I SUCK at personal finance.

[midnight armadillo]

Ok, I can handle all sorts of higher math, from tensor calculus to topology, but I'll be damned if I can sort out our household finances. I have no idea where our money goes...

I have a copy of Quicken but have yet to sit down to learn how to use it.

Can anyone recommend a good book or three on how to get my shit together here? Goals are: sort out 401k (which I've had since Sept), pay off all credit card debt (due mostly to sucky student health insurance...), and save for a house downpayment in 2 years. My salary is enough to handle this, but we blink and the checking account heads towards dangerous territory, and we don't buy any crap or shop a lot.

[Zuni]

1. Yes, you do

just kidding
:)

[Aiptasia]

2. I listen to this guy's show regularly on the radio

Check out his website:

http://www.daveramsey.com/

His books are on the shelf at most B&N's and Borders books. The only drawback to this guy is he is very strongly christian (not necessarily a bad thing), but his advice on how to get out from under is very sound.

Don't hold it against him. His advice is simple, straightforward and workable on any budget. His book, Total Money Makeover, is a must read.

[Skittles]

3. if you have more than one credit card

concentrate on making higher payments on one at a time to pay them off.

[mcscajun]

4. Great Book: The Wealthy Barber

It's a basic, friendly, and thorough guide to getting your shit together.

http://search.barnesandnoble.com/booksearch/isbnInquiry.asp?userid=gu58NbYAk1&isbn=0761513116&itm=1

As to Quicken, I've been using it for years now to great effect on my finances. Don't be intimidated by the program, just start small...begin using it for your Checkbook Register and to reconcile the account each month. As you get more comfortable with it, add your savings account, your credit cards, etc.

Echoing another post here, focus on paying off one credit card at a time while keeping the minimums going on the others: pick the one with the Highest interest rate to start. Until your credit card debt is paid, don't put a DIME in savings. The interest rate on savings is pitiful at present; you'll get a far greater return by using the money to pay off your debt.

Good Luck!

[phantom power]

5. You should consider a finance position on the Bush Cabinet.

Failing upward is their policy!

[Historic NY]

6. I'm the type of guy that if the cash isn't there to back me up well.....

I put off making purchases. Don't take your savings and dump it into paying your bills unless its an absolute last resort. I use my credit card to keep track of what I spend and pay it off each month. If your credit card debt is costing you 12% or greater in interest you need to get rid of it quick. I would then tap my saving to get rid of it or find a way to restructure it at a lower interest rate. Lots of credit card companies advertise on line find the cheapest rate possible. If you had automatic deposit at work my suggestion is to send some money to your check and savings accounts each week. If you don't see it your not going to spend it. I would also really look at what you spend each month; Is a cell phone necessary? Are there things you spend money on that you don't have to? It is wiser to pay yourself each month, with the automatic deposits then to blow it on stuff that is not necessary. Make a budget and stick with it no matter, once it become a habit, its easy to live with. I'm a saver but I do at times spend money. Saving is the mind set to get in. Its what a parents (well maybe grandparents) did to make it.

[Bertha Venation]

7. Oh, honey, welcome to the club.

:cry:

Sorry I can't recommend a book. I probably have forty, none of which I've ever read. I use MS Money sporadically -- big help, that.

Best of luck.

[TNDemo]

8. A book that really helped me when I was mired in debt

was How To Get Out of Debt, Stay Out of Debt and Live Prosperously by Jerrold Mundis. It is a little 12-steppy at times and I ignored the initial advice of ignoring everything for a month for mental health before getting started. After that it taught me to be very creative in my thinking of how to deal with a situation that is going to require money I don't have until I can get the money. It also tells you how to deal with creditors, etc., but that may not be your problem. The bottom line of the book is tracking your expenses and never "debting" again - creating unsecured debt. It's a cheap paperback but helped me get on the road to financial recovery about 12 years ago. If you are looking for investment advice, this is probably not the book, but the day to day living advice is good.

BTW, I have a degree in accounting and for some reason could not get the personal thing together so don't feel bad.

[cheezus]

9. fuck it, enjoy the good times while they're here

cuz they won't be forever.

besides, money isn't real -- it's just a bunch of numbers in ledgers and computers that the ruling elite use to oppress the rest of us.