Ben Steverman has an excellent article in BusinessWeek called 20 do’s and don’ts for 2009.  After interviewing several of the top financial advisers in the country, Steverman compiled this list of 20 things you should, or should not do with your personal finances in 2009:

1. Don’t try to predict the future.

We are in the midst of an unprecedented market, Steverman says.  Trying to predict the bottom of this market, or an individual stock especially, is a sure way to lose money.  Instead, continue making steady contributions to your investment accounts.

2. Do keep enough cash available.

Here Steverman advocates something Centsability to Wealth believes strongly in, an emergency fund.  “With extra cash available”, Steverman says, “you can avoid selling investments to pay for expenses in an emergency”.

3. Do invest internationally.

International markets have been hit even harder than ours.  And some, like China, still have very promising long-term outlooks.  Steverman argues that this is not the time to bail on your foreign investments, in fact, it may be the time to add more.

4. Don’t try to pick one winning investment. Diversify.

With prominent companies going under left and right, now is not the time to put all your money in one stock.  Stick with the time tested strategy of diversification.

5. Do think about energy efficiency.

Financial advisor Russell Francis recommends taking advantage of $500 energy tax credit that can be used to cover the costs of making your house more energy efficient, by adding more insulation, replacing doors and windows, etc.  The credit was rescinded in 2008, but is back for 2009.  Basically the government will pay you to save money on your energy bills.  Definitely something to look into.

6. Don’t stop contributing to 401(k) and other retirement accounts.

If you have at least ten years before retirement, this is a great time to be investing in your 401k.  The article has a great quote from advisor Sidney Blum, “more money is made at the bottom of a market than the top”.  Amen, Sidney.

7. Do live below your means. Save.

You can only invest if you have money left over each month.  Continue to look for ways to spend less and save more.

8. Don’t make sudden moves.

Decisions based on fear and emotion aren’t good for your finances.  Steverman recommends ignoring day-to-day news and focusing on your long-term investment plans instead.

9. Do pay off expensive debts.

Not many investments are offering the 7 to 20 percent return you can save in interest payments by paying off credit card or car loan debt.  Before you get serious about investing, plug the holes in your boat by paying off debt.

10. Don’t give up on stocks.

“Historically some of the best periods for stock market returns have been during dismal economic times,” says Paul Winter of Five Seasons Financial Planning in Salt Lake City.  Stocks are on sale, they aren’t toxic.  Take advantage of sales on stocks as you would a sale on anything else.

11. Do track your spending.

You can’t cut your spending if you don’t know what you are spending your money on.  Keep thorough records of your spending.

12. Don’t pay high management fees.

It doesn’t matter how high the return on your portfolio is if your fees are eating all the profits.  And in a down market like this, fees can really bite you.  Shop around for the lowest management fees available.

13. Do review your credit reports.

Your credit score may not have ever been as important as it is today.  With an excellent credit score you can borrow money practically for free right now.  Mortgage rates are at historic lows and cars are offering zero percent financing on virtually anything.  But with a less than great credit score you could be left on the outside looking in.  With lenders cutting down you may find it very difficult to get a mortgage at all right now, much less a good rate.  Watch your credit score and do what it takes to get it to the top level.

14. Don’t follow the herd.

Steverman uses my favorite quote from Warren Buffet here “Be fearful when others are greedy, and greedy when others are fearful”.  Don’t jump ship on your investments just because everyone else is.  Instead take advantage of people selling at such low prices and invest more.

15. Do write down an investing plan and budget, and stick to them.

Like we talked about with goals, Steverman highlights the importance of having a specific plan for your finances and sticking to it.

16. Don’t forgo necessary insurance.

Skimping your insurance coverages is not the proper place to save money.  Make sure you are properly protected against worst case scenarios.

17. Do check out your financial adviser.

With more money managers looking like crooks everyday, you would be wise to do a full investigation on anyone you have managing your money.  Ask proper questions and look them up on online databases.  Steverman says the Financial Industry Regulatory Authority’s BrokerCheck is a good place to start.

18. Don’t invest in anything you don’t understand.

Do your homework.  Don’t just invest in a hot stock tip.  Know what your money is going into.

19. Do make sure safe investments are actually safe.

Make sure your bank accounts are federally insured to cover the full amount of money you have in them.  If they aren’t, change accounts.  More bank failures are coming.  Make sure you are protected if your bank comes next.

20. Don’t take more risk than you can handle.

While this is a great time to invest, you should not try to make up all your losses with one move.  A classic mistake is “following one investing mistake by making an even bigger one.”, Steverman says.

Following these 20 dos and don’ts for 2009 will give you a good basis for your financial decisions.