Take control of your money: How to pivot when the economy changes

Inflation has affected everyone. Everything at the grocery store seems to cost more than it did just a few short years ago. And interest rates remain high. In an ever-changing economy, it’s easy to get caught in the trap of thinking you’re at the mercy of economic forces beyond your control. But you have more power over your financial wellness than you may realize.

You have choices

No matter what happens next in the economy, you always have choices — and even the smallest choices can have a big impact over time.

Take your money, for example. Even if you don’t have a lot of it, you can still choose where to put it. By simply depositing it with your local credit union instead of a for-profit bank, you’re making a difference in your community. You’re investing in your neighbors, local businesses and community-run organizations. And you’re helping to enrich the lives of those around you. All of this is a part of the credit union difference.

At the same time, you’re enriching your own life. You have access to accounts with higher interest rates to help you save, loans with lower interest rates to help you achieve your goals and the full OCCU team at your back whenever you need us.

You can change direction

If you’re feeling a financial crunch right now, it just means your old money habits are no longer serving you. So let’s look at developing new ones.

If your savings have been languishing in the same account for years, now is the perfect time to shop around for a savings account with a higher interest rate to start growing your money faster. Are you earning interest on your checking account? If not, upgrading your checking is a great way to take advantage of higher interest rates. If you’ve got a lot of high-interest debt, your best course of action might be to look for ways to minimize the interest you’re paying — either by paying down the balance or taking out a debt consolidation loan with a lower rate.

At OCCU, our financial products and services are changing all the time as we develop new and better ways to serve our members. If it’s been a while since you’ve made any changes to your financial accounts, it’s worth taking the time to look for new opportunities to grow your money.

You’re in control of your money

Wealth isn’t just a number in your account. It’s a mindset. The relationship you have with your money is more important than how much money you have. And you have the power to change that relationship.

One way to shift your relationship with money is to bring your money choices into alignment with your values. The choices you make have an impact on the world around you, and our Money Mindfulness email series can help you identify your values and start making empowered financial choices that make a difference in your community.

Are you ready to take control of your money and lean into economic changes? Here are some more resources to help you pivot:

• How to overcome financial setbacks
• Here’s how OCCU is still here to support you and your money goals – even in a rocky economy
• How OCCU is here to empower your financial future

Need help adjusting your sails? The OCCU team is here for you.