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Ten Tips for Spenders who Want to be Savers
Tips from the "Money Instruction Book"
published by the nonprofit ICFE, San Diego, CA
San
Diego, CA.
Everyday spending decisions, especially credit based
ones, have a negative impact on savings, even more than investment
decisions, and subsequently endangers one's entire financial future.
Critical spending decisions include how often to eat out, or how
much to spend on new clothes, or furniture, and entertainment, or
how often to go to the grocery store and whether or not to shop the
sales and utilize coupons. Overspenders fall in two categories: those who spend more than they
have and those who pay too much for things Many consumers routinely
waste 20 to 30 percent of their discretionary income just through
poor spending habits and no comparison shopping is the main reason
why," says the nonprofit Institute of Consumer Financial Education
(ICFE) based in San Diego.
"If you one of the millions of Americans who, when it comes
to saving money, will simply stop at nothing, here are ten tips
for spenders who want to be savers. The biggest obstacle often is
just getting started.
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Begin today saving a dollar a-day (or dollars
if you can afford more) and all pocket change. Save everyday
including weekends. Save this way for at least two months to
be sure you get the savings habit, before opening a savings
account. It averages about $50 a-month.
-
Establish a payroll deduction plan for credit
union savings or U.S. Savings Bonds.
-
Conduct a written review of all income and outgo,
paying special attention to cash and credit purchases. If money
isn't regularly going into savings, it is going someplace.
-
Plan grocery trips using a list, keep nonfood
items off the grocery list and use coupons.
-
Spend cash. Nothing impacts the mind like peeling
cash from the wallet.
-
Ask for cash discounts, especially on major purchases.
-
The message of credit cards is: Spend! You may
need to suspend them.
-
Review insurance coverage including life, health,
income, motor vehicle, property and casualty. Save by not duplicating
employer provided coverages and hiking deductibles.
-
Do things for yourself you might pay others for,
like lawn maintenance, car washes, etc.
-
Turn a hobby or craft into an income producing
opportunity.
The nonprofit ICFE makes free information available
on its Web site at: www.icfe.info.
For a reprint of “Setting up and implementing a spending plan,”
please send a 60 cent stamped, self-addressed envelope to:
ICFE Spending-plans
PO Box 34070
San Diego, CA 92163-4070
The ICFE’s course in personal finance is known as
the "Money Instructions Book” is a Home Study Course and is
$29.95 plus $4 postage. Visit www.icfe.info
and order on-line or send to:
ICFE Home Study Programs U.S.
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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