COVER
contact LOCATIONS
Corporate Office & Support Center
864.232.5553 420 E. Park Avenue, Ste. 100 Greenville, SC 29601
Mills Avenue
300 Mills Avenue Greenville, SC 29605
Verdae Office
601 Verdae Boulevard Greenville, SC 29607
IN THE ISSUE:
Taylors Office
3237 Wade Hampton Blvd Taylors, SC 29687
Spartanburg Office
130 North Town Drive Spartanburg, SC 29303
Easley Office
118 Brushy Creek Road Easley, SC 29642 1025 Pulaski Street Columbia, SC 29201
Member Service Center
Greenville: 864.232.5553 Nationwide: 800.922.0446
Q4
3
Columbia Office
Letter from the President
4
Events & Community
5
In the Spotlight
6 8
24/7/365 SERVICE MONEYLINK℠ Online at sctelco.com
MONEYLINK℠ Audio Response Greenville: 864.232.3645 Nationwide: 800.633.4364
Members Financial Services
The 411: WINTERIZE YOUR CAR
What We Read ACCELERATE: BUILDING STRATEGIC AGILITY FOR A FASTER-MOVING WORLD
9 10
Money Matters with Moxie THE FOUR GIFT RULE HOW TO MANAGE YOUR HOLIDAY SPENDING
Gary Williams: 888.746.0002
Visit our website sctelco.com to locate an ATM near you!
14
Saving for the Holiday Season
16
Teaching the Value of Holiday Giving
FIND US ONLINE SCTelcoFCU @SCTelco_FCU @sctelcofcu sctelco.com
This credit union is federally insured by the National Credit Union Administration. SC Telco is a proud member of the Credit Union Service Center Network. co-opcreditunions.org SM
Copyright ©2018 by SC Telco Federal Credit Union and The Brand Leader. All foreign and U.S. rights reserved. Contents of this publication, including images, may not be reproduced without written consent from the publisher. Published for SC Telco Federal Credit Union by The Brand Leader. SM
1
2
Dear Members, The holiday season is coming up quickly, and the end of another year is just around the corner. It’s the time of year when many people think about what has brought them joy in their lives, their relationships, their careers, and their finances. The team members here at SC Telco Federal Credit Union are no exception, and 2018 has given us a lot to be grateful for. First and most importantly, we are grateful for our members and your ongoing support. As a cooperative institution, we are dependent upon each member in order to grow and thrive. You all made it easy for us to feel grateful, so it’s only right that we express our gratitude.
LETTER FROM THE PRESIDENT
Specifically, we’re glad that you’ve come to us and allowed us to: 1. Be your trusted financial guide. As a credit union, we’re in a unique position and we have the opportunity to provide unbiased financial advice. We are grateful when our members respond to that counsel to improve their credit and increase their savings, which many of our members have done this year. We’re on this journey together and love to see your success. 2. Provide you with better opportunities to save. Many of our members have gotten into the habit of saving for the first time this year—and that’s huge for us. A couple of years ago, we introduced Save-to-Win, a lottery-based savings program. We were the first financial institution in South Carolina to offer this program, and our membership has responded. The program has grown steadily, and we even had a national winner this year! In addition, we pride ourselves on being able to offer great rates on our deposit accounts. We understand that many of our members are living on a fixed income, so our rates make a true difference in their day-to-day quality of life.
Steve Harkins PRESIDENT & CEO
3. Be your preferred lender. We’re incredibly thankful that we’ve been able to continue to lend throughout the economic downturn and into current recovery. The strength of our membership has enabled us to lend not only to those with prime credit, but also those with subprime credit, helping the people who need it most. Our auto loan rates, in particular for subprime credit, are lower than members can find in the marketplace. We strive to have a significant impact and help improve the financial well-being of as many members as we can. There are many other things that we are grateful for this year—all of which have been made possible by our active and engaged membership. Thank you again for your support this year. We’re looking forward to making 2019 even better for you.
3
EVENTS & C OM M U N I T Y
2019
LOUIS C. ADDISON MEMORIAL SCHOLARSHIP NOW AVAILABLE!
