Fall 2022
B L A N TO N FA M I LY Members since 1980
Soaring Now and Into the Future I N
How to Talk to Your Parents About Money
Preparing to Adopt a Child — What You Need to Know
T H I S
I S S U E
How to Combine Your Finances After Marriage
Best Extracurricular Activities for Kids on a Budget
LOCATIONS Anderson 1720 North Main Street Anderson, SC 29621 1434 Pearman Dairy Road Anderson, SC 29625 100 Hanna Crossing Anderson, SC 29621
Columbia 1025 Pulaski Street Columbia, SC 29201
Corporate Office & Support Center 420 E. Park Avenue, Ste. 100 Greenville, SC 29601
Easley 118 Brushy Creek Road Easley, SC 29642
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Member Solutions Center Greenville: 864.232.5553 Nationwide: 800.922.0446
Mills Avenue 300 Mills Avenue Greenville, SC 29605
Spartanburg
24/7/365 SERVICE MONEYLINKSM Online at www.spero.financial
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To locate an ATM near you, visit www.spero.financial
130 North Town Drive Spartanburg, SC 29303
Taylors 3237 Wade Hampton Boulevard Taylors, SC 29687
Verdae
FIND US ONLINE /MySperoFi @MySperoFi @MySperoFi
601 Verdae Boulevard Greenville, SC 29607
www.spero.financial
IN THIS
ISSUE: 3 4 6 9
Letter from the President
Community & Events In the Spotlight: MEMBER SPOTLIGHTS Feature: HOW TO TALK TO YOUR PARENTS ABOUT MONEY
13
Lifestyle: PREPARING TO ADOPT A CHILD — WHAT YOU NEED TO KNOW
14
Money Management: HOW TO COMBINE YOUR FINANCES AF TER MARRIAGE
16
Family Finance: BEST EXTRACURRICULAR ACTIVITIES FOR KIDS ON A BUDGET
Insured by NCUA
Spero Financial is a proud member of the Credit Union Service Center Network. co-opcreditunions.org Copyright ©2022 by Spero Financial 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 Spero Financial by The Brand Leader.
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K A S A S A
C A S H
C H E C K I N G
When It Comes To Interest Rates, You Deserve the Best! With Kasasa Cash® Checking, earn one of the best rates in the market! That’s 3.00% APY* (up to $15,000) compared to the national average of 0.09% APY.1 The higher the rate, the more you earn! Too good to be true? Absolutely not. Our members deserve the best!
Learn more today! SARAH C. Spero Regional Manager & Member since 2009
Insured by NCUA. Membership required. Account subject to credit approval. *Annual Percentage Yield (“APY”) for Kasasa Cash is valid as of 07/01/2020. Rates subject to change without notice. Kasasa Cash: The Monthly Qualification Cycle begins at 12:01am on the last day of the month and ends at midnight of the second to last day of the following month. If you meet all minimum service requirements by the next business day after the end of the cycle then domestic ATM fees, up to a maximum of $25.00, will be refunded during the first week of the next cycle. Dividends earned and ATM fees refunded on the Kasasa Cash account will automatically be transferred to the Kasasa Saver Share account, if available, during the first week of the next cycle or remain in the Kasasa Cash account. Transfers between accounts do not count as qualifying transactions. Accounts that do not meet the minimum service requirements during the monthly qualification cycle for a period of six (6) consecutive months will no longer qualify for a Kasasa account and the account(s) will be converted as follows: Kasasa Saver will convert to a Secondary Share account; and Kasasa Cash will convert to a Simply Checking Account, which is assessed a monthly service fee as outlined on the Fee Schedule. Upon removal from the Kasasa program, you will not be eligible for a Kasasa account in the future; however, an exception may be made at the discretion of the branch manager. The Kasasa Saver Share and Kasasa Cash accounts are limited to one each per primary account holder’s social security number. Available only for personal accounts. Kasasa Saver and Kasasa Cash are trademarks of Kasasa, Ltd., registered in the U.S.A. 1According to depositaccounts.com as of May 31, 2022. 2
Letter from the President Dear Members, What a great year we’ve had so far! These summer and fall months always seem to soar by so quickly. With vacations, school, sports, and spending time outdoors, it’s easy to let time slip by when life gets busy. But, I encourage you to pause for a moment, reflect back on the goals you set early this year, and remember the “why” behind
Brian McKay
achieving them! It’s important to keep your goals top-of-mind so
PRESIDENT
