Two Types of Over Spenders
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"Two Types of Over Spenders"

Type A: Spending Beyond Income - Type B: Pays Too Much For Things

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

San Diego, CA.  "People have two things to spend these days, time and money. For the most part, people would rather spend their money. So much so, they may be one of two types of over spenders; (A) Those who spend beyond, sometimes way beyond, their income and or ability to repay and (B) Those people who pay to much for things because they failed to comparison shop," concluded 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.

"If you hear 'spend, spend, spend' when your money talks, you too may be one of those consumers who later discover themselves in a nightmare of debt instead of living the American dream," says ICFE executive director, Paul S. Richard, himself once bankrupt at age 25, due to overspending with charge cards. Here is a short evaluation to help you determine if you are an over spender.

Following are statements pertaining to your spending techniques. There are five responses to select from which indicate the degree of your likeness to each statement. Just mark the number in the space provided. Should a statement not apply to your situation, skip it and adjust the scoring accordingly which follows afterwards.

bulletTotally like me
bulletA lot like me
bulletEqually like and unlike me
bulletA little like me
bulletNot like me at all

1. ____ I always live within my income range.
2. ____ Each income period, I set aside at least ten percent for savings.
3. ____ My finances are managed according to a written spending-plan .
4. ____ All household and grocery spending is planned in advance and done with a list.
5. ____ I rarely make more than one trip a-week to the grocery store.
6. ____ Grocery and other coupons and rebate offers are utilized whenever possible.
7. ____ Comparison shopping for quality, value, price, etc. is something I/we do for 
               practically every purchase, large or small.
8. ____ I have no revolving debt carried on credit or charge cards.
9. ____ I have not had an overdraft of my checking account nor paid late fees on a credit card.
10.____I regularly contribute to an employer sponsored retirement plan, IRA or a 401k plan.

Scoring Your Spending Techniques

10-15 VERY GOOD. Time to teach others how you do it.
16-20 Pretty Good. Concentrate on improving a few of the weaker areas.
21-35 Average. An hour a-week devoted improving spending will equal greater $avings.
36-40 Lousy. Immediate changes required, now, to avoid a financial disaster.
41-50 It Stinks! Time to contact a credit and debt counselor.

For information about "Mending Spending," monthly budgeting guidelines, and warning labels for your charge cards, visit the ICFE's Web page at: The site also includes helpful sections on increasing savings, using credit wisely, plus "How to set up and implement a spending-plan" (with a one page work sheet) for personal and/or family finances. 

To receive the same information by mail, please send $1 and a self-addressed, 55 cent stamped envelope to: 

ICFE Money Helps
PO Box 34070 
San Diego, CA 92163-4070.

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: 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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