Spending Plan Guidelines - How Does Your Spending Stack Up
SECU's Spending Plan Guideline represents the suggested allocations for your monthly expenses. It also includes tips where SECU can help you save in
each of these areas.
Select a category to see the description, percentages, and tips on how SECU can help you.
25% or less of your net income should be allocated toward "other" items and goods. In order to successfully
manage your budget, it is extremely important to prioritize this area of spending. "Other" expenses cover a large range of items,
such as:
- Childcare
- Health Insurance
- Food
- Clothing
- Entertainment (including cable)
Other SECU services to consider when managing expenses:
- Knowing what's on your credit report makes financial decisions easier and can save you money in lower
interest rates. Visit the Credit Report page for information on receiving
a free credit report from each of the three major
credit bureaus.
- SECU's Alerts program allows you to receive a
variety of account notifications including low balance and withdrawal alerts via text or secure message.
- Use SECU's Text Messaging program to
access account information from your mobile device.
- Away from home? Sign into the SECU Mobile App conveniently with your mobile device
- Establish overdraft transfer service to
avoid unnecessary NSF fees
- Have you ever made a late deposit, checkbook addition error or had an unforeseen expense? Sign up for
Another Chance and receive an alert if a deposit is needed to
avoid an NSF item!
- Sign up for SECU's BillPay service to save money
on postage.
No more than 15% of your net income should be allocated towards all transportation expenses. This includes,
but is not limited to:
- Car Payments
- Auto Insurance
- Tag or License
- Maintenance
- Gas
- Parking
SECU offers several ways to save on transportation related expenses:
- SECU offers competitive auto insurance. To obtain a risk-free quote, talk
to one of our insurance specialists.
- SECU can alleviate the uncertainty of buying a new or used vehicle by
providing impartial, informative advice through the Chrome Carbook program for free! Sign in to
Member Access to view car values in the Auto Center.
35% or less of your net income should be allocated toward housing expenses. Housing costs generally account for the
largest portion of your spending plan. Items that are considered housing expenses include monthly bills, such as:
- Mortgage/Rent
- Utilities
- Homeowners Insurance
- Property Taxes
- Home Maintenance
SECU can help you reduce your housing expenses:
- Having trouble making your mortgage payments? Visit an SECU Senior
Financial Services Officer to discuss our
Mortgage Assistance Program.
- SECU offers competitive homeowners insurance. To obtain a risk-free quote,
talk to one of our insurance agents.
15% or less of your net income should be allocated toward debt. By keeping your debt payments down you will have more
money to put in savings. Examples of debt include:
- Student Loans
- Personal Loans
- Credit Card Debt
- Medical Debt
SECU offers several tips for reducing your debt:
- Follow a budget.
- Refinance or consolidate your high interest rate loans to a lower
rate! Check out SECU's Lending Rates.
- Avoid Credit Cards with annual fees and high interest rates.
- Review current debt obligations and contact creditors to establish (if they
offer any) modified/reduced payment options.
10% or more of your net income should be allocated towards an emergency account
and retirement savings. Saving may be difficult when facing a loss of income but it is still very important
to prepare for emergencies; the goal is to have 3 to 6 months of expenses in an emergency fund.
SECU offers several opportunities for saving:
In case of a job loss you should evaluate your essential living expenses (housing, transportation, health, etc.) and eliminate any nonessential expenses.