Good money management needn't be difficult. In fact, there a number of easy steps recommended by most financial professionals to help manage your finances better.
Pay your bills on time to avoid late fees.
Don't wait until the red bill turns up! Make notes of due dates in your diary and remember to allow extra time for postal payments to reach the recipient.
Pay more than the minimum on your credit cards.
If you are paid weekly then pay a little each week rather than waiting until the monthly statement arrives.
Read your bank statement regularly.
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Keep an eye on all your incomings and outgoings.
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Check your credit report annually for accuracy.
These days identity theft is very common so you need to make sure you
are not paying someone else's charges.
Look around for and switch to credit cards with lower rates.
Many credit card companies offer low interest rates for transferring balances from another card.
Follow a monthly budget.
This may be easier said than done but if you are sensible about your outgoings then you will find managing your money much easier.
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However sometimes things can go wrong. We all want to be able to be in control of our finances but we often make mistakes without realizing it. If you are concerned that you are using bad money management then you should always seek advice from a financial professional.
Here are some of the most common bad money management errors:
Not paying your bills on time
Keeping high rate credit cards
Neglecting to put aside emergency funds
Leaving preparing a will until it is too late
Not reading your bank statement carefully
Neglecting to contribute to a retirement account
Not checking your credit report annually for accuracy
Only paying the minimum monthly payment on your credit cards
Buying the first insurance you come across without shopping around
Failing to adjust your W-4 annually to make sure you are not paying too much
If you address the above issues wherever possible then you will no longer be guilty of bad money management and you may be pleasantly surprised how much better off you are financially in the long term.
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The Good and the Bad of Money Management