Don't show this again

ANNUAL MEMBERSHIP MEETING: SRP's 66th Annual Membership Meeting will be held Tuesday, March 31, 2026. Registration and Meet the Candidates begin at 5 PM. The meeting starts at 7 PM.

Tag: financial education

 
A young woman manages her taxes at a laptop,

Five steps to smart tax management

 
 

posted on

March 6, 2026

*This publication is only intended to be used for general informational purposes. Consult a tax professional for the most current data and/or personal advice. 

 

What is “smart tax management?” It’s a combination of timely filing and taking advantage of everything that can reduce the amount of money you pay in taxes. While tax management does take a bit of planning, organization, and know-how, the overall financial benefit is strong. 

Maximize retirement savings plans 

If you have an employer-sponsored retirement savings plan (such as a 401(k), 403(b), or 457) available to you, it makes sense to use it. Since you make contributions with pre-tax dollars, your taxable income and possibly your tax rate will be lowered. Investments grow on a tax-deferred basis, so when you retire and take the money out, the earnings will be taxed on your new, and usually lower, tax rate. 

 

IRAs are part of good tax management too. Contributions to a traditional IRA are tax-deductible, and account earnings aren’t taxed until you withdraw that money at age 59.5. There are income restrictions, though, and if you’re an active participant in an employer-sponsored retirement savings plan you can’t deduct your contributions. While contributions to a Roth IRA are always non-deductible, the earnings are tax-free. 

Use your employee benefits 

If you’re an employee, your company may offer benefits that can reduce your taxable income and therefore your tax liability (the amount you owe): 

 

Flexible Spending Accounts (FSAs). Medical FSAs allow you to set aside money for common health-related costs, and dependent care accounts let you save for work-related child or dependent care expenses. For both, the money is taken out through payroll deductions on a pre-tax basis. 

 

Transportation plans. These plans allow you to use pre-tax dollars (and reduce your taxable income) to pay for public transit, vanpooling, or parking. 

Pay the right amount 

You know you’re paying the correct amount of taxes if you neither owe taxes nor receive a large tax refund. While a refund may seem positive, it’s really not making the most of your income during the year. For example, a $2,000 tax refund translates into $166 that you don’t have in your pocket every month. On the other hand, if you owe and can’t pay the entire sum, you’ll have to pay interest and possibly penalties, which will only add to your tax debt. 

Make the most of your adjustments, deductions and credits 

Tax adjustments and deduction are expenses you can subtract from your income, resulting in a lower taxable income. Common examples of these are: 

  • An exemption amount for you, your spouse, each child, and any other qualified dependents, and certain disabilities 
  • Mortgage interest paid on your primary residence 
  • Equity loan or line of credit interest 
  • Charitable contributions to eligible organizations 
  • Certain business expenses 
  • Union and professional dues 
  • Some medical expenses 
  • The cost of tax advice, software, and books 
  • Depreciation of business assets 
  • Some work uniforms and clothing 
  • Moving expenses, in some cases 
  • Some educational expenses 

A tax credit is a dollar-for-dollar reduction in what you would owe for taxes. For example, if you qualify for a tax credit of $1,000, you would be able to subtract that amount from your total tax liability. Common examples of tax credits are: 

  • Earned income credit. This credit reduces the tax burden for lower-income taxpayers. 
  • Education-related credits. The American Opportunity credit can be used for the expenses you incur in the first four years of higher education. The lifetime learning credit applies to tuition costs for undergraduates, graduates, and those improving job skills through a training program. 
  • Child-related credits. These include credit for child and dependent care expenses, the child tax credit, and the adoption credit. 

File on time – whether you have the money or not 

Filing your tax return by April 15 (or later if you file an extension) is important. The drawbacks of not filing include: 

  • Your tax bill could increase by 25%, due to penalties, or interest charges on balances owed. 
  • Additional penalties and/or criminal prosecution if you continue to not file (considered tax evasion). 
  • Losing the refund, if there’s one due (typically after 3 years). 

Even if you don’t have the money to pay, file anyway. Programs are available to help you avoid many of the harsher penalties. 

Properly managing your taxes can greatly reduce the amount of money you pay in taxes and put more money into your pocket. After all, why pay more if you don’t have to? 

 

This article is for informational purposes only and is not intended to provide tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors for advice. Membership required. SRP is federally insured by NCUA.    

Article Credit: BALANCE 

 
A young man reviews his finances.

