

Of course, the best way to plan for tax season every year is to build your own savings year round! If you have a good-sized buffer in your checking account, consider earning more with a Money Market account or Term Share Certificate. Call or make an appointment online, and we can help you make a plan.

Posted in: Taxes, Tips

Become a Young Scholars Mentor

March 18, 2019

Young Scholars group shotHow You Can Help Our Community

Serving as mentors to the amazing young people in the Young Scholars program is among our most rewarding experiences. Join us by learning about the program here, and see why so many find this program so gratifying.


The Young Scholars Program

The Young Scholars Liberty Partnerships Program (YSLPP) is a multi-year collaborative project between Utica College and the Utica City School District (UCSD) to motivate diverse and talented students to stay in school, earn a New York State Regents Diploma with Advanced Designation, and pursue post-secondary education.

Each year, Young Scholars serves approximately 350 students from grades 7 through 12. UCSD teachers nominate students in sixth grade who show promise, but who may not achieve their full potential due to social and/or economic factors. The finalists are selected by a volunteer panel of professionals from the area.

Chosen students receive year-round academic support including a summer program prepping them for the following school year, college and career exploration, social and emotional support provided by counselors and staff, community service, and enrichment activities. If the student is fortunate enough, they are also paired with a mentor.

The program has been quite successful, as the impressive results show in the YSLPP brochure. More than one hundred YSLPP students have served as summer interns in the local community, and the program’s partnership with Workforce Development has provided hundreds of its students with summer jobs.



Mentorship

An important part of the Young Scholars program is pairing adult mentors with program participants. Mentors are volunteers who serve as positive role models, give students guidance and advice, and provide fun social and cultural enrichment experiences. Experiences are often as simple as a visit to the mall, a lunch out together, taking in a sporting event or movie, or going for a walk at the park. Many activities are free, so it doesn’t cost a lot, in money or time. In fact, the minimum commitment is only 2-4 hours a month. Some mentors have one student they provide support to, and many mentor multiple students, often participating in activities with several students together. Many mentors have kids of their own, and bring their mentees along during family events.

While mentoring means a very modest commitment of time, mentors can make a tremendous impact on the lives of these promising young people. Mentors say they get more from the experience than the students do, and often form lasting friendships with their mentees. With a small investment in time, mentors make a big difference in the community.



Becoming a Mentor

Although a number of First Source staff and Members have joined with other community members to serve as mentors, the program can use more. Some 60 mentors serve now, and the program would like to grow that number to 100, so we are encouraging you to consider joining us as a mentor and making a difference in the life of a Young Scholar. If you have a friend or family member who you think would make a great mentor, encourage them to apply as well.

Becoming a mentor is a simple process with just a few qualifications. The first step is filling out an application and a Background Check authorization. You must have a valid NYS driver’s license, and be willing to commit to the program for one year. Once you are qualified, the program provides an orientation, and ongoing support to help you get started and continue to provide fulfilling experiences for your mentee.



Why First Source is Invested in the Program

We are very excited to continue to partner with this tremendous program to help fulfill the dreams of our youth here in the Mohawk Valley, as their goals align with our community mission. We provide financial support, fill leadership roles, offer job shadowing and internships to Young Scholars interested in banking and/or financing, donate tools to teach financial literacy in their summer program, team up with Young Scholars for community service, and encourage our staff and Members to volunteer as mentors. 


How Can Your Place of Work Get Involved?

To teach community members more about the program, Young Scholars offers 30-minute “Lunch & Learn” presentations and workshops for any sized group, organization, or business. Simply contact them to schedule a presentation for your workplace or organization. 

Individuals can learn more by contacting Linda Stewart, Mentor Coordinator, by email at lbstewart@utica.edu, or phone at 315-792-3237. Join us in becoming a mentor, and help our students Grow Big Dreams. 



“The positive and empowering effects of being a mentor are immeasurable and I am both thrilled and proud to be part of the YSLPP mentoring experience.” 
- Kim Van Duren, Mentor
 


“Mentoring is something that has changed my life in the most positive way. I always find that mentoring has truly made me have a more profound understanding of today’s youth. I feel that no matter what, both of my mentees know that they have someone with whom to share a laugh or an important conversation. Mentoring is a never-ending gift, a mentoring situation that after graduation will hopefully turn into a lifelong friendship." 
- Dennis Hahn, Mentor


“We text frequently and do as many fun activities as we can together. She attends family functions with me because she truly is my second daughter. Watching her grow is incredible and I know there's much more that Young Scholars is going to see from Areiana in the future.” 
- Alicia Adamczyk, Mentor 

 

Checking and Savings Accounts For Kids

March 25, 2019

Young boy counting the coins he has saved.When is the best time to open one for your child?

How financially savvy are your kids? 

Depending on your answer, our friends at Balance Financial Fitness offer some great advice.

