Life After Debt: Your Next 5 Money Moves

A desolate road under a cloudy sky, devoid of life.

Congratulations! You’ve crossed the finish line and become debt-free. Now, it’s time to get intentional. On what? Your continued financial freedom, of course!

After this monumental achievement, start by being proud of your hard work and discipline. Now that you’re liberated, you can take charge of your financial future with these 5 key strategies to make the most of your debt-free status.

Step 1: Build Your Emergency Fund

Start by setting aside a portion of your income each month to create an emergency fund. Aim to save at least three to six months’ worth of living expenses. This safety net will ensure you’re prepared for unexpected financial challenges.

Unexpected emergencies can be just around the corner. Stay ready with a OneUnited BankBlack savings account, and turn on AutoSave to round up your change and save even more!

Step 2: Focus on Your Retirement Accounts

Maximize your contributions to retirement accounts like your 401(k) or IRA (Traditional or Roth).

Take control of your newfound financial flexibility and build a solid retirement cushion. Check out more tips on how to get retirement ready! Consider consulting a financial coach to help you make informed investment decisions.

A group of people collaborating around a table to resolve debt-related issues.

Step 3: Organize and Budget Your Financial Life

Create a comprehensive financial plan that outlines your monthly income and expenses. With OneUnited Bank, you have a few options:
1. Take control of your financial wellness with our newly launched WiseOne® Insights to get personalized, confidential insights on your spending habits, then receive guidance on creating a financial plan, reaching savings goals, and even reminders for bill payments so you’re never behind.
2. Utilize our Money Management platform for quick, convenient money management in one place.

These tools will help you track your spending, save more, and invest wisely. Start making better financial decisions today!

Step 4: Review and Update Your Insurance

Now that you’re debt-free, assess your insurance needs. During periods of debt, insurance often falls by the wayside. Review your health, auto, home, and life insurance policies to ensure they provide adequate coverage for your current situation. Make any necessary adjustments.

For more on the answers to insurance, our OneTransaction to Build Generational Wealth – Insurance blog has you covered. Get back on track, get started, and get insured!

Step 5: Treat Yourself

You’ve worked hard, so don’t forget to reward yourself! Set aside a portion of your budget for enjoyable experiences or purchases. Treating yourself responsibly can help you stay motivated and maintain a healthy financial mindset.

When you swipe your debit card, you receive redeemable points and unlock cash prizes, luxury getaways & merchandise with BankBlack Advantage.

A group of people capturing a selfie at a vibrant Christmas market.

Conclusion:

Becoming debt-free is a remarkable milestone. With these steps, you can ensure your financial future is off to a good start. Establishing an emergency fund, growing your retirement savings, organizing your finances, securing insurance, and indulging in well-deserved rewards are all essential components of your post-debt journey.

Remember, financial freedom is an ongoing process. Continue to educate yourself on how to get #FinanciallyLIT. Enjoy the journey and stay focused on building your generational wealth! #JoinTheMovement

OneUnited Bank is not a financial advisor and recommends you discuss with your family and a financial advisor. All services are not offered by OneUnited Bank.

Elevate your finances with insights, because we all need answers. Sign up today!

Discover the OneUnited Difference.

Already have an account? Log in

Recent Articles

A woman pouring tea into a cup on a table.
Financial Wellness

The Real Tea on Income

Focusing on our strengths over our weaknesses is a better way to build our financial might. Let’s focus on our talents to help increase our income! We know the story – financial inequality is pervasive. Cutting out the morning cup of coffee each day will do little to change our financial state. However, we can flip our perspective towards boosting what we make each month and using the extra income to build personal wealth.

A pregnant woman sitting cross legged with her hands on her stomach.
Financial Literacy

10 Money Moves When You’re Expecting

Congratulations on your next chapter and new addition to the family! As you prepare for the arrival of your little one, it’s essential to ensure your financial house is in order. Improving your money management skills and making smart money moves is more important than ever.

OneUnited Bank OneLove™ Card
Digital Banking

One Love, One Community: The Heartbeat of Our Financial Empowerment Journey

As we stand at the forefront of a new era, it’s essential to reflect on the paths we’ve traveled and the bridges we’ve built. At OneUnited Bank, our journey has always been more than just banking; it’s been about fostering a sense of unity, love, and empowerment within our community. This Black History Month, we’re proud to introduce the OneLove™ Card, a symbol of our unwavering commitment to these values and our dedication to financial empowerment.

It takes 5-minutes to start elevating your finances

See exactly where you’re spending money, how you’re achieving and how you can improve.