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First, Dry it Up
If you have a damp or wet basement, you have to fix it before you start any finishing work. The good news is that most water problems can be remedied by two measures: grading the soil to slope away from the foundation and adding or repairing gutters and downspouts. If these steps don't work, you'll have to take more extreme measures like adding exterior drain tile and waterproofing the walls or adding interior drain tile that empties into a sump basket with a pump. Eliminating water problems is time consuming and expensive, but it's critical to prevent a moldy and ruined finished basement.
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Seal the Rim Joists
Uninsulated rim joists are huge energy losers. Now's the time to insulate and seal your rim joists. One option is to seal the rim joists with rigid insulation cut to fit. We recommend a minimum of 2-in.-thick extruded polystyrene, but check your local codes to see what's required. If you have a table saw, use it to cut strips equal to the depth of your joists. Then use a fine-tooth handsaw, utility knife or miter saw to cut the strips to length. Fill small gaps with caulk, and larger ones with expanding spray foam from a can.