Keeping your credit score aloft

 
 

posted on

February 20, 2026

You’ve done all the right things. You’ve made your payments on time for all your obligations. Your balances are low on revolving accounts. You’ve diversified your credit, limited your applications for new credit, and kept old unsecured debt accounts open. 

 

As a result, your credit score is in a solid place. The question now is how to keep it there. The good news is that because of the work you’ve already done; the main task is to stay the course. 

 

While sticking to the fundamentals is the most crucial part of keeping your credit score high, there are a few external and internal factors to watch out for. Like flying a small aircraft, once you’ve got the basics down, the main priorities are to keep an eye on your gauges and look out for the unexpected. 

Utilize credit monitoring 

From financial institutions to credit card providers to money management websites, there are several different sources for credit monitoring. You can likely even find a service that will let you track your score for free. With that being the case, monitoring your credit rating is a good idea. 

 

The idea isn’t to obsess over your score, though. Once you’ve built up your score, credit monitoring’s most significant value might be in its ability to alert you to unexpected information that is finding its way into your credit reports. 

 

Most of the time, erroneous data in your credit file comes from honest mistakes, whether that’s information being incorrectly processed somewhere along the line or someone else’s file being confused for yours. These mistakes can impact your score, so if you get an update from a credit monitoring service that looks fishy, it’s crucial to review your reports immediately. If your credit monitoring service provides you free access to your reports, take advantage of it. You can also access your credit reports for free once a year by visiting AnnualCreditReport.com or calling 877-322-8228. 

 

Once you’ve pinpointed the incorrect information hitting your credit file, your next step is to dispute the falsehoods being reported on your behalf. When you dispute information in your credit reports, you’re essentially requiring the company reporting it to the bureaus to prove that the data they’re showing for you is legitimate. If they can’t prove it belongs to you, they must remove it from your reports. 

 

You can complete disputes for each of the three major credit bureaus at: 

 

Sometimes, unfamiliar data can show up in your file because someone is fraudulently accessing your existing accounts or stealing your identity to open new accounts. If that’s the case, it’s wise to file disputes for all information in your credit files you believe was not your doing. It’s a good idea to also: 

  • Start a file containing all the information related to your identity theft and your efforts to resolve it 
  • Check all your accounts for evidence of fraudulent use 
  • Contact all companies you have accounts with to let them know about the situation 
  • For any accounts that have been fraudulently opened or used, demand the company involved provide documentation about the account opening or activity in question. 
  • File a report with your local police about the crime 
  • Place a fraud alert with each of the three credit bureaus listed above 
  • Order the additional free credit reports you are entitled to from the credit bureaus as a victim of identity theft 
  • Consider putting a freeze on your files at the credit bureau websites, creating a barrier for anyone trying to open new accounts using your information 
  • Run a virus scan on your computers 
  • File a complaint with the Federal Trade Commission at FTC.gov 
  • If you have identity theft insurance, file a claim 
  • Change all account passwords 

Build your emergency savings 

Talking about savings might seem like a non-sequitur, given that we’re discussing credit reports and scores. However, with on-time payment history being the single-largest component of your score, it’s wise to think ahead.

 

You might be chugging right along now, stacking up timely payment after timely payment. But this is a good time to heed the old saying that the only constant is change. If a significant financial challenge were to come your way, would you still be able to keep up on all your obligations?

 

Having six months of your regular income in an emergency savings can help you keep your payment history rock solid no matter what life throws at you. 

Don’t obsess 

It’s easy to get sucked into the quest to see your credit score reach the 800-level. And once it’s there, you may want to squeeze out a few more points because your neighbor told you he has an 815 score. But the reality is that you’re not changing anything. The cutoff for where lenders typically start handing out their best deals is around 750-780. To borrow another old saying, anything above that is gilding the lily. 

 

If you become preoccupied with achieving the highest score possible, you may do more harm than good for yourself. For example, suppose you refuse to use one of your older credit cards because you want to keep your usage percentage low. In that case, the credit card issuer may close the account due to inactivity, potentially hurting your score by lowering the average age of your open accounts. 

 

If you’ve done the work to elevate your score to lofty heights, it’s time to relax and enjoy the fruits of your labor: The financial rewards that come with good credit. So, yes, keep an eye on your score, but try not to let it become a point of worry. It’s just not worth it. 

 

This article is for informational purposes only and is not intended to provide tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors for advice. Membership required. SRP is federally insured by NCUA.    

Article Credit: BALANCE 

 
A businesswoman uses a credit card and a laptop.

