What you should know about Money Management

Careful planning and budgeting most individuals set up detailed systems that will help them track where their money goes every week, month and even year. Having good money management skills can take some time to acquire and it involves both tracking and constantly re-evaluating spending habits. When done correctly you can easily save more, pay off debts and grow you money with proper money management.

Things To Consider When You Start The Money Management Process:

If you have yet to begin to properly manage your money you will want to do so as soon as possible. Setting up an effective money management systems is key in helping you know exactly where you spend your money and where you can make crucial cuts to your spending. If you want to be able to better save and understand just where exactly all your money is going, you will want to start by taking these first steps:

1.) Create A Budget

Setting up a monthly budget for yourself is the best way for you to begin to properly manage your money. You will want to include all monthly bills you need to pay each month as well as money you need to spend on necessities such as food and even gas or travel. Once you know what you NEED to spend your money on you will want to take a close look on how you have been spending your money. Are you overspending? Do you go on a number of shopping sprees? Could you make necessary changes in your daily routine to save yourself some money such as cutting back on eating out or buying your coffee every morning? Add up how much you spend each month to get a better idea of where you can begin to cut back on your spending. This will allow you to set up a realistic budget that allows you to SAVE money each month for emergencies and retirements.

2.) Set Up A Debt Pay Off System

Paying off you debt is probably one of the more daunting and nagging wishes you have when in comes to money management. The best way to pay off your debts is to pay debts that have the highest interest rates first. Though you may be thinking that paying off the debts that have the most amount owed is the best way to go usually this only adds to the higher interest rate debts. Accounts that have higher interest rates tend to have a minimum amount due each month that just barely covers the cost of these interest rates, so in actuality the amount is only going down by a few dollars each month, which is not helpful when you are trying to pay off the debt. Organize all your debts from highest to lowest interest rates and begin paying extra on the debts that have higher interest rates.

3.) Invest

One of the scariest but more rewarding things you can do in your money management is invest your money. Speak with a financial advisory to see what options you have to invest your money. Things such as stocks or bonds can end up yielding a fairly high return if done correctly and with assistance.

Money management is essential if you want to be able to start saving and thinking about your financial security for the future. The best way to start with your money management it to create a monthly budget. From there you can better make decisions about how you can pay off your debt and how much you can begin to invest. This may include things that do not seem like an immediate investment, like upgrading your home property to include a storm shelter, swimming pool or heated floors. While initially these things may seem more like luxury than investments, it will increase the value of the property which will increase your net worth and your credit worthiness. 

Money Management Applications


When it comes to money management many tend to mismanage simply because they do not keep efficient records of their transactions, or tend to forget to make necessary adjustments. Though you can easily hire a financial advisor to do a lot of this work for you with the new developments of technology, it is easier than ever to get a better handle on your money management.

Money Management Apps:


Mint is a free money management app that is available for most smartphones. You can easily keep track of your spending, earnings and savings. You can create a detailed budget that will allow you to sync many of your financial accounts such as your bank, credit cards and mutual funds. This apps sends alerts when you go over your budget for the month and allows you to see your real time activity. You can also sets up additional alerts for your spending. This app is great for those who are constantly using their credit or bank cards for most purchases but also allows you to enter in your cash purchases as well. Mint can greatly assist you in your money management because it not only keeps track of all your spending and budgeting needs but it will also give you suggestions and tips on how you can save more money with you spending patterns.


Mvelopes is a great money management starter tool. If you are just beginning to think about your budgets and financial planning than this app is a great way to help ease you into the process. The app is free and can be used on most iOS and Android operating systems. Mvelopes syncs up to your existing accounts to create a manageable budget specific for you earnings and spending.

Pocket Express

For individuals who are concerned about the security of syncing an app with their bank accounts than Pocket Express can give you a secure way to manage your money. Unlike many of the other apps Pocket Express requires you to enter all your transactions. Its main focus is to evaluate your spending so you can see just where your money is going before you create a budget for yourself. This color coded system easily organizes your spending and savings. It is a free app that can be used with iOS systems.


