12 Money Moves Ohio Residents Are Making This Year

1.See if drivers in Ohio are overpaying for car insurance

Still with the same car insurance company you picked years ago? That loyalty may be costing you.

Rates change every year. The price you got in 2022 is probably not the best price available in Ohio today. Drivers who compare and switch report saving a few hundred dollars a year on average.¹

You can use this free comparison site to see offers from several well-known insurers at once. Enter your ZIP code and a few details about your car, and it shows real quotes side by side. It takes about two minutes, and there is no obligation to buy anything.

Savings vary by ZIP code, driving record, and coverage.

2.Homeowners in Ohio are checking their home insurance rate this year

Home insurance premiums have climbed fast. Many people have no idea what their policy costs now, because it is bundled into the mortgage payment.

If your rate went up at renewal and you did not shop around, there may be a cheaper option with the same coverage. Rates in Ohio differ a lot from one insurer to the next for the very same house.

Reasons homeowners in Ohio are shopping their policy now:

• Premiums have risen faster than almost any other household bill
• Loyalty discounts rarely make up for years of rate increases
• The same coverage can cost hundreds less at a different insurer
• Quotes are free and do not affect your credit

A free comparison tool shows quotes from several insurers in one place. No phone calls, and no need to talk to an agent unless you want to.

Compare home insurance rates in Ohio

3.Get matched with a financial advisor who serves Ohio

Retirement questions get complicated. When to take Social Security, how much to pull from savings, what to do about taxes. A good advisor helps sort it out.

Finding one is the hard part. This free matching tool asks a few questions about your situation, then connects you with up to three vetted advisors who work with people in Ohio. Every advisor is a fiduciary, which means they are required to act in your best interest.

The first call with each match is free. You pick who to work with, or nobody at all.

Advisor availability varies by area.

4.Move idle cash to a savings account that actually pays

Big banks still pay close to nothing on savings. Online banks pay many times more for the same FDIC-insured safety.

On $20,000 in savings, the difference between a 0.01% account and a 4% account is about $800 a year.² That money is just sitting there either way, so it may as well earn something. Opening an online account takes about ten minutes, and you keep your current checking account.

See today's best savings rates

Rates change often. Check the bank's site for the current APY.

5.Pause credit card interest for over a year

Carrying a balance at 24% interest makes it very hard to get ahead. Most of each payment goes to interest, not the balance.

A balance transfer card with a 0% intro APR lets you move that balance over and pay no interest for 15 to 21 months. Every dollar you pay goes toward the debt itself. There is usually a one-time transfer fee of 3% to 5%. For most balances, that is far less than a year of interest at 24%.

You can compare current 0% balance transfer cards here and apply online in a few minutes.

Approval and intro period depend on credit. Regular APR applies after the intro period ends.

6.Have more than $10,000 in debt? There is a program for that

If credit cards, medical bills, or personal loans have gotten out of hand, a debt relief program may be able to settle them for less than you owe.

A debt relief company negotiates with your creditors on your behalf. You make one monthly payment into a program account, and that money is used to settle each debt. Many people finish in two to four years, and there are no fees until a debt is actually settled.

You may qualify if:

• You owe more than $10,000 in unsecured debt (credit cards, medical bills, personal loans)
• You are behind on payments, or close to it
• You want one monthly payment instead of several

A free consultation shows whether your debt qualifies and what the monthly payment might look like.

See if your debt qualifies

Debt relief programs can affect your credit score. Not available in all states.

7.Get term life insurance online, no medical exam

Life insurance used to mean a nurse visit, bloodwork, and weeks of waiting. For many people, that is no longer the case.

Several insurers now offer term life policies with a short online health questionnaire instead of an exam. As an example, a healthy 50-year-old non-smoker can often get $250,000 of coverage for under $40 a month on a 10-year term.³

• No medical exam or blood work for most applicants
• Decision often the same day
• Coverage from $100,000 to $2 million, terms from 10 to 30 years
• Cancel any time; no penalty

Quotes are free and take a couple of minutes.

Rates depend on age, health, and term length. Products not available in all states.

8.Roll several high-interest debts into one lower payment

Juggling three or four credit card payments every month is stressful, and the interest adds up fast.

A personal loan for debt consolidation pays off those cards and leaves you with one fixed monthly payment at a fixed rate. Good-credit borrowers often get a rate well below what credit cards charge.

Checking your rate does not affect your credit score. You can see several lender offers at once and only go further if one makes sense.

Check your consolidation rate

Rates and approval depend on credit history and income.

9.Find out what is dragging your credit score down

A low credit score makes everything cost more. Car loans, insurance, even apartment deposits.

The good news is that most people have at least one thing on their report that is easy to fix. An old collection, a card that is over its limit, or an error that does not belong there at all.

A free credit monitoring account shows your score, what is affecting it, and alerts you when something changes. It takes a minute to set up.

10.How Ohio homeowners are avoiding $2,000 repair bills

When the water heater or air conditioner dies, the repair bill lands all at once. For many households that means putting it on a credit card.

A home warranty covers repairs and replacement on major systems and appliances for a flat monthly fee, usually $40 to $70. When something breaks, you pay a small service fee and the warranty company sends a technician.

A quote is worth your time if:

• Your home in Ohio is more than 10 years old
• Your water heater, HVAC, or major appliances are out of warranty
• A surprise $1,500 repair would go on a credit card

If your appliances are new and still covered by the manufacturer, skip it.

Get a home warranty quote

Coverage, limits, and service fees vary by plan and state.

11.Tap your home equity without touching your low mortgage rate

Home values in Ohio have climbed in recent years. Many homeowners are sitting on more equity than they realize.

A home equity line of credit (HELOC) lets you borrow against that equity for things like repairs, a roof, or paying off high-interest debt. Your existing mortgage stays exactly as it is.

Rates on home equity products are usually far below credit card rates. You can compare lender offers online, and checking rates does not affect your credit.

Your home secures the loan. Rates and terms depend on credit and equity.

12.Cut your internet bill

Internet providers raise prices quietly, year after year. The "promo rate" you signed up for is long gone.

Most addresses in Ohio have at least two providers to choose from, and new fiber and 5G home internet options are showing up every month. Switching, or even just calling to say you might switch, often cuts the bill by $20 to $40 a month.

Reasons people in Ohio are switching this year:

• New fiber and 5G home internet options at lower prices
• Promo rates that quietly expired a year or two ago
• Paying for speeds far beyond what the household uses

A free tool checks which providers serve your exact address and shows current prices side by side. Pick a cheaper plan, or use the quote to negotiate with your current provider.

See internet plans at your address