Money Management Tips

Money management is a life skill. Money management is a contributing factor to living the life you love, but certainly not the only factor.

For me, tips on money management include:

  1. Know your spending habits – Are you a spender or a saver? What is your achilleas heal?
  2. Understand your cashflow – know when money is coming in and going out
  3. Think long term as well as short term – Savings accounts and Superannuation savings – start contributing a small amount to both of these regularly – the sooner the better. 

What practices do you use to manage money?

Money management enabled me to:

  1. Pay for activities my kids love – enabling them to live the life they love
  2. Pay my bills on time – giving me an excellent credit rating and piece of mind
  3. Make extra payments on my mortgage- where I aim to save $200,000 in bank interest and
  4. Make extra payments to my superannuation – where I plan to grow my super by $200,000.

Short term money goals are important as they enable you to have items to simplify or enhance your life – or maybe both.  These items enrich you and your family’s life. 

Achieving your short terms goals helps you now and encourages you to see that your long term goals can be achieved.

These are money management suggestions that have worked for me. I am not a financial advisor. These are broad suggestions and not based on individuals’ specific circumstances.

Share with us your short or long term money goals.

What has money management enabled you to do?