This app will cost you to download but is well worth the money if you are serious about taking control over your money management. The app color codes and neatly organizes all your transactions. It uses charts and graphs to give you a better understanding of your income, budget and all your accounts. This app offers a number of easy to use functions that can greatly benefit you with managing your money. One of the features it offers that many of the other free apps do not is a search tool. You can easily look for and find specific transaction in any of your accounts.


Expensify is a free and incredibly easy to use money management app. You can take a photo of your receipts to have them easily organized and added to your transaction tracker and expense report. There are a number of great features and tools that will benefit business owners or freelancers. You

can add travel expenses to your clients bill or easily keep track of gas and mileage for tax purposes. Expensify works with Windows, Android and iOS operating systems.

These apps can help you a great deal in your money management. Whether you are trying to save a little extra money each month or want to find a way to pay off your debts faster these apps can help.

Better Money Management

How To Be Be Better With Your Money Management

Saving, investing, budgeting and planning can all seem overwhelming when it comes to money management. Though you may be trying to have better financial responsibility there are some factors you can simply be overlooking when it comes to having proper money management. These few tips can help you see exactly where you may need to cut back spending and ways to increase your savings with some minor adjustments to your income.

Create A Budget

Not having a budget can easily be the biggest reason why you are not handling your money well. A clear budget will show you just where your money is going each month. You can track your spending, ensure you are paying your bills on time and see where you can begin saving money with a carefully constructed budget. You want to maintain this budget as well. It is not enough to simply make a budget for one month and not update it the next. Make it a regular routine for you to sit down and create a monthly budget for yourself and be sure to look over how you spent your money the previous month. By do this you can better see your spending habits and see where you need to make improvements and cuts in your spending.


It can be very easy to spend more than you make and many individuals do this on a regular basis. To improve your money management you need to be honest with how you are spending your money and know when you should not be spending money. Learn to spend less in order to begin saving more. There are probably a number of areas in your budget that you can afford to cut back on spending.

Think About The Future

You should be considering what you are going to be doing once retirements starts creeping up. Though it may be years and years away beginning to set money aside for your retirement as early as possible can be a huge stress relief. It may be hard to set aside a little money each month or each pay check but in the future you will be glad you took the extra effort to begin planning early and saving for your retirement now.

Have An Emergency Fund

There are a number of situations that can financially throw you way off your budgeting goals and this happens to a lot of individuals. You want to make sure you are setting money aside each month for such situations. Having even a small emergency fund can be a lifesaver if you get injured and are unable to work or if some other big financial burden gets thrown your way.

Not Spending Wisely

Overspending is one culprit of not spending your money wisely but there are a number of other contributors that can be throwing off your money management. If you tend to have to buy everything new then your could be damaging your ability to save more. Though it is nice to treat yourself every once in awhile you need to really consider if you need to buy everything as soon as it becomes available. Do you need to buy that brand new version of smart phone or laptop? Do you need to buy a whole new wardrobe each season to keep up with the trends. No. You do not. Learn when to put off

buying new items and find ways to buy many of the things you may need used. You can end up saving hundreds or thousands from shopping smart instead of always shopping new.

Though you may think you are being more financially responsible any of these overlooked areas can be keeping you stuck in your financial burdens. Look closely at how you spend your money and create a budget that is specific to your actual income if you want to be able to save more and stress less.

Money Management Tips

Money management deals with being aware of how you spend your money each month. It has to do with your budget, savings, investing and debts. It can be intimidating to have complete control over your money management at first and there are a number of mistakes that could be costing you money and keeping you in financial trouble. If you want to be able to save more money and properly budget yourself then you will want to utilize these money management tips.

Track your money

Begin keeping track of just where and how you are spending your money. Save receipts and keep track of all your transactions. There are a number of apps that can help you keep all your transactions and spending habits in an organized and clear to read format.

Create a budget

Having a budget is essential when it comes to money management. In order for you to know where all your money is going and where you can begin saving you need to have a monthly budget. Keep your budget up to date and make a new one for each month, this way you can easily see how you are making improvements with your spending and where you can work a little harder.

