How Do You Manage Money?

Manage Money

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

  1. 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.
  2. 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.
  3. 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.
  4. 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)
  5. Investing
    • Get a broker or start investing in shares yourself.
    • Build money relationships with family members.
    • Share your money investing ideas.
  6. Budget
    • 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.
  7. Education
    • 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.
  8. 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.
  9. 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.

Blog Articles

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.

Thank you for sharing your money managing tips and insights. Your comments will be posted after it has been reviewed. No Contact emails will be displayed.

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.

5 thoughts on “How Do You Manage Money?

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