- Cash Income: Dos and Don'ts of Cash Management, My first jobs were in cafes and restaurants. Depending on the gig and the season, income was inconsistent week to week and month to month, generally less in payroll and more in tips. At times, I was earning 100% cash, with printed paychecks showing $0.00 (thanks to taxes). With unreliable income and cash habits you might call "scattered," I didn't develop a good system for saving or budgeting…, Take these highlights as a few, Don'ts of Cash Management, ., For most of my teen and college years, if you asked me, I would have told you that I had a system. I thought the system worked. (Spoiler alert, it didn't.), Remember, cash management doesn't have to be complicated., , , 1. Don't store cash in a random jar or drawer. , Cash income went into my pocket, then home, where I split everything two ways. I put some tips into my sock drawer and the rest in my wallet. Then, if I needed the cash to cover a check I wrote, or if the sock drawer felt overstuffed, I'd take a trip to the bank and make a deposit. Funny story (well, maybe not that funny). While sharing an apartment in college , one of my roommates stole over $…, 2. Don't ignore your checking account. , When I received substantial paychecks, I'd deposit them in the same place I'd put my rare cash deposits – into my checking account . By depositing there specifically, I figured I was less likely to write checks I couldn't cash. The catch is, I didn't bother reviewing my accounts or balancing my checkbook. I found myself repeatedly overdrawing my account, discovering that I've maxed out my…, 3. Don't spend money without tracking it., My monthly costs were minimal, so I didn't worry about them, track them, or budget for them. They included my rent, cell phone, and fuel for my car – all paid from my checking account. Other spending was flexible, day-to-day costs like food, entertainment, and clothes. As long as I didn't feel like I was overspending, I would probably be fine. For my flexible expenses, I'd use whatever payment…, my money disappeared and savings did not exist., I eventually discovered that my money management system wasn't working for me. I had more monthly bills than before, including a new auto loan and student debt, and I kept dipping into overdraft protection due to "insufficient funds.", The issue with my money management had been simple – I wasn't managing anything! , Consider these the, Dos of Cash Management, ., During those early years, I didn't know what money I had, so I didn't know where my money was going. Then, I discovered habits that work. , 1. Keep your money secure. , When you deposit money with a financial institution, you get the peace of mind that it's secure and protected. Accounts are usually insured (like the share insurance at Visions ) and often come with support teams that can help you with theft, fraud, and financial wellness. I even make regular deposits into a share certificate, where I won't touch it for months and months – making it not only…, 2. Track your income. , If you don't know how much money you have coming in, how can you control what's going out? Be specific. Know exactly how much money you have coming in and when it fluctuates. Some seasons may be leaner than others – knowing the trends can help you plan. Pro tip: Ask about the Holiday Club, Summer Savers, and Lucky Savers to plan your savings on a seasonal/annual basis. On a more personal note, I…, 3. Build a budget. , Have a system to stay on top of bills, expenses, and savings. When you budget, you're prioritizing your necessary payments. That way, you'll know exactly what you can spend on a daily, weekly, or monthly basis on everything else. At first, when I started using a traditional budget , I realized how I was overspending on food and entertainment in December, for the holidays, then again in April and…, 4. Pay yourself first., Cash management means you are in control . As long as you have a good foundation of savings, you're likely to keep that control, even in the face of an emergency. Practice saving money for tomorrow before you spend money today. By having six months of savings set aside in a savings account, I knew I could handle the unexpected without having to fear my finances. I was suddenly on top of my bills…, Once I organized my income, I could track my expenses., It was a small step that had a huge ripple effect for my finances. If you have cash income, you may want to keep it in one place . Track it coming in, track it going out, and remember, proof of income can help you in the long run. It sure helped me! - JMS Learn about share insurance coverage at Visions.