I N T E R N AT I O N A L
CREDIT UNION DAY Credit unions operate on a simple premise: Together we can achieve more than we could on our own. People helping people, that’s the credit union difference—and it’s a difference worth celebrating!
If you would like to apply, please visit sctelco.com/scholarship for more information.
20 SC TELCO H O L I D AY CLOSINGS
18 C O LU MB U S DAY
10/08 MONDAY
V E TE R A N S DAY O B SE RVA NC E
11/12
MONDAY
TH A N KS GI V I N G DAY
11/22 THURSDAY
October 18, 2018
MARKS THE 70TH OBSERVANCE OF INTERNATIONAL CREDIT UNION DAY— THE HOLIDAY’S PLATINUM ANNIVERSARY.
To highlight the collaborative spirit of credit unions, the National Credit Union National Association (CUNA) encourages you to share how credit union membership has improved your life by posting on Twitter, Instagram, Facebook, and LinkedIn. Use the hashtag #PlatinumLiningFound in your post, and you could win a limited-edition ICU Day t-shirt!
Community Community Spotlight: Habitat for Humanity of Greenville
In keeping with SC Telco’s commitment to improving the lives of those we serve, Financial Literacy Coordinator, Andrea Finley, volunteers her time with Habitat for Humanity of Greenville County. In her role, she works with families who do not currently qualify for homeownership and provides financial counseling on essential topics like effective budgeting and sensible saving.
“
I enjoy working with Habitat and the families they serve in our community. Witnessing families accomplish such a major goal of owning a home after months of hard work is one of the most rewarding experiences I’ve been a part of. Having the opportunity to help, even if just in a small way, makes me so proud to be a part of SC Telco and the credit union movement.” — ANDREA FINLEY
C H R IS TM AS DAY
12/25 TUESDAY
4
y
IN THE SPOT LIGH T
IN THE SPOTLIGHT Andrea Finley |
SC TELCO FINANCIAL LITERACY COORDINATOR
Andrea joined the SC Telco family as a Recovery Specialist in November 2014 after working in banking for seven years. Her previous career in banking consisted of collections and branch sales. Andrea’s passion is financial education and she has enjoyed her role as the Financial Literacy Coordinator since February 2018. Andrea loves being able to help members realize their financial dreams by giving them the tools and knowledge they need to make sound, informed financial decisions. She enjoys following her passion for helping people, providing a listening ear, and showing members that managing their personal finances doesn’t have to
be difficult. Andrea graduated from Furman University with BA in Communications Studies. During her time at SC Telco, she has also earned her certification as a Credit Union Financial Counselor through the Credit Union National Association (CUNA) as well as a certification as a Financial Education Instructor through the National Financial Educators Council (NFEC). During her free time, Andrea likes to craft and whip up culinary creations. Whether cooking or sewing, she enjoys the challenge of starting with the raw materials and creating a finished masterpiece. She collects cookbooks and is always trying new recipes.
In her own words: What have you learned by working at SC Telco? I have learned the value of discovering my passion. I love that we are a learning organization. The encouragement I’ve received from SC Telco to read books, seek knowledge, and not be afraid to get to know people and ask questions has really helped me discover my passion for teaching others.
Tell us a little more about your family and home life? My husband and I enjoy rediscovering the world through the eyes of our young children. We love to travel and learn from different cultures. My husband is a DJ so naturally music is a big part of our lives. Some people collect souvenir cups when they travel—we collect vinyl records. I’ve learned so much about world history just by learning music history.
What has working for SC Telco meant for your family? Family time is very important to us and the work and home life balance at SC Telco definitely makes this possible. SC Telco pushes me to be the best person I can be both professionally and personally. I pass these same values to my family.
If you could tell our members one thing, what would it be? No matter your income level, financial security is attainable. We all have goals and dreams but sometimes we just need someone to help guide us in the right direction. SC Telco is here to serve you to help you attain your goals.
Do you have a story you’d like to share? Send it to Jessica Baker at jbaker@sctelcofcu.org.
