Improve Your Financial Outlook in 2012Thursday, January 19, 2012

CredAbility offers tips to help consumers take charge of their financial future

ATLANTA, GA, — If improving your financial outlook is on your list of resolutions for 2012, now is a great time to get started. If you want to reduce or eliminate debt, start saving for retirement or simply get a better handle on where your money is going, making a plan is an important first step.

CredAbility offers tips for consumers that will help them take charge of their finances and improve their financial outlook.

Set a realistic financial goal
Set a goal and write it down. Your goal may be to pay off credit card debt, reduce monthly expenses, start a college or retirement fund, or save for a family vacation. Your goal should be something important to you that you are willing to work toward. Put your goal in a place where you can see it often and review your progress. Consider sharing your goal with a close friend or family member who will be supportive and share your excitement when you reach it. Once you achieve your goal, set another one.

Get a handle on what you owe
Understanding exactly how much you owe is an important first step in tackling debt. Write down the balances on every credit card and total it. Once you know how much you owe, you can take realistic steps to reducing and eliminating balances. You can learn more about how to reduce debt by watching the CredAbility on demand class called “Change Your Financial Fate,” at www.CredAbility.org/Education.

How Do I Get Out of Debt?
Monday, January 23, 2012, 3:00 pm
This course will teach you that paying off debts give you the freedom and flexibility to do what you want. You will learn how to prevent spending your future, how to pay-off charges quickly, and learn the steps to build a workable plan to pay-off your debts. To register: https://credability.webex.com/credability/onstage/g.php?t=a&d=667676029.

Change Your Financial Fate
Thursday, January 26, 2012, 10:00 am
This course will help you understand why you’re in debt, identify methods to pay off your debts and track your spending to better stay on track with your financial goals. To register: https://credability.webex.com/credability/onstage/g.php?t=a&d=666538619.

Stop increasing debt
Even if you can’t pay off your debts this year, you can stop adding to them. Eliminate unnecessary spending and leave credit cards at home, giving you time to think about purchases before adding to your debt. Use cash for necessities such as food and gasoline to avoid paying interest on these expenses.

Track your spending
Most of us do not know where much of our money goes. Those daily trips for coffee, lunch out with coworkers, or weekly lottery purchases can add up quickly. For just 30 days, write down every penny you spend. Review this list for expenses that can be reduced or eliminated. Small changes can add up to big savings and can help you reach your goals more quickly.

To help you track your expenses, click on http://www.credability.org/en/tools/financial-calculators.aspx and use our budget calculator.

Ask for lower rates
You can reduce your auto insurance costs, cable bills, cell phone and credit card bills with a simple phone call. Do some comparison shopping on auto insurance rates and call your carrier to see how you might reduce premiums. Your cable company may be able to lower your monthly bill or offer you a special promotion for a period of time that can result in savings.

Save $10 A Week
Even if you think you are living paycheck to paycheck, it is possible for you to save money. You can save as little as $10 each week just by making simple changes. Here are 10 ways to save $10 or more:

1. Eliminate your land line phone. If you only use your cell phone, consider turning off your landline or at least reducing your services to the bare minimum.
2. Have coffee at home. Skipping your morning coffee out can add up quickly.
3. Bring your lunch and snacks. Limit lunch out to once or twice a week.
4. Skip the lottery tickets. You will be better served to put that money in a savings account.
5. Avoid unnecessary trips and carpool when possible. Gas prices are on the rise, and sharing commuting costs can add up to big savings.
6. Visit the library instead of the bookstore. You can check out books and movies at the library at no cost.
7. Shop with a list and stick to it. A list will reduce the likeliness that you will buy things you don’t need and overspend.
8. Use coupons. Plan your weekly meals and shopping around what’s on sale and the coupons you have.
9. Eliminate monthly subscription fees for services you don’t use. If you have a monthly charge for a movie service, weight loss program, gym membership, or photo program, and you aren’t using them, cancel them. If there is a cancellation fee, you may still be better off in the long run without the monthly expense.
10. Review your cell phone charges – If you don’t need all your minutes and unlimited texting, call your cell phone carrier and have them review your usage. You may be a candidate for a less expensive plan.

Don’t be afraid to ask for help
The key to improving your financial outlook is taking action. If you’re not sure where to start, there is a place to turn. At CredAbility, certified counselors will help you evaluate your financial situation and find the solution that best suits you. For more information on Debt Management Plans or to talk with a certified counselor about your options for a debt free life, contact CredAbility at 800.251.2227 or online at www.CredAbility.org.