SPONSORED CONTENT: The next time you purchase things like groceries, movie tickets or gas, you will likely have several different payment options. Using your credit card can have several benefits as long as you use it responsibly.
FRAUD/UNAUTHORIZED USE PROTECTION
Most major credit companies, including SECU, provide zero-liability coverage when your account is used fraudulently for unauthorized purchases. In addition, SECU and many companies also monitor for potentially fraudulent purchases and will decline a transaction they suspect is not legitimate. This protection means it is safer to carry cards than cash that is easily lost, stolen or misplaced.
Even debit cards pose some risks over credit cards, as money is taken directly from your checking account. Many banks and credit unions will work with you to replace the stolen funds, but that process can take time, leaving you without access to that cash.
BUILD CREDIT
Using your credit card may help you build additional credit, especially if you have limited history or a low credit score. Keep in mind you don’t have to spend a lot or go into deep debt on your cards to raise your credit score. Make small purchases for which you normally would use cash or debit, and then pay the total bill when your statement arrives. Making timely payments on any credit account is one of the most important elements of your credit score.
TIPS FOR USING YOUR CREDIT RESPONSIBLY
Don’t spend more than you can afford to pay back in cash. Carrying a balance on credit accounts accrues interest, which adds to the amount you owe. If you pay your account in full each month, you avoid paying any interest while reaping the benefits of using credit.
Do make your payments on time. As mentioned above, the credit bureaus consider this one of the most important factors impacting your credit score.
Don’t use a credit card if you are already carrying a balance or struggling to manage your payments. Adding more debt on top of what you already owe just makes it worse. Stick to paying with cash to avoid overspending and focus on paying down your debt first.
Watch out for hidden “convenience” fees. Sometimes using a credit card to pay for things like utilities and other services can accrue an extra fee. Make sure to read and understand the fine print before you use your credit card in these instances.
SECU Visa® Credit Cards offer a low rate and more additional benefits and options are on the way for SECU credit card holders. State Employees’ Credit Union – Visa Credit Cards (ncsecu.org)
If you have questions about your credit and using it wisely, please visit your local SECU branch or contact our 24/7 Member Services at 888.732.8562.
SPONSORED CONTENT: You have probably heard of a budget, but you may be thinking, “What is a spending plan?”
Traditional budgets are slightly different from spending plans. Traditional budgeting is based on cutting expenditures and setting spending limitations, and may create a mindset of sacrifice and restriction. On the other hand, a spending plan is based on prioritizing spending and fostering a sense of responsible, purposeful spending. By following a few simple steps, you can be on your way to creating your own spending plan.
STEP 1: DETERMINE YOUR INCOME
Income is money you regularly receive from an ongoing source, such as a paycheck, alimony, government assistance or dividends. Having a clear picture of your income is ideal. Start by gathering your pay stubs and other documents showing how much money you earn from other sources.
STEP 2: EVALUATE YOUR EXPENSES
Locate your most recent checking account and credit card statements to see what you typically spend monthly. Include rent, loan payments, insurance, groceries, small purchases such as coffee or snacks, bank or credit card fees, and other purchases.
One by one, look at every item that took money out of your account and put it in one of these three columns: fixed, variable or periodic.
FIXED Monthly Recurring and Expected to Stay the Same for a Year or More
VARIABLE Monthly Recurring but Amount Changes
PERIODIC Occurs Less Often than Monthly
Rent/Housing
Utility Bills (Heat, Water, Cable, etc.)
Car Repairs/Maintenance
Loan Payments (Car, Student & Credit Card)
Groceries and Eating Out
Birthdays
Insurance (Homeowners and Renters)
Gas for Your Vehicle
Holiday Spending
Childcare
Clothing
Personal Upkeep
Savings (Emergency & Retirement)
Entertainment
Travel
STEP 3: FIND THE DIFFERENCE
Once you have your total monthly income and expenses, subtract your expenses from your income. You might find you have more money left over each month than you thought or are spending more than you realized.
If income is higher than expenses, consider applying the excess income to an emergency fund, paying down debt, saving for retirement or saving for education expenses.
If expenses are greater than income, review expenses to see what you can reduce and what you can eliminate completely.
STEP 4: ANALYZE THE RESULTS
Now that you know how much you have left at the end of the month (or don’t), you can make informed decisions on managing your money.
Excess income can be used to create or contribute more to an emergency/rainy day fund or to increase retirement savings, vacation savings or savings for home improvement projects, to name a few. It’s ideal to have three to six months’ worth of expenses saved for an emergency.
If you are spending more than you’re earning, you will need to review your spending habits and determine what is a priority and what is not. Remember you should give yourself permission to spend money on things you want while pursuing the goals that matter to you.
STEP 5: CREATE YOUR SPENDING PLAN
Make a plan for every dollar. You determine where your money will go before it gets spent.
When prioritizing goals, keep the following in mind:
Think of your savings account as an important bill. Pay yourself first! Your financial institution can automatically transfer a specified amount from your checking account to your savings account every pay period. You can start small and increase as your ability to save increases.
Stay positive. This spending plan is a tool to help you reach your goals.
Your spending plan should be flexible. If you don’t reach your monthly target one month, modifying is okay.
Don’t get overwhelmed.
Once you’ve developed a spending plan that works best for you, make it a habit.
SECU believes in helping our members to achieve their financial goals! Please call our 24/7 Member Services at 888.732.8562 or visit your local branch Monday through Friday, 8:30am to 5:30pm if you have any questions.
