Take a quick look at your current money management skill level
Answer the following questions truthfully, based on what you do today. Ask yourself how much effort do you put in managing your own money? Do you keep track of what you spent in a day, week, or month? How many times do you regret spending so much money on something that will benefit you so little? You do not need to share your answers with anyone – they are merely to help you identify how you may want to improve your own money management skills.
The foundation of sound money management is the budget. However, for many people, the word “budget” evokes feelings of fear or frustration. Your budget is your plan for your money. It is based on choices you make and priorities that you identify.
Building a spending plan, or budget, is a step–by–step process. Once complete, your budget is the solid foundation with which you can manage your current income and expenses and plan for future possibilities.
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A fatal flaw when paying off debt and bills is forgetting to budget. Here’s why and what to do instead.
A breakdown of categories for your budget and how much to spend on each type of expense.
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