Freedom Financial Network Outlines Financial Literacy ABCs

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) March 30, 2009 -- San Mateo, Calif.,– Freedom Financial Network, LLC, invites consumers to wrap up the month of April -- National Financial Literacy Month -- by going back to basics with the financial ABCs.

“With total U.S. consumer debt over $2 trillion and more than 44 million American households carrying average credit card balances of $8,025, it’s clear many Americans need more astute financial education,” says Bradford G. Stroh, co-founder and CEO of Freedom Financial Network, LLC. Luckily, financial smarts are easy as ABC:

A = Add it up. Begin by understanding what you have. Add up all monthly net household income (the amount left after taxes and other paycheck deductions such as health insurance and 401(k) contributions) to determine how much you have to spend. Then categorize your ongoing monthly expenses into fixed expenses (like rent or mortgage payments), variable expenses that are “must-buys” (food, gas, medicine), savings, and finally, spending money (for unexpected expenses and entertainment). Add those up to understand your cost of living.

B = Budget, budget, budget. If you’ve followed “A,” your budget already is halfway done! At the beginning of the month, map out how you will spend your money in the coming month. That’s a budget. “Don’t forget to pay yourself first,” Stroh reminds consumers. “Be sure to add a category for savings, and guard it fiercely.”

C = Cash won’t crash. If you’re among the Americans carrying an average of 16.7 credit cards -- and using them -- put away the plastic. Cash out your spending money in cold, hard bills, and don’t touch the plastic for discretionary expenses like clothing, movies, coffee, dining out or happy hour. Most importantly, never charge more than you pay off at the end of each month.

To further support financial literacy, Freedom Financial Network has developed a 16-page guide titled “Debt Freedom: Budgeting & Financial Tools for Today’s Consumer.” The guide provides advice on understanding cash flow and debt, defining a budget/spending plan, and setting goals to attain financial freedom. The guide is available electronically, at no charge, by e-mailing budget@freedomfinancialnetwork.com.

Freedom Financial Network, LLC (www.freedomfinancialnetwork.com) provides consumer debt resolution services through its Freedom Debt Relief and Freedom Tax Relief divisions. The company works for the consumer, negotiating with creditors to lower principal balances due that can often result in savings of up to half the amount owed. Andrew Housser and Brad Stroh, the company’s co-founders and CEOs, are semifinalists in Ernst & Young’s 2006 Northern California Entrepreneur of the Year Awards. Based in San Mateo, Calif., Freedom Financial Network has served more than 7,500 clients nationwide and manages more than $250 million in consumer debt, offering an alternative to bankruptcy, credit counseling, and debt consolidation.

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