that you can persevere in making them a reality and ultimately, soar financially. One of the best things about working at Spero is having the privilege to hear often about how we’re able to help our members improve their financial lives. In fact, a few weeks ago, we had several members join us for our member photoshoot and shared story after story about how our credit union has helped them soar financially. The Blanton Family was one of these stories - sharing how Spero Financial (then SC Telco) has been a part of their family throughout all life stages and into future generations! Mrs. Blanton said it best, “Our membership with SC Telco/Spero began back in 1980 when we were newlyweds in Charleston, and I worked for Southern Bell. Nine years ago, we moved to the Upstate. Over the last 42 years, our credit union has been with us all the way. When our daughters were born, we opened accounts for them, and they learned how to save and then manage their own checking and credit card accounts. Our oldest daughter received a credit union scholarship, which helped her receive her BS in nursing. We’ve had multiple accounts – savings, checking, credit card, retirement, mortgage, and car loan and have always had good rates and low fees. Most importantly, we’ve always been treated like family, not customers of a financial institution. Life’s journey goes quickly, and as we move into our senior years, we appreciate that although it has grown, Spero is still family.” The most important thing I’d like to highlight from Mrs. Blanton is family, which is especially important to us at Spero. We not only know you by name, but we truly want you to succeed financially! We also want to help you nurture good financial habits so that your children and future generations can soar financially, too! In this issue of Checkpoint, you will get helpful tips to make smart financial decisions and achieve your goals in all stages of life! The Blanton Family is only one example. Turn to page 6 to hear from others. If they did it, you can too. And know, at Spero Financial, we’ll be here to help you each step of the way. Thank you for being part of the Spero family! I appreciate you!
3
3
C O M MU N I T Y
When we work together,
! e l b i s s o p s i g n anythi DA N C I N G F O R O U R H E R O E S | 4/2 1 Spero Financial’s VP of Remote Member Services Amber and her partner Travis danced in the 15th Annual Dancing for Our Heroes event. The team raised over $10,000 for Meals on Wheels of Anderson and brought home 1st place for their performance! The money raised will provide ~1,700 meals for the elderly and homebound of Anderson County.
ANDERSON UNIVERSITY F O OT BA L L O P E R AT I O N S C E N T E R G R O U N D B R E A K I N G | 5/3 Members of Team Spero were honored to join Anderson University on Spero Financial Field for the Football Operations Center Groundbreaking Ceremony. President Whitaker remarked, "We’re starting a football program at Anderson from a position of strength... we look forward to the future of hope – providing opportunity for these [football players] to become leaders... men of strength in our community."
Holiday Closures: 4
July 4
September 5
INDEPENDENCE DAY
LABOR DAY
E V E NTS
M E A L S O N W H E E L S | 5/20 We were so thankful for the opportunity to join Meals on Wheels of Anderson packing and delivering meals to the community! Team Spero helped prepare 1,183 meals, deliver 2 routes, and made cards for each neighbor on those routes!
H A B I TAT A R E N A B U I L D | 5/25 When we say we believe in building a better community, we mean it! Team Spero grabbed their hard hats, strapped on tool belts, and teamed up with Habitat for Humanity of Greenville County to build a brand-new house inside of the Bon Secours Wellness Arena in downtown Greenville!
PA L M E T TO H E R O E S H I K E | 5/28 Team Spero was honored to be a part of the Palmetto Heroes Hike over Memorial Day weekend. 300 participants came together to honor fallen first responders and military service members while benefiting three non-profits in the Upstate!
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Member Spotlights Zealina Jeter I Member since 2003 I've been banking with Spero for several years now. I'm proud to call them my bank because I've applied for several types of loans over this timeframe, and I've always been approved for them. I've also had all four of my kids create accounts here as well.
Katie Goodnough I Member since 2006 My mom has been a member of this credit union my whole life. I can remember as a child coming into the credit union with her, and it always being a welcoming experience. As I became an adult, I needed a stable checking and savings account as well and was given the opportunity to become a member myself. I have always been welcomed when I enter an office and thanked for being a member from the smallest tasks to long phone conversations to help with managing my accounts.
Marilyn Sumter I Member since 2009 Spero Financial has made a huge impact on my life and way of living from personal, credit wellness, and auto loans to homeownership! Spero has become family and a major factor and part of my financial wellness! There is no credit union that is as involved in not only its members, but the community in which they serve!
