1. Create a monthly budget. There is no better, time-tested way to track your spending than a monthly budget. To be successful, capture as much detailed information as possible so that you know exactly where your money is going each month. 
2. Identify areas to reduce spending. Once your budget is complete, you should have a clear picture of where your money goes. Are you spending more money in one area than you thought? Set specific limits on items within your budget and stick to your plan.
3. Pay down existing debt. Many consumers treat credit like cash, borrowing money to pay for everyday costs. Experts suggest keeping your debt-to-income (DTI) ratio at 36% or less. If yours is higher, consolidate your debt with a lower-rate loan - Telhio can help, so contact us to learn how! 
4. Save more than last year. The golden rule: save enough to pay your living expenses for six months. However, this is a very lofty goal for many. Instead, treat your savings like a monthly bill, and put away 10% of each paycheck. It will grow quickly!
5. Be prepared for health care expenses: Health care costs can accumulate quickly, even after your insurance covers some of the expenses. Telhio offers Health Savings Accounts (HSAs) to help offset your out-of-pocket expenses. Learn more here.

The Financial Five is a monthly column from Ohio's credit unions that provides important financial tips to consumers.