Small Lifestyle Changes May Help Alleviate Debt

A recent study revealed that many Americans are living paycheck-to-paycheck, making it difficult to meet all of their financial obligations and putting them at risk of falling into severe debt in the event of an emergency. High unemployment and the current real estate crisis may only add to a family's financial stress.

But making small changes can have a large impact on a consumer's finances and help them put a little more money toward bills or savings. For example, create a budget. Although this seems simple, studies show that many Americans fail to keep track of their spending, leading them to spend unnecessarily. Consumers can also reduce their spending by buying in bulk and splitting the costs and products with a friend, a method few Americans follow, according to the Christian Science Monitor.

Although making small strides in spending and saving can benefit those who are still keeping their heads above water, albeit barely, others may need to consult with a financial professional. Credit counseling services offer a number of debt relief options and educational resources geared toward helping individuals manage their finances and cut down on their outstanding balances.