Begin 2007 by Taking the First Steps to Master Your Finances.

Amalgamated Bank and LaGuardia Community College Offer 10 Tips to Get Started

NEW YORK -- Now is a perfect time for people to decide to take control of situations involving their money and finances, rather than letting the situations control them. Making that decision to just do it is the first step to becoming the master of their finances, according to Amalgamated Bank.

"The most important element of managing your financial life is to set priorities and work through issues one by one," added Joyce Moy, who is an attorney and director of Business and Community Development at LaGuardia Community College/CUNY.

To help people jump-start their money management makeover, Amalgamated Bank is partnering with LaGuardia Community College/CUNY to present 10 tips for taking control:

1. Obtain a personal credit report from all of the following credit bureaus: Experian, Equifax and Transunion. Individuals are entitled to one free report per calendar year from each one. A useful site is www.annualcreditreport.com. Correct any errors on the report.

2. Make a list of all debt, interest rates, annual fees and minimum monthly payments. Then prepare a budget and pay the minimum monthly payments on low interest rate cards and larger payments on the highest interest rate cards, if possible.

3. Create a monthly household budget showing income and as comprehensive a list of expenses as possible. Include the family in the discussion because having them agree makes it easier to stay on the plan.

4. Build an amount into the budget for savings and consider establishing an automatic payroll deduction that goes directly into a savings account.

5. Create a balance sheet to assess your net worth.

6. Set short-term (one year or less) or moderate-term (1 to 3 years) goals. Again, include the family in the discussion.

7. Create a realistic spending plan that will help achieve these goals.

8. When expecting an income tax refund, have the tax return prepared and filed as soon as possible, and make a plan for using the refund appropriately.

9. Review credit card offers that may allow the transfer of high interest rate credit card balances to zero-interest accounts. Remember, there is usually a transfer fee of three percent, with a minimum fee of $5 or more and a maximum of $75 or more.

10. Work with knowledgeable financial advisers, mentors and role models. Sometimes, the task seems daunting, but talking it over with someone can help clarify priorities and get things moving.

The web site for Amalgamated Bank is www.AmalgamatedBank.com.

Editor's note: Hector Manuel Fernandez, business professor and small business adviser at LaGuardia Community College/CUNY, is available for interviews.