Ralph Hamilton I Member since 2014 I purchased a backup generator for my home. It was at a very high interest rate. One day I went through the drive-through at Spero. The associate informed me that I could get a loan and a much better Interest rate. The very next day I signed the application and received funds. This loan saved me over $7000.
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I N T H E S POT LIGH T
Spero has helped our Financial Journey in so many ways - with being able to have a savings account for all of our different things like vacation, savings, home and tax account to a new car! It all has been possible with Spero! Scott Teague Member since 2001
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A U T O
L O A N S
We’ll Get You on the Road to a Future of Possibilities Mr. Ball discovered the opportunities that come with being part of a credit union that believes in its members. “Spero took a chance on me and approved me for a loan on a truck. That led me to be able to work for myself, improve my life, improve my finances, and has opened other loan opportunities to increase my creditworthiness.” Find out what the right loan can do for you!
Apply online today! spero.financial/auto-loan
T H E B A L L FA M I LY Members since 2016
Membership required. Insured by NCUA. Subject to credit approval.
8
H o w toto your talk
parents about money
Have you and your parents had “the talk”? The talk that we are referring to is the conversation about your parents’ finances. As your parents age, it is beneficial to talk with them about their financial future. In a recent study, the Insured Retirement Institute found that 73% of adults have not had a money-related discussion with their parents because they’re not sure how to have this critically important — and potentially awkward — discussion. This article explains why finances are a crucial conversation that you shouldn’t wait to have with your parents, shows you how to approach the discussion, and suggests topics you should cover when talking about finances.
9
Why
You and Your Parents Should Talk About Money You may be wondering – why should I talk to my parents about their finances? It’s none of my business. Why do I need to have this conversation in the first place? If this is your initial reaction, you’re not alone. The Insured Retirement Institute study also revealed that 22% of adults don’t think a financial conversation with their parents is a good idea because it is not their business. However, this is a misconception. At some point, your parents’ finances may become your business, especially if you are responsible for handling their financial matters after they pass. Obviously, this is not a scenario that someone wants to dwell on. Still, it’s much less burdensome to discuss future finances and formulate a plan proactively than to figure things out on the fly in a crisis scenario. Waiting to discuss finances when a parent becomes ill or when their memory starts to fade can add another layer of unnecessary stress during an
How
already overwhelming time.
to Approach Talking About Money with Your Parents Initiating the conversation may be the most challenging part of talking with your parents about money. One way to make this task easier is by asking your parents broad questions about their retirement plans. This gives you a natural way to ease into the topic, which is always better than jumping right into a discussion about their finances. If you have siblings, it can also be beneficial to get their input on how they would approach the conversation. An important thing to keep in mind when initiating this financial talk is being clear about the intent of the discussion from the beginning. Make it known that this conversation is coming from a place of care, not out of judgment or condescension. Listen more than you speak, and let them know that you want to talk about this because you have their best interests in mind.
Need Assistance with financial planning for your parents' future? Talk to a Spero representative – we are here to help you navigate finances for any stage in life.
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F E AT U RE
4 Financial Topics to Discuss With Your Parents When going into a potentially uncomfortable financial discussion, having a game plan can make the conversation easier for both you and your parents. Below are a few essential topics to cover when talking about finances and future plans:
1. W I L L A N D E S TAT E P L A N 2. PAY I N G O F F D E B T 3. A S S I S T E D L I V I N G 4. LO N G -T E R M CA R E I N S U R A N C E Having the financial talk with your parents can be intimidating, but it is a necessary conversation that will benefit everyone in the long run. Approach the discussion with compassion and a clear game plan, and you may find that it’s not as uncomfortable as you thought it would be. Once you have a strategic plan in place, you’ll find that it frees all of you from worrying about what will happen in the future.
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D I G I T A L
W A L L E T
Move Your Wallet From Your Pocket to Your Phone Goodbye wallet, hello convenience! Add your Spero debit card to Apple Pay®, Google Pay®, or Samsung Pay ®
pay directly from your
phone without pulling out a plastic card for every purchase. It’s safe, easy to use, and there when you need it.
Talk to us to learn more!
