San Diego, CA. Do you hear 'spend, spend, spend'
when your money talks? Consumers who do, may later discover themselves in
a nightmare of debt instead of living the American dream," 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. The ICFE offers the following tips to help consumers
improve their spending Practices:
1. Create a plan of action to make the necessary changes.
2. Construct a cash-flow sheet showing income and outgo.
3. Set up and implement a monthly spending-plan.
4. Discontinue all use of credit cards.
5. Collect cash purchase receipts.
6. Review insurance coverages for duplication.
7 Begin saving one dollar-a-day and all pocket change, everyday.
8. Seek lower cost alternatives to spending, such as rentals,
9. Utilizing cents-off coupons and mail in for rebates.
10. Wait for the sales. Comparison shopping can save more than 50 percent.
11. Take advantage of seconds, rebuilt and used items where practical.
12. Start doing things for yourself that others were paid to do
13. Have meetings on improving spending with family members.
14. Separate shopping trips (when comparing prices, value, reparability,
etc.) from spending trips (when actually making the purchase). Avoid
carrying credit cards, much cash or a checkbook on the shopping trips.
"People whose spending may need a little mending in order to come within
suggested budget and expense guidelines, often discover they are paying
too much for things because they fail to comparison shop. That,
like borrowing to meet regular expenses, is another form of overspending.
It is everyday spending decisions, and especially credit based spending
decisions, that will cause severe erosion of one's financial future,"
Richard pointed out.
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
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, 60 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: 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.