Life-Long Learners Discovered How to Live on Reduced Spending at TopLine's Survival Budgeting Workshop

MAPLE GROVE, MN--(Marketwire - Mar 1, 2012) - TopLine Federal Credit Union members, along with their families, friends, and the local community, were invited to the first in a series of workshops aimed at "Taking Control of Your Finances."

The session, "Survival Budgeting: Living on Reduced Spending," encouraged TopLine members and the local community to find ways to better manage debt and credit while on a reduced income. The workshop focused on the four basic and healthy components of budgeting: income, savings, spending and debt reduction.

Geoff Bullock, a financial educator from Minnesota-based LSS Financial Counseling Service, coached the audience on strategies to navigate these trying economic times. A compartmental numerical exercise and sample budget were used as ways to begin to think about needs versus wants, how to construct a budget, how to recognize where room exists to reduce expenses and perhaps create a routine savings account, the importance of establishing and contributing to an emergency fund and writing an individualized financial mission statement.

Real-life practices such as the "fresh air rule" were used to help attendees understand how to control spending -- i.e. prior to making a purchase, walk around the store or out to the parking lot to discern if the purchase is an actual need versus a want. Or another example included attaching a picture of a savings goal to your debit or credit card, and every time it is used, you have to determine if the short term want is more important than the long term goal.

"TopLine is committed to helping consumers understand how to best handle their finances. We especially focus on providing financial education for consumers of all ages, from youngsters through retirees," says Harry Carter, president and CEO, TopLine Federal Credit Union. "We welcome every opportunity to host such worthwhile workshops relating to personal money management."

TopLine offers a number of free financial literacy seminars throughout the year and encourages members, families, friends, and the local community to attend. Please visit www.TopLinecu.com to check for upcoming sessions and/or to contact the credit union to host a customized session.

TopLine Federal Credit Union, a Twin Cities-based credit union, is Minnesota's 10^th largest, with assets of more than $300 million. Established in 1935, TopLine offers a complete line of financial services from its five locations -- in Bloomington, Brooklyn Park, Maple Grove, Plymouth and in St. Paul's Como Park -- as well as by phone and online at www.TopLinecu.com. Membership is available to anyone who lives, works, worships, attends school or volunteers in Anoka, Carver, Dakota, Hennepin, Ramsey, Scott or Washington Counties and their immediate family members.

LSS Financial Counseling Service, a member of the Better Business Bureau and the National Foundation for Credit Counseling, helps over 20,000 people each year by providing free budget and debt counseling, foreclosure prevention counseling and monthly debt management plans. All LSS financial counselors are NFCC-certified as consumer credit and housing counselors. With nine offices statewide, LSS can work in-person with individuals and families or provide financial counseling by phone or online. For a more comprehensive list of services, visit www.lssmn.org/debt.