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