Family
Matters:
Money Lessons from Parent & Kid Perspectives
Feature Spotlight Plan Retirement with Confidence — Even in Uncertain Times
Lifestyle Beyond the Sticker Price: 6 Expenses To Consider When Buying a Car
What's Trending Financial Mindfulness, Minimalism, and No-Buy Challenges
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KASASA ® CHECK i NG
This or That?
Do you want a checking account that pays you...
$1.50 per year (that’s one bottle of soda)
At most banks, you only earn 0.01% APY on your checking balance.
Choose well. Earn more.
$750 per year (that’s season tickets for your favorite team)
At Spero Financial, you earn 5.00% APY* on qualified balances up to $15,000!
Open your Kasasa Checking account today!
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Membership required. *Annual Percentage Yield (“APY”) is valid as of 05/05/2025 and is subject to change without notice. Yearly earnings estimated based on account balance of $15,000. The Monthly Qualification Cycle (“Cycle”) begins at 12:01 am on the last day of the month and ends at midnight of the second-to-last day of the following month. The Minimum Service Requirements (“MSR”) include: 1) make 12 debit card point-of-sale purchases that are posted to your account during the cycle; 2) have one direct deposit to OR an electronic debit or credit (ACH) post to your account during the cycle; and 3) exclusively receive your monthly statements electronically (e-statements). This account is a tiered rate account. Dividends are calculated based on the Average Daily Balance. APY of 5.00% applies to balances up to $15,000 and APY of 2.50% applies to balances of $15,000.01 to $100,000, if the MSR are met during the cycle. If you do not meet all the MSR during the cycle, an APY of 0.25% will apply to the entire balance in your account. Transfers between accounts do not count as qualifying transactions. The dividend period begins on the first calendar day of the month and ends on the last calendar day of the month. Kasasa accounts are limited to one each per primary account holder’s social security number. Available only for personal accounts. Kasasa Cash is a trademark of Kasasa, Ltd., registered in the U.S.A.
Dear Members,
The older I get, the more the saying “time flies” resonates with me. As a dad, the reality of becoming an empty-nester creeps closer and closer with each passing season. And in a blink, here we are again almost at the end of yet another year.
The reality is that life moves fast—and your finances need to keep up. That’s why for this edition of Checkpoint, we’re focused on just that: Money That Moves With You.
Letter from the President
Brian McKay PRESIDENT
Whether you're saving for your first car (like my teen is currently doing), teaching your kids about the value of a dollar (which is an everyday conversation in my house), or navigating retirement in today’s economy, your financial needs evolve. So, in this issue, we share guidance for every generation and every stage of life.
Dive into smart car buying beyond the sticker price, mindful ways to stretch your budget, and insights into building a simpler, more intentional financial life. We’re also talking about the very real economic pressures facing retirees and how to prepare wisely.
We’ve also got some great tools and services to help, like flexible checking options, auto loans designed with you in mind, and student accounts to set younger members on the right path. Because we believe your financial tools should be as adaptable and forward-moving as you are.
As always, thank you for letting us be part of your financial journey. No matter where life takes you, we’re here to help you move forward.
I appreciate you!
Always on the Go? We’ll Help You Keep Up.
School drop-offs, work commutes, grocery runs, and everything in between — your car keeps life moving. Finance it easier with Spero’s low rates, flexible terms, same-day funding,* and payments that keep your budget on track.
Community & Events
Piggy Bank Decorations
on Social
Plan Retirement with Confidence — Even in Uncertain Times
For generations, retirement was viewed as the reward for decades of hard work and dedication. Today, for those of us approaching the end of our careers, it feels more like a guessing game than a guarantee. Rising costs, market fluctuations, and added responsibilities — like caring for aging parents — can make planning seem almost impossible. The good news is that with a clear strategy and the guidance of trusted advisors, it’s still possible to retire with confidence and purpose.
Spend for Now? Save for Later?
There’s an old adage that says, “Youth is wasted on the young.” While it’s usually mentioned as a tongue-in-cheek comment, the saying captures one of retirement’s most pressing challenges: the desire to experience the benefits of retirement—free time, hobbies, travel, volunteering — while still having the time and energy to enjoy them. The only problem is that these classic retirement activities tend to require spending, and long-term security generally calls for saving. These conflicting desires leave many people at emotional and financial crossroads.
It’s natural to approach this challenge as an either/or scenario. Spend or save. Travel or invest. Make memories or make plans. Fortunately, this isn’t always the case. Smart retirement planning can turn either/or into both/and.