Your credit score: Everything you need to know

 
 

posted on

February 5, 2026

Your credit score can have a major impact on your life. Not only do creditors typically check your score when deciding whether or not to approve your loan application and what interest rate to charge you if you are approved, but landlords, insurance companies, and even employers often check it as well.

 

Having a good score can help you achieve your goals quickly and at the lowest possible cost. 

What is a credit score? 

Your credit score is a mathematical assessment of the likelihood you will repay what you borrow. It is based on the information in your credit report, which tracks your credit-related activity. Types of credit include credit cards, store cards, personal loans, car loans, mortgages, student loans, and lines of credit. 

 

For each account, your report shows who it is with, your payment history, the initial amount borrowed (for loans) or credit limit (for revolving credit), the current amount owed, and when it was opened/taken out. Your report also shows if you have experienced any credit-related legal actions, such as a judgment, foreclosure, bankruptcy, or repossession, and who has pulled your report (called an inquiry). 

 

There are three major credit bureaus that compile and maintain credit reports: Equifax, Experian, and TransUnion. Theoretically, all three of your reports should be the same, but it is not uncommon for creditors to report to only one or two of the bureaus. 

FICO score 

The most commonly used scoring model is issued by the Fair Isaac Corporation. Called a FICO score, it ranges from 300 to 850, with a higher score being indicative of less risk. 

 

Generally, those with a higher score are more easily granted credit and get a better interest rate. A score of 700 and above is typically considered good, while 800 and above is excellent. However, most scores fall between 600 – 750, according to Experian. 

 

If your score falls below 600, you will probably have a hard time getting a mortgage (many lenders require you to have at least a 620 or higher). To get the best interest rate, you usually need at least a 740. 

 

The following are the factors that are used to calculate your FICO score: 

  • Payment history (35%): Making your payments on time boosts your score. Conversely, if you make a late payment, your score will take a hit. The more recent, frequent, and severe the lateness, the lower your score. Collection accounts and legal actions have a serious negative impact. 
  • Amounts owed (30%): Carrying large balances on revolving debt, like credit cards, particularly if those balances are close to the credit limits, will lower your score. 
  • Length of credit history (15%): The longer you have had your accounts, the better. 
  • New credit (10%): This factor looks at the number and proportion of recently opened accounts and the number of inquiries. While many inquiries on your report will lower your score, all mortgage or auto loan inquiries that occur within a 45-day period are considered just one inquiry for scoring purposes. Accessing your own report is not damaging to your score nor are inquiries from pre-approval offers. Having new accounts can hurt your score, but if you have had a history of late or irregular payments, reestablishing a positive credit history will be taken into account. 
  • Types of credit used (10%): Having a variety of accounts, such as credit cards, retail accounts, and loans, boosts your score. 

Since your Equifax, Experian, and TransUnion credit reports do not necessarily contain the same information, your FICO score from each bureau may be different. When you apply for credit, the creditor may only check one of your scores or check all three and average them or take the lowest or middle score. 

Improving your score  

Following these habits can boost your score: 

  • Always pay on time: Your payment history makes up the largest chunk of your credit score, so making your payments on time is extremely important. 
  • Pay down existing debt: Even if you have never missed a payment, a large debt load will lower your score. Explore ways you can lower your interest rates and free up cash to make more than the minimum payments. 
  • Avoid taking on additional debt: Besides paying down existing debt, make an effort to not take on more debt in the future. For revolving credit, ideally you should not charge more than you can pay off in full the next month, but at the very least, try to keep the balance well under half of the credit limit. 
  • Check your report for errors (and report them): Many reports contain score-lowering errors, so make sure to check your credit report from the three bureaus at least annually. You can get a free copy of your report once a year from the Annual Credit Report Request Service. Note: Equifax and Experian handle their disputes online, while TransUnion lets you submit your dispute through their website, by phone or mail. 
  • Keep your old accounts: A long credit history with the same accounts indicates stability. 
  • Limit balance transfers: While transferring balances to “teaser rate” cards can be a way to efficiently get out of debt, it can also have a detrimental effect on your credit score. The accounts will be new and likely have balances close to the limit to maximize the advantage of the low rate – two factors that lower your score. 
  • Avoid excess credit applications: When you apply for credit, your score decreases just a bit. If you do it frequently, a creditor may see it as a sign that you need to rely on credit to pay your obligations. 
  • Be patient: It may feel like credit mistakes can haunt you forever, but remember that your payment history from the past two years is much more important than what happened before that. Also keep in mind that most negative information is removed from your report after seven years. 

