Sometimes, life has a way of throwing curveballs at us when we least expect them. A car repair, medical bill, unexpected home expenses, job change, or even a season filled with special events and family activities can disrupt even the most carefully planned budget.

When several unexpected costs happen at once, it can lead to stress about your financial picture. The good news is that a few smart financial strategies can help you reduce debt, rebuild savings, and create a stronger plan for success.

Tackle Debt by Consolidating

One option worth considering for those juggling multiple debts is debt consolidation through a personal loan or home equity loan. Debt consolidation is pretty simple: you combine several debts into a single account, allowing you to make one monthly payment instead of having multiple due dates and balances. For some borrowers, this can simplify money management and reduce the likelihood of missed or late payments — plus, it could save you money monthly in interest. Personal loans and home equity loans oftentimes offer lower interest rates than high-interest credit cards and other forms of debt, helping reduce the amount you spend on interest monthly.

Keep in mind that debt consolidation only works if you improve your spending and savings habits. Also, while a longer repayment term can make monthly payments more affordable, it may mean staying in debt longer and potentially paying more interest over time. Borrow only what is necessary to meet your debt-management goals and try to avoid taking on additional credit card debt that could make it harder to stay on track.

Get the Right Savings Tools

Paying down debt is only part of the equation. Rebuilding savings is just as important for long-term financial health. One savings tool many consumers overlook is a high-yield account, such as a certificate, money market, or high-yield checking account: Certificate accounts typically allow you to deposit money for a specific term in exchange for a guaranteed dividend rate that is often higher than a traditional savings account. They can be especially useful for money you don’t anticipate needing right away. Whether you’re setting aside funds for a future vacation, holiday expenses, or a larger purchase, this is a good option to help your savings grow while reducing the temptation to spend. The predictable return also provides peace of mind because you’ll know exactly how much your money will earn over the term.

Similarly to a certificate account, a high-yield money market account also usually gives you a better rate than a traditional savings account, but your funds are not locked in for a set term like a certificate. It allows you to have a balance between growth and flexibility, allowing you to earn competitive returns while maintaining access for unexpected expenses or opportunities.

A high-yield checking account is a perfect place to keep everyday funds while still earning great dividends. You may only earn a higher dividend rate on balances up to a certain amount, so it’s important to look at your account details and move your money accordingly.

The key advantage of all these savings tools is that they can help your money work harder without extra effort on your part.

Ask an Expert

Perhaps the most valuable step in any financial plan is seeking guidance before making major decisions. Many financial institutions offer free financial education resources, budgeting assistance, or one-on-one consultations. Speaking with a certified financial counselor or trusted financial professional can help you evaluate your debt, savings goals, and monthly budget from an objective perspective.

A financial review can uncover opportunities you may have overlooked, identify potential challenges before they become problems, and help you create a realistic plan tailored to your circumstances. Whether you’re deciding if debt consolidation makes sense, determining the best savings strategy, or simply looking for ways to strengthen your financial habits, professional guidance can provide clarity and confidence.

Managing debt and growing savings are not competing goals — they work best together. By reducing high-interest debt, building savings, and seeking expert advice when needed, you can create a stronger financial foundation and move forward with greater confidence, no matter what expenses life has left behind.

Federally insured by NCUA. Ascend is an equal housing lender. NMLS#451452. David Feldhaus, Chief Financial Officer