When Your Money Talks, Do You Hear Spend or Save?
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"When Your Money Talks, Do You Hear Spend or Save?"

The ICFE offers tips to help consumers improve their spending Practices

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

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, reconditioned products.
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 previously.
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: http://www.financial-education-icfe.org.

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, 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.

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