Kristen Heisey interviewed on Pennsylvania Newsmakers

Interview highlights financial New Year’s resolutions

Budget and debt |
Fireworks exploding

Kristen Heisey, President and CEO of Everence® Federal Credit Union, joined Mike Wishnow, Senior Vice President of the CrossState Credit Union Association, and host Terry Madonna for the first half of the Dec. 18 Pennsylvania Newsmakers show: Financial Resolutions, and Why Teaching Matters.

The show highlights five financial resolutions for 2023.

  1. Develop a written monthly and annual budget.
  2. If you don’t already have one, establish a relationship with a credit union or bank.
  3. Critically review your personal debt.
  4. Develop a plan to save and invest.
  5. Teach your children about finances.

Kristen M. Heisey, CFMP, Everence Federal Credit Union President and CEO

Kristen Heisey

On developing a budget, Heisey says, “We know that a lot of Americans are spending beyond their means. Half of us are living paycheck to paycheck, and inflation is a real challenge right now … We need to be proactive and actually begin to set a budget. One of the best things you can do is put it on paper, go to a spreadsheet, or there are a lot of great apps out there to start to develop a budget.”

But part of budgeting includes creating accounts for things like “fun money” or emergencies.

Be ready for the unexpected

“It’s really important to budget for emergencies. They’re going to happen. Your car’s going to break down. The water heater is going to go. Do you have a little money set aside for those emergencies? Otherwise, you go to pull out that credit card to try to cover,” said Heisey.

When those emergencies happen, however, a credit union can help.

Heisey said, “A lot of times people get into a situation where their car breaks down and now they can’t go to work … And there are small loans, micro-loans, that a lot of credit unions or banks can help people to get by, to get them back to work.”

Everence Federal Credit Union serves members from young children to older adults. Whether they are facing financial challenges or just saving for the future, the credit union is there to help.

“One of the big challenges is helping people improve their credit score so that they do have access to better credit, and we can help them figure out how to improve their credit score,” says Heisey.

Helping clients build a credit history

“We also have been working with people new to the United States who have no credit history – teaching them to build credit and work with them to get a secure credit card so they can start building that credit and have an opportunity to one day buy a house or buy a car.”

Heisey ended the interview by highlighting Everence Federal Credit Union’s youth savings accounts and yearly Youth Savings Week. “That’s really one of the best things parents can do is to actually open up a savings account for their child and teach them to start saving.”

The interview aired on WGAL Channel 8 (Harrisburg and Lancaster), WBPH (Lehigh Valley and Philadelphia), WLYH (Harrisburg, Lebanon, York), WKBS 47 (Altoona), WPCB 40 (Pittsburgh), and MeTV (Susquehanna Valley) from Dec. 18-24.

Check out the full Dec. 18, 2022, conversation from Pennsylvania Newsmakers here.