5
CAR LOAN S
The 411 Winterize Your Car
Your car is an investment, so you owe it to yourself and your wallet to protect that investment. As winter approaches, a little preventative maintenance can go a long way toward keeping you safe and your vehicle running properly. A properly winterized car is more reliable and less likely to sustain weather-related damage or end up in a collision.
6
CA R LOA NS
Here are a few basic ways to get your vehicle ready for winter and reduce the adverse effects of snow, sleet, and ice:
1 2 3 4 5 6
Start by getting your car serviced. Even if you don’t schedule regular tune-ups, it’s a good idea to do so before winter arrives. Car parts don’t look at the calendar before going bad; they can do so any time of year. But when they stop doing their job on a bitterly cold day, you can wind up stranded and freezing while you wait for help. So, get your car’s hoses, spark plugs, and other essentials checked out.
Change your oil and fluids. During cold weather, it’s especially important to keep your engine lubricated with good, clean oil. Since oil thickens in colder temperatures, it can become less effective. For this reason, you may want to switch to an oil with a thinner viscosity for the winter. It’s also essential to have the proper antifreeze-to-water mixture in order to prevent fluid from freezing in your radiator. Your mechanic should be able to help with this as well.
Check your battery. The only thing worse than getting stranded due to a dead battery is getting stranded in unbearably cold temperatures. If your battery is more than three years old, have it tested at an automotive store and consider replacing it if it is on the decline. Cars can be harder to start in cold tempuratures and sometimes require a stronger battery. Before the first cold snap, be sure your battery is durable enough for winter weather.
Make sure tires are ready for slippery roads. Even in South Carolina, you can regularly find yourself navigating snow-covered or icy roads. If your tires are worn, your accident risk increases. Fall is the perfect time to make sure the tread on your tires is sufficient. Not sure if you need new tires? Trust Honest Abe. Simply stick a penny in the tread of each tire. If you can see all of Abraham Lincoln’s head, get to a tire store ASAP.
Check your wiper blades. If your wiper blades are frayed and worn out, they won’t keep your windshield free of wintery muck and salt, which can lead to reduced visibility. If you anticipate a lot of snow and icy precipitation, choose wiper blades specifically for winter. While you’re at it, don’t forget to top off your wiper fluid (preferably choosing a formula with a lower freezing point). When those temperatures drop, you’ll be glad you did.
Keep an emergency kit in your car. It’s a good idea to have a first aid kit and a few emergency supplies in your car at all times, but there are a few extras to include during the winter. In addition to the usual flashlight, extra wiper fluid, gallon of water, jumper cables, and flares, we urge you to keep a set of warm clothing, matches, extra coolant, and an ice scraper on hand.
Once your vehicle is winterized, don’t forget to adjust your driving habits. Always allow extra travel time during inclement weather. Remember that it takes longer to stop on slippery roads, so slow down and brake with caution. But most importantly, when the roads get too nasty, don’t bother. Cancel those appointments, ditch that to-do list, and nestle next to a cozy fire with some hot cocoa.
7
RESO U RC E S
WHAT WE READ Synopsis:
A Great Read If:
John P. Kotter is a global expert on leadership and author of numerous best-selling books, including Leading Change, The Heart of Change, and A Sense of Urgency. In Accelerate: Building Strategic Agility for a Faster-Moving World, Kotter argues that ingrained organizational processes aren’t equipped to quickly respond to change or capitalize on opportunities. Instead, he advocates for what he terms a dual operating system: a more agile networking system that works in concert with the traditional organizational hierarchy and its processes and procedures so that companies can seize the moment.
You’re feeling the tension that exists between needing to stay ahead of increasingly fierce competition and needing to meet your organizations’s daily demands and deliver results. According to Kotter, companies that are best poised to succeed are the ones that are able to focus the energy and urgency of their people around what he calls “The Big Opportunity.”
Why Read It: Change is constant. Because of rapid change in the corporate world, organizations no longer rely on the hierarchical models and organizational processes that have worked in the past. Kotter’s book suggests a practical approach to solving this problem, using numerous examples and an easy-to-read, conversational style.
