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In This i SSUE
LETTER FROM THE PRES i DENT
COMMUN i TY & EVENTS
FEATURE SPOTL i GHT
Digital Banking Financial Wellness Tools
FEATURE
7 Steps for Planning a Family Vacation on a Budget
L i FESTYLE
is it Smart to Use a HELOC For a Home Remodel?
MONEY MATTERS
Gig Economy & Small Business Goes Hand-in-Hand
WHAT'S TREND i NG
FiRE Movement
(Financial Independence, Retire Early)
Plant the Seeds of Financial Success
Spring is the perfect time for fresh starts — especially for your finances. Spero Digital Banking offers a full range of financial tools that make managing your money a breeze.
Set savings goals, track your spending, and get a personalized financial health check-up — all on the same platform. Enjoy having your financial toolkit with you whenever you need it.
Sign into Digital Banking and get started today!
Dear Members,
As we welcome the warmer months, it's a perfect time to explore new opportunities.
Those who attended the Spero Annual Meeting heard us speak about the exciting new opportunities ahead. 2025 will be a year of Reinforcing our Foundation for a Stronger Future for You! Over the last few years, we have focused on establishing a strong foundation of excellence for you, our members. We built this foundation through digital innovation, personalized service, and more community involvement than ever.
Letter from the President
Brian McKay PRESIDENT
As we transition to 2025 and beyond, we will continue these efforts by focusing on four key pillars: financial performance, member experience, Team Spero, and future growth and innovation. Focusing on these specific areas will help us manage our resources wisely, fine-tune our financial structure, and find ways to work more efficiently. We are excited about the year ahead and know it will have a positive impact on your financial future.
Speaking of your financial future, this edition of Checkpoint Magazine looks at new adventures that may await you. Whether you're dreaming of a vacation, starting a new venture, or planning a home improvement project, we’re here to guide you.
• Planning your next family vacation? Find practical budgeting tips on page 8.
• Is a home remodel on your bucket list? Don’t miss the tips on page 11.
• Starting a side hustle or new business? Check out page 14.
• Want to retire as early as possible? Page 16 can help you save and invest wisely.
At Spero, we’re committed to providing the financial tools and resources you need to make your dreams possible. Our team is always here to help you plan, save, and achieve your goals.
I appreciate you!
KASASA ® $5,000 G i VEAWAY
Win $1,000 in the Kasasa $5K Giveaway!
Here’s your chance to make your checking account even more rewarding. Open a Kasasa Checking account by June 30th and complete a few qualifying steps, and you’ll be automatically entered to win one of five (5) $1,000 prizes!
Qualifying is easy:
• Make 12 debit card transactions of $5 or more
• Enroll in and agree to receive eStatements
• Receive one direct deposit or perform one ACH transaction
Open your Kasasa Checking account today!
Community & Events
Throughout this year, we will host virtual financial wellness workshops – completely free for our members. Take advantage of this member benefit! HOL i DAY CLOSURE MAY 26, 2025 Memorial Day
JUNE 19, 2025
Juneteenth
UPCOM i NG MEMBER EVENT JUNE-JULY
Sweet Summer Series
Each summer, we love to share a sweet treat with our members as a small token of our appreciation! Be on the look out for our #SweetSummerSeries coming in June and July.
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Get a Fresh Start With New Financial Wellness Tools
Now that warmer weather is finally here, you may be thinking about outdoor projects like planting a garden, tidying up your flower beds, or making sure your lawn looks its best. Whatever your project might be, you need the right tools to make sure your plans become more than just great ideas. Shovels, rakes, trowels, hoses, sprinklers, mowers — the list goes on. Having the proper tools makes the job easier and lets you enjoy the process.
The same wisdom applies to your finances. Whether you’re planning a vacation, saving for your child’s education, or working to pay off debt as soon as possible, the job gets a lot easier when you have the right tools at
Digital Banking gives you the financial tools you need to succeed.
Did you know our new Digital Banking platform has a full set of tools and resources that can make managing your money a breeze? If so, have you started using them yet? If not, the information we cover next will be a breath of
Here's a sneak peek at some of the features you’ll find when you log
SAVINGS GOALS
Setting aside money for a big purchase? Our Savings Goals feature makes it easier than ever. Set your target, track your progress, and automate transfers to your savings account — all with just a few clicks. It makes achieving your financial dreams feel almost effortless.