We’re on a knead-to-know basis… and we need you to know about this fab Transfer Co. Food Hall spot’s recently launched food truck that’s tempting Raleighites to make a quick pit stop for handmade baked/fried Argentinian delights—think empanadas (natch), pastries and more—all over town. The empanada party continues via a pickup window at the soon-to-open The Mixx (!). … And you can be sure they’re prepared to stay servin’ up the good Argentinian eats no matter the occasion—from weddings to zombie apocalypses. Ready to get stuffed? cheempanadas.com
Mama Churros
Bringing handcrafted churros from Mexico to the Triangle is this sweet truck throwing you for a loop—that is, a dipped loop, stick or dipped stick, depending on your churro order of choice. NTM these fried dough-lights even come with sprinkles (*cues up mental image of Salt Bae sprinklin’*)! Time to churr up! @mamachurros_
Lee’s Kitchen
Meet the self-proclaimed best-known secret in town. “A taste of Jamaica with a touch of soul,” this truck blends tropical and Southern flavors to produce appetizing ops of all kinds—from oxtails and curry chicken to yams, collard greens, and mac and cheese. Warning: One bite may mentally transport you to the Caribbean. So if you haven’t yet stumbled upon this gem, well, curry up. leeskitchenjamaican.com
Mr. A’s Beignets
They say you are what you eat, so we rec chowing down on some hot and sweet fried fritters via this authentic New Orleans-esque sup spot that sources its beignet supplies directly from Louisiana (that’s how you know it’s legit!). Pro tip: Getting powdered sugar everywhere is highly encouraged. … And be sure to grab a coffee, hot cocoa or spiced cider to wash it all down. Beignet, done that. Or have you?! squaredoughnuts.com
Roses are red and beer is brew at Cary’s latest laid-back beer garden.
Stop and smell the roses… er, rosé! West Wake’s recently bowed watering hole Rosecomb Beer Garden boasts a slew of ops for sipping—see its 24 rotating taps of beers, sours, hard ciders and kombuchas, and rosé (natch). NTM BB’s Crispy Chicken is situated right next door, so you can literally order one of those juicy chicken sandos straight to your barstool (!). Or, opt for a spot on the sunny partially covered patio, complete with fans and fire pits.
“We are thrilled to bring an exciting new atmosphere to Cary for friends and family to gather for cold drinks and tasty bites,” says Colleen Hamilton, VP of brand marketing for MDO Holdings. “We are the perfect family- and pet-friendly destination with plenty of games, live music on weekends, trivia on Wednesdays and everything in between!” … Will you accept this rosé? rosecombbeergarden.com
Catching z’s is controversial—slothful or smart? Here, some sound slumber philosophies you don’t want to sleep on.
When asked the secret to his age-defying physique and envy-inducing contentment in a recent viral Men’s Health interview, 55-year-old Ant-Man superhero Paul Rudd named simply one thing: Sleep. (Yes, he’s really 55—score 1 for sleep.)
In Short Supply:
A new Apple Heart & Movement Study reveals a mere 31% participants get the rec 7 hours.
Sure, beauty rest seems like an obvious answer, even for heroes like Ant-Man, but advice on the “right” amount of slumber to be the most successful version of yourself varies—wildly (understatement). Get at least nine hours of sleep like Panther-cum-49er Christian McCaffrey to defy the depths and heights of human strength and possibility. Or rise by 3:45am to channel your inner genius like Apple CEO Tim Cook while the world sleeps to, well, rule the world?
While hour recs vary—the American Heart Association just released guidelines for seven to nine hours nightly for most adults, while The Sleep Foundation settles for “at least seven”—one thing experts do seem to agree on when it comes to rest is regularity. As just-released study in the Journal of the American Heart Association reveals, irregular sleep may damage your heart, NTM elevate risk of dementia, depression, high blood pressure and more. But when it comes to logging z’s and which side of the sun you rise on to be your best self, the jury is out. So we asked some local VIPs and MVPs how much sleep they get on average + their sleep philosophy.
“6, but I strive desperately for 8: Sleep seems to be the luxury I can’t afford.” —Estella Patterson, Former Raleigh Police Chief
“5–6 hours: I respect and appreciate sleeping and/or resting… but the truth is, I only sleep when absolutely necessary.” —Nick Neptune, entrepreneur and advocate
“6–7 hours and begin my sleep routine as early as 8:30pm to fall asleep by 11pm: Health is wealth, and a key to good health is adequate sleep.” —Terrence Holt, former football standout; co-founder, Holt Brothers Foundation
“8.25 hours: Sleep is crucial. I’m a committed sleeper. … I am fanatical, though, about getting my sleep on proper cycles, which, for me, are 45 minutes long. So I need my night’s rest to always be a multiple of 45 minutes.” —David Burris, executive producer (The Mole) + TV/film director and producer
“6 hours… 7 is a luxury; 5 or less means I won’t be at my best: I love sleep but I also love being present for my family and my restaurant team, which means my creative time is often very early or very late. My wife and I are often still working on our laptops in bed at 1am.” —Scott Crawford, restaurateur
“6–7 hours: Sleep? I need more of it, but it’s not happening anytime soon.” —Mary-Ann Baldwin, Former Mayor
“A good 6–8 hours—and if that doesn’t happen, I usually can make up the lack of sleep with a nap: The more I get the better.” —2022 RM Bartender of the Year Colby Kress
“7 hours: No less than 6 hours of sleep. Always have a day that you sleep in. Always have a night when you go to bed early.” —Jermaine Caldwell, local DJ
