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Are You Out of Kilter Financially?
A key to getting organized is as simple as
keeping control of income and outgo
San
Diego, CA.
According to some experts, some 70 percent of all
adult working Americans have no money left after paying their basic
expenses and bills each month. "Many are out of kilter, financially
speaking, and they don't even know it," said Paul Richard,
RFC, executive director for the nonprofit Institute of Consumer
Financial Education (ICFE), a San Diego based group helping consumers
become better spenders, regular savers and wise users of credit.
"How do you tell if you are financially out of kilter, or in
danger of being there? There is a simple formula that most retail
lenders rely on to determine if a loan applicant has too much debt
and out of kilter," explained, Richard. The formula is: monthly
take home pay, less housing expense (rent or first mortgage) equals
X multiplied by 20 percent equals the total amount of money you
should be paying towards loans, credit cards or other debts.
EXAMPLE Monthly take home pay is $2400. Less housing expense: $800
a-month, equals $1600 multiplied by 20 percent equals $320 maximum
amount to be paid on car or other loans including charge cards.
"Consumers who apply the formula to their own finances and
find they have too much going towards charge cards and loans have
limited choices to in order to alter their course. They need to
increase income or reduce outgo, if possible, by refinancing, and
sometimes, by a consolidation loan," Richard said, adding,
"The next focus is spending, because that's the key to debt
reduction and, eventually, savings and investing for the future."
Take Home Pay: $2400
Less Housing (-800)
Balance $1600
x 20%= $ 320 available for credit payments.
"The ICFE has a wide variety of aid for consumers, especially
those who find themselves out of kilter," said Richard, whose
group has helped thousands of people through its Web site at:
http://www.icfe.info.
For information about "Mending
Spending," monthly budgeting guidelines, and
warning labels for your charge cards, visit the ICFE's Web page
at: http://www.icfe.info.
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, 60 cent stamped envelope
to:
ICFE Money Helps
PO Box 34070
San Diego, CA 92163-4070
©
Paul Richard, RFC and the Institute for
Consumer Financial Education. All rights reserved.
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