April is National Credit Union Youth Month – a great time to learn about saving and establish a financial plan for your future graduates. But where should you start?
Did you know that children born today will pay up to four times more for tuition than a current 18 or 19- year-old? Why not start saving for college tuition the day your child is born? Watch your savings grow, and pass along responsible lifelong financial lessons to your child by educating them on the responsibilities and rewards of saving at a young age. This will also help prepare your child for those inevitable financial conversations regarding the high cost of college and their role in paying for it after graduation.
Each year in April, credit unions nationwide celebrate Youth Month. VLFCU is no exception and is excited to announce that we have revamped the celebration this year! We hope to engage more with our younger members and to educate them and their parents about the products and services specifically designed to help the youth in our community.
As part of our celebration, each branch will host contests and have giveaways throughout the month. We encourage you to bring your kids to a VLFCU branch for a visit!
The Annual Membership Meeting was held on March 21st at our Hayes Avenue Branch. Members and staff were addressed by Jude Hammond, Chairman of the Board, Bryan Myers, Chief Executive Officer, and Bill Stauder, Chairman of the Supervisory Committee.
The discussion highlighted the credit union’s 2017 successes and outlook for 2018. Election results for the Board of Directors were also announced, and we are pleased to welcome Elmer Lippert, Tracy Luc, and Jan Sadoski as they start their three-year term with the Board.
Thank you to all who participated in the election process!
Copies of the 2017 Annual Report are available at any of our five branches. You can also view or download it here.
There's not much more to say about tax scammers than has already been published, but taxpayers need to be wary of thieves who want your identity and your money. If it sounds too good to be true, then it's most likely a scam. At the top of the IRS's list of scams targeting taxpayers this year are:
- erroneous refunds
- phone calls from the IRS or debt collectors
- phishing and malware schemes (a means of obtaining your personal information by posing as a trustworthy entity)
- bogus emails
- scams which actually target legitimate tax preparers
Read more: VLFCU Urges Taxpayers to Beware of Tax Fraud Schemes
According to FedSmith.com, the average refund paid to taxpayers in 2017 was $2,878.00. Whatever your refund amount is this year, why not put those dollars to work and get ahead?! Here are a few ideas:
- Is credit card debt keeping you awake at night? Why not use that return to help pay down your credit card balance, or pay it off completely. If your current card doesn't offer benefits, transfer the balance to a card with lots of rewards, low introductory interest rates, and perks just for using your card. Spending money by using this type of card can be fun and economical.
- Reducing the principal on your home mortgage can dramatically affect the life of the loan. Think about using your refund to shave some years off the loan, while saving money in interest. It might seem like a small amount today, but even the smallest amount can make a dramatic difference down the road.
Read more: Make Your Tax Refund Dollars Work as Hard as You Do