July is Financial Freedom Month:

5 Smart Steps to Take Control of Your Money Now

July 1 is National Financial Freedom Day, which kicks off a month-long focus on gaining financial independence. Just as we celebrate our country’s independence every Fourth of July, this month is also a time to reflect on personal financial freedom. For many families, that means developing long-term habits that reduce stress, build wealth, and create a secure future.

At North Shore Trust and Savings, we’ve been helping individuals and families build that security for over a century. And today, in a climate of economic uncertainty, higher living costs, and rising credit card debt, taking even one step toward improving your finances can have a significant long-term impact. This July, we invite you to hit the reset button and commit to five practical steps that can lead to a stronger, more stable financial future.

Why Start Now? The Power of Early Action

According to the Federal Reserve’s 2024 Economic Well-Being Report, only 63 percent of Americans say they could cover a $400 emergency expense using cash or its equivalent. At the same time, household debt has climbed to over $18.20 trillion nationally, according to the New York Federal Reserve.

Financial freedom isn’t a destination, it’s a set of habits. By taking control today, even in small ways, you gain greater flexibility and security in the future. Whether your goal is to own a home, retire early, support your children’s college dreams, or simply sleep better at night, these five steps can help you move forward.

1. Define What Financial Freedom Means to You and Your Family

Financial freedom is personal. For some, it means being debt-free. For others, it means having enough saved to enjoy travel or leave a legacy for children. For young families, it might be affording daycare or their first home. For retirees, it could be the ability to live comfortably without worry.

Take 15 minutes this month to write down what financial freedom means for you. What would life look like if money was no longer a source of stress? When you clearly define your goals, you give yourself something tangible to work toward. This clarity also helps guide your financial decisions throughout the year.

2. Conduct a Mid-Year Financial Check-In

We are halfway through 2025. Now is the perfect time to evaluate your progress.

Ask yourself:

  • Are we sticking to a monthly budget?
  • Have we made progress in paying down credit cards or loans?
  • Are our emergency savings growing?
  • Are we planning for future expenses like back-to-school costs, holidays, or medical bills?

Using the North Shore Trust mobile and online banking platform, you can analyze your spending, track your goals, and manage your accounts more effectively. And remember, financial habits are often learned at home. Involving your children in simple conversations about saving and spending can set them up for success later in life. Research from the University of Cambridge shows that children develop core money habits by age seven, making your example a powerful teaching tool.

3. Set One Meaningful Summer Goal

Setting one focused financial goal can create major momentum.

This might include:

Reviewing your insurance coverage to eliminate gaps Even if you start small, the consistency of reaching one goal can motivate long-term change. If you need help identifying the right goal, the Universal Bankers at North Shore Trust and Savings are ready to help you make a plan that fits your life.

4. Cut Hidden Costs and Take Back Control

In 2024, the average American wasted over $1,200 per year on unused subscriptions, automatic renewals, and hidden charges, according to a C+R Research survey. These silent costs can quietly drain your savings without you realizing it.

This July, take an hour to review your monthly statements. Look for recurring charges you no longer need or use. Streaming services, apps, fitness memberships, and promotional subscriptions can add up quickly. Also, be mindful of bank fees or overdraft charges. The North Shore Trust team can help you review your accounts and recommend more efficient options.

5. Put Your Money to Work

You don’t need thousands of dollars to begin building wealth. The key is to start, and to start smart. A savings account is one of the most dependable ways to grow your money over time. Your earnings depend on three key factors: how much you contribute each month, the interest rate, and how long you allow the money to grow. Most savings accounts, including those at North Shore Trust and Savings, use compound interest. This means you earn interest on both your original deposits and the interest that builds up along the way. To see how your savings can grow, use our Savings Calculator.

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Financial Freedom is a Lifelong Journey and It Starts Today

At North Shore Trust and Savings, we understand that financial freedom means something different for everyone. What it has in common is this; peace of mind, flexibility, and opportunity. That’s why our approach is built around personal service, smart solutions, and the belief that local banking is better banking.

Use July as your launchpad. Whether you are building your first budget or preparing for retirement, every positive step you take now will serve your family in the months and years to come.

Want to take the next step toward financial freedom?

Visit one of our conveniently located branches in Waukegan and Lindenhurst, Illinois. Our experienced team is ready to help you get started with the tools, accounts, and guidance you need.