Experts say discussing money is "the last taboo." Psychologists and social scientists agree that most people, particularly Americans, would rather talk about their sex lives or personal trauma than their finances.

This series is meant to begin a community conversation about money. As these two Longview families pore over their money matters with George, the idea is to get all of us talking about common financial pitfalls.

She's been a month behind on her mortgage for the past few months, and she's searching for extra work to supplement her minimum-wage job at a Longview convenience store.

"After everything is paid --- groceries, bills, gas --- I have $20," said Galbraith, 50, who earns roughly $14,400 a year. "So if I want to go to the movies, that's out."

The twice-divorced mother of two teenagers has struggled financially much of her life. Born in Longview and an R.A. Long graduate, she left for Los Angeles in 1978. "I did factory work and partied," she said. She moved back to Longview in 1995 to settle down in her single-story Longview home with a $890 per month mortgage payment.

"I've always been late on my mortgage payments and I was about to refinance again," she said. For two years running, "Refinance companies were throwing money at us. I get 10 to 15 calls a day from people saying they could 'help us out' and 'get us a better rate.'"

Those calls got her in trouble about a year ago, when a refinance company she was working with told her not to make her next mortgage payment as it worked to help her. The "help" never came and not paying the mortgage bill triggered the foreclosure process on the house. She chose to participate in this story to help others in the same boat, Teresa Galbraith said.

"I want to help people see that they are not alone. If there are people out there like me, all they need is a little moral support. I think there are a lot of people like me, fighting the same battle: paying bills."

"It's just been a big headache. ... I got in over my head," she said. "I don't want my kids to have to move out of their house. ... Hopefully we can start clean."

On a mid-March Thursday, The Daily News set up a meeting between Galbraith and Damon George, who owns Blue Collar Financial in Longview. The two began to review her income and expenses and George explained that "starting fresh" begins by taking baby steps.

Almost immediately upon looking at Galbraith's finances, George told her that cutting some of her bills can reduce her debt and stress. She looked at him, puzzled. "How?"

He suggested selling the family's extra vehicle, since its no longer being used. "That gets you cash and you cut a monthly payment," George said. He also urged Galbraith to think about putting money into a savings account.

"I stress constantly. At work and at home," Galbraith said to George. "I worked part time for a while (at a second job). The extra money helped, but it was tough working 50 to 60 hours a week. The kids were often home alone."

"It's a vicious cycle, because once you start missing payments your credit starts to suffer which takes away your ability to get out of these problems," he said. "When you make payments on time and you do get into a pinch, it's easy with decent credit to get a loan."

According to the U.S. Department of Commerce, Americans are saving only 0.1 percent of their disposable income -- one of the lowest rates since the department began tracking saving habits in 1959.

Galbraith scrapes together any extra money for her hobby -- alterations and creating costumes, which she'd like to turn into a business if only she could save enough to open a shop. She has been hemming dresses and creating costumes most of her life, and periodically does some extra work from her home.

After a pep talk and an hour poring over Galbraith's financial records, George asked Galbraith what's holding her back from reaching some of her goals.

Save. Sell her 2001 Ford Explorer (a $250 monthly bill for a car she doesn't use) and start a savings account. "When things come up, you'll have a cushion."

Get back on track. Talk to local mortgage experts about getting caught up on mortgage payments. Ask about ways to lower her 8.9 percent interest rate.

Research. Block off some time to call around to different insurance providers, shopping for better rates on home and car insurance to lower those monthly bills. "A lot of people don't think about it," George said. "They get complacent, but insurance can be a big savings. Just shop around every once in a while."

In 2001, Tom and Debra Norton lost half their income, filed for bankruptcy and eventually learned a valuable lesson about their financial habits.

The couple was accustomed to earning a combined $80,000 annually -- and living large. "We were overextended with credit and were using our credit cards a lot," Debra said.

"The credit cards were too easy," said Tom, 56. "You think, 'It's only going to raise my monthly payment $5.' And it's too hard to keep track. ... I remember when I first got a credit card, I charged a whole motorcycle to it. That was my first purchase."

During the past two years, personal savings rates plummeted across the country, according to the U.S. Commerce Department's Bureau of Economic Analysis. And for the first time since the Great Depression, Americans are spending more than they earn.

When Debra was fired as Longview police department's evidence technician in 2001, it triggered bills to pile up and the couple to file for bankruptcy.

"We couldn't make payments on our Jeep and make other payments," Debra said. "We scraped to make the house payment. We just didn't want to lose the house."

The couple, who live in the Coal Creek area, had to use all of Debra's pension savings to buy a used car and pay off other bills. That left them with Tom's pension and Social Security to support them during retirement.

The couple has gone five years without making a major purchase, cut back on luxury items and consolidated some loans. But the Nortons still have very little in their savings account.

One evening in early April, The Daily News set up a meeting between the Nortons and Damon George, who owns Blue Collar Financial in Longview. The two began to review their income and retirement plans.

George noted the Nortons are well situated for retirement, but the small amount in their savings account could spell disaster. Like many Americans, health care costs could wipe them out if Tom's benefits stopped prematurely.

Tom had planned on retiring when he turned 62. But Debra needs to be covered by his medical benefits until she qualifies for Medicare, and that means Tom must work until he is 66.

"You do this so you don't have to take out a loan or borrow from family when you need to repair a car or buy a new refrigerator," the financial planner said.

"There is no reason whatsoever to go into debt for an emergency. ... When you know you have a cushion, that's a pretty good feeling versus having to go into debt every time."

"We've never been savers," Debra said. The couple has $2,000 in savings, $500 in a CD, and a 401(k) retirement account Debra started this year. She and Tom agree with George about savings but have a more ambitious plan.

After that, the couple wants to put extra money into "flipping" houses -- buying homes that need work and fixing them up for resale at a profit.

"You hear a lot about debt issues all the time, but you normally just brush it off," she said. "When it's people in your community that you know, it hits home."

Refinance. The couple has a second mortgage where they pay a 15.5 percent interest rate. "That is horrible," Daemon said. "Call around and work to get that payment down."

Make a will. Set up a will and authorize a power of attorney, George said. "Why? When you die you could end up costing your family more money without having a will or power of attorney established," he said.

Plan for the worst. Set aside at least a month's wages in a savings account and don't touch it unless you need it for an emergency. "Our goal now is to save money," Debra said after meeting with George. "We were stuck in a rut and now have this fire lit under us."

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