Institute of Consumer
Financial Education
Institute of Consumer
Financial Education

How to Develop Improved Spending Techniques and Practices
by Paul Richard - ICFE's Executive Director

  1. Write down all of the poor spending practices that you need and want to change.
  2. Write down how you plan to bring about the changes in each area.
  3. Construct a cash-flow sheet showing income and outgo.
  4. Set up and implement a spending-plan.
  5. Discontinue borrowing and use of all credit cards.
  6. Begin collecting and making notes on your cash purchase receipts.
  7. Begin saving one dollar-a-day (or dollars) and all pocket change, everyday.
  8. Look for alternatives and substitutes to spending.
  9. Start 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 factory seconds rebuilt and used items where practical.
  12. Start doing things for yourself that others were paid to do previously.
  13. 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.