by Pamela Way

During the Great Depression, banks were failing and people were losing money. There was virtually no lending, and putting money into uninsured savings was a risky venture. On March 23, 1938 a small group of dedicated Utica teachers banded together to form an alternative to the banks, as a way to help serve their peers’ basic savings and loan needs. Utica Teachers Federal Credit Union was born.

Over the years, the credit union grew and expanded to include all school districts in Oneida and Herkimer counties, in addition to all the local colleges and universities. Eventually we changed our name to First Source Federal Credit Union and expanded our charter to include a wider membership.

Founded as Utica Teachers Federal Credit Union, we certainly understand the value of education to the success of any community. In serving more than 25 school districts and 6 local colleges, we contribute to education in many ways. We have funded projects including a new state-of-the-art trading room and a nursing lab, given thousands of dollars in scholarships to local students, provided financial literacy materials and on-site seminars, participated in career fairs, supported music and sports boosters, sponsored events to raise money for classroom materials, and most recently partnered with CORE™ on an anti-bullying campaign.

Teachers are an extremely important part of our society and we plan to continue being their major financial institution (and yours!) This year marks our 75th Anniversary and we couldn’t be prouder of our heritage and our journey!

We all want our children to grow up making smart financial decisions, so here are a few easy tips to get your children started early learning skills they’ll use for a lifetime.

1. Start them early, as soon as they can count. Use money to practice counting (and eventually multiplying or using percentages). Have regular discussions about money—saving, spending and investing. Set goals, then set a great example!
2. Take them to the credit union to open their own account. It’s a great opportunity to explain how savings works. Don’t forget to take them to withdraw money every so often to purchase something they really want. Show them how they have less afterward, and how spending decisions work: spending for one thing means you won’t have money (or as much) to spend on something else.
3. When they’re old enough, give them an allowance, along with rules for saving some portion every week, and why charitable giving is important, too.
4. Use shopping as a way to teach them how to spend money wisely (grocery shopping is great). Show them that finding discounts, using coupons, and comparing products and prices can save money.
5. As they get older, have them work to make their own money (babysitting, paper route, etc.). There’s no better way to learn the value of money than seeing how much work it takes to get it.

There are also many websites with online games and tools to help kids and teens learn about finances online. Good luck raising your financial genius!

Shopping for a new (or used) vehicle can be a complicated process, from figuring out what you can afford to finding the right model, getting financing, and evaluating all the options. Comparing short- and long-term costs can make it downright frustrating. That’s where our lending pros come in. Pete Berowski shares how easy it is to sit down with one of our friendly experts, consider all the trade-offs and options, and get all the free advice you need. We make the whole process easier, and save you money in the long run.

Don’t stress. Call us. From cost analysis to financing your next car, get free car advice from First Source, where we put You First.