The New Retirement Landscape: What To Consider
Thinking about retirement during uncertain economic times can bring up a wide range of considerations. Some of the most common involve market conditions, home values, Social Security, healthcare, and caring for aging parents.
INTEREST RATES & MARKET CONDITIONS
With rates rising and markets fluctuating, it’s understandable to feel unsure about when to retire. While timing does matter, the real key is flexibility. A strong retirement plan can adjust to economic changes by allowing for changes in spending, withdrawal timing, or even part-time income. Rather than waiting for best-case scenarios and perfect conditions, focus on building a plan that works in real life.
HOME INVESTMENTS
Smart renovations — like energy-efficient upgrades or home updates that make it easier to stay long-term — can add immediate comfort and long-term value if you are planning to stay in your home. Just be sure the costs fit within your broader retirement goals. With the right plan, it’s possible to enhance daily life now without compromising financial security later.
SOCIAL SECURITY & HEALTHCARE
Timing Social Security benefits is a careful balance between accessing funds earlier and receiving a higher monthly amount by waiting. Healthcare planning is equally important, especially if you plan on retiring before
Medicare eligibility. Preparing for these costs can help avoid financial gaps and provide greater peace of mind.
CARING FOR OTHERS WHILE PLANNING FOR PERSONAL NEEDS
If you are in your early 60s, you are part of the “Sandwich Generation” that balances retirement goals while supporting aging parents or adult children. This dual responsibility can strain finances and emotional health. Prioritizing personal financial stability allows for better support of your loved ones and helps ensure a more secure retirement.
A Positive Perspective on Retirement Planning
Retirement doesn’t have to be a finish line. It can mark the start of a new stage, a fresh season that introduces more opportunities to uncover meaning and purpose, whether through volunteering, part-time work, or pursuing long-held passions. And it doesn’t have to be an all-or-nothing approach.
You may choose a phased approach, gradually shifting from full-time work to more part-time endeavors that allow you to maintain structure and income while gaining more freedom. You could also use this time to make intentional, value-driven financial decisions and pursue projects and opportunities that bring you joy, fulfillment, and impact. With a mindset that focuses less on limitations and more on possibilities, retirement can offer more chances to enjoy what matters most.
Retirement is Still Within Reach
There’s no doubt that retirement looks different than it did a generation ago, but that doesn’t mean it’s out of the question. With thoughtful planning, a clear sense of your goals, and support from trusted Spero advisors, you can build a retirement that’s both secure and deeply fulfilling.
Family Matters: Money Lessons from Parent & Kid Perspectives
As a parent, you want to give your child the tools they need to succeed — especially when it comes to making smart financial decisions. But knowing you should teach your kids about money is different than knowing how to teach kids about money. How early should you start? Should you let them handle their own money? What aspects should you focus on first?
Whether your little one is just starting to grasp the concept of money or your pre-teen is ready to open their first checking account, every stage offers a chance to learn together. Here's a side-by-side look at key financial lessons from the perspectives of the parent and child, with practical tips for each step along the way.
Education Starts With Conversation
PARENTS:
Your kids are watching. Even before they can add or subtract, children notice how you talk about money and respond to spending decisions. Start by making money part of everyday conversations — at the grocery store, during allowance discussions, or when planning a family outing. You don’t have to have all the answers. The important part is having the conversations. That’s how questions pop up and teachable moments happen naturally.
KIDS:
“I wanted that toy, but Mom said I didn’t have enough money to buy it yet.”
Little moments can be big learning opportunities. When kids start to understand that money is exchanged for things they want, they’re old enough to understand that waiting is part of the process. Whether it’s in a jar or a Minor Savings Account, watching their money grow is a great way to build excitement about good financial habits.
Help Them Build Healthy Habits
PARENTS:
Want to teach your kids about money? Give them some. It doesn’t have to
be much — just enough to let them practice. A simple three-jar system (save, spend, and share) can help kids learn discipline and delayed gratification — essential skills for financial success. Use practical examples to introduce the idea of short- and long-term goals: saving for a small toy now, or something bigger later.
Parenting Pro Tip: Remember generosity! Teaching your children to give, even just a little, is an excellent way to cultivate gratitude and empathy.
KIDS:
Buying that first snow cone with their own money. Dropping their own money into the Salvation Army bucket. Saving for the new video game they really want. These moments are milestones. They show kids what it feels like to make good decisions with their money and that it can be a tool for fun, independence, and kindness.
