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MMI Shows Consumers How to Achieve Financial Freedom
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For more information contact:
Kelly Rote (713) 394-3201 |
Release Date: June 28, 2005 |
HOUSTON (June 27, 2005)— Americans enjoy freedom and independence but often make poor financial choices, sacrificing many opportunities to become financially stable. Many people choose to let their money control them, instead of them controlling their money. If you struggle with debt or worry about your financial future, this Fourth of July presents the perfect opportunity to exercise your right to achieve financial freedom.
“Consumers need to realize that financial freedom is about making very clear, conscious decisions about what is most important and eliminating the rest,” said Kelly Rote, communications manager for Money Management International (MMI). “It is important that families sit down and discuss ways to cut costs.”
The experts at MMI suggest that consumers start with these six cost-cutting measures:
Borrow, rather than buy. Check out books, music and movies from the library. Instead of a night out at the theater, stay in and rent a movie. If you need a blender or other kitchen appliance to make a one-time dish, borrow one from a friend or neighbor.
Change your routine. Dining in and avoiding convenience foods can save you a lot of money very quickly. For example, if you eat lunch out three days a week, choosing to brown-bag instead could save you $1,000 or more each year.
Be a smart shopper. Always shop with a list and stick to it. Leave your credit card at home; take cash so that you can’t overspend. Use coupons only if you planned to purchase the item anyway. Buying in bulk can save you money if you are sure you’ll use the item in quantity. Finally, realize that shopping is not a recreational sport.
Pay your bills on time. Late fees and over-the-limit charges can quickly add up to a debt problem. In addition, many creditors are raising rates and even closing accounts as penalties for late payments. Paying late on one card, or missing a bill payment can even cause a rate increase on other cards.
Plug cash drains. Keeping track of your expenses can show you areas of frivolous spending. Be sure that your money is going where you want it to. If you have a vehicle that is rarely used, sell it. The maintenance, insurance, and registration make it more costly than you may realize.
Pay down debt. Although it may seem overwhelming, starting slowly and reducing your debt allows you the freedom to make smart financial choices in the future. Debt can be eliminated with a little patience and a lot of persistence.
Financial freedom is worth the effort, but making the necessary changes to achieve that freedom can sometimes be difficult. For help, consider working with a reputable credit counseling agency such as Money Management International (www.moneymanagement.org).
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Money Management International, is a non-profit community service organization that provides confidential financial guidance, counseling and debt management assistance to consumers. MMI helps consumers trim their expenses, develop a workable budget, lower their debt payments and repay debts. Services are available by phone. To visit with an MMI counselor, call toll-free 1-800-762-2271- 24 hours a day, 7 days a week. Spanish speaking counselors are available. Consumers can also learn more by visiting the MMI home page at www.moneymanagement.org.
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