Pressroom > News Release:
Free financial education to Ohio students
Contact: Patrick Harris
Director of Media Relations
Ohio Credit Union League
Yearís Resolutions to Keep You Out of the Red,
Give You More Green in 2011
Columbus, Ohio (December 07, 2010) This time of the year
consumers tend to measure annual goals in inches and pant sizes,
rather than dollar signs. However, setting yearly financial
resolutions to increase your wealth is just as important as
focusing on your health.
Below are five
tips from Ohioís credit unions to help put you on the path to
financial freedom. Whether you have money to spare or are
living paycheck-to-paycheck, follow these guidelines to ensure
you are getting the most out of your money.
save! Paying yourself first simply means saving before you
spend. The best way to do this: set up your paycheck to direct
deposit into a credit union savings account ó whether it is a
plain savings, money market, or vacation club account. By making
it automatic, you remove the temptation to spend.
Create a budget
and stick to it.
Know exactly where your money is going and where to make
improvements. With the
it is simple to get started. What may not be so simple is
sticking with it. But if you want to break out of living
paycheck-to-paycheck and learn to spend within your means,
keeping a budget is a smart first step. Schedule time each
month to evaluate your budget, pay your bills, and figure out
places to cut costs.
Pay off debt.
There are many strategies to help lessen your debt load. You can
start by first paying down the debt
that has the highest interest rate, and then work your way down
the ladder. Make sure you are still making at least the minimum
payments on all other credit cards and loans. Consider
switching high-interest bank credit cards over to a
low-interest, low-fee credit union credit card.
Your credit is
the major factor in determining your interest rates and terms
for credit cards, home loans, and auto loans. In fact, if you
have bad credit, you may struggle to qualify for credit at all.
The first step to managing your credit is to check your credit
report at least every six months to make sure it is accurate.
Doing so can result in an improved credit score over time.
saving? Save more.
Letís say you
are putting $200 per paycheck toward your savings. Great work!
Now, find a way to increase your savings contribution to $300
per paycheck. Cut unnecessary expenses. Look for bargains on
big-ticket items that you need. Sell the clothes youíve been
storing in your attic online. You can find ways to save more if
you look for them.
unions offer free personal financial counseling to help you
achieve your personal financial goals. To find a credit union
you can join, go to
The Ohio Credit
Union League, with offices in Columbus, is a state trade
association representing 390 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 2.66 million members. To learn more, visit