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Money plays such an important role in our lives. It can impact our lives in every way that matters. The need to examine and explore how are your money management skills is very important. If you want to live a life that is one of stability you must explore your relationship with money.
Accessing Your Money Management Skills
So how are your money management skills? Is it lacking, in need of improvement or just fine tuning your skills. This blog post is centered on examining your money management skills and how money plays an important role in our lives and without proper money management skills one can open the door to many problems in their life.
The first thing that I would recommend that you do would be to sit down and look at your present routine for how you handle your money. Here are some questions you might ask yourself.
Do you have a routine for how you handle your money
Is there a weekly or monthly budget that you follow
Do you know exactly how and what you are spending your money on
Are you prone to impulse purchases or even lending friends and family money without a thought
Is money or lack of money a constant frustration in your life
Do you have a savings
Are you drowning in credit card debt
Simple Steps Makes Can Make a Difference
The questions above are basic questions that one could use when determining how are your money management skills. These questions can serve as a check in with yourself and how you relate to money. If you find that a lot of these questions apply to you in a negative way, do not despair. Like most habits we have, there is always a way to improve or change. If you would like additional information please read my blog, Fundamentals of Budgeting 101
There are some basic steps that I would suggest to get you started. First sit down and formulate a plan. This plan should include your income and your expenses. Once you have done this the next step would be to make a budget. I would also recommend that you pay attention to you spending habits and monitor what you are spending your money on. Make a determination as to whether these items are needs versus wants.
Look for small ways that you can save over time. This might include preparing more meals at home, cutting back on those daily coffee trips or just simply splurging a little less. Indulging can be a good thing but like most things if it is overdone it can become a problem.
Beginning a new approach to your money management skills
While I am not, nor do I profess to be a financial planner. If you are in need of real financial advice I suggest that you see a certified accountant or financial planner. The information that I am giving you is merely my advice. I have watched many people over the years with great incomes make poor financial choices and complicate their lives unnecessarily.
It is my hope that you will read this blog post and use the information to examine how are your money management skills. If you are doing that and making the necessary adjustments then this information has served its purpose. Until next time my readers continue to ….
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