Obtaining your score 

When you apply for credit, the creditor may provide you with your score at no cost. Otherwise, if you want to see your score, you typically have to pay for it. There are a variety of services that sell different types of credit scores, so when you are purchasing your score, it is extremely important to pay attention to what exactly you are getting. 

 

Since it is the mostly widely used, it generally makes the most sense to purchase your FICO score. However, even then, keep in mind that you may not be seeing the exact same score a lender will see. (There are different versions of the FICO score available. Additionally, there are many creditors that use an internally-created scoring model in conjunction with or in lieu of the FICO score.) 

 

Checking your credit score can be helpful if you are planning to get a mortgage or car loan soon, and want to have an idea if you will get approved or qualify for the best interest rate. Otherwise, you may just want to stick with checking your credit report, which is available for free. Remember, your score is based on the information that is in your report. 

Contact Information 

Equifax 
www.equifax.com 
1-800-685-1111 

 

Experian 
www.experian.com 
1-888-397-3742 

 

TransUnion 
www.transunion.com 
1-800-888-4213 

 

Fair Isaac Corporation 
www.myfico.com 
1-800-319-4433 

 

Annual Credit Report Request Service 
www.annualcreditreport.com 
1-877-322-8228 

 

This article is for informational purposes only and is not intended to provide tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors for advice. Membership required. SRP is federally insured by NCUA.    

Article Credit: BALANCE 

 
SRP employees who graduated from Augusta Technical College's Banking & Finance Bootcamp stand in front of an Augusta Tech step-and-repeat background.

SRP Ambassadors Complete Banking and Finance Bootcamp at Augusta Technical College

 
 

posted on

November 3, 2025

Augusta, GA – Five SRP Federal Credit Union employees graduated from the October 2025 cohort of Augusta Technical College’s Banking & Finance Bootcamp, a 10-day continuing education course that equips students with foundational knowledge in the banking and finance industry.

 

Sponsored by SRP Federal Credit Union and other financial institutions, the bootcamp includes topics such as business math, banking basics, commercial banking, lending, business ethics, banking jobs and careers, and more.

 

SRP Ambassadors Patrice Bethea, Michael Clennett, Trevinte Dawson, Abel De Jesus, and Marley Sleister completed the program, where they enjoyed learning alongside professionals from fellow financial institutions.

 

Clennett, who works in SRP Federal Credit Union’s Community Development department, said the bootcamp exposed him to the vast potential for learning and growth within the finance sector.

 

“As the only non-banking SRP Ambassador at the bootcamp, it was great to meet and learn from others who work in the branches. They do incredible work supporting SRP members every day, and I gained valuable insight into their roles. I learned just as much from my colleagues as I did from the bootcamp itself,” said Clennett.

About SRP

SRP Federal Credit Union, headquartered in North Augusta, SC, provides financial services to over 199,000 members. Recognized for excellence in business and community impact, SRP was recently named the 2024 Large Business of the Year by the Columbia County Chamber of Commerce and the North Augusta Chamber of Commerce. For more information, visit www.srpfcu.org.

 
SRP Financial Services Engagement Developer Tawanaca Williams reads a door prize ticket after a

SRP Federal Credit Union Promotes Financial Education Across 10 Counties

 
 

posted on

October 17, 2025

North Augusta, SC – In an initiative to uplift local financial wellness, SRP Federal Credit Union provided a free financial education seminar in each of the 10 counties SRP serves across Georgia and South Carolina during the spring and summer of 2025.

 

Led by SRP Financial Services Engagement Developer Tawanaca Williams, the seminars covered a variety of topics such as credit reports, credit scores, homeownership, identity theft prevention, scams, along with wills and trusts.

 

Over 500 community members attended the seminars, which included a free catered meal and advice from subject matter experts. Feedback from attendees was overwhelmingly positive, with many reviewers stating they found the seminars informative and easy to understand.

 

SRP Federal Credit Union’s field of membership includes South Carolina counties Aiken, Allendale, Barnwell, and Edgefield, and Georgia counties Burke, Columbia, Jefferson, Lincoln, McDuffie, and Richmond. Williams and fellow members of SRP’s Financial Education team strive to serve members across all 10 counties with helpful resources.

 

“About two years ago, when I started in this role, the primary objective was to make sure each county was well-served,” said Williams, adding that attendance at her 2025 10-county initiative doubled from 2024.

