This post is part of the America Saves Kick Start Your Savings Summer. Each week we'll focus on saving for a particular savings goal or how to save on everyday expenditures.
To kick start your own savings click here.

When it comes to saving money, you have two options – cut expenses or increase your dispensable income. For most Americans, our largest expenses such as housing and transportation are fixed and cannot easily be reduced. So what do you do when you’ve cut all the expenses you can?

Get rid of things you no longer need:

• Take a look in your closets, attic, or storage space. Chances are you’ve accumulated some items you no longer need. Sell unwanted items like DVDs, video games, or comic books to specialty stores which generally give you a better deal.
• For collector’s items or items of higher value, list online through auction websites. 
• Hold a garage or yard sale to get rid of your remaining items or things of lower value. If you don’t have much to sell, consider hosting a joint or neighborhood sale to increase traffic.

Monetize your hobbies:

• If you are a gifted crafter, consider selling your crafts at local fairs or online.
• Got a way with words? Make money through blogging by charging for ad space. The larger your number of readers, the more you can charge for ad space. Additionally, freelance writing or editing opportunities can be found online.
• Online stock photography sites allow users to submit and sell their photos online. Each time someone uses your photo, you’ll receive a small stipend.

Other ways to supplement your salary:

• Participate in medical or market research studies. Companies often hire research firms to do market research on new products. By donating a few hours of your time, you can make $50-$200.
• Get a second job. If you work a traditional 9-5 schedule, consider working 10-15 hours a week at a restaurant or retail store. Work at an establishment you already frequent, and as an added bonus, you’ll receive employee discounts on merchandise.

Make sure to bank your extra income towards your savings goal! Track your progress towards a savings goal by joining America Saves, and using the America Saves My Savings Tracker for free to record deposits and monitor your progress.

This post is part of the America Saves Kick Start Your Savings Summer. Each week we'll focus on saving for a particular savings goal or how to save on everyday expenditures.
To kick start your own savings click here.

Grocery shopping – you’ve got to do it, right? Going out to eat – you don’t have to, but sometimes it just turns out that way. Believe it or not, the average family of four spends more than $500 on groceries and food each month.

You can easily add another $50 or $100 to your monthly savings by making simple changes:

START by shopping smart at the grocery store:

• Shop with a list and coupons when purchasing groceries. If you purchase certain items regularly, stock up on them when they are on sale for additional savings.
• Buy in-season produce. Not only is the produce more fresh, but also is substantially cheaper.  To find out what’s in season click here.
• Avoid convenience food. Pre-cooked, pre-sliced or pre-packaged food is more expensive. Buy whole carrots rather than baby ones, and create your own “100 calorie” snack packs.

SUBSTITUTE and ANTICIPATE for further savings:

• Eat less meat. Vegetarian meals are often cheaper and healthier than their meat counterparts. Consider substituting beans for meat or enjoy pasta with summer vegetables in a few dinners each week to add to your savings. 
• Don’t just pack your lunch; bring snacks and beverages with you as well. A $2 snack or water bottle adds up over time. If you’re going to be away from home, be prepared.

AVOID restaurants, but if you must:

• If you’re going to go out to eat, check out the local entertainment section in your newspaper for discount or 2-for-1 coupons. If your favorite restaurant does not offer coupons, consider ordering appetizers rather than entrees.

Make sure to bank your savings! Track your progress towards a savings goal by joining America Saves, and using the America Saves My Savings Tracker for free to record deposits and monitor your progress.

We all want to save money, it’s the “how” that causes some confusion. If you’re not currently saving or living paycheck-to-paycheck, you need to start by changing your behaviors. Begin by tracking your spending and making a plan to save. Saving money is simple once you realize where it’s going.

Here are seven ways that you can save $100 or more in 2010:

• Reduce your cell phone plan or switch to a prepaid plan. Many of us overestimate our cell phone usage. Drop minutes or features you’re not using to add to your savings.
• Walk rather than drive to destinations less than a mile. You’ll not only burn calories, but also save the wear-and-tear on your vehicle.
• Shop around for auto and homeowners' insurance:  Before renewing your existing policies each year, check out the rates of competing companies (see the website of your state insurance department).  Their annual premiums may well be several hundred dollars lower.
• Utilize a cash-only spending plan. Unlike using your credit or debit card, you can’t spend what you don’t have on you, and it makes resisting temptation easier.
• Take full-advantage of discounts! Ask your HR department at work to see what discounts or group deals like are offered.
• Make your own entertainment by hosting a game night with family and friends. One board game costs less than $20 and produces hours of entertainment.
• Ask your local electric or gas utility for a free or low-cost home energy audit.  The audit may reveal inexpensive ways to reduce home heating and cooling costs by hundreds of dollars a year.