- How to Make the Most of College Internships, As a college student, I've taken advantage of numerous internships at my university and local businesses. They can be a great way to familiarize yourself with a company, industry, job responsibilities, and can even grow your network. All of which can help you build a solid career and reach your financial goals. The problem is, finding an internship can be tough, but making the most of it can be…, if you want to make the most of it, here's how., Check the feasibility of the internship., The reality of internships is that most are unpaid, and "compensation" comes in the form of college credit. Bills and other everyday expenses don't disappear just because an opportunity arises for you to intern. Consider the consequences of not being able to work as many hours at your paid job if you commit to an unpaid internship – or that you may not have time for a paid job at all! There was…, Have a plan., Knowing what you want to gain from the internship experience is the first step. What questions do you have for people that hold titles you are interested in? How can you use this experience to bulk up a portfolio or a resume? Maybe you're interested in learning the best and worst parts about a job or an industry, or scouting a company's culture and benefits . You might not be thinking about…, Take advantage of the information around you., You're new, so there won't be mountains of work to keep you busy. Rarely, if ever, will a department have a pile of projects that need to be done right away by the intern. Instead, look to take advantage of the professionals around you who are possibly in the career you desire. Even if you come into an internship and they have tasks waiting for you, the honest and personal conversations you'll…, Build your network. , This is a phrase you'll hear everywhere, but it's hard to know exactly what "building your network" looks like. Networking means going to those office lunches, even if you weren't scheduled on that day, or trying to implant yourself in as many meetings as possible. Infiltrating your name into everything will make many people familiar with your presence. But that isn't enough. By asking questions…, Have reasonable expectations. , I quickly learned that you're not guaranteed anything special just by interning somewhere. You could be a great intern, but sometimes job openings don't align for you when you're ready to enter the workforce – or they simply aren't looking to hire. I wouldn't view this as a failure. By now, you'll have a network of people who can speak to your fantastic work while you were there. Instead of…
- Lessons From My Elders, I won't always be young. I'm not jaded by the notion that I have a lot of years ahead of me, and many lessons to learn. But eventually, I won't be able to work the same 40 hours per week (plus the occasional side gig) to support my family and cover my health expenses. Not forever. So when someone older than me talks about life, I'm happy to listen because I might be in their shoes someday. I'm…, Retirement #2: A veteran's folly , Everyone called him Gramps, even though he had no grandkids. Through his church and the local VFW, Gramps had many companions, and everyone he met, he treated like a brother. People generally connected with his relaxed attitude and his sense of humor, which would sometimes raise doubts to his mostly pious nature. Still, I've never met anyone more averse to saving money. When he passed away, his…, Here's what I learned from Gramps and his financial folly:, 1. Without debt, subscriptions, or financial obligations, life can be remarkably affordable. Isn't it obvious? Things cost money. So if you have, want, use, and do less stuff, you're likely to spend less money. That pretty much describes Gramps' lifestyle. He was as minimal as minimal gets, getting by on slim income from his military pension and social security. He had a car, but most days he…, Read more Lessons From My Elders:, My Crafty Neighbor, The Distant Artist
- Lessons From My Elders, I won't always be young. I'm not jaded by the notion that I have a lot of years ahead of me, and many lessons to learn. But eventually, I won't be able to work the same 40 hours per week (plus the occasional side gig) to support my family and cover my health expenses. Not forever. So when someone older than me talks about life, I'm happy to listen because I might be in their shoes someday. I'm…, Retirement #3: The distant artist, Some people like to work hard and play hard, like my cousin JJ on the other coast. With a passion for cinema and photography, JJ left for California as soon as she had enough money for an apartment. She loves her work, both in study and creation, and it consumes her – she'd be the first to admit it – but JJ also loves to schmooze. She's a pro at working the room at a party, fulfilled by the small…, Here's what I learned from my cousin, the distant artist:, 1. Residual income is a return on investment. Think of someone who owns a successful business. They work hard early in life, investing in a company that should pay off later in life, right? That's the ideal: the company earns a healthy profit, managers handle the daily grind, and the company runs itself. For many artists, it's a similar game. In one industry, musicians pitch albums that make some…, Read more Lessons From My Elders:, My Crafty Neighbor, A Veteran's Folly