8
A Special Takeaway: SC Telco works in an ever-changing industry (of course, Kotter argues that all industries are now ever-changing), but solid financial principles will always apply. We appreciate Kotter’s focus on a dual operating system that allows for both fluidity and structure and his emphasis on mobilizing and empowering people. In his words: “People accelerate progress; processes and procedures impede it.”
The Final Word: Accelerate can be read as both a practical guidebook and a warning. Implicit in the book is the idea that, by their very nature, larger and more mature organizations are resistant to change—and Kotter explains why that stance simply no longer works.
RE SOURCE S
MONEY MATTERS WITH
Simplify the Season and Focus on Gratitude with
The Four Gift Rule We’ve all been to a gift-exchange where exhausted rugrats diligently plod through a mountain of presents, looking less grateful and excited with each gift. Or, perhaps, it was your own Christmas morning celebration where your own children tore into their carefully-packaged presents like wild beasts that first made you start to rethink the holidays. We want the holiday season to be simpler and less stressful. We want to focus on spending time with friends and family rather than on buying more stuff. But how do we do this with kids? This year, consider trying the Four Gift Rule: 1. Something You Want 2. Something You Need 3. Something To Wear 4. Something To Read
I’m a big fan of the Four Gift Rule. Here’s Why: It’s Flexible. The Four Gift Rule gives you enough wiggle room to be creative and give personalized presents. For example, if you’re giving Something to Read, one child could receive a hardcover novel while another child could get a magazine subscription.
It’s Fun. Kids like structure, boundaries, and rules. Especially when they rhyme. Let them know about the plan for Christmas early, and keep them guessing about what present they’ll get in each category.
It’s Focused. Imagine having just four presents to buy for each kid. Being able to really think through what you want to get them instead of trying to find the hottest new toy or frantically throwing a bunch of last-minute junk in your cart because you’re worried you don’t have enough. Now take all that time (and money) that you’re saving and have fun with your kids.
It’s Family-Oriented. This rule takes the emphasis off of stuff and puts it back on family time. Plus, if you’re buying Something to Share, you have the option to give one gift that all of your kids will enjoy using together—like a family trip or a playground.
So this holiday season, instead of asking your kids what they want and then rushing around like an order-taker to make it happen... Talk to them about anything else. Notice their interests and desires and create your plan. Your wallet will thank you, and so will your kids.
Learn more & see Moxie in action: sctelco.com/MeetMoxie 9
Holiday Habits How to Manage Your Holiday Spending
O
ften, as Americans, we impose undue pressure on ourselves when it comes to gift-giving and other holiday season expenses like travel, parties, and special family meals. Overemphasizing gifts tends to add a frantic sense of desperation to a time that should be full of love, laughter, and making memories. Where’s the joy in having a wonderful month of celebration with loved ones only to have it overshadowed with the stress and guilt that come from spending money you don’t have? The last thing you want to do during the holidays is overspend, go into debt, and knock your family’s budget off-kilter.
10
11
THE SIX TOP TIPS TO
Shop Smarter This Holiday Season This year, avoid the financial blues in January by being careful with your green in November and December. With a little advanced planning, you can keep your budget on track, feel great about your gift-giving, soak up the holiday fun, and still start the new year off on the right foot financially. Follow these six strategies to spend smarter this holiday season: ONE
TWO
THREE
Plan ahead.
Make a list of everyone you want to give to.
Anticipate parties, special meals, and visits to grandma.
We all have friends and family we love choosing gifts for during the holidays. Your list may include your children, spouse, siblings, parents, close family members, and beloved friends. But most of us have others who make the list as well, such as school teachers, neighbors, and people from church.
While you may not know exactly how many parties you (and your children) will be invited to, don’t forget to create an estimated budget for all those events. The budget could include food, wine, and party favors, but whenever you’re calculating costs, be sure to count these celebrations as part of your holiday spending. Likewise, if you’re planning to visit out-of-town family or go on a special trip, budget for it. Don’t get caught off-guard.
