Jul 8, 2008 7:36 pm US/Eastern
Consumer Report: Tips To Save Money And Prosper
NEW YORK (CBS) ―
It's the unfortunate reality of this economy, the cost of just about everything continues to soar, but salaries are staying the same.
But there are countless ways to cut incidental costs, and CBS 2 tells you how.
The rain may not have dampered the 4th this year, but consumers say rising costs did.
More than half of people surveyed say the high cost of everything put the brakes on spending over the holiday weekend.
"The price of gas goes up, the price of food is going up...it's just incredible," said mother of three, Angela Caprio.
So she's ripping coupons, skipping dinners out and cooking at home, even swapping kids clothes for her 3 little ones with neighbors.
Everything from gas to movie tickets are on the rise. So Steven Burman, a debt counselor, says the way to gain control of your finances and start saving are quite simple.
"Four out of five people that we see here do not bring their lunch," said Burman.
It's the incidental items like eating out, says Burman, that can set you back. If you buy breakfast, lunch and a couple cups of coffee, you're spending about $20 a day. At the end of the month, that's $400 that could be paying off your credit card debt.
"When you actually look at these things in black and white, the message is driven home," said Burman.
Burman suggests keeping a diary of your spending, like Caprio does. And keep it all in perspective.
"It's just reprioritizing. It's not a big huge sacrifice," said Burman.
Burman also suggests reviewing your utility bills. Believe it or not, you can save 10 to 15 percent by just weeding out certain expenses you don't need, like a couple extra cable channels you don't watch. Another good tip: leave your credit cards at home so you can't overspend and try another activity besides recreational shopping.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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