Comments on: Reader Feedback Request – Practical Tips For Personal Finance Newbies

By: Leia

Leia — Fri, 01 Aug 2008 23:13:29 +0000

Don’t be afraid to look at the hole you’ve dug. And stop digging, as MUCH as possible!!! Getting out isn’t always praised – it’s hard, dirty work, but when you’re done or even just started, you’ll feel GREAT! Do it now for the rest of your life.

By: Allison

Allison — Tue, 08 Jul 2008 12:17:09 +0000

One of the best things for a personal finance newbie to understand is the purpose of personal finance: spending money on the things you are passionate about! I think lots of people don’t track their spending or save for retirement because they focus on the negative aspects of limiting spending. But by limiting spending in areas you don’t really care about (maybe cable TV or a new car), you can spend money on things you love. I think newbies should start by listing their priorities, passions and goals, and then focus on saving money for those things. Cut out all the other stuff.

Beyond that, I think setting up automatic retirement savings is great, because then you never miss the money. Even if you start with just 3%, the next time you get a raise or pay off a debt you can raise that percent a little bit and in a few years you can get to 10 or 15%.

By: Bloke

Bloke — Wed, 02 Jul 2008 17:24:07 +0000

1) Cut your smoking in half within six months. Health, insurability and available cash will increase dramatically. See if you can stop completely within one year.

2) Find something you love to do at home, and spend your money on that. It’s amazing how much money I spent when I went out at night for fun. When my buddies got the Xbox, we actually spent less money.

By: DebtKid

DebtKid — Tue, 01 Jul 2008 19:45:01 +0000

My Tip: Don’t day trade! Seriously, invest automatically for the long term. Leave day trading up to the professionals.

By: Ken

Ken — Mon, 30 Jun 2008 23:15:47 +0000

Do automatic payroll deductions like 401k first. Then set money aside for IRAs next.

Pay off high interest loans and ccs before saving money for emergency fund, unless you know you are going to be without a job soon.