 

Additionally, courtesy of SRP, Williams engaged with community members prior to each seminar through “Random Acts of Kindness,” assisting some back-to-school shoppers, grocery shoppers, and gas station customers with expenses.

 

“Our Financial Education team truly represents the credit union philosophy of ‘People Helping People,’” said Liz Ponder, Chief Executive Officer of SRP Federal Credit Union. “We are grateful for Tawanaca Williams and her colleagues’ unwavering dedication as they ensure communities across our field of membership have access to our educational resources.”

Three legal professionals speak to an audience at a local church.
Judge Tiana Bias, Attorney Sincerai D. Stallings, and paralegal Danielle Johnson answer audience questions at SRP's Wills & Trusts seminar at Macedonia Church of Grovetown. The legal experts provided professional advice for attendees learning about estate planning.

About SRP

SRP Federal Credit Union, headquartered in North Augusta, SC, provides financial services to over 199,000 members. Recognized for excellence in business and community impact, SRP was recently named the 2024 Large Business of the Year by the Columbia County Chamber of Commerce and the North Augusta Chamber of Commerce. For more information, visit www.srpfcu.org.

 
A smiling piggy bank stands next to a figurine of a house with keys, representing saving for homeownership.

Saving for Homeownership

 
 

posted on

October 15, 2025

For most people, buying a home is both an exciting and challenging venture—it is the quintessential American dream. However, because of the high costs involved, saving for home purchase takes commitment, research, and sometimes sacrifice. This fact sheet will provide general information on the costs involved and the types of expenditures you will need to save for in order to buy your first home. 

 

The down payment 

The down payment will be the most significant outlay of your pre-purchase costs. The rule used to be that you needed to put down 20% of the purchase price, and you would obtain an 80% mortgage. Today, homebuyers can buy a home with as little as three to five percent down. If you do put less than 20% down, you will probably have to purchase private mortgage insurance, which will cost you between .5% to 1% of the loan amount until your equity reaches the full 20%. Keep in mind that the more you put down, the less your mortgage payment will be. 

 

Earnest money 

Earnest money is a cash deposit you make when you submit your offer, which proves to the seller that you are serious about wanting to buy the home. Your real estate broker will deposit the money into an escrow account, and if your offer is accepted, it will be applied towards the down payment. If the offer is rejected, it will be returned to you. Typically, the earnest money deposit will be about two percent of the price of the home. 

 

Closing costs 

Closing costs include all fees required to execute the sale transaction, such as attorney fees, title insurance, appraisals, points, and tax escrows. Typically, these fees are paid up front. The average cost is three to five percent of the purchase price. 

 

Post-purchase reserve funds 

You may also need to prove to the lender that you have some reserve funds to protect against potential cash flow problems. This not only is assurance for the mortgage holder, but is also for your peace of mind. Post-purchase reserve funds should be at least two to three months’ worth of housing payments. This money is recommended to be in a savings account and accessible without penalties for early withdrawal (though money in a retirement account can also be counted toward the reserve requirement). 

 

Cost breakdown 

So how much money will you need to come up with to buy a home? The actual figure depends on many factors. You may have to save more or less for the same home depending on current interest rates, whether you get a fixed or an adjustable rate mortgage, repayment terms, and your credit rating. Other expenditures you may want to save for are landscaping, immediate repairs, redecorating, furnishings (particularly if you are moving into a much larger space), and moving expenses. 

 

Example for a $300,000 Property: 

20% Down payment $60,000 
3.5% Closing costs $10,500 
3 Month reserve fund* $5,625 
Total estimated pre-purchase costs $76,125 

 

* $1,875 per month for Principal, Interest, Taxes and Insurance. Example based on a 30-year fixed mortgage, 6% interest, $2,436 annual property tax and $2,796 annual homeowners insurance. 

 

Educate yourself 

Obtaining high quality, objective home ownership education is essential for first time homebuyers.

 

The Department of Housing and Urban Development (HUD) can put you in touch with the nearest housing counseling professional in your area by calling (800) 569-4287. You will learn how to develop a reasonable savings goal and time frame, how large a mortgage you qualify for, and the approximate price range in which you should be looking. You will also be given feedback about your credit score, and what you need to do in order to make improvements. Suggestions may include increasing income, paying down debt, closing unused accounts, paying collection accounts, correcting errors, and making timely payments for a specific time period. 

