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Experts offer advice on how consumers can improve their financial fitness. Date published: 10/20/2005 By MEGHANN COTTER Consumers' financial pants are feeling a little snug, as their spending habits stretch the capacity of their wallets.
Nationwide credit-card debt is bulging in the trillions. And many people continue to splurge rather than save. But local experts hope that an increased emphasis on fiscal fitness will encourage people to trim their debt and beef up their financial muscles. America's financial health is in stable--but serious--condition, said Bruce McClary, corporate trainer and certified credit counselor for ClearPoint Financial Solutions. His Richmond-based firm has a local office on Princess Anne Street. "I don't think that everyone is doing everything they can to limit their credit spending and increase their saving," he said. " that trend really needs to be reversed." In honor of Virginia's Financial Fitness Week this week, state and local organizations are accelerating their efforts to educate consumers on money management matters. Here are some ideas to improve your financial health: Develop a workout planGetting fiscally fit is a process, said Rick Burleson, president of Burleson Financial Strategies in Fredericksburg. As people who want to lose weight plan how many pounds they want to shed, those working toward financial success should set realistic goals for getting there. Attaining financial ambitions is much easier when consumers know what they are. "It's having the awareness of what it is you want to do and that there is a light at the end of tunnel," Burleson said. "And you just keep your eye on it." Some people want to buy a house. Others want to make sure they have money to survive after retirement. And many just need to reduce debt and learn to live within their means. But accomplishing those things, he said, is usually a matter of altering spending habits. Budget your caloriesAs midnight snacking and binge eating won't do anything for a person's diet, impulsive spending can put a dent in a household budget. Buying a cup of coffee and doughnut every morning or going out for lunch every day may be small costs individually. But they add up. McClary says his agency encourages consumers to control spending by following a budget and limiting credit-card use. A budget shows people how much they can afford to spend on entertainment and luxury items after their bills are paid.
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