Make sure to bank your savings! Track your progress towards a savings goal by becoming an American Saver, where you can utilize the America Saves My Savings Tracker for free to record deposits and monitor your progress.

This post is part of the America Saves Kick Start Your Savings Summer. Each week we'll focus on saving for a particular savings goal or how to save on everyday expenditures. To kick start your own savings click here.

An old proverb goes like this: "The best time to plant a tree is ten years ago. The second best time is today." That not only holds true for tree planting, but for making changes in how you deal with credit card debt as well.  Too often consumers who are dealing with significant levels of debt feel overwhelmed by their situation, unsure if they can ever get control again. Regret and guilt are common feelings, too - "How could I have let this happen? Will anything I do make a difference now?"

To paraphrase another wise saying, "A long journey starts with a single step." What seems impossible can become manageable when you break things down to make small but effective changes in your financial life. Here are some practical steps to shake off that debt paralysis and get started on your journey to a debt-free life today:

• Think this is happening to you?  Start by reviewing your financial situation (with help from a trusted source, if you need it) and set reducing debt as a goal.
• Look for ways to free up more money to pay down your debt. Track your spending and write out your monthly expenses. Create a spending plan (otherwise known as a budget) which includes your debt-reduction goal. Prioritize your expenses now and see if you can cut back on some of the less important items. Involve the whole family in making changes.
• Identify how you are using credit and make changes. Don't use credit to supplement your income. Establish an emergency fund. People who have a rainy day fund are less likely to rely on credit when the unexpected happens. Don't carry your credit card when you shop. You'll be less likely to make impulse purchases.
• Make more than the minimum credit card payment. Credit card statements now tell you how long it will take to pay off your balance if you only make the minimum. That can be a real eye-opener. Even an extra $10 can reduce pay off time by months.
• Create your own debt repayment program. Try to pay a set amount each month on your credit cards and stick to it. As one card gets paid off, put that payment onto the next card with the highest balance or highest interest rate. Keep going until you are putting the entire payment on the last remaining card.
• Look for automatic and easy ways to pay. Once you've identified how much you can pay each month, consider setting up on-line bill paying or direct account withdrawal to make the payments automatic.
• Work with your creditors. If you encounter any problems repaying your debts, contact the creditor immediately and explain the situation. Creditors often will work with you to come up with an alternate payment arrangement for a short period of time.
• Seek help from a credit counselor. If you have been unable to resolve your finances on your own, consider working with a nonprofit credit counseling agency that is a member of the National Foundation for Credit Counseling (NFCC) to create a plan you can live with -one that helps you budget your money and repay your debt.  A certified counselor can customize a spending plan that fits your lifestyle.  There is a way out. To find it, contact an NFCC member agency by calling the NFCC referral line - 1-800-388-2227 or going to http://www.nfcc.org

Kathy Virgallito is the Regional Director for Apprisen Financial Advocates, a national nonprofit credit counseling agency that has been helping consumers manage their finances and get out of debt for 55 years. Services are provided in-person in 10 states through local offices and nationally by phone or via the Internet.  The oldest nonprofit credit counseling agency in the country, Apprisen Financial Advocates is known in its local communities as Consumer Credit Counseling Service (CCCS).  For more information call 800-355-2227 or visit www.apprisen.com.

As America celebrates its independence and your friends are off on vacation, you may be wondering how you can afford a last-minute summer getaway. If you start saving today and make minimal adjustments to your lifestyle, you can afford a getaway by Labor Day.

Step 1- Figure out your goal & save automatically.  If you save $5 a day from now until Labor Day, you can save $300 towards your weekend getaway. Double-that and you’ll have over $600 towards your vacation. By joining America Saves, you can utilize the America Saves My Savings Tracker for free to record deposits and monitor your progress towards your vacation. Have a portion of your paycheck transferred automatically from your checking to savings account.

Step 2 – Find ways to cut back for even more savings. Saving $5 or $10 daily seems like a difficult task, but it’s easy when you examine where your money is currently going. Without a budget and savings plan, we all have a tendency to overspend. Here are quick ways to add more to your savings:

• Bring your lunch, snacks, and beverages from home. Avoiding to-go lunches and vending machines can easily save you $5-10 each day.
• Institute a “no spend” day or take a moratorium on buying non-essentials like books or the latest fashions.
• Sell gently used clothing, electronics, and other items through local consignment stores, online, or by hosting a garage sale. It’s a great way to de-clutter and add to your savings.
• Cancel cable and other non-essential subscription services for the summer. Check out your local library for free books and DVDs.

