Whether you call them “camps”, “cottages”, or “lake houses”, vacation homes are often a bigger investment than our primary homes.

If you’re considering a vacation home, go in with both eyes open, and you’ll make a great investment of your money, time, and leisure. Here are 5 tips to keep in mind:

1. Visit first
Before you buy, visit the area a number of times. Reading or hearing about a great vacation spot isn’t enough. Before you commit to a long-term residence, make sure you’ll truly enjoy it.

2. Understand all your expenses
Learn the real price of owning your vacation home. In addition to the cost of the property, make sure you know the taxes, insurance, and other carrying costs. Even when you’re not there, you’ll still have to pay for water, gas, electrical, trash removal, landscaping, and other maintenance. Make sure you can afford the entire cost year round. Another common cost for vacation homes is a management fee. If you don’t plan to be there for a large part of the year, you can find a reliable local property manager to maintain your home.

3. Plan for work
Remember, this is a vacation home, which is still a home. It requires repair and upkeep the same as your primary residence, and you should budget time, effort, and costs during the season (especially at the start!) for maintenance.

4. Consider renting
If you won’t be there for large portions of the year, consider renting your home to other vacationers during those times. With rental managed by a reliable property manager, you can offset your monthly costs, and even pay off your vacation home early! Check out other local rentals, and find a good local agent or rental company, so you can set a reasonable rental price, as well as get an idea of how much of the season your home will be vacant. Also keep in mind that the most popular vacation times are when your rental will be in demand, and that could conflict with your own vacation plans.

5. Remember accessibility
How easy will it be for you to get to your new vacation home? Find a place that is close enough, and easy enough, to access easily year round. You’ll be much more likely to use it.

We can help you with a number of these considerations. Make an appointment to tell us your vacation dream!

First Source, initially founded as Utica Teachers Federal Credit Union in 1938, has deep roots in education, so financial literacy is very important to us. When people learn good financial habits at an early age, they benefit throughout their lifetimes. That is why we’ve offered the National Endowment for Financial Education (NEFE) program for many years. We also now sponsor the Banzai Financial Literacy Program, along with a dedicated Schools Relationship Coordinator, to help students learn to spend and save wisely. The program serves middle and high school students, and a new program for elementary students will be launched later this year.

The curriculum includes lessons in written and interactive online forms, and takes students through real-life adult financial scenarios where they “choose their destination” as they go. From navigating taxes to paying auto insurance, they learn skills they can use in their lives as they become financially more independent.

Track and manage their money, make financial trade-offs, practice discipline, and make sound financial decisions. When we visit the class, we show them how to build and maintain credit, the pitfalls of revolving debt, and offer a real-world perspective that (we hope!) students will carry with them.

The online learning center also offers relationship builders for the students. Once their course is completed, if they open a new First Source youth account, we will deposit $10 in their savings!

Our biggest reward is the thanks we get from teachers and students.

Thank you so much for your sponsorship of the Banzai Financial Literacy Program in local schools! This month I had 115 students in my 7th grade Home and Careers classes complete the Banzai program. I liked how Life Scenarios presented real-world financial situations and budgeting decisions that students will face in the near future.

During the last 2 weeks of school when it’s difficult to keep students’ attention, the Banzai program engaged my students in the online curriculum, and had them asking excellent questions. Many of them were excited to have me fill out their completion certificate to take home to their parents, and one student even brought his into First Source to open an account! Thank you for sponsoring this valuable life skills curriculum for my students. Many Thanks!

– Mrs. Kristy Aldrich, Family and Consumer Sciences Teacher Holland Patent Middle School

Thank you so much for sponsoring the Clinton Middle School! We sincerely appreciate your generous contribution and love the financial literacy program. We have had many wonderful class discussions based on the scenarios and the content that the Banzai Program has provided our students! Thank you once again!!

– Miquel Grimm

Thank you for providing the materials to use in my business classes this year. It will enhance the interactive process in my classroom. Being able to use real life scenarios to engage the students makes teaching financial concepts simple. Once again thank you.

– Terry Stanimer, Notre Dame High School

“I learned how to space out my money responsibly, and how to be smart with payments/paychecks.”

“I learned that financial goals are hard to achieve if you don’t save properly.”

“I learned how to keep money and use it wisely on things I need. As well as how to say no to something when I don’t have enough money.”

“I learned how to manage my bank account.”

“I realized it’s hard to manage money! It’s not just telling yourself to remember to buy this or that, you actually need different accounts/jars for different things.”

“I learned the consequences of being in debt.”

“I learned that life can take unexpected turns and that sometimes you have to sacrifice luxuries for your bills.”

“I learned to be prepared for accidents and emergencies.”

“To be honest I didn’t know much of anything about checking accounts, credit cards and managing money. Now I feel like at least I know a little more than I did before, which is good to go into the future, knowing something rather than being really confused in a real life scenario.”