SPEND FORECAST
Budgeting can feel like a guessing game, right? You see your current balance and think you're in the clear, so you buy that new pair of shoes or grab takeout on the way home. But then you realize you forgot about that upcoming car payment, your quarterly insurance bill, or your child's soccer fees. Ouch! Our Spend Forecast tool takes the guesswork out of budgeting by using machine learning to analyze your spending patterns, predict future expenses, and help you know your spendable balance at any given time.
ACCOUNT AGGREGATION
Are you tired of juggling multiple bank accounts? Our Account Aggregation tool simplifies your financial life by connecting all your accounts, regardless of where they're held, into one convenient dashboard. Track spending, identify trends, and make smarter financial decisions with ease.
FINANCIAL HEALTH CHECK-UP
Are you curious about your financial fitness level? Our Financial Health Check-Up gives you a clear picture of your financial well-being, assessing your spending, debt, credit score, planning behaviors, and savings to provide a dynamic score that updates as you progress. Think of it like a Fitbit for your finances!
Ready to take your financial plans to the next level?
Just like a vibrant garden, a beautiful flower bed, or a Yard-of-the-Month-level lawn, healthy finances take focused, consistent effort. But when it comes to long-term financial security, the benefits are always worth the hard work.
Spero Financial is proud to be your trusted partner every step of the way. You can always count on us to provide the tools and support you need to achieve your goals and build a brighter financial future. Log in to Digital Banking today to start exploring all the powerful tools that are available to you as a Spero member.
Need help getting started?
Whether you’re creating your first budget or adjusting your financial strategy to fit changes in your lifestyle, our friendly financial experts are here to help. Contact us or visit your local branch to learn how Digital Banking can empower you on your financial journey.
Insured by NCUA. Membership Required.
How to Plan a Family Vacation Without Blowing Your Budget
Family vacations are opportunities to enjoy some rest and relaxation with those you love the most. And while escaping the daily grind sounds great — the potential price tag might leave you secondguessing your plans. But don’t give up on your getaway dreams just yet. We’ve got good news — you don’t have to drain your savings to create unforgettable family memories!
The average vacation may cost more than $1,000 per person, but with thoughtful planning, a little creativity, and a focus on what really matters, you can take a fantastic trip without the financial stress.
Here’s your step-by-step guide for a budget-friendly vacation.
01 | Budget First, Dream Later
The key to an affordable trip? Knowing what you can actually afford. Before scrolling through travel sites, set a realistic budget that includes:
• Travel (flights, gas, rental car)
• Lodging
• Food
• Activities & extras (souvenirs, park fees, tips, etc.)
02 | Pick a Budget-Friendly Destination
Now that you know what you can spend, it’s time to choose a destination that fits — not fights — your budget.
• Stay closer to home. A road trip or a short flight can cut costs significantly.
• Look for built-in savings. Visiting family? You might score free lodging. Love the beach? Consider a more affordable alternative to expensive hotspots.
• Be flexible. If you’re open to different destinations, you can find deals that stretch your dollars further.
If you have your heart set on a bucket-list trip—like a family cruise or a European adventure—flip the process. Price it out, set a savings goal, and give yourself time to make it happen.
03 | Choose the Right Time to Travel
Timing is everything when it comes to travel costs.
• Avoid peak seasons. Flights and hotels are pricier during summer and holidays. Consider spring, fall, or even winter trips for better deals.
• Travel mid-week. Flying on a Tuesday or Wednesday is often cheaper than a Friday or Sunday.
• Book ahead. (But not too far.) Airfare is typically cheapest 1-3 months in advance for domestic travel and 4-6 months for international.
04 | Find Deals on Lodging, Travel & Activities
Even small savings add up fast. Here are a few tips:
Lodging:
• Compare hotels vs. vacation rentals. Sometimes a rental with a kitchen saves big on food.
• Look for free breakfast, parking, and resort credits.
• Stay just outside the main tourist area for lower prices.
Flights & Travel:
• Use price comparison sites like Google Flights or Skyscanner.
• Sign up for airline deal alerts.