Insured by NCUA. Membership required. Apple, Apple Pay, the Apple logo, and iPhone are trademarks of Apple Inc., registered in the U.S. and other countries. Google Pay and Android are trademarks of Google LLC. Samsung and Samsung Pay are trademarks of Samsung Electronics Co., Ltd. Mastercard and the circles design are registered trademarks of Mastercard International Incorporated. 12
Preparing to Adopt a Child What you Need to Know
LIF E ST Y LE
It’s been said that adopting one child won’t change the
the pregnancy or the birth. So be sure to ask questions of
world — but for that child, the world will change. If you’re
the agency to determine how they predict and account for
considering bringing a child into your family, it will surely
the associated costs.
change your life for the better too. As you embark on this exciting journey, it is best to do your research ahead of time to avoid challenges and unexpected expenses - especially considering the average cost of a domestic adoption ranges
I N T E R N AT I O N A L A D O P T I O N / If you are planning to adopt a child from another country, be sure to do your research. Adoption agencies typically have select countries they work in. In addition to travel costs, every
from $8,000 to $40,000. With such a large window, an
country has different rules about adoption fees and how
average number isn’t particularly helpful. However, with
long you must stay in the country before completing the
a little planning and research, you can generate a close
adoption. Thankfully, some airlines offer discounted fares
estimate of what your family’s adoption costs may be.
for adoption travel, so this money-saving option is certainly
Types of Adoption
worth investigating.
F O S T E R CA R E A D O P T I O N / Adopting through
P R I VAT E A D O P T I O N / Private adoption is generally
the foster care system is by far the least expensive option.
the most expensive option, regardless of whether the
In most cases, the adoption is free for the adoptive family
process is an open adoption or closed adoption. With a
— and in others, it’s not likely to cost more than a few
private adoption, there will be fees for the adoption agency,
thousand dollars. In fact, there are even federal subsidies
legal fees, and (optional) costs to support the birth mother.
available to help with costs for many children adopted
Related expenses can be unpredictable, varying widely.
through the foster care system. Approximately 100,000
Agencies each have their own policies regarding the levels
children in the US foster care system are currently eligible
of financial support for the birth mother. Even when the
to be adopted, so the need for adoptive homes is urgent.
expense categories are outlined, the exact number may not
The average age of children adopted through fostering is
be known. For instance, you could know that you will pay
8.5 years old, so if you have a heart for adopting an older
medical expenses for the birth mother, but those expenses
child, this avenue may be an excellent — and less costly —
could change significantly if there are complications with
choice for your family.
Help is Available! We have good news for adoptive families. If you adopt a child and incur out-of-pocket expenses, you may qualify for the Adoption Tax Credit, a federal tax credit for qualified adoption expenses paid to adopt an eligible child and an exclusion from income for employer-provided adoption assistance. The credit applies to public, or state, adoption through foster care, private adoption, and international adoption. According to the North American Council on Adopted Children, the 2021 adoption tax credit was just under $14,400 per child for families whose adjusted gross income was less than $207,580. While this credit is awarded upon completion of the adoption, even domestic adoptions that were ultimately unsuccessful may qualify for the adoption tax credit. It is best to consult a tax advisor to get a deeper understanding of the options available. e L t Spero come alongside you and help your family with this critical piece of your important adoption endeavor. Call us today, and let us get you one step closer to welcoming your new child into the family. 13
How to Combine Your Finances
After Marriage
Tying the knot is one of the most significant
What’s most important is that you and your
events in anyone’s life. As a married couple,
partner find the way that works best for
you and your partner will share just about
you and helps you accomplish the financial
everything — from holidays and vacations
goals you set together.
to property and professional pursuits. While many people would prefer to avoid the subject of money, one of the most important things you will share throughout your marriage is your finances.
Good communication is key when combining
This article will dive into everything you
environment where both partners can talk
need to know about merging your finances after marriage, including what it means to combine finances, the benefits of doing so, and five tips for creating a successful financial plan with your spouse.
What Does it Mean to Combine Finances?
finances with your spouse, so creating an openly about such an important topic is healthy for the relationship as a whole. If managing money together is good for relationships, it’s only natural to wonder whether a different approach to financial management could present a challenge. Studies have shown that 20% of couples choose to handle their finances
Combining finances after marriage can
separately. Unfortunately, according to
look different for each couple. For some,
Money Management International, couples
the process involves sharing joint access
who choose to manage their finances
to bank accounts, credit cards, household
individually are five times more likely to
budgets, and loans. Others may decide
divorce due to monetary problems than
to have separate bank accounts with one
those who combine their finances.
shared account or one shared credit card. 14
Benefits of Combining Finances
M O N E Y MA NAGE ME NT
5 TIPS FOR SUCCESSFULLY COMBINING FINANCES As you and your spouse go through the planning process of combining —nances, here are a few helpful tips to keep in mind:
01
TALK OF TEN ABOUT FINANCES Conversations with your partner about finances should be ongoing. There will always be a financial situation worth discussing, including investments, paying off debt, saving for retirement, and making large purchases.
