Fairfax, VA – September 16, 2014 – A requirement for sound personal finances is a savings cushion. Most consumers realize this, but many have yet to implement the necessary changes in their spending to make savings a reality. AICCCA credit counselors are issuing a challenge to consumers without a savings cushion to begin the necessary steps to save today. Consumers should follow the steps for three months and then evaluate the positive differences in their finances.
“Taking the first steps is the challenge for any lasting change that a person wants to make,” said Christopher Viale, chairman of the board, Association of Independent Consumer Credit Counseling Agencies. “We are issuing this consumer challenge in the hopes that consumers will begin to make the changes to improve their personal financial situations and drastically reduce potential financial problems.”
Below are the steps to take in order to accept the AICCCA Credit Counselor Consumer Challenge:
- Cut expenses. Just about everyone spends money each month on non-essential items. Your challenge is to decide which non-essentials you are willing to give up to jump start your savings. Add up those expenses and commit to saving that amount every month.
- Save every month. Once you have determined the monthly amount you can afford to save, put it aside in a savings account. Ideally, you should have the money taken directly from your paycheck and automatically deposited into your account.
- Stop adding to credit balances. Make every effort to avoid using your credit cards for three months. If you have an unexpected expense that cannot be covered with your monthly income, take the money from your new savings account. Don’t worry about replacing the amount you removed right away. Keep saving the monthly amount you decided upon and your savings will grow again.
AICCCA: 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. AICCCA and its members are focused on financial education, efficient processes and advanced technology to best serve clients and creditors. AICCCA members are independent nonprofit agencies that advocate for debtors, annually counsel millions of consumers nationwide and provide debt management services to consumers with excessive unsecured debt. To contact an AICCCA member agency call (866) 703-TRUSTAICCCA (866-703-8787) or visit www.aiccca.org.