• Book flights mid-week and travel light to avoid baggage fees.
• Consider getting travel insurance in case plans change.
Activities
& Entertainment:
• Check local tourism sites for discounts.
• Opt for free attractions like national parks, beaches, and museums.
• Purchase city passes that bundle attractions for a discount
05 | Plan for the “Little” Expenses
Small, unexpected costs can wreck a budget. Before you travel, think about:
• Tipping (restaurants, bellhops, tour guides)
• Passports & travel docs (if needed, get them early to avoid rush fees)
• Transportation expenses (Uber/Lyft, rental car insurance, parking fees)
• Food costs (Factor in airport snacks, convenience store stops, and local dining)
06 | Start Saving Early
The best way to avoid post-vacation money stress? Start saving before you book.
• Open a Vacation Savings Account. Automate transfers each month so the money is set aside.
• Break it into monthly savings goals. If your trip will cost $2,000 and you have six months to save, set aside about $333 per month.
• Cut small expenses. Skipping two coffee shop visits per week could save you an extra $30-$40 per month.
07 | Stick to the Plan
Vacations are all about fun—but it still takes focus to avoid overspending.
• Set a daily spending limit and track expenses as you go.
• Use cash or a prepaid debit card for things like food, souvenirs, and entertainment.
• Give yourself a “splurge fund.” Want to grab a few extras? Set aside a little just for that.
Ready to Make Your Trip Happen?
Vacations don’t have to include financial stress. if you need some help setting up a vacation savings plan, stop by a Spero branch. Let’s make your vacation dreams come true!
Insured by NCUA. Membership required.
Bring Your Dreams to Life
Spring is the perfect time to start that home renovation — or any other project or adventure — you’ve had on your bucket list. With a HELOC, you can access up to 100% of your home’s value and enjoy the flexibility to borrow what you need when you need it.
Is It Smart to Use a HELOC for a Home Remodel?
Your home is more than just where you live — it's one of your biggest investments. As home prices continue to rise and inventory remains tight, more homeowners are choosing to renovate rather than relocate. If you're
looking at a major home improvement project, you might be thinking about tapping into your home’s equity through a Home Equity Line of Credit (HELOC). But is it a smart move? Let’s break it down.
What is a HELOC and How Does it Work?
A HELOC is a revolving line of credit that allows you to borrow against the equity in your home. Unlike a traditional loan, where you get a lump sum, a HELOC works more like a credit card—you can withdraw funds as needed during a set draw period (typically 10 years) and only pay interest on what you borrow. Once the draw period ends, you enter the repayment phase, where you’ll pay back both the principal and interest over a set period (usually 10 to 20 years).
This flexibility makes HELOCs an excellent option for home renovations, especially for projects where costs might fluctuate — like a kitchen remodel or a major outdoor upgrade.
Why Use a HELOC for Home improvements?
Using a HELOC to finance your remodel can be a smart strategy. Let’s review some of the biggest advantages.
LOWER INTEREST RATES
Because HELOCs are secured by your home, they typically have much lower interest rates than credit cards or personal loans.
FLEXIBLE BORROWING
You can access funds as needed, which is perfect for phased projects or unexpected costs.
POTENTIAL TAX BENEFITS
If you use a HELOC for home improvements, the interest may be tax-deductible (but check with a tax professional to be sure).
BOOSTS YOUR HOME’S VALUE
Strategic upgrades, like kitchen remodels or energy-efficient improvements, can increase your home’s resale value.
The Risks of Using a HELOC
Of course, no financial decision is without risks. Before borrowing, it’s important to consider a few potential risks.
YOUR HOME IS COLLATERAL
Because your house backs the loan, missed payments could put your home at risk of foreclosure.
VARIABLE INTEREST RATES
Most HELOCs have variable rates, meaning your monthly payments could increase if interest rates rise.
OVER-BORROWING
It’s tempting to take out more than you need, but be mindful of how much you borrow.
MARKET FLUCTUATIONS
If real estate values drop, you could end up owing more than your home is worth (a situation known as negative equity).
is a HELOC Right for Your Remodel?
A HELOC can be a great tool for financing home improvements—but only if used wisely. Before tapping into your equity, ask yourself a few questions. First, does this project add long-term value to your home?