 

Review your spending plan 

Analyze your current financial position by reviewing all assets and liabilities. Do not overlook any source of funds. Include all checking and savings accounts, CDs, stocks, mutual funds and savings bonds. Retirement funds such as a 401k or an IRA can be counted toward the reserve requirement. You may even be able to borrow against your 401k plan and use the proceeds toward the down payment (check with your human resources department for details and restrictions). 

 

Prepare a cash flow spending plan to determine how much you can realistically save each month. You may choose to sacrifice some expenses or delay the purchase of non-essential items in order to meet your monthly goal. 

 

Save effectively 

Some good techniques for effective saving include: 

  • Set up direct deposit with your employer, where a portion of your income is siphoned directly to a savings account. What you don’t see, you don’t miss. 
  • Track your spending. Awareness leads to diligence and thrift. 
  • Get the family involved. It is easier to save when everyone is excited and working towards the same goal. 
  • Tape a photo of the home or type of home you are saving for on the refrigerator or computer. It will be a constant reminder of your objective. 

Ultimately, saving for a home is a choice. If you find your savings plan to be unfeasible, consider extending the time frame. 

 

Conversely, if you really want to stick with the original time frame, you may want to buy a home that has a smaller purchase price—and buy “up” later. The idea is not to abandon the dream, but to reassess, reorganize, and reengage! 

 

This article is for informational purposes only and is not intended to provide tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors for advice. The payment example displayed above is intended for educational purposes only and does not depict SRP’s current offerings. Membership required. SRP is federally insured by NCUA. 

 

Article Credit: BALANCE  

A jar full of coins next to a notepad for listing monthly expenses.

Five easy ways to cut monthly expenses

posted on

October 1, 2025

Ever notice how your monthly expenses always seem to equal whatever salary you’re making, even after you get raises? The phenomenon is called “lifestyle creep,” and it can keep you from reaching all kinds of financial goals, from paying down debt to saving for retirement.

 

One way to get lifestyle creep under control is to have any future raises you earn directed into savings. Consider diverting the raise to savings via direct deposit or increase the percentage that you contribute to your retirement account.

 

While you are waiting on that raise, here are a few things you can do right now to cut your monthly expenses. 

Make a budget 

The first step toward cutting expenses is to make a budget, so you know exactly where your money is going. Start with major categories, like rent or mortgage, utilities, transportation, meals, clothing, and entertainment. Then break it down even further to ferret out items that are ripe for reducing. Many people, for example, are surprised to learn just how much they pay for pricey lattes and snacks from restaurants and vendors that would cost a fraction of that amount if they were made at home or purchased at a grocery store. 

Lower your mortgage payment 

The biggest monthly expense for many people is their home mortgage. If you haven’t examined that loan since you bought your home years ago, it’s quite possible that you could save a lot of money – both now and over the life the loan – if you refinance at a lower interest rate. To know whether refinancing makes sense, you’ll need to add what you’ll spend on closing costs into the calculation of your new monthly payment. 

Get an insurance checkup 

If you have a car, you absolutely must have car insurance. But it pays to shop around periodically to make sure you’re getting the best deal. If you have a decent emergency fund on hand in case of an accident, one way to lower your premiums is to increase your deductible. Also be sure to examine your policy for “extras” you may not need. For example, you could be paying for roadside assistance both through your insurance policy and through AAA. 

Examine your auto-payments 

Putting your regular bills on auto-payment can be a really smart way to protect your credit rating by ensuring you’re never late with a payment. However, if auto-pay causes you to keep paying for items or services you don’t really need or use, it’s no bargain. A few common culprits include unused gym memberships, subscriptions to magazines that aren’t read, and cable or satellite TV plans that include loads of premium channels that are rarely watched. 

Cut the cord 

If you’ve already ditched your land line, good for you! If not, doing so is one of the quickest and most pain-free ways to trim your expenses. Most all of us have our cell phones with us all the time anyway, and if you really like the feel of a traditional phone in your hand, a VOIP (Voice Over Internet Protocol) plan that provides phone service over the Internet is a lot cheaper (free in some cases) than traditional land line service. 

 

This article is for informational purposes only and is not intended to provide tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors for advice. Membership required. SRP is federally insured by NCUA.  

Article Credit: BALANCE  

A piggy bank stands next to a four stacks of coins with increasing heights. On top of each stack, blocks spell out "401k," illustrating saving for retirement with a 401(k).

