Happy National Pig Day!

Do you remember the joy of opening a full piggy bank? Unfortunately, it appears that many Americans find a lot more joy in spending than saving. The U.S. Commerce Department reported in February that Americans' savings rates continue to decline dramatically to negative levels not seen since the Great Depression. Statistics indicate that young Americans rank second in bankruptcy demographics and spend nearly 24 percent of household income on debt payments.

It is time Americans meet Benjamin Bankes, the icon of Feed the Pig, a national public service campaign of the American Institute of Certified Public Accountants AICPA and Ad Council. Benjamin serves as a reminder of savings for the campaign's target audience, 25 to 34 year olds, known as Career Builders. He inspires them to reignite the savings habit by taking small, easy steps to take control of their finances.

National Pig Day may last one day, but the savings messages of the Feed the Pig campaign are critical throughout the year. Today is the perfect time to begin taking small but meaningful steps to save money and learn to control your finances. Here is how

Open a 401k. Check to see if your employer matches a percentage of your contribution. A matching contribution is essentially free money.
Bank your raise or at least a portion of it. If you don't get used to having the extra money, you won't miss it.
If you're carrying student loans, make repaying them a priority over discretionary consumer spending.
Consider raising the deductible on your insurance policy. For example, if it is $100, increase it to $200. It will have an impact on your premium payments.
Be energy efficient. Turn down the thermostat, and turn off the lights.
Always pay your credit card bill in full each month to avoid interest charges. Choose credit cards with cash back rewards and no annual fees. Consider cutting up a credit card.
Dust off your library card. Watch DVDs and get books for free. Many libraries offer free Internet access.
Kick the habit. Smoking is hard on the wallet and your health.
If you are ready to experience the joy of a full piggy bank once again, visit FeedthePig.org for free financial information, tools and calculators help you take control of your finances.

CPA spokespeople are available to reporters to discuss savings tips and other financial literacy topics.

1. By: MultiVu
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4. Added :21-May-07
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