ICFE's Top Five Money Do's
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"ICFE's Top Five Money Do's"

Knowledge and financial self-discipline are the consumers best defense

RELEASE: May 2001
CONTACT: Paul S. Richard, ICFE Executive Director

San Diego, CA.   'Most people need to remember about five, common sense things when dealing with their finances to avoid costly mistakes and even greater debt accumulation' says the nonprofit Institute of Consumer Financial Education (ICFE), a San Diego based group helping consumers become better spenders, regular savers and wise users of credit.

'More Americans are paying off short term credit card debt than ever before and developing new money management skills should become a natural part of the process of debt elimination,' said ICFE executive director, Paul S. Richard, who was bankrupt at age 25 and now helps consumers avoid the pitfalls of excessive debt.

'Knowledge and financial self-discipline are the consumers best defense, even in a soft economy, to avoid compounding past mistakes and avoiding new money missteps' says Richard. 

The top five 'money-do's' are:

Obtain and maintain your financial education to be in a position to make intelligent spending and other financial decisions. This helps one avoid becoming overconfident and unprepared.
Project your income and expenses for the next twelve months and then track the variances. This is another form of budgeting and developing a spending-plan promotes better spending decisions. Spend money thinking of your future as well as your present. You have an obligation to be as good to the person you are going to be in 20, 30 or 40 years from now as you are to yourself today.
When investing, focus on the relationship between the risk and the projected return of your investments. Many investors overlook the possibility of not getting their entire investment back because they are focusing on early, high end returns. Have a plan and a purpose for your investing. Focus on making good decisions rather than beating out a real or an imagined opponent.
Maintain organized records for tax and general financial planning purposes. This is often as easy as having twelve envelopes, one for each month, and placing all pertinent financial statements, receipts etc. into an envelope monthly.
Manage your money so expenses don't exceed income. Everyday spending decisions, especially credit based one, will have a far greater negative effect on one's financial future than any investment decision one is likely to ever make.

The ICFE's Web site at http://www.financial-education-icfe.org has many helpful spending tips and worksheets for setting up a one-page spending plan and more. To receive the same information by mail, please send $1 and a self-addressed, 55 cent stamped envelope to: 

ICFE Spending-Plans, 
PO Box 34070, 
San Diego, CA 92163.

About the ICFE:

The Institute of Consumer Financial Education (ICFE), founded in 1982 by the late Loren Dunton - creator of the "certified financial planner” (CFP) designation - is dedicated to helping consumers of all ages to improve their spending, increase savings and use credit more wisely. The years between 1984 and 2000, the ICFE was also known as the National Center for Financial Education (NCFE).

The ICFE is a nonprofit consumer education organization that has helped millions of people through its education programs and Resources. Over one million "Credit / Debit Card Warning Labels” and "Credit / Debit Card Sleeves” are in circulation world wide.

The ICFE's on-line help for consumers who spend too much was featured in PARADE Magazine (June 9th, 2002) in the Intelligence Report section. The money helps and tips are from the "Money Instruction Book," a course in personal finance, which was completely revised and updated in 2002 and is positioned to become among the premier programs in the new bankruptcy and debtor education initiatives.

The ICFE's "Do-It-Yourself Credit File Correction Guide," now in its Twelfth Printing, is in use by thousands of consumer credit and debt counselors in addition to tens of thousands of consumers. It received a "buy” rating in July, August and November from nationally syndicated financial columnist, Humberto Cruz in his column, "The Savings Game". BottomLine Personal newsletter gave the Guide a "Send For” rating in September 2001. The ICFE and our do-it-yourself approach to credit file correction was featured on NBC Nightly News on 04-30-02. The Spanish edition of the Guide premiered in January 2002. Syndicated columnist, Robert Heady also gave the ICFE Guide a "buy” rating.

The ICFE Web site at: www.financial-education-icfe.org helps consumers with mending spending, learn about the proper use of credit, budget and expense guidelines, how to set up and implement a spending-plan and also access financial education courses and videos and how to teach children about money. Other ICFE services include a free eNews, and an on-line resource center of financial education learning tools, including videos, books and personal finance courses.

Consumers may learn more on the Internet about the "Do-It-Yourself Credit File Correction Guide" here, or fill out our request form, indicating your areas of interest.

For more information contact Paul S. Richard ICFE Executive Director at 619-239-1401.

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