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

Five New Year’s 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 Ohio’s 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.

Pay yourself first.  Save, save, 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 — 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 free budgeting tools available at www.MoneyAndStuff.info, 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.

 Manage your credit.  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.

Already saving?  Save more.  Let’s 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 you’ve been storing in your attic online. You can find ways to save more if you look for them.

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 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 www.OhioCreditUnions.org.