Contact: Carmen Ramos Chandler or
Larry Cox,
818/677-2130
carmen.chandler@csun.edu

CSUN Center Offers Tips for Making
a New Year's Resolution that Pays

Martin, director of the center and coordinator of the consumer affairs program at the university, says saving money is easier than you think. He suggests one resolution that should be at the top of everybody's list this New Year: "Save $2,000 by the year 2000."

"Developing the saving habit will get you started on the road to financial security," Martin says.

Martin recommends some easy habits you can adopt to meet your savings resolution:

• Pay Yourself First - Ask your employer to deposit money directly from your paycheck into a savings account or a tax-deferred retirement plan such as a 401(k). It's easier to save money before it goes into your pocket.

• Reduce Your Spending - Skipping that donut and coffee on the way to work can add up to hundreds of dollars, and may even make it easier to meet your other resolution of losing weight.

• Save Spare Change - Every night put a dollar bill and the loose change in your pocket into a can or jar. In a year, you may have collected $500 or more.

• Deal with Debt - Find a low-interest credit card and transfer your current balances. You could save more than $200, which you can use to pay down your debt. Easier still-call the company whose card you're using now and ask for a lower rate. You'll be surprised how often they say "yes."

• Plan to Save - Research shows that people who set savings goals, on average, save twice as much money as those without a financial plan.

Martin says those tips were created with the help of the creators of the federal government's MONEY 2000 initiative. Since it was launched in 1996, MONEY 2000 has helped more than 7,000 people in more than 30 states increase their net worth by more than $3 million. The initiative is coordinated by the USDA's Cooperative State Research, Education, and Extension Service and its affiliated Cooperative Extension offices in each state.

Martin points out that while Americans are increasingly becoming more responsible for their own financial security, more than 30 million U.S. households have saved little or nothing for retirement.

"We need to think seriously about our futures," Martin says. He says MONEY 2000 was created to help families who are living paycheck-to-paycheck and struggling with low savings or high household debt.

For more information about the program, call the Consumer Resource Center at Cal State Northridge at (818) 677-4726, or visit the MONEY 2000 web site at www.Money2000.org. ###