Give Them More Responsibility
PARENTS:
As kids become pre-teens and move on into their teen years, money lessons should mature right along with them. This is the perfect time to consider opening a student checking account. It’s also a great time to introduce budgeting — maybe for back-toschool shopping, gas money, or a class trip. The earlier they can see where
their money is going — and feel the real-world impact of their financial decisions — the more prepared they’ll be when it’s time to manage it on their own.
KIDS:
Putting their first debit card in their wallet. Logging into Digital Banking to check their balance. Budgeting for concert tickets or saving up for a car. These steps feel grown-up — because they are. Doing them with the support of a parent builds confidence, rather than stress.
Make the Moves They Don’t See
PARENTS:
While your children will be active participants in many of the money lessons you teach them, some of your most impactful financial decisions will take place behind the scenes. Open a Coverdell Education Savings Account or a 529 plan to save for education. Purchase life insurance to protect your family’s future. Add beneficiaries to accounts or set up automatic savings to support long-term goals. Your kids probably won’t notice these steps right away, but you’ll know that you’re setting the foundation for your child’s security. And that’s a financial decision that benefits you both.
Choose Progress Over Perfection
You don’t need to be a financial expert to raise one. Consistency, honesty, and a willingness to walk alongside your child as they learn are the most important things you bring to the table. From their first piggy bank to their first paycheck, every step is a chance to learn. And every conversation — whether it’s about budgeting, generosity, or planning ahead — lays the foundation that will help your child soar financially!
Helping Them Soar— One First at a Time.
You’ve been there for their firsts: first words, first steps, first day of school. Now it’s time for another: their first money move. Spero’s Student Spend account gives them 24/7 access with a debit card and digital banking — and no monthly fees or overdraft worries. Plus, they’ll be eligible to apply for Spero’s $5,000 college scholarship. It’s more than just their first account. It’s a launching pad to a strong financial future.
Beyond
the Sticker Price:
6 Expenses To Consider When Buying a Car
Buying a car is a big deal. Most of us browse hundreds of listings, find the right model, take it for a test drive, crunch the numbers, and negotiate the price as part of the process. And if all goes well, we finally get to drive it off the lot. But the
purchase is just the beginning. From maintenance and insurance to gas and taxes, owning a car comes with several costs that don’t show up on the sticker. Here are six expenses to think about before making a final decision.
1 | routine maintenance and repairs
Whether buying a new car or a used model, every vehicle needs regular upkeep. Oil changes, brake pads, tire rotations — these relatively minor expenses can seem to come out of nowhere if they haven’t been accounted for ahead of time. It’s also worth remembering that, even though they’re less expensive up front, older cars tend to need more frequent repairs.
Plan ahead:
Add up the total annual cost of expected maintenance, divide the total by 12, and set aside that amount each month. To protect yourself against unexpected repairs, consider signing up for Mechanical Repair Coverage.
2 | auto insurance
As a car owner, auto insurance is a must (aka — required by law). Multiple factors determine auto insurance premiums: age, location, driving history, and even credit score. And typically, the nicer the car, the higher the premium.
So, before signing the paperwork and getting the keys, be sure to know how much insuring your new (or new to you) car will cost each month. Then include that amount in your budget.
3 | fuel ( or charging ) costs
Whether filling up at the pump or plugging in to recharge, these costs can add up. And while gas and power prices can go up and down, your lifestyle — work commute, frequency of road trips, or errands around town — will be the biggest factor to consider
Know your mileage:
Track how much you spend on gas or charging each week, then see how far that goes. Comparing the cost per mile can help you pick a car that saves money over time.
4 | taxes , title , and fees
Focusing only on a vehicle's sticker price means overlooking a big part of the total cost. Registration, taxes, and title fees
Always Look Beyond the Sticker Price
Buying a car is exciting — but it’s easy to overlook the total cost. With a little planning, you can steer clear of surprise expenses and enjoy your new ride!
If you’re looking for help with financing your next vehicle, talk with a Spero advisor to find tools, resources, and programs that fit your financial goals.
vary by state, but it’s a smart move to plan for these upfront costs. While title fees are a one-time cost, registration fees and property taxes are annual costs that should be budgeted for.
Break up the total cost:
Plan ahead by estimating these yearly costs and setting aside a little each month to stay ahead of renewals.
5 | depreciation
It may seem odd to think about a car's resale or trade value before buying it, but thinking ahead can save significant money in the long run. A new car starts losing value the minute it’s driven off the lot. This is called depreciation, and it impacts the long-term value of the vehicle, which can directly affect your wallet when it’s time to sell or trade it in.
Start with the end in mind:
Look for vehicles with high resale ratings or explore certified pre-owned options.
