Today, July 1, is National Financial Freedom Day: Tips from Judy Woods of Operation HOPE in Birmingham
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| Make appointments today with Judy Woods at Operation HOPE inside the Central Library downtown. |
Let Freedom Ring! Today, Monday, July 1, 2024, is National Financial Freedom Day, a day our country celebrates every July 1 to remind Americans to take control of their finances.
Here are some tips, courtesy of Judy Woods, a HUD-certified financial counselor and financial wellbeing coach with Operation HOPE, located in the Central Library in downtown Birmingham. Make appointments with Judy Woods of Operation Hope by emailing judy.woods@operationhope.org or call (205) 478-0557.
It is time to assess your financial outlook. The average amount of consumer debt in America is $104,215 per household. While the average income is $143,390. Those statistics signal a challenging debt-to-income (DTI) ratio.
There is no one-size-fits-all definition or strategy for achieving financial freedom. For many consumers, the concept of financial freedom simply means being able to effectively control finances, comfortably pay living expenses, save/invest, and afford many of your life goals.
During this week we are also preparing to celebrate Independence Day on Thursday, July 4, and it too is a thought-provoking time to think about financial freedom.
Where are you on your path to financial freedom? Do you want to be financially free?
You can begin with these simple steps as a guide to begin the journey to achieving YOUR financial freedom.
10 Steps to Achieve Financial Freedom
1. Understand Where You Are At. You can't gain financial freedom if you do not have a starting point.
2. View Money Positively.
3. Pay Yourself First.
4. Spend Less.
5. Buy Experiences Not Things.
6. Reduce or Pay Off Debt. .
7. Invest in Your Future…
8. Meet with your HOPE coach to start an individualized plan that leads to financial freedom.
9. Stay on Track with Car Payment:
Check with your lender to confirm exactly when your payment will be considered late. (Review loan documents)
Typically, a payment will be reported as late to the credit bureau when it hits 30 days past due.
Ask your lender if there is a late car payment grace period. Some lenders provide a 10-day grace period for example.
10. Review and revise your budget and prioritize spending.
Join Judy during the month of July for financial freedom building activities. These will include:
* Homebuyer Education Workshop with information on down payment assistance
* Back to School Budgeting Workshop
Available resources
* One-on-One Coaching for credit & money management
Judy Woods is a HUD- Certified Housing Counselor Available to speak with staff/groups and facilitate workshops . She has valuable resources on down payment assistance and closing costs. Judy can help you work it out to move closer to achieving your financial freedom.
Quote from HOPE program participant after settling in their new home: “Judy is the best. Anybody that hasn’t should check her out.”
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