7 Personal Finance Tips Your Professor Never Taught You

This article is taken from http://www.yourcreditadvisor.com/blog/2006

The Painfully Obvious But Rarely Followed Tips

1. Pay yourself first. Try to put away at least 10% of your pre-tax income into a savings account.
2. Spend less than you earn. While this seems obvious, Americans are notorious for doing just the opposite. Stop spending and start saving.
3. Pay your bills on time. Avoid needless late fees and know how much money you actually have.
4. Avoid debt to the extent possible. Student loans and mortgages can be "good debt", but even then, make paying them off a priority.
5. Set a budget. And live by it. Use a computer program or just a paper and pencil. Whatever works.
6. Set concrete goals. Know when you want to buy a new home, when you want to retire, and how much you are expecting each to cost you.
7. Have an emergency fund. Have at least three months' income (some say six) in a high-yield savings account that can be easily accessed.