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San Diego, CA - “Developing a
strong resistance to seductive appeals to spend more money
than one has allotted for the holiday gift giving season,
just barely a month away, is a main goal among many John
and Sue Workhards this year. It seems to be especially hard for
some people not to overspend during the holidays because
of an emotional need to express love, appreciation and
friendship," said Paul Richard, a Registered
Financial Consultant (RFC) and Executive Director of the
nonprofit Institute of Consumer Financial Education (ICFE),
an award winning group based in San Diego, CA.
Developing better spending techniques is one way people
can help eliminate overspending and keep from getting all
charged-up with plastic again this holiday season. Here
are some useful spending tips and
ideas for holiday shoppers from the ICFE.
1) Create a written plan for holiday spending and gift
giving a month or two in advance. Include your gift list,
possible gifts, dollar amounts, and alternative choices.
2) Establish spending limits for gifts for each person on
your list and start looking for bargains early.
3) If it has been a challenging year financially, you need
to shrink your holiday gift list. Begin by talking with
those you exchange gifts with, perhaps suggesting not
exchanging gifts or mutually observing much lower
dollar-limits on gifts.
4) Separate shopping trips (when comparing prices,
quality, value, etc.) from spending trips (when making a
purchase), and resist taking cash, credit cards, or a
checkbook on the shopping trips.
5) Wait for those sales! Look over the advertising and
sale flyers for items you intend to purchase.
6) Ask retailers when the items you are interested in
buying are coming on sale. Most retailers will reveal sale
dates because they don't want you to shop their
competition.
7) Spend cash and avoid using credit cards. Charge cards
tend to promote indiscriminate spending. Credit card users
often say they had no idea how much they spent on the
holidays until the credit card bills arrive in January or
February of the next year.
8) Liquidators, buying clubs, and factory outlet stores
usually offer lower prices. Bulk buying with other family
members or friends can also yield savings.
9) Giving gifts to adults on New Year's Day is also very
special. You can really take advantage of all those after
Christmas sales which begin the day after.
10) Make more of your gifts at home. A freshly baked loaf
of bread, cookies, and desserts are always appreciated.
Also arts, crafts, needle-work, or a collage of
photographs of you and or your family make
wonderful gifts too.
This holiday season manage your money so expenses don't
exceed income. Its important because everyday
spending decisions, especially the credit based ones, will
have a far greater negative effect on one's financial
future than any investment decision one is likely to ever
make. The ICFE's Web site at
http://www.icfe.info has many
helpful spending tips and worksheets for setting up a
one-page spending plan and more. To receive the same
information by mail, please send $1 and a self-addressed,
60 cent stamped envelope to: ICFE Spending-Plans, PO Box
34070, San Diego, CA 92163.
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About the ICFE:
About the
ICFE:
The Institute of Consumer Financial Education (ICFE), founded in 1982 by the
late Loren Dunton (creator of the “certified financial planner” (CFP)
designation) and it is dedicated to helping consumers of all ages to improve
their spending, increase savings and use credit more wisely. The ICFE trains and
certifies Personal Finance Instructors for its own curriculum. It also trains
and certifies Credit Report Reviewers and Identity Theft Prevention Specialists.
The ICFE is an award winning, nonprofit, consumer education organization that
has helped millions of people through its education programs and resources. It
publishes the Do-It-Yourself Credit File correction Guide, now in its 16th
printing and has distributed over one million “Credit/Debit Card Warning Labels”
and “Credit/Debit Card Sleeves” world wide.
The ICFE became an official partner with the Department of Defense/Financial
Readiness Campaign in June of 2004.
The ICFE is also a partner in the national Jump$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:
http://www.icfe.info 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
eNewsletter, and an online resource center of financial education learning
tools, including videos, books, software and personal finance courses.
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