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For Immediate Release Contact: Patrick Harris Director of Media Relations Ohio Credit Union League pharris@ohiocul.org 800-486-2917

Looking for a New Year Resolution? 
Look No Further Than Your Wallet

Poor economy underlines importance of paying down debt, reviewing your budget, and saving

Columbus, Ohio (December 30, 2008) – In 2009, the nation’s economy is predicted to resemble much of 2008, which makes understanding how to manage personal finances of paramount importance.  The only economy we can control as individuals is that of our own household, and doing so can add wealth in the short and long term.

Below are five financial resolutions for the New Year.  Try to tackle them all in 2009, or pick a few to help you propel yourself into a financially fit New Year.

Pay down credit card debt.  According to www.Credit.com, America’s credit card balances increased 75% from 1997 to 2007. It is better to keep money in an interest-earning checking or savings account rather than as a balance on a credit card.  Set a goal to pay off your credit card debt by making small monthly payments above and beyond the minimum amount due.  Pay the card with the highest interest rate first.  Once paid off, keeping the account open will improve your credit score.

Review your monthly budget.  In tough times, it is important to know where to cut back on spending.  The only way to visualize the in-and-out flow of your money is by creating and analyzing a monthly budget.  Tracking your spending allows you to identify unnecessary expenses such as excessive cell phone usage, eating out, movies, and other forms of entertainment.  Most people are shocked by where there money is going.

Save for 2009 and beyond.  If you are able to cut back on discretionary spending enough to where you have money left over at the end of the month, save it.  The best way to remember to save is to always pay yourself first.  Before paying any expenses, take an amount out of each paycheck and put it in savings.  In these difficult economic times, it is smart to have at least 6 months of salary saved.  If you are looking to save long term, visit http://www.oucu.org/home/calcs.retirement to see how much you need to retire.

Check your credit report.  Your credit score affects your finances in more ways than you think.  Most people know that their credit score impacts the interest rates on auto, home, and education loans.  However, did you know that your credit score can also influence whether or not you get a job or qualify to rent an apartment?  Check your credit score once a year for free at www.AnnualCreditReport.com. 

Educate your children about money.  It is never too early to begin teaching your children about money.  A great New Years gift would be to give a child a piggy bank, open a college savings account at a credit union, or start an allowance.  The earlier children understand the concepts of saving, budgeting, and differing wants from needs, the more likely they are to continue these important traits into adulthood.  Learn how to teach your children about money at www.MoneyAndStuff.info.

Many credit unions offer free personal financial counseling to help you achieve your personal financial goals.  To find a credit union you can join, go to www.FindACreditUnion.com.

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The Ohio Credit Union League, with offices in Columbus, is a state trade association representing 422 credit unions. Credit unions are not-for-profit financial institutions owned and democratically controlled by their members. Ohio credit unions provide savings, loans, and other consumer financial services to their 2.6 million members. To learn more, visit www.OhioCreditUnions.org.