The 411 on 401(k)s

posted on

September 15, 2025

As pension-style retirement plans have fallen by the wayside, the 401(k) plan has become the go-to option for many companies looking to help employees save for retirement. The 401(k) enables workers to set money aside, and not pay taxes on it or its earnings until they retire and begin withdrawing funds from the account. Here are some key things you need to know about these tax-advantaged accounts. 

Contribution amounts 

One of the best things about tax-deferred retirement accounts like the 401(k) is that you make contributions pre-tax, so in addition to saving for the future, you’re reducing your income taxes right now. But there are limits, set by the IRS, to how much you can put away each year. These limits do change from time to time, so perform a quick search engine query to learn the latest numbers. 

 

If your company automatically enrolls employees in their 401(k), the default contribution amount probably won’t be anything close to the maximum, but you can probably elect to contribute more. If contributing the maximum is not doable right now, one smart strategy is to funnel any future salary increases into your 401(k) until you reach the maximum contribution. 

Matching funds 

As part of their employee benefit package, many companies will match employee contributions to a 401(k) up to a certain percentage. For example, say you make $50,000 a year and your company matches up to 3% of your salary. When you contribute 3% (that’s $1,500) to the 401(k), the employer match of that amount boosts your annual investment to $3,000. If your employer offers matching funds, be sure to contribute at least as much as you need to get the full match. Otherwise, you’re leaving money on the table. 

Vesting 

Any money that you contribute to your 401(k) is completely owned by you, from the start. Though your investments may go up or down, you still own it when you leave your employer. Some companies, though, impose “vesting” requirements on the matching funds they contribute to your account. They may, for example, require you to stay employed for a set amount of time before you’re entitled to (or “vested” in) the funds they contribute to your account. If you leave your job before fulfilling your employer’s vesting requirements, you may receive only a portion (or none) of the matching funds. 

Investment options 

Most 401(k) plans have several options for investing your retirement savings and some may even offer the services of a financial advisor to help you choose the right mix for your age and investment goals. As a general rule, though, the younger you are, the more risks you can take because you have more time for make up for potential losses. As you get closer to retirement, you’ll probably want to shift toward more conservative investments. Whatever your age, though, it’s important to be diversified – which is just a fancy way of saying “don’t keep all your eggs in one basket.” 

 

This article is for informational purposes only and is not intended to provide tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors for advice. Membership required. SRP is federally insured by NCUA. 

 

Article Credit: BALANCE 

A collection of seashells, such as conch, starfish, and clamshells, on smooth white sand.

Money-smart travel: save now, live it up later

posted on

September 1, 2025

When you think about it, planning is one of the best parts of taking an exciting vacation. Putting your dazzling itinerary together and daydreaming about all the amazing things you’ll see can really get the juices flowing. However, if you haven’t planned for the financial impact of your trip, money concerns in the months after your excursion can tarnish your happy memories. 
 

It might seem like a strange time to be thinking about vacationing, but preparing well in advance can help relieve the stress and strain of paying for your travel. That, in turn, frees you up to focus on all the fun parts of getting ready for your excursion. 

Here are a few pointers for assembling funds to ease your mind before, during, and after your incredible vacation adventure. 
 

A price tag for paradise 

Creating a trip free from financial stress starts with knowing how much the journey will cost. Clear several hours on your schedule to get a complete grasp on the entirety of your outlay. Though it may seem daunting to stare down such a big number, ultimately, it can give you peace of mind knowing you won’t have to worry about months of supersized credit card bills after you return home. 

Calculate before you vacate 

Once you know the grand total for your getaway, it’s time to start your plan to make it happen! Divide the cost by the number of months until your departure; this is your monthly magic number. 

Ponder your pillars 

As with so many financial goals, making your adventure a reality comes down to the four pillars of personal finance: expenses, income, assets, and debts. If the monthly magic number is more than what you can currently put toward your vacation fund, don’t fret. It just means you’ll need to make a few adjustments in one or more of the areas below. 

Pillar I: Expenses 

Planning for your vacation is a terrific time to review your monthly spending plan. Typical areas of emphasis for clearing up space include dining out, entertainment, and subscriptions. But no one knows your situation better than you, so go over your expenditures to see which areas of spending money are a lower priority. 

 

A recent study found that the average American spends $1,200 per vacation. By challenging yourself to trim just $100 per month in expenses, you could potentially pay for a whole extra trip each and every year without having to worry about generating additional income. 

