Spenders We All Are, So How Do Some
Get A Bigger Bang For Their Dollars?
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"Spenders we all are, so how do some
get a bigger bang for their dollars? "

A closer look: Comparing a spender's lifestyle and a saver's lifestyle
 

San Diego, CA -  You are an over spender if: (1) you regularly spend more than you earn, (2) all your bills are paid on time but, you have little or no savings, and (3) you routinely pay too much for things. Consumers who fall into one of these three categories may be wasting up to 30 percent of their income every month because of poor spending Practices and habits.

'Whether you are a part-time student worker taking home about $125 a week or a professional taking
home more than 10 times that, the all important everyday spending and life-style decisions determine,
rather quickly sometimes, how well you will be able to treat yourself when you are in your 60s, 70s
and 80s,' said Paul S. Richard, a registered financial consultant (RFC) and executive director of the
nonprofit Institute of Consumer Financial Education (ICFE), a San Diego based nonprofit group
helping people of all ages improve their spending habits, increase their savings and use credit more
wisely.

People are surprised to learn their everyday spending decisions, and especially the credit-based ones,
will do far more harm to their financial future than any investment decisions they might ever make.
The following chart represents how different life-style decisions determines how much may be saved
and, of course your life-style, a spender or saver. Which one are you?

(Note to readers - email formats may differ and the comparisons below may not be exactly lined up - use the space and delete keys to line up correctly - thank you.)

Some typical monthly expenses:

Spender's Lifestyle Spending Saver's Lifestyle Spending

HOUSING:

Rent: $800 $550 (rents a bedroom for $250)
Utilities $65 $45 (renter pays $30)
Cable TV $85 (200+ channels) $35 (basic cable)
Telephone $40 (unlimited calling plan) $25 (basic + 5 cents per min
LD)

Total spent $990. $655 = lifestyle savings $335

FOOD

Groceries $260 (ave $60 a week) $234 (ave $54 a-week uses coupons )
Restaurant lunches $84.50 (3/week @ $6.50) $56.33 (2/week @ $6.50)

Restaurant dinners $147.33 (2 a-week@$17) $73.67 (1/week @ $17)

Total spent $491.73 $364.00 = lifestyle savings $127.73

TRAVEL/ENTERTAINMENT

Gasoline* $147.33 (full service pumps) $136.50 (self service pumps)
Movie/snacks/park** $190.67 (2 movies per week) $138.67 (1 movie, 2 rentals/week)

Total spent $338.00 $275.17 = life-style savings $62.83

Grand Total Spent: $1819.73 $1294.17 Total lifestyle savings $525.56

* ($34 a week)
** (movie $9.50, snacks $9. and parking $3.50/ video rental $5)

NOTE: The comparison are based on the following: Single individual lives in
a two bedroom apartment @$800 per month, pays own electric and gas.
Optional expenses are telephone and cable TV.
Transportation: owns a 1999 mid size 2 door sedan, runs on 87 octane fuel.

For more information on mending your spending and switching your
life-style from a spender to a saver, plus some financial education courses,
books and videos, please send $1 and a self-addressed, 60 cent, stamped
envelope to: ICFE Resource Center PO Box 34070 San Diego, CA 92163.
OR . . please visit : www.financial-education-icfe.org.

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 initiatives.

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.

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