According to a recent survey, only 5% of adults received any kind of financial education in school. It is a scary statistic, and may partially explain consumers’ record-high credit card and student loan debt.

If you want to equip your kids with the tools to be financially secure adults, a good place to start is with a savings and/or checking account. Once they see money going in and coming out, it can drive home a lesson about money management.

Wondering if they can handle the responsibility? 


Savings Accounts

Most kids can typically grasp the concept of a savings account early in their development. Here’s how to know if your children are ready to use one:

  • They’re curious about money - If your child expresses a genuine interest in coins, shopping, or anything related to money, this can be a good segue into a savings lesson: financial institutions allow you to put money aside until you really need it.

  • Their piggy bank is overflowing - If your kids have a lot of change in their piggy bank, watch out. It may disappear before your eyes. Take this opportunity to teach them that if they save some of their money in an account, it can earn interest or dividends over time.

  • They have a savings goal - If your children are saving up for something big, this is the perfect time to introduce a savings account. They can make a deposit into the account so they will not be tempted to spend all of their cash.


Checking Accounts

Checking accounts tend to be better suited to older kids who have had more exposure to money. Here are some signs that your kids could benefit from a checking account:

  • They’re responsible - No matter how responsible you are, it can be tempting to withdraw more cash than you should. You might wait to open an account with your children until they demonstrate responsibility in other areas, such as getting a driver’s license or maintaining a part-time job. 

  • All their cash is stuffed into their wallet - The wallet-as-checking-account is dangerous for several reasons. Not only can cash easily get lost, it’s hard to track your purchases. By contrast, an account statement lets you view all of your spending and withdrawal activity, which can be handy for budgeting and a great teaching tool.


If you’re eager to introduce your children to the world of personal finance, checking and savings accounts are a good place to start. Just watch for the signs, and start when they’re ready.

Source: Balance Financial Fitness March 2019


If you’d like help with savings or checking accounts for your kids, just ask. 


Learn about the different types of Youth Accounts, and their benefits, on our Youth Accounts page.

About Youth Accounts

 

Posted in: account, checking, kids, money, saving

Subscribe


Archives


Categories


Tags

​charity “best “debt “savings 50/30/20 529 about account account” adults advice American Cancer Society American Heart Association American Red Cross Amy DeMetri animals atv financing pre-approval atv pre-approval Auto auto loan back bad credit bank Berowski bike Blog Blog Posts Blogs Blue boat loans borrow Branch breach budget business camper cancer Car car loan Card Challenge charity Check checking checks children Children's Museum Christmas Chuck club College Comets Community compounding consolidation” conventional Corporate Credit Credit Card credit union Dance the Night Away debt deposit destinations dividend donation down payment Dream earnings education Entrepreneurs Equifax equity expenses experienced investing experienced investor FHA Fical Finance Financial financial literacy program financing Firley Moran First First Source Federal Credit Union for Games Genesis gifts giving Go Good Good News Center Goodison-Bick Greiner Group guide Halloween HCCC Health healthy pet loan Heart herkimer holiday holidays home home buying hot tub house House of the Good Shepherd Hug Indoor installation interest invest Investment investments JD Arrante Jessie Julie Keller KIDS Kid's Oneida kitchen remodel kristy learn lien lienhouse Lilli living smarter LMV loan Loans Local long-term savings manage management Marketing Maxam medical Mel member members mentoring Michael Mike missing money money management Money Market Mortgage Mortgages Motorcycle Financing Motorcycle Loan MVCC National Center for Missing & Exploited Children National Credit Union Youth Month NCMEC Neumann New New Hartford new investors nole North Utica of One Oneida online online safety Only order checks Orsomarso overdraft Pamela paperwork Paralympics Parsons patient pay bills payments personal loans pet care pet financing pet surgery Pete pets plan planning Posts Power Pre-approval presents President/CEO programs protection purchase QR Questions rates recreational loans Red reduce relief renovation Requirements Resolutions resort resorts retirement ride Rome Roth IRAs Run RV Ryan Misencik Safety saving savings savings account savings” Schools Schumer security Sen. service settlement” Sherman Sinnott Education Center ski resort ski trips sled snowboard snowmobile snowmobile trails social media Source South South Utica spending spots SSHS Staff Stevens-Swan Humane Society students Sue Summer system Tammy Cieslak Tanya Taxes teachers Team teens testimonial the The American Cancer Society Tiny's Grill Tips Tom Traditional IRAs travel treatment treats Tricia trip TV Union Unite United United Way Up Utica Utica Children’s Museum Utica Zoo VA vacation vacation financing vacation loan Video Visa volunteer Waggle Walk Walk-A-Thon Way We Wear Wellness Wells Wendy Why wig Wiggle wild Winner winners Winter withdrawal women Women’s Employment & Resource Center Year's York You You’re Young Young Entrepreneurs Academy Young Scholars Program YWCA