ICFE
ICFE eNEWS #16-04 - February 4th 2016
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AMERICA SAVES and MILITARY SAVES WEEK - February 22-27, 2016

Promoting automatic savings to help people reach their savings goals


As part of America Saves Week and Military Saves Week, scheduled for February 22 - 27, 2016 , the ICFE is spreading the saving message and urging its community of certificants to encourage people to make savings automatic as part of America Saves Week. And Military Saves Week. It is a great opportunity to help people in our community to set a goal, make a plan, and save automatically," says the ICFE.

The ICFE's 14 tips to help anyone and everyone improve their spending practices and increase their savings accumulation.

Do you hear 'spend, spend, spend' when your money talks? Consumers who do, may later discover themselves in a nightmare of debt instead of living the American dream, says the ICFE who is helping consumers become better spenders, regular savers and wise users of credit. The ICFE offers the following tips to help consumers improve their spending practices:
  1. Create a plan of action to make the necessary changes.
  2. Construct a cash-flow sheet showing income and outgo.
  3. Set up and implement a monthly spending-plan.
  4. Discontinue all use of credit cards.
  5. Collect cash purchase receipts.
  6. Review insurance coverages for duplication.
  7. Begin saving one dollar-a-day and all pocket change, every day.
  8. Seek lower cost alternatives to spending, such as rentals, reconditioned products.
  9. Utilizing cents-off coupons and mail in for rebates.
  10. Wait for the sales. Comparison shopping can save more than 50 percent.
  11. Take advantage of seconds, rebuilt and used items where practical.
  12. Start doing things for yourself that others were paid to do previously.
  13. Have meetings on improving spending with family members.
  14. Separate shopping trips (when comparing prices, value, reparability, etc.) from spending trips (when actually making the purchase). Avoid carrying credit cards, much cash or a checkbook on the shopping trips.
People whose spending may need a little mending in order to come within suggested budget and expense guidelines, often discover they are paying too much for things because they fail to comparison shop. That, like borrowing to meet regular expenses, is another form of overspending.

It is everyday spending decisions, and especially credit based spending decisions, that will cause severe erosion of one's financial future.

For information about "Mending Spending," monthly budgeting guidelines, visit the ICFE's Web page.

The site also includes a helpful section on "How to set up and implement a spending-plan" (with a one page work sheet) for personal and/or family finances.

America Saves Week is coordinated by America Saves and the America Savings Education Council. Military Saves Week is coordinated by The Military Saves Team. Contact info@militarysaves.org.

ICFE eNEWS is available FREE upon request by visiting the ICFE's Web site and filling out the contact form, selecting "Yes" for "Add to Mailing List." Please pass this eNEWS on to your peers and interested others and invite them to subscribe for free. Also, visit the ICFE's new Web site: StudentDebtHelp.org

Sent by:

Paul S. Richard
President - Executive Director
Institute of Consumer Financial Education (ICFE)

ICFE - Institute of Consumer Financial Education - ICFE.info - 619.239.1401