"Financial Wisdom From the ICFE"
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Financial Education and Mending Spending Tips
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RELEASE: August 2001
CONTACT: Paul Richard, RFC, ICFE Executive Director
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San Diego, CA.
10 Factors for Financial Success From the ICFE
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Keep a written plan and goals for advancement
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Promote and maintain favorable, positive attitudes.
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Exercise good cash control - keep receipts.
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Ability to reach decisions and then act upon them.
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Develop financial self-discipline.
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Keep and maintain good records of finances etc.
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Being adequately insured.
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Maintain good credit control and do not overspend.
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Build a history of regular savings accumulation.
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Keep knowledge about personal finances current.
Signs and Symptoms of Money Troubles from the ICFE.
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"Someone will come along and rescue me."
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"I let others (or I wish there was another to) handle my
finances."
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"Spending money makes me feel good."
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"I rarely balance my checkbook."
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"I now use my credit cards for small items I used to get
with cash."
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"20 percent or more of my take-home pay goes for debt
payments."
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"I'm afraid to calculate my net worth."
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"I frequently find myself borrowing small amounts of
money."
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"If I lost my job, I'd be out of money in less than two
weeks."
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"It makes me uncomfortable to talk about money."
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"I don't know the total amount of my debts and
obligations."
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"It is very difficult for me to save any money at all."
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"It seems to be a paycheck to paycheck life-style."
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"There have been occasions when I have paid late charges
on a loan."
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"I have used (or plan to use) a consolidation loan to pay
my bills."
17 Steps To Reduce Indebtedness
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Begin immediately. (Getting started can be the most
difficult.)
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Make up a written plan of action.
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Take on no new debt including a consolidation loan.*
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Close accounts by returning credit cards to issuers.
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Maintain written accounting of all income and outgo.
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Begin collecting receipts to raise spending awareness.
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Examine all expenses looking to increase value, getting
the same or more for less.
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Put all extra income towards paying off debts.
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Start doing things yourself and do not pay for services.
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Make all necessary sacrifices to eliminate debt.
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Sell items losing value especially ones' with debt owed.
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Make getting out of debt a family affair.
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Write creditors to keep them informed.
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If necessary get temporary reductions in payments.
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Utilize cents-off coupons/rebates wherever possible.
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Critically review spending practices and habits,
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Make comparison shopping a habit.
* NOTE: A consolidation loan may be workable ONLY if the loan interest is
less than the interest on the debts to be paid-off AND charge accounts are
closed. Also put the extra cash-flow is put towards paying off the
consolidation loan even faster. Otherwise, in a year or two many people
who only pay off and not close charge accounts are often paying off a
consolidation loan and also new credit purchases.
For help with "Mending Spending" and finding more money for savings, visit
the ICFE's Web site at:
http://www.icfe.info.
If you would like a printed copy, please send $1 to the
ICFE and ask for: "Money Helps"
The information packet includes:
1) "15 Tips to improve spending practices";
2) "How to set up
and implement a spending-plan" (plus a budget worksheet);
3) "Dealing with
creditors";
4) "Steps to
take to reduce indebtedness";
5) "How to
spend smarter for household and grocery items," and a
6) "Spender's
Profile" which helps people identify dangerous spending habits.
"Money Helps" is available on the Internet free or by sending
send $1 AND a self-addressed, stamped (60 cents) # 10 envelope (SASE) 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.icfe.info 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 eNewsletter, 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 Richard, RFC ICFE Executive Director at 619-239-1401.
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