Credit, College, and Cutting the Chaos: 2026 Money Goals from a Career Banker

Episode 73: Pocket Change Podcast

The Pocket Change Podcast is presented by Leaders Credit Union. To learn more about Leaders, visit leaderscu.com.

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Full Transcript

Shea:

Hey, this is Shea!

Carrie:

And this is Carrie.

Shea:

Welcome to the Pocket Change Podcast.

Carrie:

Where you'll learn better ways to spend, save, and invest, and take control of your financial journey.

Shea:

Happy New Year! And happy birthday.

Carrie:

Happy third birthday to the podcast.

Shea:

That's right.

Carrie:

But do you know what I see? No cake. There's no birthday cake to celebrate.

Shea:

Get on there and order something right now.

Carrie:

I need my phone so I can order me a Nothing Bundt Cake.

Shea:

That would be good. But we're celebrating the new year. Celebrating third year of the podcast. Having a familiar guest on this episode.

Carrie:

That's right. I'm excited to talk to our guest today to kind of learn about what's coming up for later this year.

Shea:

Yeah. And some practical advice for if you have kids in the home or if you just need to take that first step on your financial journey in the new year. Think about your resolutions. We got that, too.

Carrie:

That's right. We're excited to welcome our guest, Chief Operations Officer, Karen Freeman, here at Leaders. Welcome to Pocket Change!

Karen Freeman:

Great to be here. Thanks for having me.

Carrie:

So can you tell us a little bit about yourself and what all you do here at Leaders?

Karen Freeman:

Absolutely. So first, a little bit about myself. I am married and been married for 23 years, and I have two teenage children, a 19-year-old and a 17-year-old, that are spectacular. So, and I love them very much. From a career standpoint, I have been in banking my entire life. So, my role is Chief Operations Officer. At Leaders, we define that in a few ways. So, if you walk into any facility at Leaders, it's guaranteed that one of my team members is helping with that engagement. So that includes facilities. So, our team is responsible for all physical locations here at Leaders, both new builds and existing, to make sure that you're truly experiencing that Leaders brand experience when you walk into a facility. All retail. So, my team members are the first, those frontline team members that you meet, that you engage with, whether that's across a teller line, in a drive-through, or at a desk, and our contact center as well. So, if you call in, our team is responsible for really helping you through that digital experience over the phone or online. And then, finally, HR and training. So, that team is spectacular. They are the ones who really onboard our Financial Champions, and then also training and coaching them going forward.

Shea:

And how long you been a Leaders now?

Karen Freeman:

So, nine years this month.

Shea:

Okay, yeah January is the starting point.

Karen Freeman:

January. Nine years.

Carrie:

Wow.

Shea:

And so, you've been in banking a long time outside of Leaders. Leaders, nine years. So, what all did you do before that? And what brought you here?

Karen Freeman:

Yeah. So, banking's been my lifelong career. I started that, I think a year out of college. I've had the opportunity to work for five different financial institutions. Leaders, hopefully is the last one in that run. I absolutely love credit unions. Prior to that, I came from community banking and commercial banking. So, different experiences, different exposure. But I love Leaders and love being here.

Shea:

What makes you passionate about that?

Karen Freeman:

I, you know, I'll have to say what I love most about, working for a credit union is people helping people. Right? When you think about that and what that means, it's easy to understand that this is my mission field. So whether that's helping members, helping employees get what they need, and how I can help is where my passion is. And I think it's a really cool industry to be in. I mean, we have new technology coming out all the time in banking, ways to make it more convenient, more kind of out of sight, out of mind, and making it, making sure that it's easy to do so. It makes it an exciting field to be in.

Shea:

Is there any technology that's giving people extra money?

Karen Freeman:

Oh, that would be great! What if you work on that one, okay?

Shea:

2026 goals. We’ll work on it.

Karen Freeman:

No, I like, “Me?” No, you.

Carrie:

While you're working on that, I'll be working on something else. So, speaking of the new year, most of us, you know, kind of have new money goals. It's a new year. It's a fresh start. So, do you have any advice for us on, you know, ways to save money or be smart with your money this year?

