Wall Street's woes and the American family's budget
September 24, 2008
While most of the attention with these ominous economic developments has been paid to billion-dollar buyouts and Wall Street insiders, at the consumer level, American families are being forced to watch their spending and tighten their budgets. A University of Minnesota expert who can give tips on adjusting family finances is:
Catherine Solheim, University of Minnesota family social science professor
A first step, Solheim says, is to engage family members in thinking through how everyone can contribute. Be creative about activities -- check out a film from the library, combine errands to spend less on gasoline or cook as a family from scratch. Day-to-day, identify and stop spending leaks, those small non-necessary expenditures. But keep the future in mind and dont stop saving, even if its a little bit at a time, adds Solheim.
To interview this expert, contact the University News Service, (612) 624-5551.