10 Money Tips

1. ING Direct– “Pay Yourself First!” Save a percentage of every paycheck in an “emergency fund” for life’s unexpected twists and turns. For example, illness, car repairs, loss of a job. I have had an automatic savings plan with ING for the last four years. It is free and easy to set-up.

2. Get Rich Slowly Blog – One of the most popular financial blogs. Check out the information on the snowball method and begin to get out of credit card debt today. By the way, a money tip that runs throughout Get Rich Slowly is to set up an emergency fund, see #1.

3. Does the stock market intimidate you? Read this book, The Motley Fool Personal Finance Workbook : A Foolproof Guide to Organizing Your Cash and Building Wealth This book makes investing easy to understand and do; I highly recommend it! Note: After last week’s Wall Street crisis I recommend #4 and #5 first. Nonetheless this is a great layman’s primer to the stock market.

4. Money Drunk, Money Sober; 90 Days to Financial Freedom– Are you a compulsive spender or do you have a poverty consciousness? Are you a big deal chaser (thinking the wind-fall will come “someday” so you justify overspending today?) Or a cash-codependent (expect someone else to you bail you out financially?) Read this book!

5. Your Money or Your Life: Transforming Your Relationship with Money and Achieving Financial Independence– THE MOST LIFE CHANGING FINANCIAL BOOK I HAVE EVER READ! I know, it’s obnoxious to shout in all caps, but I mean it 🙂

6. 401K and/or ROTH IRA – For long term financial independence it is important to contribute to your 401K or a ROTH IRA. If you don’t know how to set up a retirement fund go to the Get Rich Slowly blog for help on setting up your ROTH .

7. Check your FICO score – This determines your financial options (like the interest rate you will pay on a car loan or mortgage). Check your score at least once a year. Also, stay current and monitor your credit history for any errors or stolen identity. P.S. A good FICO score should be in the 700’s or higher.

8. Consider freezing your credit for identity theft protection. You can still use credit cards and make purchases, but no one can open new credit under your name or steal your identity. I froze my credit three years ago and it helps put my mind at ease regarding potential financial fraud. You maintain control and can unfreeze and refreeze your credit as needed.

9. Save Karyn: One Shopaholic’s Journey to Debt and Back– Memoir of a 20-something girl in New York City. Karyn writes openly and honestly about how she overspent and got herself into huge credit card debt. She then takes control and gets herself out of debt. Well written, fast read, true story and it will give you hope if you are feeling hopeless about your finances.

10. And last but not least The Suze Orman Show, Saturday night, 9pm EST on CNBC- I like Suze, she answers questions across the whole financial spectrum, especially in these uncertain financial times, I learn a lot.