Forgetting to plan for holiday spending is one of the most common mistakes families make. By default, the budget becomes whatever money is available when it’s time to shop, or worse yet, most of the holiday purchases end up on credit cards. Unless you have a plan in place to pay off the debt quickly after the holiday season, don’t charge your purchases. To prepare a sensible budget, calculate how much money you should set aside for holiday gifts, food, and travel. A good goal is about 1.5% of your annual income. For the average American family with roughly $50k of yearly income, that would translate to approximately $800 to spend on holiday celebrations. Seems doable, right? Reality sets in when you consider that last year the average American family spent an average of $967.13 on gifts alone. Sticking to a budget takes planning, but a stress-free holiday season is worth the effort. 12
If you don’t make a comprehensive list, it’s easy to underestimate how much money you need to save for holiday shopping, which can lead to additional stress, frustration, and debt. So, make a complete list and decide in advance how much you want to spend on each person. Remember, if your budget is getting tight, your friends and family will treasure homemade eats and treats as well as special acts of kindnesses that cost nothing. Not all gifts come from the store, after all.
3
456
S IX WAYS TO B ETTER MAN AGE YO UR HO L IDAY SPE NDING
FOUR
FIVE
SIX
Shop throughout the year.
Keep a Goodie Drawer for those last-minute, unexpected gifts.
Consider alternatives to spending money on gifts.
It happens to all of us. We get a last-minute party invitation or a surprise visit from an old friend or a far-away relative, and all of a sudden, we feel the need to have a Christmas present for them. This is where the Goodie Drawer saves the day. Have a drawer or shelf in your home designated for a last-minute gift supply. Keep a small inventory of common items people enjoy such as nice candles, blank journals, fun picture frames, specialties from local artisans, etc. Though this might feel impersonal, it is far better than feeling empty handed with no time to shop—or the other extreme, shopping under pressure and overspending.
Now we’ve come to one of our favorite parts of the season: thinking outside the gift box. There are countless ways to express your love for friends, family, and special people in your life without breaking the bank. What are your unique gifts or talents? Do you knit or do woodworking? Maybe you’re a poet or a musician who can share words or music with those around you. Most of us can recall a personal gift someone made for us or a special deed they did for us, and those are often the most precious gifts we treasure. So, if your holiday budget does not leave room for you to spend what you were hoping for presents, then give the gift of time, talent, or deed and know you will be deeply appreciated.
A surefire way to blow your holiday spending budget is to do all your shopping at once. While it might be exhilarating to wake up at the crack of dawn on Black Friday and head for the mall with a mocha latte in hand, shopping this way puts a lot of pressure on you to find all the right gifts under the gun, without enough time to use discretion on spending. The later in the season you shop, the more likely it is that you will settle for gifts that are not necessarily what you had hoped to buy, which increases your likelihood of spending beyond your budget. This haphazard, last-minute approach leaves little opportunity for comparison shopping, an essential component of wise holiday spending.
A great alternative to this frenzied method is to keep a gift file open in your shopping brain all year long. Any time you are out and about and happen upon that perfect something for that perfect someone, buy it then (especially if it is the right price!) and tuck it away until it’s time to give it to the recipient. Keep a record of gifts you purchase throughout the year and incorporate them into your shopping list and holiday budget, so you stay on track.
SC Telco is invested in your financial health for the long term, and that includes helping you prepare for short-term spending goals like holiday expenses. We are here to support you as you learn and implement savvy spending and saving strategies. Come into one of our convenient branches and let us introduce you to our Christmas Club Account so you can start saving today and get your holiday bucks in a row!
13
MONE Y M AN AGE M E N T
SAVING FOR T HE HOLIDAY SEASON
SEVEN UNCOMMON WAYS TO S AVE FOR THE HOLIDAYS— EVEN AT THE LAST MINUTE
14
MO N EY MA NAGE ME NT
T
here’s no question that the holidays take a bite out of your budget. According to a 2016 Forbes report, last year holiday shopping cost parents around $1700, on average, while nonparents spent an average of $903. All of that spending has to come from somewhere. If you haven’t been saving all year, don’t panic. We’re here to help with a few last-minute tips and tricks to help you save up and stretch your holiday budget:
• Move the Holiday. This may sound unconventional, but it could save you a bundle. Shopping for Christmas gifts after December 25th is one of the best ways to take advantage of all the post-Christmas sales.