Step 3 – Save even more on your Labor Day getaway. One of the benefits of last-minute travel is the potential to score good deals. Check out a guidebook for your vacation destination for low-budget recommendations for food, activities, and accommodations. For further savings:

• Bring your own snacks and meals for the car ride rather than relying on fast food. Eat at low-budget restaurants whenever possible.
• Choose a place to stay that has a kitchen, so you don’t have to go out to eat as often.
• Check out online travel websites to book discounted flights and hotel rooms.
• Ask for discounts! If you’re a student or in the military, discounts are available pretty much anywhere. Many hotels also offer discounts to AAA members or government employees.

This post is part of the America Saves Kick Start Your Savings Summer. Each week we'll focus on saving for a particular savings goal or how to save on everyday expenditures.
To kick start your own savings click here.

This post is part of the America Saves Kick Start Your Savings Summer. Each week we'll
 focus on saving for a particular savings goal or how to save on everyday expenditures. 
To kick start your own savings click here.

For beginning and more advanced savers, nothing is more important than the emergency fund. As the cornerstone of your savings plan, an emergency fund is your protection against unexpected, but inevitable, expenses.

Step 1- Figure out your goal & a place to save. Having an emergency savings fund may be the most important difference between those who manage to stay afloat and those who are sinking financially. That's because maintaining emergency savings of $500 to $1,000 allows you to easily meet unexpected financial challenges such as a car repair or medical bill and avoid high interest, short-term loans. With your emergency fund goal in mind, decide where you want to save it. Do you need to open a savings account? Do you want to add to a savings account you already have? Determine your goal and where to keep your emergency savings.

Step 2 - Save automatically. Have a portion of your paycheck, as little as $50 a month, transferred automatically from your checking to savings account. Individuals who save automatically are more than six times more likely to be successful long-term.

Step 3 – Track your progress. By enrolling as an American Saver, you can utilize the America Saves Savings Tracker for free to record deposits and monitor your progress. If you’re not sure where to find the money to start saving, cutting down expenses can be easier than you think. Institute a “no-spend day” and for each dollar you don’t spend, add to your emergency fun. Stay tuned for next week for even more ways to save on everyday expenditures!

Editor’s Note: Encouraging savings for youth is an important mission for the America Saves campaign. The following e-Wealth Coach article is one grandfather’s personal experience in teaching his children and grandchildren about finances. We hope it will provide a starting point for dialogue between you and the youth in your life when discussing saving.

The long-term key to improving America’s overall financial literacy quotient is to get to the kids. What’s important is to establish good financial behaviors early because those behaviors will carry over to adulthood. As a father of four and grandfather of nine, I’ve seen it work firsthand. Start early, insist on consistency in behaviors, and set a good example.  Monitor your saver’s progress and celebrate the successes. With that mantra, here’s what how to get started:

• When kids can walk, it’s time to start saving. Establish the first behavior of saving by teaching your child to drop coins in a piggy bank or a jar. Explain the meaning of the word save.

• Show the money. Periodically, show the child that consistent saving adds up by regularly tallying up your savings.

• Take it to the bank. Make a ceremony of taking the child to the bank to deposit the jar of money. Teach them that the bank will give them money (interest) to “store their money.”

• If there is an allowance, it’s time to budget by putting savings first. No matter what the size of the allowance is, break it down between what they can spend, and what they have to save. Note: this may be your first financial “negotiation” with your child – start with saving 50%, and settle for 25%.

• The first large purchase. As your child ages, he or she will inevitably want to spend their entire savings – on one item. The answer is “no.” Modify budget into more line items – discretionary spending, mandatory saving, and “saving for the large item.” This is where the behavior of “buying within means” is established. 

• “But, I want it now…” This may be the time to deve lop a new financial concept – borrowing money. That’s okay as long as the rules are set, and the “borrower” adheres to them.  This is where the behavior of “borrowing within means” is established.

• “Can I have a credit card?” Response: No, it’s too early. We’re sticking to the plan above. However, let me teach you about credit cards – after the “eye roll,” stick to your game plan. 

• “My friends have credit and debit cards.” Response: I’m happy for them. We’re sticking to our financial plan, and here’s why.

In my own experience, my children were grateful for instilling financial responsibility at a young age. Start early, consistency, monitor progress, and celebrate success – I’m convinced that’s the formula for increasing America’s financial literacy quotient many times over. Get to the kids.

Proud Grandfather,

Carl George

Carl George is the Senior Executive Partner at Clifton Gunderson LLP, a national CPA firm; past Chairman of the National CPA Financial Literacy Commission of the AICPA, www.360financialliteracy.org and www.feedthepig.org; and the proud grandfather of 9.

If you've just graduated from college or high school, you're in the same boat as thousands of other young adults who are now out on their own. If you're anything like my friends (and myself!) the thought of living financially independent is overwhelming. Daunting necessities like housing, transportation, utilities, and food come with equally large price tags. To help me get my finances on track, one of the first steps I took was creating a budget with goals.
 