Karen Freeman:

Yeah. So, I think oftentimes when we start a new year, what ends up happening is we go in too hard, too fast, right? We're going to do it all differently. And we're going to do it all new. And, “I'm never going to eat out again.” And you know, all of those things. And so, I think - and that's not sustainable in any way shape or form, no matter what you're trying to accomplish. So, I think in the new year, the first thing that I, or the best thing to recommend is just to be observant. We've come out of a holiday season. We've spent money on loved ones. We've donated money. Things were probably a little different than the norm. And so now we have a new year, and you just need to be observant and watch it. So, where, how often am I going out? What am I spending money on that I may not even realize is back there? That's a subscription, for example. And then take some time to see what we can do to modify it. And I always say change one thing, not all things. And then once you get through some time of getting used to that change, then try a second one. Because that's sustainable. Same thing comes with weight loss or food choices etc.. So same thing comes with banking. Just be observant.

Carrie:

That's great advice.

Shea:

So, if there's one thing you're thinking about and personally watching for 2026, what is that, related to your finances?

Karen Freeman:

Oh gosh. Well, so I have one child in college right now. She's a sophomore at UT. I have another one right behind her. He's a junior at USJ at the moment. And so, college is, college expenses! Right? So oftentimes when I first started thinking about college expenses, I thought about tuition and rooms and food. Now I realize how expensive all the other things are outside of tuition. So, our family is really focused on how we make sure that we are saving for those expenses and preparing for the next child down the line to do the same thing. And then, you know, just annoying things, you know, like subscriptions are a thing. I have I have teenagers and they love a subscription. So does my husband. And so, those get really expensive when they start stacking up. So those are the things that I'm trying to be observant about in 2026. What do we really need?

Shea:

And if you need Vol tickets you got to plan ahead for those, to go to a game.

Karen Freeman:

Oh my stars! Yeah, that's an investment in and of itself.

Shea:

We need just a football game savings account. Let's just start that in 2026.

Karen Freeman:

And that's not just the tickets but the hotel room. Those are expensive!

Carrie:

That’s right. That's true.

Karen Freeman:

But it's a fun thing to do.

Carrie:

So, what are some top financial challenges that our members are facing and what encouragement would you give them for this year?

Karen Freeman:

I think often, I think it's probably the same for all of us. Right? We want to do what's best for our family. We know what's coming in and we know those expenses and how we manage those. And so, I think everyone's probably pretty much in the same boat, no matter where you are in your financial journey, is doing the best thing we can for our for our members and for our families. So that might mean, you know, focusing on that savings side of things. Maybe you've gotten that under control and maybe it's now working on that credit. So, for us, I think the main thing that we're all dealing with is what do we do best for our family? And I think that's what Leaders does really well. Here at Leaders, all of our employees are Financial Champions. The lion's share of our employees are financial counselors. And so, I feel like that is a great opportunity for us to plug in and help them do what's best for their families.

Shea:

And I think a big topic on several episodes has been just meeting members where they are. And so, whatever that looks like, trying to help them on their financial journey. We talked a little bit about, you know, credit is a big deal to a lot of people. And something they're thinking about in the new year. So, what are some practical tips for someone wanting to establish credit?

Karen Freeman:

Yeah, absolutely. So, I had an opportunity not long ago to go sit down with my daughter's closest 400 friends in her sorority and talk about this because I think oftentimes, we need credit, but by the time we need it, we have already passed an opportunity to have started it. So, I think it really goes back to, when someone talks about credit, is to start thinking about it and, and how you're going to establish it before you really need it.

Shea:

Yeah.

Karen Freeman:

So, I think the best way to do that is either do a secured credit card, so put up money that is your own and start making payments to that to build that credit and get that practice of using credit. And I think the other way is to get, you know, go get a store card, you know, go to your, you know, Macy's or Dillard's wherever you shop on a regular basis, get a credit card, establish that credit, buy something, pay it off and get used to using it. I think what I told the girls at my daughter’s sorority is like, if you're not going to spend cash on it, don't put it on credit. If you don't have the cash for it, don't put it on credit. But get used to using it and paying that off every month so that you can build up that credit score so that when you do need credit it's already established.

Carrie:

That's great advice. Well, speaking of your daughter being in college, what financial advice would you give her and her friends in their young adult life?

Karen Freeman:

Absolutely. I think I think the hardest part about that transition in life is learning to be an adult. Right? That's what that's all about. You're practicing living on your own. You're doing a little bit at a time. And so, I think the two things I would tell them is kind of things we've already talked about. Number one is to be observant. How am I spending my money? It's really easy at that age to spend money.

Shea:

Yeah, you don’t want to know! You don’t want to look at it.

Karen Freeman:

No! I mean, everyone spending money at that point and what they're spending money on is tempting. So, I think, number one, paying attention, being observant. And then number two, go ahead and start establishing that credit. So go ahead and do it. You're going to go get your nails done. You're going to go buy that shirt at your favorite store. So go ahead and do that and make sure that you have the money in the bank to then pay it off so they get started. It's interesting when I talk to them about it, that was something they never thought of before. So, I think it's baby steps.