• Go on a Money Diet. Choose a month in the fall and commit to zero extras. Many households can easily add $300-$500 to their holiday budget by doing a money detox for one month.
• Make a Little More. You can also save more by making a little more. The fall is a fantastic time to offer your skills for hire, find a side-hustle, or pick up extra hours at work. It’s also the perfect time to clean out your garage, attic, closets, or basement and hold a yard sale or put larger items on an online sales platform.
• Give Identical Gifts. Take a page from the playbook of top CEO’s and entrepreneurs and simplify, simplify, simplify. For those on your list who aren’t immediate family, consider choosing a standard, useful gift and personalizing with a note, with a monogram, or by choosing individual colors or patterns.
• Shop Cyber Monday. Cyber Monday, Black Friday’s online counterpart, is much more convenient and less stressful. Find amazing deals on all kinds of electronics, tools, household goods, clothing, and more. Right from the comfort of your own living room.
• Take Out a Small Holiday Loan. Perhaps the holidays are upon you and you haven’t been able to save or you feel the need to expand your budget. If so, we recommend our Holiday Loan. We lend members up to $1200 for 12 months at just 18.00% APR*, so you can pay back your loan at a low rate on a set monthly schedule.
• Make a Budget—and Stick to it. The absolute best thing you can do to minimize your holiday spending is make a budget and follow it. If necessary, take out cash and leave everything else behind when you shop. Whatever you do to make this holiday season the biggest and brightest yet, we encourage you to keep your future in mind and remember what the holidays are really about. *Annual Percentage Rate. Must be a member of SC Telco Federal Credit Union. All loans subject to credit approval. Offer good November 1, 2018 through December 31, 2018. Estimated payment of $110.02 per month not including Credit Life and Disability Insurance. If you’d like to include Credit Life and Disability Insurance the estimated payment is $111.83 for Single Coverage and $112.22 for Joint Coverage. Rates subject to change without notice. Insured by NCUA.
15
K ID S & M ON E Y
for
Teaching the Value of Holiday Giving
M
aybe Christmas, he thought, doesn’t come from a store. Maybe Christmas— perhaps, means a little bit more! This timeless insight comes from Dr. Seuss’ beloved holiday character, The Grinch. While it’s certainly a lesson our children should learn, it probably won’t sink in without some intentional effort on our part. While the holiday season bombards us with messages that pressure us to find (buy) that perfect gift, helping our kids discover the true meaning of the “Season of Giving” may be the best gift we could give them—one that will last a lifetime.
16
K I DS & MONE Y
The first step to helping children understand the beauty of giving is teaching them to invest themselves in the process. Here are three helpful suggestions for getting them personally involved in the practice of meaningful gift giving.
Encourage your child to earn money for gifts. If your children are too young to earn a traditional paycheck, they can still make money babysitting, mowing lawns, pet-sitting, etc. And if your child is too young for that level of work, you can set up an age-appropriate chore system that allows them to earn money by helping out at home. When they purchase something with the money they’ve earned, children learn the importance of selecting a meaningful gift.
Encourage homemade gifts. One of the most direct ways to involve children in the gifting process is to help them make their own gifts. There are countless ways to do this. If it is something you also enjoy making or baking, this approach offers the bonus “gift” of quality time together as well.
Volunteer as a family. Teach your children to think outside the gift box. Show them that some of the best gifts don’t cost money at all. Hold a family brainstorming session and select an organization or charity you can help with your time and talents. Serving others not only nurtures a spirit of empathy, but it also allows you to model compassion in front of your kids. The real magic of Christmas lies in the fact that giving to others is also a gift to yourself. Children learn this best through experience. So, why not try some of these ideas with your children this holiday season? If you pay close attention, you just might notice everyone’s heart grow a few sizes.
17
SM
PO Box 10708 Greenville, SC 29603 sctelco.com