We all need to set our own goals that guide our overall decisions in Personal Finances. Below are 10 Golden Rules for Personal Finances to live by. Do feel free to adopt these golden rules or modify them to make it your very own. Your happiness and financial independence is indeed in your own hands! Don’t worry if not all the rules make sense at first glance as you will slowly but surely learn all that you need to as you read the rest of the guides and articles on this site, and other personal finance sites.

1. Set Your Own PF Goals

Each one of us are uniquely and individually made. Likewise, you should have your own financial goals that are just for you. Key financial goals to consider include your definition of financial independence, paying for education costs or even shorter term goals like going on a holiday trip (or two) yearly.

For example, your goal may be “To be able to achieve financial independence with a comfortable lifestyle where my passive income covers all my expenses and makes sure I leave a legacy for my next generation and causes I care about.”

2. Review PF Monthly

Every month make it a goal to go through your income, expenses, assets and liabilities to know your net worth changes. Is your net worth growing? Are your financial ratios getting better or worse? Are you keeping to your budget and investing towards your planned goals?

If you are married (or engaged), it is a good habit to review your PF monthly together. If you have a financial planner, go through your review with your financial planner with a quarterly or half-yearly review.

3. Say No to Debt

Pay off all debt, especially high interest bad debts. If you are struggling with multiple debts, tackling the smallest first may work best or rolling all your debt into a single debt at a lower interest rate. In general, avoid taking up debt, especially high interest debt like credit card debt or