"Consumers need to realize that financial freedom is about making very clear, conscious decisions about what is most important and eliminating the rest," said Kelly Rote, communications manager for Money Management International (MMI). "It is important that families sit down and discuss ways to cut costs."

The experts at MMI suggest that consumers start with these six cost-cutting measures:

Borrow, rather than buy. Check out books, music and movies from the library. Instead of a night out at the theater, stay in and rent a movie. If you need a blender or other kitchen appliance to make a one-time dish, borrow one from a friend or neighbor.

Change your routine. Dining in and avoiding convenience foods can save you a lot of money very quickly. For example, if you eat lunch out three days a week, choosing to brown-bag instead could save you $1,000 or more each year.

Be a smart shopper. Always shop with a list and stick to it. Leave your credit card at home; take cash so that you can't overspend. Use coupons only if you planned to purchase the item anyway. Buying in bulk can save you money if you are sure you'll use the item in quantity. Finally, realize that shopping is not a recreational sport.

Pay your bills on time. Late fees and over-the-limit charges can quickly add up to a debt problem. In addition, many creditors are raising rates and even closing accounts as penalties for late payments. Paying late on one card, or missing a bill payment can even cause a rate increase on other cards.

Plug cash drains. Keeping track of your expenses can show you areas of frivolous spending. Be sure that your money is going where you want it to. If you have a vehicle that is rarely used, sell it. The maintenance, insurance, and registration make it more costly than you may realize.

Pay down debt. Although it may seem overwhelming, starting slowly and reducing your debt allows you the freedom to make smart financial choices in the future. Debt can be eliminated with a little patience and a lot of persistence.

Financial freedom is worth the effort, but making the necessary changes to achieve that freedom can sometimes be difficult. For help, consider working with a reputable credit counseling agency such as Money Management International (www.moneymanagement.org).

About Money Management International

Money Management International (MMI) is a non-profit, full-service credit counseling agency, providing confidential financial guidance, financial education, counseling and debt management assistance to consumers for over 47 years. MMI helps consumers trim their expenses, develop a spending plan and repay debts. Counseling is available by appointment in branch offices and 24/7 by telephone and Internet. Services are available in English or Spanish. To learn more, call 800-762-2271 or visit www.moneymanagement.org.