"If you hear 'spend, spend, 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 - himself
once bankrupt at age 25, due to overspending with charge cards.
Here is a short evaluation to help you determine if you are an
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
- Totally like me
- A lot like me
- Equally like and unlike me
- A little like me
- Not like me at all
1. ____ I always live within my income range.
2. ____ Each income period, I set aside at least ten percent for
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 grocery
6. ____ Grocery and other coupons and rebate offers are utilized
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 charge
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
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," 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, 55 cent stamped envelope to:
ICFE Money Helps
PO Box 34070
San Diego, CA 92163-4070.