Start Saving

There are so many things that can happen and not having any money saved can bring even more financial burdens than you need or can afford. Begin setting aside money every month for emergencies. You will feel a lot less stress knowing that you have a small fund started just in case anything were to happen.

Pay Bills on time

One of the biggest culprits that can be adding expenses to your budgeting is not paying your bills on time. To avoid costly late fees and overcharges pay your bills ahead of time. Many companies are willing to work with you to set up different due dates that can better work with your budgeting. If it is better for you to have all your bills paid at the beginning of the month that try to make arrangements to do so, if on the other hand it is too much of a financial burden to pay all your bills at once then be sure to split them up evenly to pay them twice a month.

Check Your credit report

When you are trying to focus on your money management it is wise to consult your credit report and get your credit score. By looking over your credit report you can see exactly where you were or are having difficulties making payments on time. There are also some tools that many credit trackers provide that can help you pay off your debts and tips on how to increase your credit score. Set up alerts that will notify you if and when there are changes to your report. By doing this you can more quickly become aware of when new accounts have been added, become late or even turned from a negative mark to a positive one on you your report.

Pay Off Debts

One of the main reason anyone begins to start money managing is to help pay off debts. To more quickly pay off your debts you will want to make sure you are paying them on time and paying off the ones that have a higher interest rate first.


Look into ways you can begin to invest your money. Investing your money can be an easy way for you to grow your savings and to start setting money aside for retirement.

Basic Money Management

  1. The Basics Of Money Management

    Your savings, spending, investments and debt all contribute to your money management. There are a number of things to consider and plan for when you are trying to manage your money, and if you are new to this responsibility then it can seem overwhelming. Though at first it can seem like a daunting task the sooner you learn how to properly manage your money the better off you will be financially in the future. Here is a the simple process of money management.

    Financial Planning

    When it comes to money management financial planning is the first step you take to decide where your money will go. There are a number of things that will end up changing your financial planning strategies as you progress such as:


    Career Change

    Starting or Growing Your Family

    Medical Expenses

    Supporting Family Members

    Buying A Home


    By mapping out a financial plan you can better prepare for any obstacles that may arise in your finances in the future. Your financial plan will change as your living arrangements or lifestyle changes so it is wise to revisit your financial plan when a big changes occurs.

    Investing or Building Your Wealth

    Knowing where to invest your money and how to build upon your wealth is one of the more difficult steps in money management. You can end up taking a number of risks that may not pay off very well or may greatly increase your investment. You should be considering a variety of ways to invest you money even if it may seem a little scary and risky because it is one of the simplest ways to grow your wealth. There are a number of investments options that you can begin to look further into such as:




    Business Franchising

    This part of financial planning is best done with someone who knows more about investing your money. Working with a financial planner can greatly help you understand and make the best decision for you and your money.

    Budget Planning

    Having a detailed monthly budget plan can save you a lot of stress and worry. By drawing up a monthly budget plan you can easily see just where your money is going each month. This can help you better decide where you can afford to make cut backs and where you should be putting a little more money each month.


    One of the more difficult steps in money management is paying off your debts. It is more common for individuals to have hundreds of thousands of dollars in debt each year. And though you may be thinking you are making the smartest choices when it comes to paying off your debts you may be making some very common mistakes that are just wasting your money.

    List all the debts you have and organize them by interest rates, not by how much you have left to pay on them. Where many people fail in money management is not taking into consideration just how much more money is being added to their debt because of the interests rates each month. Pay off the debts that have the highest interest rates first. Pay extra on the higher interest rate bills and then once one gets paid off put that additional money to the next highest interest rate bill. This process will get you paying off your debts quicker without wasting money by only paying the minimum due on high interest rate bills, which tend to only cover the additional interest rate. These bills tend to never get lower and with some can actually increase the amount due each month.

    Money management is a continuous process that consist of planning, budgeting and saving. You may not believe that it is important right now to begin thinking about money management but the sooner you make it a common practice the better off you will be financially.