Small Changes Can Lead to Big Differences

How to Save More Money on the Same Income; Take Charge America Offers Tips to Free up Extra Cash in Your Budget

PHOENIX – You may be sitting on hundreds of extra dollars each month – without even knowing it. In today’s economy, that extra cash cushion could mean the difference between financial security and financial distress.

American consumers had amassed more than $972 billion in credit card debt at the close of 2008, according to the April 2009 Nilson Report. Monthly payments have crippled families and a stagnant job market is providing little hope for recovery. Many think the paycheck-to-paycheck lifestyle is their only option.

Mike Sullivan, director of education for Take Charge America, a national non-profit credit counseling agency, says many consumers don’t need a third income or pay raise to overcome their financial troubles.

“The lattes, dry cleaning bills, movie tickets and other small purchases we make throughout the month can accumulate into hundreds or even thousands of dollars,” he said. “Simply adjusting your daily spending habits can free up this cash and allow you to pay down debts or save for an emergency.”

Sullivan offers five tips for uncovering these opportunities to save:

• Technology Overload – Do you really need a cell phone that doubles as a video camera or GPS device? Do you really need 30 additional movie channels? Much of the technology that consumes our daily lives is unnecessary and costly. Closely examine what’s essential while separating your needs and wants.
• Name Brands - Don’t pay extra money for a fancy label. Generic and name brand versions of popular groceries, drugs and household items often contain the exact same ingredients. Take the time to review the ingredients and compare costs before you buy. 
• Dry Cleaning Expenses - Dry-clean-only clothes can cost hundreds of dollars over the life of the garments. You can significantly reduce dry cleaning charges by using do-it-yourself systems that work in a home dryer. Better yet, check clothing labels and avoid purchasing dry-clean-only clothes when possible.   
• Carpool Groups - With gas prices on the rise, you can save time and money by carpooling to work, school or your children’s events. This can also prevent wear and tear to your vehicle, reducing maintenance costs over the long run.
• Dining Out - When you spend a few dollars at a time, it can be difficult to estimate the total impact on your budget. For instance, if you spend $3 on a coffee drink four times a week, the monthly total comes to $48, which is the equivalent of a monthly cable TV or Internet bill. Another major expenditure is lunch. Dining out four days a week at $10 a pop equates to $160 throughout the month. You can save money by taking your lunch to work or making coffee at home.

For more money-saving tips, visit Take Charge America at http://www.takechargeamerica.org. Visitors will also find online calculators in the educational resources section to help them gauge their monthly expenses and plan for the future.

Submitted on behalf of Take Charge America, Inc.
Take Charge America, Inc., a non-profit financial education, credit counseling and debt management agency, is dedicated to helping consumers nationwide improve their financial futures. It partners with creditors, credit unions, employers, military/government groups and higher education institutions to reach different segments of the population experiencing a variety of financial challenges. Since its founding in 1987, the company has grown from three to nearly 400 employees. It has helped more than 1.5 million consumers nationwide learn to manage their finances and repay over $3 billion in personal debt. For more information on Take Charge America, visit http://www.takechargeamerica.org/ or call (888) 822-9193

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