Give yourself a financial tune up
Are you in need of some extra cash flow this summer? A financial tuneup could help you squeeze some more cash out of an already stretched budget.

"It's important to reexamine your cash flow on a regular basis," said Mike Sullivan, director of education for Take Charge America, a national non-profit credit counseling agency. "Small moves can yield big savings over time. As our life circumstances change, so do our finances. What worked six months ago may be holding you back now."

Sullivan offers five tips for your mid-year financial tune-up:

.. Examine Retirement Savings - Forgoing an available 401(k) plan could be considered the cardinal sin of financial planning, especially if you are eligible for an employer match. You are essentially passing up free retirement savings. If you're not enrolled, now is the time. If you are already enrolled, consider upping your contribution if possible. If you aren't eligible to receive a 401(k), consider signing up for a Roth IRA.

.. Negotiate Credit Card Rates - Your credit card rates are not set in stone. They are negotiable. You can call your credit card company to find out if you qualify for a lower rate. It's as simple as asking. Keep in mind that you will be more likely to receive a lower rate if you pay your bills on time and maintain a low balance.

.. Adjust Tax Withholding - Did you receive a fat refund check from Uncle Sam this year? Guess what - that's not a good thing. A large refund check likely means you're withholding too much money from each paycheck. To remedy this, adjust your withholding to match your tax liability. You can see how your tax withholding affects your net pay with the free paycheck calculator on www.PaycheckCity.com.

.. Stock Your Emergency Fund - Everyone needs one, yet many of us don't have them. According to SMR Research, about 43 percent of U.S. households have less than $1,000 in liquid savings. If you are one of them, a car problem, medical emergency or job loss could blow your entire savings and thrust you further into debt. This is why it's important to have at least three months worth of expenses on hand. Acquiring the funds may be easier than you think. Track all of your spending for one month. What doyoucomeupwith? How much are you spending on eating out, dry cleaning or gas? Cut corners where you can and stash the extra cash in a liquid savings account. It will start to add up quickly.

.. Seek Professional Help - If your financial situation is overwhelming you or you just need a nudge in the right direction, consider seeking the advice of a professional. Credit counselors and financial advisors can break down the jargon, help you get out of debt and save for the future. To find a reputable financial expert, visit the Better Business Bureau at www.bbb.org.

About Take Charge America: Founded in 1987, Take Charge America, Inc. is a non-profit organization headquartered in Phoenix, Ariz. TCA offers a variety of services including financial education, credit counseling, and debt management. To learn more about TCA or its programs please call 1-800-823-7396 or visit www.takechargeamerica.org.