6 | financing costs
For many of us, buying a car is one of our biggest expenses — one that often requires financing. This means getting a loan to purchase the vehicle versus paying the full price out of pocket. When looking for a loan, it's important to pay attention to the interest rate. This is the "cost" the financial institution will charge for borrowing money from them. While the interest rate is not the only factor to consider, it is important, as it potentially can save thousands of dollars over the life of the loan.
Secure long-term savings with lower rates:
Credit unions often offer lower interest rates and personalized guidance to help you choose the auto loan that fits your longterm financial plans.
4 Steps to Make Your Money Stretch Further
if you find yourself feeling overwhelmed and stressed about your finances, you are not alone. Rising costs have made money tight for many of us. It can be challenging to simply make ends meet each month. That’s why it is more important than ever to make our money stretch further.
Here are a few tips to get you started. While these tips won’t fix things overnight, our hope is that they help you stress less when it comes to your money.
STEP
1: TAKE A LOOK AT YOUR SPENDING HABITS
Is every dollar in your budget assigned a job? If the answer is no, the first step in making your money stretch further is knowing what you’re spending it on.
Look at account statements from the last few months to get an idea of how much you spend on essentials like groceries, gas, and utilities versus non-essentials like entertainment, streaming services, and restaurants.
This will help establish a baseline that you can build on as you make adjustments to your budget.
STEP 2: REDUCE AND REUSE
Now that you have a good idea of your usual spending habits, challenge yourself to find areas you can cut. You may already have the leanest budget possible, and that’s great! If not, be intentional about pinpointing ways to decrease your spending. By doing so, you will have more money in your pocket for the essentials.
Here are some questions to consider before making a purchase:
Do I really need to buy a brand-new item, or could I use something I already have/ borrow it from a friend or family member?
Could I find a way to repair or refurbish broken items rather than immediately replacing them? (Pro tip: YouTube and TikTok are great resources to learn how to repair a whole host of things, from clothing to household appliances.)
Can I wait until this item goes on sale (more on that later!) or find it at a thrift shop?
This isn’t to say you can never spend money on non-essentials or treat yourself. However, being intentional about using things you already have can create more room in your budget for the necessities.
Family twist: Involve older kids in basic budgeting decisions to help them understand trade-offs.
STEP 3: SHOP SMART
So, what does it actually mean to shop smart?
First, keep an eye out for sales. For household necessities like laundry detergent or soap, wait for the items to
go on sale and then stock up. That way you get more bang for your buck on those essential items.
Second, consider seasonality! For food items like fruits and vegetables, try to select options that are in season, as they are typically more affordable than something out of season. For clothing on the other hand, shopping for out-ofseason items may be a cheaper bet! (Of course, this means keeping pieces in your closet for a bit before you can sport them – but for your wallet’s sake, it may be a good trade off!)
Thirdly, try out budget-friendly recipes. Affordable ingredients like pasta, rice, lentils, and beans can help bulk up a meal and make your groceries stretch further. Look for recipes that include those ingredients and make a clear list of the things you will need to get before heading to the store.
Family twist: Have kids help pick meals—they’re more likely to eat them, and it becomes a shared activity.
STEP 4: CONSIDER MAKING CHANGES TO YOUR BANKING HABITS
There are a few tweaks you can make to your banking habits to help your money go further as well.
First, look into accounts with higher Annual Percentage Yields (APY). This is simply the money you earn on your account balance over time. The higher the APY, the more you earn. Most standard savings and checking accounts pay next to nothing on account balances. However, some financial institutions (like Spero – we’re not biased or anything!) do offer high-yield accounts.
For example, Spero Financial’s Kasasa Cash Checking accounts pays 5.00% APY* on qualifying balances up to $15,000. To get this APY, all you need to do each month is 1) make 12 debit card transactions of $5.00+, 2) enroll in and agree to exclusively receive eStatements, and 3) receive 1 direct deposit (i.e. paycheck) or perform an ACH transaction (i.e. online utility payment). That adds up to some serious cash, especially the higher the balance you keep in the account.
Outside of increasing your APY, take a look at any loans you are currently paying on. If you have multiple loans with high interest rates, consider consolidating them into one loan with a lower interest rate. While it may take a longer period of time to pay them off than you initially planned, you will pay much less in
interest over time, which means more money in your pocket for the things that matter.
Don’t forget that Spero Financial has your back through all of life’s ups and downs. (After all, we’re people too, and experience many of the same things our members experience!)
If you would like to speak to a Spero advisor about additional steps you can take to manage your finances, visit spero.financial/make-yourappointment to set up a free appointment with one of our Certified Credit Union Financial Counselors.
