Financial

Studies indicate that 35% of Americans have debt in collections, 66% of people who make over $41,000 still live paycheck to paycheck, and 90% of employees check their bank accounts daily at work and risk getting distracted from their work because of personal financial pressures. Needless to say, financial matters are a top concern and a leading cause of stress.

REACH hopes that the following information can assist with your financial affairs and provide you with the best available research to get help with whatever your concern might be.

Consumer Literacy Consortium – Common Purchase Mistakes

The Consumer Literacy Consortium released its list of the top consumer purchase mistakes as part of its ongoing campaign to reduce wasteful consumer spending.

“Consumers lose billions of dollars each year because of hasty, uninformed purchases – not just on big ticket items, but on everyday purchases as well,” said Consumer Federation of American Executive Director Steve Brobeck.

Common consumer mistakes include:

• Leasing rather than buying a car in the belief that leasing costs less
• Not searching carefully for a competent, honest auto mechanic
• Assuming insurance agents will shop for the best policy
• Not holding cash-value life insurance long enough to benefit
• Not maintaining minimum bank balances to avoid fees
• Holding too many credit cards
• Choosing 30-year mortgage loans instead of 15-year loans without considering long-term cost
• Paying in full for home improvements before completion
• Buying energy-inefficient appliances
• Not comparing unit prices at grocery stores

This list and the guide “66 Ways to Save Money” are part of a campaign to reduce more than $100 billion a year in wasted consumer spending.

Building on Savings

• Determine your savings goals
• Be willing to compromise
• Shop around for the best interest rates
• Pay yourself first each month
• Use payroll deductions
• Use bonus income
• Save coupon money
• Pay installments to yourself
• Keep loose change
• Alter spending habits
• Save lunch money
• Take advantage of sales
• Have a “nothing weekend”
• Put your budget on a diet
• Make saving a family affair

REACH provides free confidential counseling and referral assistance to help with financial concerns. To speak to a counselor or set up an appointment call toll free 1-800-273-5273.

Suggested website for additional information:

http://www.clearpointcreditcounselingsolutions.org/