My parents never thought any of their five kids how to manage money. I guess growing up middle-class and struggling to make ends meet teaching their kids about money was the last thing on their minds. Most likely their parents never taught them anything about managing money.
I am half a century old today. The things I know about money today. I wish someone sat me down and gave this knowledge when I was younger. My knowledge of managing money is mostly self-taught. I am thankful for the internet and all other internet users willing to share their knowledge and experience about managing money. Otherwise, I will still be in the dark today.
My Tips On Managing Money
- Start a pension plan as soon as you start working.
- None of us has any idea how long we going to live.
- You do not want to live on the governments’ pension you will not survive.
- You can always leave the fund to your loved ones.
- Start a savings account.
- Start saving from your first pay cheque.
- The savings can be used for a deposit on a house or to buy a car.
- Get into the property market as soon as you can.
- Buy more than one property.
- Forget clothing or any other store accounts.
- Save money and buy what you need cash.
- If you cannot afford to pay cash then buy on credit but pay it off sooner than later.
- Stop wasting money.
- You do not need to spend huge amounts on brand names.
- You do not need to entertain yourself every weekend.
- Stop playing games of chance. (Gambling)
- Get a broker or start investing in shares yourself.
- Build money relationships with family members.
- Share your money investing ideas.
- Draw up a budget make sure you know where your money is going.
- Budget the money you want to spend.
- Have a budget for saving money.
- Very Important. Spend money on educating yourself and your kids.
- This is a long-term investment in yourself or your family.
- People can take away your possessions from you no one can take your education.
- Read, attend workshops on managing and growing your money.
- Reward Yourself
- Save money for a holiday or that something special you want.
- You do not have to reward yourself every month.
- Reward yourself once a year you will appreciate it more.
- Give Back
- Support one charity.
- Volunteer or give financial support one or twice a year.
- Assist the needy where you can.
Manage Money Insights
There are many places on the web that teaches us how to manage money. Here are some links for you take a look at.
What have you been taught about money or what have you taught yourself?
Please share your experience and wisdom about managing money. Comment with your money wisdom below.
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Disclaimer: Note the article was not written by a professional money advisor/investor. If you need serious money investing advice contact a broker from any of the banks or investment companies in your area.