Become financially empowered with these proven personal finance strategies
Amid all the various Independence Day celebrations this month, it’s also the perfect time to reflect on your own financial independence. Whether you’re working to pay down debt, cut monthly expenses, or make goals for the future, these smart strategies can help pave the way to financial freedom.
Step 1: Schedule a free financial counseling session
During a free financial counseling session you’ll work one-on-one with a financial counselor who will help you:
- Review your current finances
- Prioritize any debts
- Set achievable goals
This session may also provide options to cut down on your monthly expenses. It’s a judgment-free way to get expert support. Schedule your session today!
Step 2: Shop with a low-interest credit card
Some credit cards offer rewards but come with confusing terms or high rates. If you're carrying a balance, a low-interest credit card with clear terms is often the smarter choice. You want to look for a card that offers:
- No surprise rate increases
- No hidden fees, balance transfer fees, or annual fees
- A low APR
Step 3: Automate your payments and savings
Automating your finances can help reduce stress, build consistent habits, and help you avoid missed payments. You can set up recurring payments to avoid late fees and protect your credit score. You should also consider setting up small transfers to your savings monthly, even $25 per paycheck adds up! Learn more about automating payments to save for your specific goals.
Step 4: Consolidate debt with your home equity (for homeowners)
If you’re a homeowner, you may be able to use a home equity loan to consolidate your high-interest debts into one lower monthly payment. Consolidating could help lower your overall interest rate, simplify your bills, and free up cash for other goals.
Right now is a great time to get in on the savings with no payment for 90 days on a fixed-rate Home Equity Loan (with terms up to 20 years) OR 1.99% APR for 6 months on a Home Equity Line of Credit.* Plus, Credit Union of Ohio’s online application process is quick and easy.
One of the best ways to stay motivated is to write your goals down, track your progress, and celebrate all the small wins along the way!
Our team is here to help. Call or text 800.443.5698, set up an appointment, or stop by your local branch to start gaining more financial freedom.
*Existing CUO loans are not eligible for this offer. No payment for 90 days applies to Home Equity Loans. Current rate as low as 7.50%. 7.93% APR based on $75,000 loan up to 80% LTV with $758 in closing costs. Maximum APR of 18%. Interest will accrue during the deferral period and will increase the total amount to repay the loan. 1.99% APR introductory rate applies to Home Equity Line of Credit (HELOC) for qualified members. 8.89% APR based on $75,000 loan up to 80% LTV with $726 in closing costs. After introductory period, rate may vary based upon following: credit rating, value of collateral, and term. This offer may change at any time. Maximum LTV 90%.