Contact: Mike Gilhooly
Office: (312) 568-4230
FOR RELEASE ON RECEIPT
October 22, 2012
CHICAGO (October 22, 2012) – Changing your mindset around money and budgeting for everyday financial emergencies are the fastest ways to improve your financial situation, according to advice from three nationally known personal finance experts at the CashNetUSA Manage Your Money seminar September 27.
The three experts — Charlotte Stallings, Max Jaffe and Princess Clark-Wendel — offered Chicagoans practical advice on how to successfully create and manage a budget and become debt free at the University Center Conference Chicago.
“We wanted to provide Chicagoans with guidance and a big dose of encouragement which is needed by many folks in these times of financial uncertainty and struggle,” said Keith Weinberger, Senior Director at CashNetUSA.
Stallings, a Houston-based financial expert, the oldest child in a cash-strapped home led by her single mother, outlined three steps one can take to immediately regain control of their finances. The first is to make the decision that it is time for a change and accept the advice of experts, even though one has tried the techniques and not seen immediate results. The second is to build an emergency fund, getting a part-time job or hosting a garage sale to put some extra change in your pocket. The third is to improve communication around money. “Be open about your goals and stick to them,” advised Stallings.
The founder and CEO of Dallas-based Spending Solutions, Jaffe reminded the crowd we “earn” money as opposed to “making” it based on the exchange of our time and talents in the job environment. He then advised participants to look “forward” in your money management instead of being reactive to your budget. Jaffe suggested tracking your expenses for 21 days to clearly see your spending habits and understand what needs to change. He recommends using 10-15% of your income to both pay off debt and save for a ready-to-use emergency account.
Chicagoan Princess Clark-Wendel concluded the seminar with personal encouragement on how to live life debt and worry free. “Keep dreaming big and do not let debt take over your life,” encouraged Wendel-Clark. “It’s not going to be easy but by being public about your situation, making sacrifices and celebrating the little victories, anyone can change their financial situation.”
The seminar followed the release of CashNetUSA.com’s new survey that Americans are facing a drought of rainy day funds to handle unexpected emergencies. Twenty-three percent of Americans have less than $100 in savings to cover an emergency expense if it happened today while forty-six percent report having less than $800. The findings reflect the growing percentage of individuals with varying socio-economic backgrounds living paycheck to paycheck.
The FDIC also recently released figures that highlight how nearly one in three Americans are either unbanked or underbanked; a similar percentage (29.3%) do not have savings accounts.
CashNetUSA.com is America’s leading and licensed online lender of cash advances and the top choice among consumers needing access to credit to manage financial emergencies. A trusted online provider of credit alternatives for hard-working people, CashNetUSA.com believes everyone deserves access to simple and trustworthy financial services and is working to close the credit gap for underserved customers.
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