10 Best Money Rules You Should Apply Today (Guest Post)

Like 10 commandants of Christ you should regard these 10 best money rules listed below. Here you will get both traditional plans as well as personal tips that would serve both as investment tools and money management therapy.

The first part covers most of the secured money savings options with maximum tax benefit. The later part presents views of personalized money management program and debt relief strategies like debt consolidation programs.

1) The most favored pension plan 401k in America. It is a traditional pension plan for American private employees who contribute certain deductible salary into an account opened by their employer. The account is some time merged by the employer with the direct profit sharing account of the company.

2) The ultimate benefit one gets from 401k plan is in the form of deferred tax benefit upon his deposited money. As the money gets channeled to your special account before the IRS tax takes its toll, a large volume of money you can save there. This way your money gets compounded fast.

3) 403B plan is what some say just like a clone of 401k plan having almost all the benefits of 401k. This plan allows Government employees or people working in charitable, scientific and educational sectors to voluntarily contribute their money on a pre-tax or post-tax basis. You can hold mutual funds or bonds in your 403b account whereby get the dividends and interest intact. No taxes will be exercised on your investment profits.

4) Private Mortgage Investment- Mortgage investment is great way of amassing money. You offer your house to any buyer to live in without losing your house until full payment is made with all the accruing interest. In case your mortgage buyer defaults in any of his payment you can terminate the term of the contract and keep your house at your disposal. It is considered more profitable than rental income.

5) Roth IRA- It is unique money saving tax efficient plan. Up to certain limit of money you can save into this account as tax deductible. The specialty of this plan is that you get tax-break when you withdraw your money from your account. Though withdrawal prior to time limit may cause penalty. But in some cases like house purchase or paying student loan, you can avert penalty.

Your self- initiative to plan for your money management.-

6) Pay your Credit Card loan- Your personal finance will be incomplete if you let your credit card interest and late payment penalty overpower you. Therefore, before your credit issuers report the Transunion or Equifax; try to pay them on time.

7) Avoid Bankruptcy in any way- if you are knee deep in debt, look for debt consolidation or debt settlement programs. But never avail bankruptcy if you are told that filing bankruptcy can give a fresh start to your economy. Bankruptcy can destroy your future possibility of obtaining credit from potential borrowers.

8) Make a customized Budget- Whether you are in financial good health or in crisis, saving your money properly is always advisable. This way will help you manage your money better way - try EasyBudgeting.

9) You may find some of your spending over insignificant item is not worthy to be included into your list of spending. Like if you buy a can of soda when filling gas into the tank of your car, but you should still reckon every penny as your spending. Doing this you will realize how great amount of cash flows in and out of your account.

10) Make it a habit to put aside certain percentage of your income as your emergency savings. You can also utilize that money in secure mutual funds instead of putting it into static checking account.