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 overspenders; (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. April is National Financial Literacy
Month and the ICFE offers this spenders profile.
'If you hear '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, a Registered
Financial Consultant (RFC), who was in bankruptcy court at
age 25, due to overspending with charge cards.
Here is a short evaluation to help you determine if you
are an overspender and what type.
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
1. Totally like me
2. A lot like me
3. Equally like and unlike me
4. A little like me
5. Not like me at all
1. ____ I always live within my income
2. ____ Each income period, I set aside at least ten
percent for savings.
3. ____ My finances are managed according to a written
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
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
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
21-35 Average. An hour a-week devoted improving spending
will equal greater $avings.
36-40 Lousy. Immediate changes required, now, to avoid a
41-50 It Stinks! Time to contact a credit and debt
For information about "Mending Spending,' warning labels
and sleeves for your charge/debit cards, visit the ICFE's
Web page at: 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) was founded in 1982 by the late Loren Dunton (creator of the Certified Financial Planner (CFP) designation). The ICFE is dedicated to helping consumers of all ages to improve their spending, increase savings and use credit more wisely.
The ICFE is an award winning, nonprofit, consumer education organization that has helped millions of people through its education programs and Resources. It publishes the Do-It-Yourself Credit File correction Guide, which is updated annually. The ICFE has distributed over one million Credit/Debit Card Warning Labels and Credit/Debit Card Sleeves world wide.
The ICFE became an official partner with the Department of Defense/Financial Readiness Campaign in June of 2004.The ICFE was an active partner in the California Student Debt Resource Awareness Project (CASDRAP) which resulted in a new web site: (studentdebthelp.org). CASDRAP disbanded in 2010, shortly after the web site project was completed. In 2011 the ICFE assumed the single sponsorship of the (studentdebthelp.org) web site and is now responsible for its content and operation.
The ICFE is also an on-line help for consumers who spend too much. ICFE's spending help was featured in PARADE Magazine in the Intelligence Report section. The money helps and tips are from the ICFE's Money Instruction Book, our course in personal finance.
Visit the ICFE's other web sites at: www.financial-education-icfe.org and studentdebthelp.org. Both sites helps consumers and students with mending spending, learning about the proper use of credit, budget and expense guidelines, how to set up and implement a spending-plan and also how to access financial education courses and how to teach children about money. Other ICFE services include: Ask Mr. G, a free eNews, and an online resource center for students, parents and educators, plus financial education learning tools and a book store.
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) and it is dedicated to helping consumers of all ages to improve
their spending, increase savings and use credit more wisely. The ICFE trains and
certifies Personal Finance Instructors for its own curriculum. It also trains
and certifies Credit Report Reviewers and Identity Theft Prevention Specialists.
The ICFE is an award winning, nonprofit, consumer education organization that
has helped millions of people through its education programs and Resources. It
publishes the Do-It-Yourself Credit File correction Guide, now in its 16th
printing and has distributed over one million 'Credit/Debit Card Warning Labels'
and 'Credit/Debit Card Sleeves' world wide.
The ICFE became an official partner with the Department of Defense/Financial
Readiness Campaign in June of 2004.
The ICFE is also a partner in the national Jump$tart Coalition for Financial
Literacy and the California Jump$tart chapter. The ICFE staff is also active
with San Diego Saves, an offshoot of America Saves, and the California Student
Debt Resource Awareness Project (CASDRAP) (studentdebthelp.org).
The ICFE's on-line help for consumers who spend too much was featured in PARADE
Magazine in the Intelligence Report section. The money helps and tips are from
'The Money Instruction Book,' a course in personal finance, positioned to become
among the premier programs in the new bankruptcy and debtor education
The ICFE Web site at:
www.financial-education-icfe.org helps consumers with mending spending, learning about
the proper use of credit, budget and expense guidelines, how to set up and
implement a spending-plan and also how to access financial education courses and
videos and how to teach children about money. Other ICFE services include a free
eNews, and an online resource center of financial education learning
tools, including videos, books, software and personal finance courses.