Pillar II: Income 

This one can be a bit trickier. If you can work a few extra hours at your job, consider using the overtime to rev up your travel fund. But you don’t want to spend 50 weeks of the year miserable just to have two weeks of bliss. Income is an excellent area for creative thinking. What things would you enjoy doing to get more cash rolling in? 

Pillar III: Assets 

Many people find happiness in accumulating memories instead of material possessions. If you think you might fall into this category, consider bulking up your trip savings by liquidating unwanted items via online auction sites, social media marketplaces, or an old-fashioned garage sale.  

Some big-picture thinking might be in order too. If your home or vehicles are more than you need, downsizing your life a bit could mean more magical travel moments in your future and less stress about affording them. 

Pillar IV: Debts 

When measuring the monthly costs affecting your ability to save, consider the impact of carrying expensive credit card debt from month to month. The interest you pay each month on unsecured debts could help you get to that special place faster or maybe even enjoy a more deluxe experience once you’re there. 

Set it and forget it 

Trying to remember to put money away for your vacation every month isn’t likely to be your best strategy. Instead, setting up a savings account specifically for your trip and having money automatically deposited from each paycheck into that account gives you a simple and guaranteed way to amass the funds you need. 

Frame your mind 

Spend all too much time daydreaming about relaxing on that beach or climbing those ancient ruins? You can put that spirit to work for you. First, make the background image on your phone a picture of your dream trip. Then any time you’re tempted to make an impulse purchase, pull out your phone and let the dreamy picture help keep your eyes on the prize. 

Flex your flexibility 

If circumstances change and you’re just unable to save the monthly amount you initially anticipated, consider pushing back your travel dates. It may be a bummer to think about delaying your getaway, but waiting until you have the money before you travel can mean not having to pay tons of interest on the cost of the trip. Not only does that save you money, but it can also help you take the next trip after this one sooner. 

Many happy returns 

If you find it challenging to save, there’s no need to feel shame about it. If you use your tax refund each year as your travel fund—and that strategy works for you—keep it up. It’s better to rely on a tax refund than a performance bonus because the latter may or may not happen in any given year. 
 

When you’ve got the financial aspect of your vacation figured out, the fruity drinks taste sweeter, the exotic dishes are more delicious, and the relaxation is more delightful. You deserve that. 

 

This article is for informational purposes only. Membership required. SRP is federally insured by NCUA. 

 

Article Credit: BALANCE 

A high school student in a classroom with a notebook and a pencil

Personal finance concepts all high school students should know

posted on

August 15, 2025

For good reason, many high school students are focused on an academically rigorous course load. Unfortunately, personal finance – a topic they need to understand to survive in life – is rarely taught in school in a comprehensive way. 
 

As a parent, the duty often falls on you. Not sure where to start? Here are some topics that will help start your discussions about financial fitness. 

Buying that first car 

If your high school student is ready for their first car, point them to makes and models known to be reliable, safe, and cost-effective. If a car loan can’t be avoided, then turn it into a discussion on borrowing and debt. Even if you’re covering the costs, explain the concept of monthly payments, default, etc. 

Responsible credit management 

As students turn 18 and head to college or the working world, they’ll likely start getting credit card offers. Few young people, however, have the discipline to pay off credit card bills on time, every time. Before they arrive on campus or at their first post-high school job, make sure you introduce them to credit card best practices, like keeping balances low and having a plan in place to pay the balance in full each month. 

Saving for college expenses 

Many of today’s high school students have part-time jobs. If money is tight for college in your family and you have a child expecting to further their schooling, explain that they may have to put some of their income away for higher education. Even if tuition is covered, there are still additional costs such as textbooks, meal plans, parking, and more. 

Basic investing 

It’s never too early to learn about the stock market and other investments. Explain the nuts and bolts of investing and have them start tracking companies of personal interest to them. Raise the stakes by making hypothetical or even real (if you’re comfortable with it) investments. They might not become financial advisors when they get older, but understanding money on a more advanced level can strengthen their fundamental skills now. 
 

By sharing financial basics with your kids and framing them in terms that are relevant to them, you can set them up for a positive financial future. 

 

This article is for informational purposes only. Membership required. SRP is federally insured by NCUA. 

 

Article Credit: BALANCE 

1070 Edgefield Road North Augusta
South Carolina 29860

803-278-4851

Routing# 253278090
NMLS# 612441

If you are using a screen reader and are having problems viewing this website, please call 803-278-4851 for assistance.

equal housing lender NCUA verified by Visa

Good things are happening at SRP