Whenever I asked someone about the 'right way' to look for a car or the best way to save money on groceries, I received a flood of information that made me even more confused. There's an infinite amount of tips and tricks I could use to save money, but if I did not go about using those tips in an organized fashion with a goal in mind I was bogged down and stopped using money saving tips in favor of convenience. I spent money on things I already had two of, or bought something I thought I'd need at some future point.
 
After realizing my take on financial responsibility was more like a rollercoaster than a well planned algorithm, I decided something had to be done.  I listed all the future financial goals I could think of:

• Pay off rest of student loans ($20,000)
• Start an emergency fund ($1,000)
• Start a savings account
• Start saving for a home

Then I made a budget for the month:

This helped me get my finances on track. I printed it out and hung it on my door as a reminder, and to allow anyone else to see it. By making it public I felt I had to stick to my goals. Anything left over, or taken from my paycheck, went towards my savings and student loans.

Hopefully, this will help you define and stick to your financial goals! Although budgeting may seem like a give in to many experienced savers or responsible adults, my college friends and I knew nothing about it. After budgeting, the tips and tricks we learn from others seems less confusing: if someone tells me how to save on groceries, I can file it under my food schema. I’m on my way towards paying off debt and achieving my goals. With a well thought out plan that you stick to, I’m sure other recent grads can also take their first steps towards financial independence.

This post was written by Sarah Deans, a recent graduate and America Saves Intern.

Do you need loans for college? Would you like to have your own place and obtain a great job after graduation? Whether you’re twenty-two or forty-two, nothing affects your financial future like your credit score. Your credit score is a number, calculated based on information in your credit report that lenders use to assess the credit risk you pose. The higher the score, the better your credit rating. A good credit score will help you secure a low-interest rate on loans for college or an automobile. Negative items on your credit record can affect your ability to get a job, rent an apartment, or obtain a cell phone. Make building a great score a priority while you're young and you could actually save hundreds or thousands of dollars over your lifetime.

Action Steps to a Healthy Credit Score:

• Pay your bills on time. This is the most important factor in determining your credit score. A history of on-time payments will help you improve your score, and a history of delinquent (or non-existent) payments will hurt your score. Accounts that remain unpaid will be sent to collections and further negatively impact your score.
• Keep your balances low. Credit scores also measure how much credit you’re using versus the amount available to you. For example, if you have 2 credit cards with a $1,000 limit and you have balances of $800 on each, you’re using 80% of the credit available to you.
• Don’t close old accounts. Credit scores also measure your credit history and the longer you’ve had access to credit, the better. Keep your oldest accounts active rather than closing them when they are paid off.
• Limit your applications for new credit. A large number of credit inquiries (applying for a car loan or credit card) at once can negatively impact your score.

Finally, ensure that you’re monitoring your credit reports on an annual basis. The three major credit bureaus - Equifax, Experian and TransUnion - must provide all consumers, upon request, a free copy of their credit report once every twelve months. You can order your free annual credit report online at www.annualcreditreport.com or call 877-322-8228.

For more information on your credit score, check out CFA’s “How Credit Scores Work."

Saving money and the planet do not have to be opposing concepts. Living a more eco-conscious life is not only great for the planet, but also does wonders for your wallet. Focusing on the motto of recycle, reduce and reuse can help you focusing on saving rather than spending. Here are some ways you can cut back on your expenses, save money and lighten your carbon footprint:

• Ask your local electric or gas utility for a free or low-cost home energy audit.  The audit may reveal inexpensive ways to reduce home heating and cooling costs by hundreds of dollars a year.  Keep in mind that a payback period of less than three years, or even five years, usually will save you lots of money in the long-term.
• Borrow books and DVDs rather than purchasing them.  Borrowing books, CDs, and movies at your local library, rather than purchasing, can save you hundreds of dollars a year.
• Use reusable containers for your meals and beverages. Americans go through more than 30 million water bottles a year. A refillable water bottle often costs less than $10 and pays for itself after eight uses. 
• Bike or walk for short trips rather than driving. According to AAA, 40% of U.S. car trips are less than two miles. The next time you take a short trip to the store, leave the car at home. You’ll save the wear-and-tear on your car and as a bonus, get some (free) exercise.
• Weatherproof your home.  Caulk holes and cracks that let warm air escape in the winter and cold air escape in the summer.  Your local hardware store has materials, and quite possibly useful advice, about inexpensively stopping unwanted heat or cooling loss
• Consider purchasing previously-used clothes from Good Will, second-hand stores, or school or church thrift sales.  With a little effort, you can find low-priced, high-quality used clothing items that can be worn for many years.
• Use window coverings to block or let in sunshine.  In summer, use these coverings to block sunlight, keeping your house cool.  In winter, open the coverings to let sunshine warm the house.  You could easily save more than $100 annually while being more comfortable.