*Annual Percentage Yield. Insured by NCUA. Membership required. “Kasasa” is a trademark of Kasasa Ltd., registered in the U.S.A.
Financial Mindfulness, Minimalism, and No-Buy Challenges
The biggest trending topics on social media are usually centered around consumerism; we’re constantly told to buy this item, try that fashion trend, or visit the coolest, newest spot in town.
Recently, however, there has been a movement gaining steam on social media geared toward doing the exact opposite. Many users are discussing ways to be more mindful of their finances and some are even practicing what has been called “financial minimalism.”
Let’s break this down, starting with the concept of financial mindfulness.
What is Financial Mindfulness?
Financial mindfulness is the act of being more aware of what we are doing with our money. Easier said than done, right?
Here are a few questions we can ask ourselves to get the mindfulness ball rolling:
• What things am I spending the most on?
• Do I have recurring expenses, and if so, what are they and do I need them?
• Where do I want to be financially five or ten years from now?
Once we have an idea of where we are financially, there are three steps we can
take to move forward and incorporate financial mindfulness into our everyday lives:
1. SHOP INTENTIONALLY
Always be intentional when shopping.
For groceries, create a shopping list and stick to it. (Bonus tip: never shop for groceries hungry – that’s a recipe for disaster!) Having a plan will help avoid spending money on items you won’t use before they expire.
For other items, such as clothing or household goods, take the time to research options rather than impulsively spending. If possible, choose high-quality pieces that will last. While you may pay
more upfront, you will save in the long run by not having to replace the items as often (or ever!).
2. KEEP AN EYE ON YOUR EXPENSES
It’s a good idea to keep track of your income and expenses on at least a monthly basis. Create a monthly budget that breaks down how much you plan to spend for each category and try to stick to it.
Check that you aren’t paying for things you don’t need … did you ever cancel that free trial you signed up for last month?
3. PUT THINGS IN PERSPECTIVE
Make a mental note of what you make hourly and keep that in mind before making big purchases. Suppose you make $20 an hour and want to purchase a $500 gaming console. That gaming console is equal to 25 hours of work – just over 3 standard working days. Keep that math in mind to make more well-thought-out financial choices.
Financial mindfulness doesn’t mean we can’t ever have fun or spend money on non-essentials. The goal is simply to be more aware of what we’re spending our hard-earned money on so we can make better decisions for our personal financial situation. It’s a journey that will grow and evolve for each of us over time.
So that leads us to our next trending topic: financial minimalism.
What is Financial Minimalism?
Some people choose to take their financial mindfulness journey to the next level and practice financial minimalism. Minimalism is all about simplicity, and financial minimalism is no different. People who practice financial minimalism focus on just the essentials with regards to their finances.
This can mean different things for different people. Some only purchase the things they absolutely need and nothing extra. Others refuse to take on any debt at all – if they can’t pay for it in cash, they don’t buy it – or stick to a very strict budget.
One common minimalist tactic that is gaining traction on social media is the idea of the “no buy” challenge.
The No-Buy Challenge
A “no-buy” challenge is exactly what it sounds like! Participants challenge themselves to avoid buying certain things for a set period of time. How does that actually work, though? It’s simple!
First, choose items to avoid buying.
These can range from books to clothing to so much more! Some families even try to “shop their pantries” – creating meals only using the food items they already have in their home. Any category of item that you notice you’re spending too much on can be the focus of a no-buy challenge.
Next, choose a period of time for the challenge.
Do you want to try to make it a full year, or maybe start off easier and aim for just a couple weeks? Pick a timeline that is realistic for you and stick with it.
Ready, set, go! Start the challenge and try not to spend money on the items you specified at the start.
But this begs the question: how does this challenge actually improve our finances over time?
“No-buy” challenges are beneficial because they help us reflect on the things we need rather than the things we want. Nowadays, we can purchase items in the blink of an eye or the tap of a smartphone. Taking the time to pause and restrict that shopping impulse can help us realize that we really don’t need to purchase quite so many items. By placing “restrictions” on our buying habits, we are actually establishing new, healthy money behaviors that can have long-term impacts on our wallets (like extra disposable income to put into savings)!
To Wrap Things Up…
Whether you want to go full minimalist or just adopt one or two financial mindfulness practices, you will thank yourself in the long run. Taking the time to think through our personal finances is a form of selfcare, just like eating healthy foods or practicing personal hygiene. Once the habit is established, it becomes part of our daily life – and in this case, makes a major positive impact on our financial journey!
