Tip Tuesdays: Personal Finance Resolutions for 2009

These should be on everyone’s personal finance agenda for 2009.

  1. Get OUT of “non-essential” (as in credit cards, personal loans, vehicle-beyond-what-I-can-really-afford loans) debt. DO whatever it takes to get out.
  2. Stay OUT of “non-essential” debt.
  3. BUILD an emergency fund.
  4. #1, #2, and #3 BEFORE anything else.
  5. DON’T save or invest in financial products and services that you DON’T understand. You’ve read the Master “Run Away From” List right?

Can you add to this list?

I can’t thank my friend V enough for keeping me OUT of a vehicle-beyond-what-I-could-really-afford loan a few years back. Then, I didn’t understand why; now, I do.

Tip Tuesdays is my initiative to share practical personal finance tips — every Tuesday. I’d be delighted if you could share a tip or two from your own experiences. Drop a comment or use this form to submit your tip. And, as always, do spread the word if you find this useful.

One thought on “Tip Tuesdays: Personal Finance Resolutions for 2009

  1. Vinaya,
    Right, this should be the resolutions each one should
    follow and also intitiate friends also into….
    Please write a blog on the House loan EMI/tenure calculation
    for floating/fixed loans.
    Have taken an ICICI floating loan at 9.25%.
    It reduced to 7.5% and went upto 13%.
    Wan’t to really to understand how the tenure and (principal+interest) componets change
    due to interest changes.
    Some times I think is my decision of not prepaying the loan
    for the Housing loan tax benefits is really worthwhile in the long run.
    Please enlighten……
    Thanks in advance,

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