Some renovations, like updated kitchens and bathrooms, offer great return on investment, while
others (think high-end landscaping) might not.
The next question to consider is whether you have a repayment plan. This is especially important when rates fluctuate. Making sure you have a strategy for paying back what you borrow — even if payments vary — can set your mind at ease.
Lastly, be sure you can handle the risks we outlined above. If there’s any uncertainty about future income or housing market shifts, it may be best to explore other financing options.
Alternatives to a HELOC
If a HELOC isn’t the right fit, that doesn’t mean you have to put your
your renovations on hold. There are several other ways to fund your remodel.
HOME EQUITY LOAN
Similar to a HELOC but with a fixed interest rate and a lump sum payout.
CASH-OUT REFINANCE
Replaces your current mortgage with a larger one, letting you cash out the difference.
PERSONAL LOAN
A faster option with fewer qualification requirements, though usually with higher interest rates.
The Bottom Line
A HELOC can be a smart way to finance home improvements — offering flexibility, lower interest rates, and potential tax benefits. But because your home is on the line, it’s crucial to borrow responsibly. If you’re thinking about using a HELOC for a remodel, take time to evaluate the risks, compare options, and plan ahead.
At Spero Financial, we’re here to help you make the best financial decisions for your home and your future. If you’re considering a HELOC, let’s chat about whether it’s the right move for you.
5 Steps To Turn Your Side Hustle into a Small Business
if you’ve thought about looking for a side hustle to earn extra income or replace your day job, you’re not alone. Thanks to advances in technology, shifts in business practices, and increasing demand for specialized services, the gig economy is growing faster than ever. Being your own boss — even on a small scale — offers endless possibilities for earning money,
pursuing your passions, and achieving your financial goals. The hardest part can be knowing how to get started.
Here are five practical steps for standing out from the crowd and transforming a part-time gig into a successful small business:
Identify Your Skills & Passion
Start with what you love or what you’re naturally good at. Do you have a knack for writing? Consider freelance content creation. Love DIY projects? Try selling custom products on Etsy. Extra time on your hands? Becoming an Uber driver might be the move. There are plenty of options out there; the important thing is finding the opportunity that’s right for YOU.
Choose the Right Platform
Once you know what you want to do, you’ll need to pick a marketplace that aligns with your business model. Here are a few suggestions:
• Handmade Goods? Etsy or Shopify
• Freelance Services? Fiverr or Upwork
• Rental income? Airbnb or Turo
• Digital Products? Gumroad or Teachable
• Task Services: Drive for DoorDash, GrubHub, Task Rabbit
• Driving Services: Lyft or Uber
01 02 03 04 05
Set Up Your Business Structure
While side gigs can start informally, turning it into a real business means getting legit.
• Register as an LLC (for legal protection)
• Open a separate business bank account
• Track income & expenses for tax purposes
Market Yourself
Even with established platforms, marketing helps boost visibility. Sometimes, simple steps can help you connect with a wider audience of potential customers.
• Create a social media presence on Instagram, TikTok, or Facebook
• Use SEO-friendly keywords on your product listings
• Offer discounts or promotions to attract first-time customers
Scale & Automate
Once you start making a steady income, think about how to grow. This is where you can apply some extra creativity to your business.
• Expand your offerings (add new services or products)
• Increase pricing as demand grows
The Future of Small Business is Here
The days of needing a brick-and-mortar store or massive startup capital are behind us. With the gig economy in full swing, anyone with a skill, product, or passion can create a thriving business. Whether you’re looking for extra income or dreaming of full-time entrepreneurship, there’s never been a better time to start.
Need help managing your business finances? At Spero Financial, we offer small business banking solutions to help you grow your side hustle into something bigger. Stop by a branch to learn more!
Movement
Financial independence, Retire Early
What if you could quit your 9-to-5 decades ahead of schedule?
That’s the goal of the FIRE movement — a financial strategy focused on saving aggressively, investing smartly, and achieving financial independence long before traditional retirement age.
FIRE isn’t just about retiring early. It’s about having the freedom to live life on your terms. Whether that means leaving the corporate world at 40, switching to part-time work, or simply having the financial security to make big life choices without stress, the FIRE movement is changing the way people think about money.
