Get Financially Fit!
by Paul Richard
10 Rules for Personal Finance
Jul 21st
by Paul Richard, Executive Director of ICFE
1) Manage your expenses so they don’t exceed your income.
2) Spend money thinking of your future as well as your present.
3) Begin saving early to take advantage of compound interest.
4) Avoid collecting credit cards and using them for borrowing.
5) Always honor your debts and other financial obligations.
6) Project your income and expenses for the next 12 months and track variances.
7) Focus on the relationship between the risk and projected return of investments.
Maintain organized records for tax and general financial planning purposes.
9) Have a plan and a purpose for your investing.
10) Obtain a financial education to be in a position to make intelligent financial decisions.
How to Develop Improved Spending
Jul 19th
by Paul Richard, RFC – 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.