02
MAKE A BUDGET TOGETHER Creating a budget with your spouse helps get you both on the same page when it comes to your financial situation. Look at your monthly expenses, and decide who will pay each bill to ensure that nothing falls
03
through the financial cracks.
ESTABLISH FINANCIAL GOALS When do you want to retire? Do you have credit card or student loan debt to pay off? Do you have enough money for an emergency fund? Talk with your partner about your shared financial goals to make sure you
04
have a clear game plan to meet them.
CREATE A MARITAL BALANCE SHEET A marital balance sheet can be especially helpful for engaged couples who want to start their marriage off on the right financial foot. This sheet will lay out each person’s assets and debts, determine what’s yours, what’s theirs, and what will belong to both of you after you get married.
05
Combining —nances with your spouse can be challenging, but the practical bene—ts make it worth your time and effort.
LEARN TO COMPROMISE
If you’ve decided to start combining —nances with your partner, talk to a Spero Financial representative to discover how we can help you — and your —nances — make a strong transition into this exciting new chapter in life.
Marriage involves making compromises, and those compromises can often be financial. For the sake of your relationship, it is important to listen to your spouse’s logic and understand their thought process concerning financial decisions.
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Fun, Budget-friendly, Extracurricular Activities
For Kids
After an exciting day at school, there are still several hours left before dinner and your child’s bedtime. During this time, every parent can relate to hearing “I’m bored” coming from their kiddos a time or two. If you want to help your child stay active and engaged after school, consider enrolling them in extracurricular activities.
Benefits of Extracurricular Activities When your child participates in extracurricular activities, you’ll feel better knowing they’re safe, occupied, and even building a skillset that will make them more well-rounded as they get older. The beauty of after-school programs is that they offer some outstanding benefits for your kids, including: • The opportunity to make more friends. • Learning teamwork and problem-solving skills. • New interests and skills. • The chance to add to a portfolio for college and jobs after high school.
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FA MILY F INA NC E
Activities
Six Budget-Friendly
1 . ATHL E TICS
4. ACADEMIC CL U B S
Sports are one of the most popular after-
Depending on your child’s school, academic
school activities for children, and there are
clubs may be available for those as young
many options to choose from. Typically, local
as elementary-aged children. One nice thing
municipal or county-run recreation departments
about these clubs is that even if your child’s
facilitate these sports and charge an affordable
school doesn’t offer them, there may be
registration fee for children to participate.
an opportunity to start one and spark new
Many athletic groups are turning to corporate
interests in other children. Some clubs may
sponsorships to cover the costs as well or offer
require dues, but schools typically keep
student scholarships.
these programs affordable.
2 . SWIMMING L E SSO N S
5 . STU D ENT GO V E RNMENT
Swim lessons can typically be found in a local
Campaigning for a role in student government
community center, recreation department, or
can sharpen your child’s social and strategic
gyms. Prices vary by organization, so it’s always
skills. Aside from the money you might spend
a good idea to shop around to find the best deal.
on campaign materials, these activities usually do not incur additional expenses.
3 . CO M MU N IT Y THEATER
6 . MU S IC
The little performer in your life can express
Music lessons are an excellent way to sharpen
themselves through after-school activities in
your child’s mind and let them develop a skill
community theater. Prices to participate in classes
they can enjoy for their entire life. To find a
will vary, but, in many cases, participating in shows
good teacher at a fair price, contact your local
can be free. In most cases, theater operators and
music store and ask for recommendations. (To
production directors are eager to talk with potential
keep your child’s musical instruction even more
actors and their families, so don’t hesitate to
affordable, search for beginner lessons online
contact the theater or production company with
through sites like YouTube.)
your questions.
More
To get more information about after-school activities for your child: Ask their teachers and other parents to find out where they’ve had good experiences and where you can find the best deals. You’ll have your child out and about exploring their interests and making new friends in no time — and you’ll be able to do it while keeping your budget on track. 17
PO Box 10708 Greenville, SC 29603 www.spero.financial