So, how does it work? And is it realistic for the average person? Let’s break it down.
What is the FiRE Movement?
The Financial Independence, Retire Early (FIRE) movement is built on a simple principle: spend less, save more, and invest wisely so you can retire earlier than the traditional age of 65.
Followers of FIRE aim to save 50% or more of their income — sometimes as much as 70% — by keeping expenses low and prioritizing financial growth. The goal? Accumulating enough wealth to cover living expenses indefinitely, typically through a mix of savvy investing and passive income.
The Math Behind FiRE
The movement is based on the 4% Rule, which suggests that if you withdraw 4% or less from your investment portfolio annually, your savings should last indefinitely. That means if you want to retire on $40,000 per year, you’ll need around $1 million saved.
If you’re aiming for early retirement, focus on building a portfolio 25-30 times your annual expenses and letting compound interest do the rest.
Different Types of FiRE
Not everyone follows the same FIRE path. There are different variations depending on your goals and lifestyle preferences.
Lean FIRE – Living a minimalist lifestyle and cutting expenses drastically to retire as early as possible.
Fat FIRE – Aiming for early retirement but with a higher spending goal, allowing for a more comfortable lifestyle.
Coast FIRE – Saving aggressively early on, then letting investments grow passively without additional contributions.
Barista FIRE – Reaching partial financial independence but working a part-time job or pursuing a passion project for extra income and benefits.
Whether you want to travel the world in your 40s or just retire a decade early, there’s a FIRE approach that can fit your goals.
How To Start Your FiRE
If the idea of financial independence and early retirement sparks your interest, here are a few steps to follow as you get started:
track & cut expenses
Before you can save aggressively, you need a clear picture of where your money is going. Budget trackers (like Mint or YNAB) make it easy to spot and cut unnecessary expenses, whether they’re unused subscriptions, frequent takeout, or pesky impulse buys. By reviewing your income and spending, you can tighten your budget and take control of your finances — an essential step if early retirement is your goal.
increase your savings rate
Most FIRE proponents aim to save at least 50% of their income, which can feel overwhelming at first. The best way to start is by paying yourself first: set aside a specific amount from each paycheck before spending a dime. Automating this step makes it easier to stay consistent. Maxing out your 401(k), IRA, and HSA contributions is another strategic move. The secret to increased saving isn’t necessarily earning more — it’s spending less.
invest wisely
Saving alone won’t get you to financial independence; investing will. Index funds and ETFs are popular for their long-term growth and low fees, while real estate is another go-to for FIRE enthusiasts. Property values tend to appreciate over time, and rental income can provide a steady stream of passive earnings. The goal is to make your money work for you.
calculate your fire number
Knowing your FIRE number helps you plan for the future. The 4% Rule gives you an easy formula to follow:
Annual expenses × 25 = FIRE Goal
If you want to retire on $50,000 per year, you’ll need $1.25 million. Need $100,000? Double it. The more you save and invest, the faster you’ll reach that number.
stay the course
Reaching FIRE doesn’t happen overnight. It takes years of discipline, smart financial choices, and resisting lifestyle inflation. As your income grows, keeping expenses in check is key. But even with all the planning and saving, don’t forget to enjoy the process. Every step forward brings you closer to financial freedom.
is FiRE Right for You?
FIRE is not for everyone—it requires sacrifice, commitment, and financial discipline. Some critics argue that extreme frugality can reduce quality of life, while others question whether it’s realistic for the average person.
But here’s the truth: You don’t have to fully retire early to benefit from FIRE. Even adopting parts of the mindset — like saving more, spending less, and investing early — can set you up for a stronger financial future and give you options that others don’t have.
Final Thoughts on FiRE & Financial Freedom
The FIRE movement is all about one thing: giving yourself choices. Whether you want to retire early or simply have the financial freedom to step away from work when you choose, the principles of FIRE can help you build a life that isn’t dependent on a paycheck.
No matter your goals, Spero Financial is here to help. Whether it’s opening a high-yield savings account, investing smartly, or creating a plan for financial independence, we have the programs and financial expertise to help you accomplish your goals.
Want to start your FiRE journey?
Let’s talk. Visit your nearest Spero branch or explore our financial planning tools today!
