Finance 101 for The College Freshman

Christine Damery on August 17, 2020

Sheryl Walsh

 

 

Sheryl Walsh is the Senior Vice President and Chief Consumer and Small Business Banking Officer
with The Cooperative Bank of Cape Cod. She lives in Centerville and is looking forward to
sending her final tuition payment this fall.

 

 

 

 

So, you’re sending your high school graduate off to his or her first year of college. It’s exciting and fraught with emotion. I know because I’ve sent two daughters off – one to UMass Amherst and one to the University of New Hampshire. As our children enter their first phase of real independence, and possibly their first time handling finances on their own, it’s important to send them off with some financial parameters. Here are 4 tips I recommend instilling in your undergrad:

  1. Be smart about credit.

    There will be numerous temptations and offers for new credit cards, many coming with tempting perks geared for the collegiate set. Keep to one emergency credit card with a low credit limit. Have a plan for when it should be used and a plan for making regular payments. Getting into credit trouble now can haunt them years later and cripple important milestones, like buying a first home.

  2. Make a budget and stick to it. 

    Having a monthly plan of what you have and your anticipated expenses will keep you on track. Plug in the categories you spend money on most, including going out to dinner with friends, concert tickets, Uber fares, and even your morning coffees from Starbucks (those add up!). Consider using a budgeting app like Mint or NerdWallet to easily keep track of your spending on your phone. For parents, if you’re supporting your child with spending money, work with him or her on the budget and set a monthly limit for what you’ll provide.

  3. Use your meal plan.

    It’s already paid for, so opt for pizza in the dining hall rather than calling out for delivery. And make sure you know all of the little extras your meal plan may include, like purchases at satellite restaurants or in the bookstore. For the parents, I strongly recommend doing your due diligence when selecting a plan. The options can be dizzying, so read up on them and take advantage of any information sessions offered. It can be tempting to purchase the most lavish, expensive plan, for fear your undergrad will starve, but bigger isn’t always the smart option. You may end up throwing money down the meal-plan-drain.

  4. Protect your valuables.

    College living is a fun, communal, social atmosphere, which is great and should be enjoyed! The downside is that it’s also an environment where valuables can easily be stolen. Be smart about laptops, phones, jewelry and other prized possessions. Lock your dorm room door when you’re going down the hall to visit friends or keep your valuables on you. A stolen laptop is a financial hit for sure, but it will also result in lost productivity, lost homework, potential theft of personal information stored on the hard drive, and the inconvenience of replacing it.

This is an exciting time for the student and parent. With the right plan, you’re guaranteed to find success!

Sheryl Walsh with her two daughters posing for a photo on the pier with water and boats in the background.

Sheryl Walsh with her two daughters.

Lisa Oliver Appointed New President and Chief Executive Officer of Cape & Coast Bank

Christine Damery on February 14, 2017

Hyannis, MA (February 14, 2017) – Joel Crowell, President and CEO of The Cooperative Bank of Cape Cod, on behalf of the Bank’s Board of Directors, today announced the appointment of Lisa Oliver as his successor.  Oliver becomes only the 5th President of the 95-year-old community Bank and the first female to assume the role.

“Lisa embodies the customer- and community-first philosophy that has always been at the heart of The Cooperative Bank of Cape Cod,” said Crowell, who announced his retirement last fall after forty-seven years of service to the Bank.  “She has a proven track record of leadership, team building and community service.  I am extremely proud to pass this torch to Lisa, who will continue to build upon the tremendous relationships we’ve developed with our customers, while shepherding the Bank into its next hundred years.”

Oliver brings thirty-plus years of financial services experience to the post, including twenty five years at Cleveland, Ohio-based KeyBank where she rose quickly and assumed several senior leadership roles.  Most recently she served as Executive Vice President and Head of Business Banking, leading the company’s $3 billion business banking unit.  Her career path at KeyBank also included thirteen years as President of the Bank’s Greater Cleveland District, where she oversaw the Bank’s 85 branch locations as well as the commercial and private banking sales teams, and led the Bank’s extensive philanthropic initiatives.  Earlier in her career, she served as the Northeast Sales Executive and Segment Leader, leading business banking teams across Maine, Vermont, New Hampshire and New York.

“I am a community banker whose career has been focused on clients, community and employees.  Banking is all about people: the expertise to offer the right solutions to meet a client’s financial needs, the service ease and speed to exceed client expectations and the career dialogues to enhance growth opportunities for employees.  The Coop has demonstrated how such a focus has returned benefits to the organizations in its footprint and the communities in which it serves. Its mission aligns perfectly with my business values and I’m thrilled to be joining this wonderful team and the Cape Cod community” said Oliver.

The Cooperative Bank of Cape Cod’s fifteen-member Board of Directors conducted an extensive search of candidates before making their selection.

“Lisa was selected because of her proven leadership, extensive industry experience in both large and small markets, and commitment to delivering cutting edge service in a highly personal way.  She has a deep appreciation for the importance of community banking, particularly in a region like Cape Cod,” said Shelia Vanderhoef, Lead Director of the Board.

A passionate advocate for volunteerism, Lisa has been deeply entrenched in Ohio’s philanthropic community for the past two decades.  She’s served in numerous leadership capacities with organizations including the Rock and Roll Hall of Fame, United Way, American Heart Association, Gilmour Academy, and Cleveland Botanical Garden, among many others. She was also Co-Executive Chair of the Young Professionals Key Business Networking Group and was honored by the YWCA Greater Cleveland as a Woman of Achievement Recipient. This prestigious award is presented to a select group of women who have achieved extraordinary accomplishments through career success, community service, leadership, mentoring, and dedication to YWCA’s mission of eliminating racism and empowering women.

Oliver will assume the role effective Monday, March 6, 2017.  Crowell will work closely with her for a period of time to ensure a smooth transition.

A graduate of Colgate University where she studied International Relations and French, Lisa went on to complete an Executive Leadership Program at Case Western Reserve University.  She was raised in Kingston, New York and spent many years in the Northeast prior to moving to Ohio to join KeyBank.  No stranger to Cape Cod, she has spent time enjoying our coastline as a visitor.