January is Financial Wellness Month, and an important time to focus on setting goals for the year ahead. One way to help kick off a successful year is to work on lowering your monthly expenses. Here are five ways you may be able to make it happen:
Create spending plan/budget
A spending plan is meant to give you more freedom with your money. It should start with identifying how much money you have coming in and going out. Then, you’ll want to take a closer look at what you’re spending on. Finally, you can develop the plan to meet your specific financial goals, outlining your needs and wants.
Need help? Schedule a free appointment with one of our financial counselors to get started.
Find areas to reduce or remove expenses
Once your budget is created, it will be easier to find areas where you could cut back on your monthly spending. Are there subscriptions or memberships that you aren’t using anymore? It may be time to cancel. Are you spending way too much on streaming or cable services? Get rid of the excess and/or call your service provider to renegotiate your agreement. You’ll be surprised how much money you may free up!
Refinance your loans
Keep more of your money by paying less for the things you already own. For example, by refinancing an existing auto loan to a lower rate you may be able to save $100 or more per month. You can also take advantage of Credit Union of Ohio’s current special with no payment for 90 days,* saving you an additional three months of payments.
Transfer your credit card balances to a lower rate
Carrying a balance on your credit card? High interest rates, especially on rewards cards, can add up fast. Consider transferring your balance to a card with a lower, fixed rate. Many credit cards offer free balance transfers, allowing you to reduce your monthly payment and save potentially hundreds of dollars. Check your current rate and explore transfer options to spend less on interest.
Maximize your savings
A certificate of deposit or money market account are a couple options where you will earn more interest than a traditional savings account. Investigate your options and find an account that will earn you more without impacting your lifestyle.
Remember, your Credit Union of Ohio team is here to help you have the best year possible! Call 800.443.5698 to speak with a team member and learn more about the ways we can help you start the year with more money.
*Payment deferred for 90 days. Interest will continue to accrue during the deferment period. Rate as low as 4.99% current as of 9/20/2024 and subject to credit approval. 5.25% APR, based on a $30,000 loan at the maximum term with a $225 processing fee. This offer subject to change at any time. This offer may not be combined with any other offer.