- Small Steps, Long Term Results, They told me it wasn't going to happen overnight – and they were right., While trying to dig out of my financial ditch, I looked for quick solutions everywhere. Cashing in retirement savings to keep my car on the road. Using credit cards to make loan payments. Borrowing money from family to make ends meet. I wasn't fixing the ditch. I was digging myself deeper. You may have heard this before, "The first step to getting better is admitting you have a problem." I heard…, Financial hardship can start to dictate your life. But it doesn't have to., Recruit financial allies., It wasn't easy to ask for help, but doing so made the biggest difference in regaining control over my personal finances. For me, the allies I enlisted were Visions, my older sister, and her spouse, my brother-in-law. They became my accountability partners , and we met regularly to help me stay on track. If you're trying to pick a team, keep in mind your finances should stay private, so you should…, people, at the center of their mission,, instead of profits, . They're committed to service . By the end of my first meeting, I learned that Visions offers a free financial counseling service, budgeting tools – all kinds of support – and it's not only for people who were in the same boat as me, but also for people who just want a second opinion about their goals and financial plans. The biggest relief was that most of these resources are free and easily…, Request settlements and payment plans., My financial wellness coach at Visions helped to guide me through the next steps. The things I had been avoiding–¦ While I was behind on utilities and bills, I avoided contact with my service providers. I was expecting some kind of verbal abuse or beratement, so the thought of it gave me a feeling of dread. Then, sitting down with my financial wellness coach, I learned that I could call the…, Within less than six months, of slow, steady payments, my credit score started showing significant improvements., Find affordable alternatives., Working with my financial coach and allies, I addressed one of my other roadblocks: my budget. Without understanding how to budget , even if I managed to pay off a few debts, I could have easily fallen back into the same old traps. My budget – the system of record-keeping, allocating, and tracking my income – would be my ticket to change. It helped me to define which expenses are necessary, which…, explore a truly, affordable, lifestyle, . That's the big thing with a budget. You have to decide what you can and can't afford, but sometimes it's not as clearcut as you want it to be . For example, I can afford a car payment while saving for some repairs. I can't afford an expensive new vehicle, especially one with a higher insurance cost or low fuel efficiency. For now, I'm sticking with the affordable option, and attempting to save…, Consider Consolidation, My last bit of advice is to try to consolidate your debt. My brother-in-law mentioned this as a good idea, but I didn't get to it right away. That was part of my biggest frustration as I started to tackle my debt. My credit was too low. But I didn't feel comfortable letting my family cosign. I wanted to take that ownership and be responsible for my own debt. If you need help with credit, you may…
- Coverage that performs when your vehicle doesn't, More than a jumble of letters, GAP and MRC can mean big numbers – especially when your vehicle is out of commission. Here's an introduction to what they are, when they can help, and how they've saved members money. , Guaranteed Asset Protection* (GAP), If your vehicle is totaled or stolen, your insurance settlement will be based on the vehicle's actual cash value, not based on the auto loan you may owe for that vehicle. Instead of forcing you to pay the full deficit in a pinch, GAP is designed to protect your vehicle investment and help you cover your remaining loan or lease balance – potentially saving you thousands. Most years, an average…, Mechanical Repair Coverage** (MRC), Your auto insurance policy and factory warranty will only cover specific incidents and repairs. Both for new and used vehicles, MRC plans supplement your auto protection and extend beyond the manufacturer's warranty to help you cover costly repairs caused by mechanical or electrical failures. Depending on which plan you choose, you could get MRC coverage for everything from electrical problems to…, Click here for more information about GAP, MRC, and auto protection., *Purchase of MEMBERS CHOICE– Guaranteed Asset Protection (GAP) is optional and will not accept your loan application for credit or the terms of any credit agreement you have with us. Certain eligibility requirements, conditions, and exclusions may apply. You may cancel GAP at any time. If you cancel GAP within 90 days, you will receive a full refund of any fee paid. **Provided and administered…
- ENDICOTT, N.Y. – Visions Federal Credit Union is dedicated to giving back to the communities in which they serve. One small way that Visions FCU contributes to the lives of educators is through the Visions Loves Educators program. This year (2018), VLE awarded $15,000 to fund classroom projects in schools across New York, New Jersey and Pennsylvania. Visions is pleased to recognize the following…, About Visions:, Visions Federal Credit Union is a nonprofit financial institution completely owned by its members. Dedicated to giving back for over 50 years, Visions serves more than 192,000 members with 47 offices in communities throughout New Jersey, New York, and Pennsylvania. Services include banking as well as auto, home, personal, and business loans. Reference: Visions FCU Press Release
- Visions FCU Celebrates the Grand Opening of a New Office on the Binghamton University Campus, With the opening of their 48th branch location inside the college's campus, Visions Federal Credit Union is proud to announce that they are now (July 2018) the official financial services partner for Binghamton University. Available to students, faculty, and the public alike, this new office provides convenient access to a full range of financial solutions. "We couldn't be more excited about…
- Agency Hosts Grand Opening of New Building in the Town of Dickinson, Published 01.11.2018 FIVE South College Drive opens as a "one-stop" economic and business development center for Broome County BINGHAMTON, NY – The Agency hosted today the official grand opening of FIVE South College Drive, a newly constructed economic and business development center in the Town of Dickinson. The Agency was joined by state and local officials and other building tenants…
- TOWN OF UNION, July 4, 2018 – 400 runners kicked off their Independence Day festivities by engaging in the first ever 4 on the 4th Road Race in the Town of Union. The four-mile marathon – the newest in the Empire Road Race series – was organized by Visions Federal Credit Union, who kicked off the early morning event at their Country Club Road headquarters in Endwell, NY. As an inaugural event,…
