StarSavers is here to show you ways to get what you want despite the current economic turmoil. In addition to regular features designed to show you how to hold onto your money, we'll add items to this blog that don't fit in the paper, and we'll answer questions and offer more background for issues raised by StarSavers stories. And while we're at it, feel free to hop on and ask your own question or offer your own tips in the comments section. We're all in this together.
StarSavers is an occasional series of stories that will help you save money. All past StarSaver stories can be found in one place here www.azstarnet.com/starsavers.
'Clocking In' is the joint blog of the Star’s Business news staff. We're punching out news tips, outtakes and other morsels for people with an appetite for local business, consumer and workplace news.
Our friends at the Association of Independent Consumer Credit Counseling Agencies have sent over a list of tips to help consumers during trying economic times.
Come to think of it, these suggestions are all things that could keep us financially healthy even when the economy is good. It’s also my understanding that you don’t have to stress yourself out by doing all these things at once. Pick one item at a time and hammer it until it’s in place, and then move on to the next thing. You’ll be able to see your results and will feel a stronger sense of accomplishment, which will only encourage you to stay on track.
Here’s the association’s Five-Step Action Plan to Bulletproof Personal Finances
Create and use a spending plan. If you do not already have a spending plan, you need to create one immediately. The only way to assure that you are living within your means and not overspending is to know where your money is going each month. For those who have a spending plan, now is a good time to review the plan and make sure you are allocating enough money to savings and are paying down debt as quickly as possible.
Start or add to a savings account for unexpected expenses. The unexpected is here and people who put money aside for emergencies are the best prepared to weather this financial storm. It is never too late to start saving and now would be a great time to do so. Begin with as much as you can per month and build the account to at least three to six months of living expenses.
Pay off debt now and don’t add to current debt load. If you are using credit to extend your income and planning to pay it off when you earn more, stop! Try to avoid adding any additional charges to your credit balances and pay as much as you can each month to decrease your debt.
Consider postponing large purchases. It might be best to hold off on purchasing that new car, home or other large purchase until after the economy settles down. You don’t know if a job layoff or other income loss may be in your near future that would make it difficult to meet the extra monthly payment.
Get help now if you are in financial trouble. If you are struggling to pay your mortgage, can’t pay the minimums on your credit card balances or are behind on your car loan or other monthly bills, seek help now. A qualified AICCCA member office can help get your financial life back on track. Call 866-703-8787 or visit aiccca.org to find an office that can serve you.
Founded in 1993, Association of Independent Consumer Credit Counseling Agencies is a national membership organization established to promote quality and professional delivery of credit counseling services.
