{"id":8268,"date":"2011-07-21T01:21:14","date_gmt":"2011-07-21T08:21:14","guid":{"rendered":"http:\/\/rosalindgardner.com\/blog\/?p=8268"},"modified":"2019-02-13T11:23:07","modified_gmt":"2019-02-13T19:23:07","slug":"money-management-101","status":"publish","type":"post","link":"https:\/\/rosalindgardner.com\/blog\/money-management-101\/","title":{"rendered":"Money Management 101"},"content":{"rendered":"

\"\"Here's another article<\/a> by Finance Expert Brandon Lamb with some no nonsense money management tips (new to some, reminders for others… who, me?) \ud83d\ude42<\/em><\/strong><\/p>\n

No matter who you are, at some point in your life, you will have to manage your own money. Unfortunately, few of us receive any formal instruction for this essential skill. We must learn it the hard way \u00e2\u20ac\u201c through trial and error.<\/h3>\n

Even in the best of times, the trial and error method is fraught with peril. Every mistake can be reduced to a dollar amount. In the past, maybe those amounts, while certainly unpleasant, weren\u00e2\u20ac\u2122t crushing. Times have changed. The stakes are greater, and so are the penalties. Defaulting on a cell phone bill means $500 to $1000 on top of the amount already owed. If your car breaks down on the freeway, and you can\u00e2\u20ac\u2122t afford to have it fixed, or even towed, it could cost you thousands of dollars in towing fees, even if you simply sign the title over wrecker so he can sell it. What\u00e2\u20ac\u2122s even worse, these mistakes will be reported to the credit agencies, which can damage your financial health for years to come.<\/p>\n

But perhaps the worst effect of money-management is the stress and worry it creates in your life. Did you know that the number one source of friction between married couples is money?<\/p>\n

Now, I\u00e2\u20ac\u2122m not saying that managing your money successfully will mean that you won\u00e2\u20ac\u2122t ever worry about money. Probably the only way you\u00e2\u20ac\u2122d ever stop worrying about money is if you owned a few thousand shares of Apple stock. But it can help you reduce your worry over money. And who knows, maybe even improve your relationship.<\/p>\n

The first thing you should do is research. It\u00e2\u20ac\u2122s the key to everything, and it\u00e2\u20ac\u2122s usually free. Start out online. Find some financial assistance sites and absorb their free information. But please take their suggestions with a grain of salt. Not everything you read online is factual or even complete. Simply use this as a starting point, gleaning the most basic information. Then go to the library. What you need absolutely need to know is:<\/p>\n

\u00e2\u20ac\u00a2\tHow to balance your checkbook
\n\u00e2\u20ac\u00a2\tWhat interest rates are
\n\u00e2\u20ac\u00a2\tHow to pay off loans
\n\u00e2\u20ac\u00a2\tHow to save for retirement<\/p>\n

Next, make a list of your financial responsibilities. Write down what you owe, who you owe, what the interest rate is, and minimum payment amounts. Be sure to include daily expenses, such as food and gas.<\/p>\n

This is your basic budget. If you match these expenses to your monthly income, you\u00e2\u20ac\u2122ll see areas you might be able cut costs as well as how much money you can set aside for retirement, or a savings.<\/p>\n

\"\"<\/a>One last piece of advice: Try to avoid credit card debt under any circumstances. Don\u00e2\u20ac\u2122t charge anything that you won\u00e2\u20ac\u2122t be able to pay off at the end of the month.<\/h3>\n

To learn more about how you can manage your money better, slash your spending, and put more money in your bank account, visit Brandon's Slash Your Spending<\/a> or read my review of his book<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Here’s another article by Finance Expert Brandon Lamb with some no nonsense money management tips (new to some, reminders for others… who, me?) \ud83d\ude42 No matter who you are, at some point in your life, you will have to manage your own money. Unfortunately, few of us receive any formal instruction for this essential skill. […]<\/p>\n","protected":false},"author":558,"featured_media":8270,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[28],"tags":[987,1356],"yoast_head":"\nMoney Management 101 - RosalindGardner.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/rosalindgardner.com\/blog\/money-management-101\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Money Management 101 - RosalindGardner.com\" \/>\n<meta property=\"og:description\" content=\"Here's another article by Finance Expert Brandon Lamb with some no nonsense money management tips (new to some, reminders for others… who, me?) \ud83d\ude42 No matter who you are, at some point in your life, you will have to manage your own money. 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