If you’re a local educator and want to learn more about the program, please contact Sue Maxam at 315-735-8571 for more information.

We’ll be opening a new “branch” soon: a play credit union for kids who visit the Utica Children’s Museum in Utica. Stan Kocyba, our Facilities Manager, will be creating a new financially-focused learning and play space for inquisitive young minds. Stan is in charge of our properties decisions, normally making the important calls on land and buildings, maintenance, and upgrades. This time, he’ll be thinking a bit smaller.

“We are taking two existing spaces, each 8 feet by 8 feet, and combining them into one larger space for our needs,” Stan said, as demolition started at the museum. “An old dentist office area and bank area will become the new credit union area. There was no existing technology installed, and we wanted kids to experience that, so we’ll be adding some interactive technology.”

The new space will be larger, and more interactive inside and out. The proposed design would give children a space with a play ATM, teller window with 2-way drawer, pneumatic tube system, live camera with monitor, loan area, vault, and a large erasable check.

While a good bit of general building design and construction skills are needed, creating a space like this for young people involves additional challenges. We always consider safety first, and the structure will be built to child scale. Our staff may be called in to help with maintenance of the site as well, so ease of access will be considered. Stan laughs, adding, “Kids can be a bit destructive, so our ‘functioning’ mini credit union branch will have to be built to withstand that.”

“Dramatic play is the foundation of our Exploration Station, and we‎ are so excited to welcome First Source as a community partner,” said Elizabeth Brando, the Utica Children’s Museum Executive Director.

In addition to Stan Kocyba and Elizabeth Brando, our team includes a graphic designer (for branding, wall design, and decals), and a community relations specialist. Other First Source volunteers will help with the painting. The entire project is projected to be finished in a few weeks.

“It’s fun to build for kids,” Stan says. “To know they’ll use and enjoy it. I like that they’ll be learning and playing. It makes you feel good. I have a son, and I like to build and create for him. I truly enjoy projects like this.”

Stan’s last kids’ project was a handicapped-accessible tree house outside of Rochester, for children of all abilities to enjoy playing in the trees. This one is not nearly as big a project, but he looks forward to the joy it will bring to museum visitors.

Travelling this summer? Stay safe, have fun, and prevent financial surprises with these financial tips.

1. If you’re planning to travel abroad to a destination where you’ll need to exchange currency, make sure to do that before you go. It’s almost always more expensive to exchange at the airport or visitors’ center. Check your local financial institution. At First Source you can exchange right online using the most current exchange rates. It’s simple, secure, and one less thing you need to worry about. First Source partners with Travelex, the world’s largest retail foreign exchange specialist, offering a wide range of currency, and a number of convenient delivery methods. Plus, if you order before 4:00 p.m. EST, you can get next day delivery! Choose from cash or a prepaid cash passport Mastercard^®, which you can reload at any time.

2. Let your credit and debit card holders know when you’re planning to travel, so they don’t block your card (thinking it may have been stolen). A quick call to let them know your destination(s) and dates will help make sure your funds are available when and where you need them.

3. Some credit cards charge an additional foreign transaction fee when using them abroad. If you plan to use a credit card in another country, make sure to bring one that doesn’t charge this added fee.

4. Planning to dine out? Make sure you know the region’s tipping policy. In some countries, tipping is not customary. If you’re tipping within the U.S. but outside our local area, remember to do the math rather than just double the tax. Other cities and counties may have lower tax rates, so simply doubling the tax could short your server.

Plan ahead, and have a great trip!

First Source is privileged to have the ability to support many worthy organizations and causes in our area. One that we support and participate in year after year is The Ride For Missing Children, and I am honored to be personally involved.

It is a cause that is near and dear to so many, due to its beginnings right here in our community. A tragedy, turned into a positive and empowering movement. The Ride touches on many issues that are important to First Source, including education, prevention, positive action, and support. It also touches many diverse groups, including children, educators, parents, and law enforcement.

Once it was decided that First Source was going to be involved in 2008, I knew I wanted to play a bigger role personally. Starting as a Rider, I was thrilled to join a truly amazing group of dedicated and caring people. I was proud to get to know them and call them family. As the years progressed and I became more engaged year after year, I felt a stronger connection, and the ride took on a deeper and more personal meaning. I got to know family members of missing children, the teachers and kids at the schools, our local law enforcement, NCMEC Staff members and volunteers…countless people giving of themselves, dedicated to a common cause.

An opportunity came for me to volunteer and share my expertise and skills on the Ride’s Steering Committee. It felt good to provide additional assistance in a different capacity. I still Ride and volunteer, and I am really looking forward to this year’s milestone 20th Anniversary Ride on Friday, June 3rd. This will be my 7th year. As they say, may the wind be at our backs and the sun on our face, as we all do our part to make our children safer…one child at a time.

– Tom Neumann, Executive Vice President/Chief Operating Officer