Want to declare financial independence and be free from financial stress?
Consider these three tips:
Drop high interest rate debt.
Devote any extra funds to paying off loans or credit cards with the highest interest rate. Also, consider transferring high interest rate credit card balances to a lower interest rate card. A lower rate can help you pay off balances more quickly and save you a bundle on total finance charges.
Use our loan saver calculator to see how much you can save
Examine cell phone plans, cable packages and insurance policies. You could be paying for something you don’t need. Look for other ways to save around the house like upgrading to a programmable thermostat or switching to compact fluorescent light bulbs.
12 Ways You Can Save Money Without Sacrificing Your Lifestyle
Make saving automatic.
The best way to build savings is to set up a direct deposit from your paycheck or automatic transfers from your checking account. People tend to spend what they have, so if the money is not in the account, it’s less likely to be missed. With regular deposits, even small amounts can add up to a healthy balance.If you're already an OUCU member we can help set up automatic transfer or you can do it yourself in online banking.
How to set up automatic transfers in OUCU online banking (PDF)
Managing money doesn’t have to feel like an uphill battle. At OUCU, we offer resources, including GreenPath Financial Wellness, to help you understand your options and make the most of your money.
Let us know if you'd like to know more!