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Can I improve my money management skills?

Posted on: 31st Aug, 2006 10:36 pm
First of all let me thank you all. I have gained lot out of this forum. I am 35 years old and till now I am able to some how manage my money and also save some. But still I would like to know some of the tips that will help me improve my money management skills?

mac
Hi Mac,

Welcome to the forums.

Its good to know that you are seriously concerned about your money.

Here are some tips that will help you:

Differentiate between needs and wants – It's very important that we understand the difference between our wants and our needs. If you see that you are spending excessive money on dinning out which is our want, then sit down and think of some alternative to it, which will cost us less.

Categorize your spending – Try and categorize your spending plans like household expenses, travel expenses, mortgage and car payments etc. and once it is done keep aside some dollars for each category and try to meet all the expenses in that category with it.

Workout a savings plan – It's always a very good idea to have some kind of savings plan in our budget. It's very important that we understand the importance of saving sooner than later. This may not only help us when we retire but also help us to meet unanticipated costs or emergencies.

Prepare a budget – Sit down with your family members and plan budget as needed. And make sure that you update your budgeting plan as per your requirements.

Please feel free to ask if you have any more doubts.

Thanks,
Jerry
Posted on: 31st Aug, 2006 11:15 pm
Hi Mac,

You are looking for some tips on money management. Here How smartly we can manage money, we have already discuss on this. Hopefully it will help you to gain your knowledge.

Thanks
Posted on: 01st Sep, 2006 01:23 am
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