Shea:

Yeah. And I think you got to stress, just like you said, paying it off because the store card, you know, a lot of credit cards have high rates. But especially those smaller dollar and store cards have pretty big interest rates. So, you don't want to get caught in that. That's for sure.

Karen Freeman:

Absolutely. And it's easy to get caught to your point. I mean, it can absolutely destroy your credit early in life if you just let that sit. And I think, to your point, making sure that you're paying attention and paying it quickly.

Shea:

Not only do you have to pay it off in the month, but you have to pay it back, you know.

Karen Freeman:

It's not free money!

Carrie:

That’s right.

Shea:

They don’t just give it to you and a free t shirt and say, “There you go.”

Carrie:

That’s right. I think the advice of, “don't put it on the card unless you actually already have the money for it,” is great. You have to be disciplined to know that this money is allotted for paying on that card.

Karen Freeman:

Absolutely.

Carrie:

It's not girl math.

Karen Freeman:

That’s my favorite phrase of the day! It's not girl math. That's right.

Carrie:

That’s right. It's not free.

Shea:

So, you've worked in traditional banks. You've worked in credit unions. So, what's what makes a credit union different? And why should people choose to bank with a credit union?

Karen Freeman:

I think there's a lot of misconceptions out there about credit unions, that it's an exclusive club and you got to really have a certain connection in order to join. And I don't necessarily think that's the case anymore. I think that oftentimes in the banking world, there is a split loyalty. So maybe in the community bank side or the commercial bank side, there's customers and shareholders. And so, you have kind of, you might have more fees associated with that, more expensive things on that side. And credit unions, they're one and the same. So, it makes for lower-cost solutions. It also makes for higher interest rates because it's an opportunity for owners to get back the revenue the credit union is generating. But I just think, culture-wise, whenever the crux of a culture is people helping people, then it tells a lot about what you're going to encounter. And we're really member-focused, focused on that individual and what they need in their financial journey. So, it's a great place to do banking.

Carrie:

Yes. So, it's now 2026.

Karen Freeman:

Yes.

Carrie:

So, we're going to look ahead into this year. So, what are you most excited about for Leaders?

Karen Freeman:

Yeah. So, I'm glad you asked that question. 2025 was a year of technology upgrades. We spent a lot of time with that, making sure we had the infrastructure and strength to continue to grow and serve our members. In 2026, that thing I'm most looking forward to this year is really how we're bringing the credit union to our members. We've done that digitally. We've done the technology upgrade in 2025. In 2026, it's a year of facilities. So, it's an opportunity for new buildings to pop up in new locations. And so, I'm looking forward to that.

Carrie:

Okay.

Shea:

So does that mean a new branch in 2026?

Karen Freeman:

Stay tuned. Stay tuned. Definitely opportunities for some groundbreaking in the near future.

Shea:

So, we'll have some groundbreaking.

Karen Freeman:

Yeah.

Shea:

Moving dirt.

Karen Freeman:

Moving some dirt! Finally. We're excited about it.

Shea:

All right. So, one question we like to ask all of our guests is, what is some of the best financial advice you've ever been given?

Karen Freeman:

Yeah, I think that's a great question. I think really it goes back to starting early. I remember my dad sitting me down and making sure I open that Roth IRA when I was, I didn't even know where the Roth IRA was. And so, I think starting early, whether that's saving, credit, just money management and knowing the tools to use is a big deal. And then just getting comfortable with managing money and budgeting. Right? So, I think it's hard to get started because it feels like it's hard to get kind of a wrangle on it. But once you do, I think that gives you some peace of mind to kind of really start doing more with your money and investing.

Carrie:

Okay, so before we wrap up, we always ask our guests, if you had any change in your pocket, what would you spend it on?

Karen Freeman:

You know, so I, I have lots of hobbies and I enjoy them. But right now, probably the thing that I am most interested in and I love receiving is anything pop-up. So, like right now there are these beautiful pop-up cards that are out there and I'm obsessed with them. And so, because they are so creatively done. So I would probably save my pennies and my coins for that.

Carrie:

Okay, that’s a good one.

Shea:

So, a little pop-up card. You’d save pocket change for a pop-up card?

Karen Freeman:

I would! Pocket change for a pop-up card! Absolutely.

Carrie:

Well, thank you, Karen, for joining us today.

Karen Freeman:

Great to be here. Thank you so much.