A Small Amount of "Change" Can Equal Financial Freedom in Retirement; GE Center for Financial Learning Launches $tart Out $aving Week.

Business Editors

In an effort to encourage Americans to realize their financial goals, the GE Center for Financial Learning today proclaimed the week of July 1 - July 5 as "$tart out $aving" week.

As part of this initiative, the GE Center pointed to several examples of how small changes in handling money can result in thousands of dollars in savings.

"This week has been set aside to encourage Americans to do just one simple thing to save money - whether it's bringing their lunch to work or making one extra credit card payment," said Derek Dingle, an advisor to the GE Center, and executive editor and vice-president of Black Enterprise magazine. "By saving regularly in small increments, Americans can easily watch their savings grow."

According to a survey commissioned by the GE Center and conducted by Goodmind, LLC, Americans save more to pay off debt or go on vacation than to save for their retirement. Furthermore, only 14% of Americans are pleased with the amount of money they are saving. Thirty-eight percent of survey respondents do not even know what percentage of their salary is put towards saving, indicating that they do not have a firm financial plan in place. little thing to save money

Do "ONE" little Thing to save money

Just in time for Independence Day, it is time for Americans to declare their Financial Independence!

"Most Americans believe you must already have money to save money," said Dingle. "Great savers are often not those with the highest salaries, but those who consciously decide to incorporate saving into their lifestyle."

According to the $tart out $aving survey, 53% of Americans claim that they cannot afford to save more money, yet 58% regularly treat themselves to meals at restaurants. And 38% of respondents admit they would rather spend money on personal indulgences than save money.

To show Americans that saving money is easier than they might think, the GE Center for Financial Learning has developed a list of "ones" -painless, easy things that anybody can do to save money. By doing just one simple thing, and actually saving the money in an investment vehicle with moderate growth, financial dreams can become a reality quicker than most people might think. Here are 10 easy ways to save money, along with how much money could be saved if consumers did that "one thing" over 30 years*:

       Savings Initiative                     Savings over 30 years*

Bring/make coffee at work instead
 of buying it daily                                  $29,453.63
Brown bag your lunch daily                          $147,268.17
Buy 5 less lottery tickets a week                    $29,453.63
Eat dinner at home one more time a week,
 instead of going out to a restaurant               $176,721.81
Have one less glass of wine when out weekly          $41,235.09
Rent a movie instead of going to the theater
 twice a month                                       $20,390.98
Buy one less pack of cigarettes per week             $29,453.63
Give yourself a manicure instead of visiting
 the salon monthly                                   $27,187.97
Use only your bank's ATM once a week                 $17,672.18
Save all your change - use only paper money daily    $58,907.27

*   Savings over 30 years if invested in a financial vehicle averaging
    8% per year, compounded annually

Make the Decision to Save

"Most Americans do not begin saving unless they have a specific goal, like a house, or encounter a difficult financial period such as bankruptcy," said Dingle. "Americans need to realize that the amount of money they save is, in some respects, less important than making the decision to save - and sticking with it."

Perhaps one of the most startling findings of the $tart Out $aving survey is that those who need to save the most, save the least.

"The less money a family makes, the more concerned it needs to be about saving for their future," said Gwendolyn M. Reichbach, another advisor to the GE Center for Financial Learning and executive director of the National Institute for Consumer Education (NICE). "NICE supports $tart out $aving Week, and we hope all Americans will make financial planning and saving money a priority for their families."

One of the aims of the GE center for Financial Learning (www.financiallearning.com) is to financially empower Americans by providing objective information that helps them achieve their life goals. It does not sell financial products of services from any company, nor does it promote or advise on financial products or providers. A ten-person volunteer advisory board upholds the high level of excellence for the GE Center for Financial Learning by ensuring the objectivity of all information on the site.

GE Financial, the developer of the GE Center, is a global family of companies and a subsidiary of GE Capital Services. As the consumer insurance and investment arm of GE (NYSE: GE), GE financial is committed to helping consumers understand complex financial concepts through innovative education programs, and providing financial security solutions that help consumers create and preserve personal wealth, protect assets, and enhance lifestyles.