| Every single one of us-no matter our
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| | velour Elvis on the boardwalk.
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| location, age, gender, hair color, family
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| | DON'T use your local bank - unless you
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| background or race-has to manage our
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| | absolutely have to. Check out all
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| personal finances.
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| | available credit unions first. In most
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| For some, it's an exciting passion, a
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| | cases, they'll have better rates and more
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| never-ending game of "how much can I
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| | friendly policies on everything from fees
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| accumulate in one lifetime".
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| | to lending practices. Each dollar you
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| For others, it's just part of life,
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| | deposit buys you a share, or membership,
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| something that needs to be dealt with but
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| | in the credit union. So instead of being
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| doesn't border on obsession.
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| | a customer you're actually a "member".
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| And finally, for many of us, personal
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| | Like the ad says, membership has its
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| finance is nothing but drudgery at best
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| | privileges.
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| and an emotional trigger at worst.
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| | DO use a debit card with protection.
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| Fortunately, there are a few simple rules
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| | Before you use a debit card, make sure
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| that will help anyone stay on track, and
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| | your checking account is safe in case you
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| reduce the amount of stress involved when
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| | lose your card or it's somehow stolen.
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| it comes to making sure personal finances
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| | Also make sure you have the right to
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| are well in order.
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| | reverse charges in case merchants don't
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| DO get organized. Even if you're a
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| | provide the goods or services you
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| "messy", this Do is crucial. You'll miss
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| | purchased.
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| important due dates, pay exorbitant late
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| | DON'T buy a new car. Considering the fact
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| fees and possibly get into serious debt
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| | that new cars depreciate thousands of
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| (or credit trouble) if you don't have a
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| | dollars as soon as you drive them off the
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| handle on what you owe and when you owe
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| | lot, can anyone explain why buying a new
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| it. A simple rule of thumb: the messier
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| | car would be a good idea?
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| you are, the simpler your system.
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| | DO run numbers before every major
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| DO draw up a spending plan. Every dollar
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| | financial decision. Conventional wisdom
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| that comes into your household goes out
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| | works-most of the time. But there are
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| in one way, shape or form, even if it's
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| | always exceptions. For example, in most
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| to a savings account. Know where your
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| | cases, it doesn't make sense to borrow
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| money's coming in and where it's going.
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| | from a 401(k). But there are instances
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| Without this information, you can't
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| | where it's financially beneficial. You'll
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| possibly make wise financial choices.
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| | hear it preached from the rooftops that
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| Overwhelmed by the thought? Ask a
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| | you shouldn't use a home equity loan to
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| financially responsible friend or
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| | pay off credit cards, or that debt
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| relative (whom you trust) to do it for
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| | consolidation loans are nothing but
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| you. You can't argue with success-and
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| | trouble. But if you're financially
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| they can help you make the hard decisions
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| | responsible and ran into some tough
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| when it comes to having to "trim"
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| | circumstances, a HELOC or debt
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| spending in certain areas.
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| | consolidation could be a lifesaver.
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| DON'T cut out all your fun. Decide, along
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| | Search online for calculators that will
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| with your family, what's most important
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| | help clarify the situation. Numbers don't
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| to you in terms of living a happy life.
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| | lie.
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| Then divide up your budget accordingly.
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| | And finally, perhaps the most important
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| If your family really enjoys eating out,
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| | "Do" of all...
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| plan for it. Just keep in mind you may
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| | DO remember that personal finance is just
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| have to spend a lot less on groceries or
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| | that-personal. Everyone loves to give
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| clothing. If none of us are the same then
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| | advice, and everyone loves to share their
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| our spending plans shouldn't be the same.
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| | opinions. What worked for your mom and
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| If you love to read then cutting back on
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| | dad may not work for you. On the other
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| cable TV wouldn't be a problem. If you
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| | hand, they probably have years of wisdom
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| love to watch sports, then cutting back
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| | you can draw from.
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| on cable TV would be a serious problem.
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| | Consider your personal finances an
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| DO allow impulse spending. Yup, you read
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| | extension of who you are and where you're
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| it correctly. Unless you plan for a
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| | going. Study the topic, and take the time
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| certain amount of miscellaneous,
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| | to develop your own unique strategies
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| unexpected expenses in your spending
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| | when it comes to saving, spending and
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| plan, you'll always feel as though you're
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| | investing. During this information age
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| blowing your budget when you pick up
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| | there's never been a better time to find
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| items you weren't planning to buy. Just
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| | the facts you need, in record time.
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| like anything else, give yourself a
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| | Everyone has finances. Get personal when
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| "buffer". A side benefit: you get to skip
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| | it comes to yours.
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| the guilt when you pick up that neat
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|
