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Financial Matters

Studies indicate that 35% of Americans have debt in collections, 66% of people who make over $41,000 still live paycheck to pay check, and 90% of employees check their bank accounts daily at work and risk getting distracted from their work because of personal financial pressures.  Needless to say, "financial matters" are a top concern and a leading cause of stress. REACH hopes that the following information can assist with your financial affairs and provide you with the best avaiable research to get help with whatever your concern might be. 


The Consumer Literacy Consortium released its list of the top consumer purchase mistakes as part of its ongoing campaign to reduce wasteful consumer spending.

“Consumers lose billions of dollars each year because of hasty, uninformed purchases – not just on big ticket items, but on everyday purchases as well,” said Consumer Federation of American Executive Director Steve Brobeck.

The common, repeated mistakes that needlessly cost consumers include:

  • leasing rather than buying a car in the belief that leasing costs less;

  • not searching carefully for a competent, honest, auto mechanic;

  • assuming their insurance agent will “shop the market” to get the best auto and homeowner policy;

  • not holding a cash-value life insurance policy for at least 15 years;

  • not maintaining the minimum balance required to avoid checking fees;

  • holding many credit cards;

  • taking out a 30-year mortgage loan rather than a 15-year loan, just because the monthly payments are lower;

  • paying in full for home improvements before the work has been completed satisfactorily;

  • purchasing new appliances that are not energy efficient; and

  • not comparing unit prices on supermarket shelves.


This list and the tips contained in the free consumer guide “66 Ways to Save Money” are part of a campaign to reduce the more that $100 billion a year of wasted consumer expenditure.


The brochure is free by sending a SASE to “66 Ways to Save Money”PO Box 12099, Washington DC 2005-0999. For a copy of the 10 Mistakes: CFA, 1424 16th Street, NW, Suite 604, Washington DC 20036.

Building on Savings

  • Determine your savings goals.

  • Be willing to compromise.

  • Shop around for the best interest rates.

  • Pay yourself first each month.

  • Use payroll deductions.

  • Use bonus income.

  • Save coupon money.

  • Pay installments to yourself.

  • Keep your loose change.

  • Alter your spending habits.

  • Save lunch money.

  • Take advantage of sales.

  • Have a “nothing weekend”.

  • Put your budget on a diet.

  • Make saving a family affair.


REACH provides free confidential counseling and referral assistance to help with financial concerns. To speak to a counselor or set up an appointment call toll free 1-800-273-5273.

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