Tag Archives: Money Management

Why Do You Spend or Save?

What motivates you when it comes to your finances? Are you a big spender? Or do you consider yourself a saver? Do you enjoy budgeting? Or do you hate it? Or do you even bother to budget? It is important to ask yourself these questions and to truly understand the feelings that you have towards money. These feelings will affect the decisions you make and the financial success you do or do not have. It is important to find a good balance between saving and spending. I have known several compulsive shoppers and spenders throughout my life. I understand the … Continue reading →

What Motivates You to Manage Your Money?

What motivates you to manage your money? If you are just beginning to manage your money and to get your debt under control was there a specific experience that brought you to that point? Or if you have always managed your money, saved, and avoided debt, why do you think you do this? Do your parents have an affect on the way that you handle your money? I think that my biggest motivating factor is seeing the stress that money has caused other people. I also have plans for my retirement. I want to travel and help others. I know … Continue reading →

Teaching Your Kids To Be Fiscally Fit

When Tyler announced recently that “we’re not poor”, I realized that perhaps it was time to start teaching him the value of money. At first I couldn’t understand why he would say such a thing, then I realized that in his mind we’re not poor. He also mentioned that “poor people don’t have money”. Because he basically gets what he wants he assumes we have money. No attempts to persuade him otherwise has worked so, actions speak louder than words, as they say. So for 2007 I’ve made a resolution to teach Tyler that although we’re not as poor as … Continue reading →

Do I Really Need to Manage My Money?

We all know people that drift through life, without seeming to have a specific direction of where they are headed. The future is always something that is never too focused. These people are very good at enjoying the present moment. While it is important to enjoy the present, it is also important to plan for your future. Money management is essential to help you achieve your dreams. Many people balk at the idea of having to sit down and budget their money every month. It is stressful, boring and too much work. But they often do not realize all that … Continue reading →

Tips for Using a Money Mentor

Have you ever considered using a mentor to help yourself improve your money situation? This can be an effective way to help you to change the way that you manage money. It gives you someone else that you are accountable to, and whom you can bounce your ideas off of. A good mentor will provide your encouragement, and sound advice. When you are considering looking for someone to mentor you in your money management skills you need to make sure that their philosophy mirrors the one that you want to embrace. It does not make sense to choose a risk … Continue reading →

Budget Strategies: Don’t Forget Work Expenses

One area that is often overlooked in budgeting is that of work expenses. These items can sneak up on you, and may make you wonder where all the money is going. It is important to consider these items as you make up your budget. If you both work, it is even more important to plan for these expenses. It may not be fair to take this money from blow money or allowance categories, since many of these expenses are not by choice. Here are four work expenses categories to consider. 1) Does your office have a monthly fund for birthday … Continue reading →

Finding Balance with Money Management

It is important to find a balance when it comes to money management. I am sure that you know people who are so careful with their money, that they never take the time to enjoy it. They do not go on long vacations, buy toys for their children, or give to others. Their focus is to save, save and save some more! And I am sure that you know people who take no thought for the future, or even for the present. The simply buy what they want when they want, even if it means financing everything. Both of these … Continue reading →

Does Your Current Phase in Life Affect Your Money Management Choices?

As you consider money management it is important to realize that life runs in phases. Your needs and planning will need to be adjusted according to the phase that you are currently in. Recognizing these phases and your responsibilities while in these phases will help you to plan for a more secure future. The first phase is that of a young professional or worker. In this phase you should work on getting out of debt. It is also a good idea to begin saving for retirement aggressively at this phase of life. The more you save now the less you … Continue reading →

5 Ways to Help a Reluctant Spouse Begin to Budget

One difficult thing in any marriage is dealing with the finances. It can be especially difficult when one spouse wants to save or spend more than the other. It may be that one spouse (usually the one who pays the bills) comes to the realization that something needs to change, while the other spouse wants to continue spending money without cutting back. It is important to work on your finances as a team, but is there anything you can do to help get your spouse on board? Here are five suggestions. 1) Often times one spouse simply has no idea … Continue reading →

Five Reasons Not to Budget

Here are the top five excuses for not budgeting. Most of these excuses are things that people have shared with me in the past. It is important to realize that budgeting can benefit you even if you do not think that you need to bother with it. 1) “I don’t have the time to track all of my expenses.” This is usually is mentioned by the same people who do not have the time to keep a running balance in their checking accounts. They are always confused as to why they never have any money. 2) “When I run out … Continue reading →