MAHONING VALLEY SAVES Money advice

The Ohio State University Extension office, in partnership with local agencies and financial institutions, created Mahoning Valley Saves. This encourages people to save, reduce debt, build an emergency savings fund and commit toward building a wealthier future by making their money work harder for them. For the first time since the Great Depression, the savings rate in the United States in 2008 was negative.

Tips to cut costs and save money

Participate in a local Investment Development Account (IDA) program. In return for attending financial education sessions and agreeing to save for a home, education, or business, you typically receive $2 for every $1 you save through an IDA program.

If your employer matches retirement savings contributions, be sure to take advantage of that. Some employers match up to 100 percent of your contributions. While letting this money build up until retirement is encouraged, it can be withdrawn or borrowed against to cope with serious emergencies.

Use local newspapers and Web sites to learn about free or low-cost parks, museums, film showings, sports events and other places that you and your family would enjoy.

Give up premium cable channels. It’s a lot cheaper to rent one film a week than watch one on premium cable channels that may cost more than $500 a year.

Borrow books rather than purchase them. Borrowing books and reading magazines at your local library rather than purchasing reading material can save you hundreds of dollars per year.

Attend high school rather than college or professional sports events. High school sports events rarely cost more than $5 and are often free, with hot dogs and sodas typically costing $1 to $2. College and pro football and basketball games rarely cost less than $20, and their concessions are usually several times more expensive.

Sources: Ohio State University Extension office/Consumer Credit Counseling Service