Success when it comes to handling money depends on following sound financial rules. There have been quite a lot of such rules out there. People who wish to use their money more efficiently tend to abide by them especially if these rules are known to work quite well for them. But there are also certain financial rules that can sometimes be broken. Breaking them might even help in times of need or during emergencies, as long as they are done the right way. Here are just some of them:

"Stay away from a reverse mortgage."

This is a rule that a lot seem to follow today. A reverse mortgage can be a cause of concern for people since it can sometimes leave them owing more than they receive. It can also be an expensive and confusing loan to avail. But a reverse mortgage is not entirely something that should be avoided. It can be a source of additional funds for those 75 years old and above. It can provide seniors with additional money in a form of a loan for their home equity ans still remain living under the same roof. A reverse mortgage should sometimes be considered as an option and not something that some people should try to get away from.

"Don't touch your retirement accounts prematurely."

This seems to be a very sound financial rule to follow since touching a retirement fund prematurely can result into costly charges and penalties that can eat up the funds that you have saved for many years now. But there is a way that you can use your retirement fund without having to suffer from the penalties.

The US government allows people to borrow money from their IRA accounts without paying for penalties and tax charges as long as they repay the amount borrowed within 60 days. This can become quite useful especially if you need money now but the check that you need may be coming in next month. It can be a source of emergency funds as long as you can repay it afterward within the time frame required.

"Don't use credit cards if you can't afford to pay for it."

If credit cards offer you the convenience of buying something today that you can pay for tomorrow, it can also as well cause you to lose track of your spending. Over time, it can cause you to accumulate heavy debts that can become a further burden especially during tough economic times. This is the underlying reason why a lot of people follow this rule.

But in a way, this rule may not always be true. It shouldn't hamper you from having a credit card that you can use for emergencies. Even during tough times, there are companies that may offer credit cards with low to even no interest for short periods of time. This can be quite useful especially during emergencies. You can still use your credit cards for purchases especially if such benefits are offered as long as you become very responsible and careful not to go overboard.