The Basics of Money Management Skills…No Matter How Much You Make

  • Living pay day to pay day? 
  • Wondering if you will ever get ahead or if you have plenty but wasting money?
  • Imagining the day that you have enough to cover all bills and then some or have enough extra but don’t know how to properly save it?

We all have money struggles or worries, even if we do make enough to cover all bills and then some.  There is a saying “the more money you make, the more money you spend”.  I have found this true for myself so started asking myself why I continue to spend more as I earn more. My newest and ongoing question to myself and hope to become yours is…

If I perhaps lived the way I lived when I only had half my current income, then how much could I truly have now?”

We all could benefit from some simple money management techniques or mindsets…as I would call it.  Whether we make $25k or $200K per year, there are some basic money management skills to be had or learned.

How many of you constantly stress over the above financial issues?  I have been there and feel your struggles…still do which is reason for my writing this article.  Believe it or not, managing your finances is all completely possible with just a little bit of will power, a better knowledge of how to best handle your incoming cash and a few tips on investing and saving.  No matter your financial situation, it is possible to get yourself into a positive cash flow…if you are willing to put forth the time, attention, effort, and positive mindset. Let’s answer a few questions to see if you are ready to start on this new road to financial freedom…or at least not worrying about how your next meal will be put on the table.

  • Mentally ready to start a new financial journey? Note: This is the #1 most important thought process!
  • Want to stop worrying about where food money will come from tomorrow or next week? 
  • Motivated to see your savings account grow?

If you can answer yes to all of the above questions, then read on but get ready to make some sacrifices.  This will not be easy and does require some true willpower…as is with many things in life.  However, with the right mindset and motivation, you can change your situation.  It may take months or could take years (as it was in my case) but if you stick to it, it can and will happen. Even though I could stand to stop wasting some money, I still have enough to pay all my bills and much more, all because I followed the below tips.

Ok…here we go…ready? 

I will try to make this as simple as possible.  In my opinion, we all don’t have time for complex matters as life is already that for us.  So, we need easy go to methods for managing our finances…especially if you are working two jobs or one job plus juggling a family or other responsibilities. 

Let’s examine 3 basic smart tips for managing our finances to help at least have a little left over to put away in savings each pay day.

#1 Create a simple budget and stick to it.

Check out my article: How to Create a Simple Budget

This step is basically determining how much you make and not spending more than that. If you figure out that your income does not cover your basic necessary living expenses, then move on to advice #3 or either contact me at to get some advice in how to move forward with your financial plan.

#2. Start a savings account, even if only $5 per pay day put into it.

This one is very simple. If all you have is $1 or $5, start putting it away in a savings account. Any small amount helps and will build up to a much larger savings as you start to get all of your other financial matters in order. First just start with a goal of anything. If it is simply $5 per pay day, then do it and do not touch it if not absolutely necessary. Keep building up until you reach at least $1000 for emergencies. After that, keep building for long term large purchases.

#3 Decide to further your education or get a second job to increase income.

Sometimes having enough to cover ordinary living expenses or building up a savings account is just simply working longer hours, getting a second job or going back to school to further your education. Working a second job is not ideal but I will tell you that, even though I have furthered my education and only work one job, I still often work the weekly hours equivalent to two jobs. Yes, getting the education and experience in my field of work has helped me to retain a higher salary however, very long hours come with that responsibility. I do owe quite a large education debt but there are many ways to go around that. If you feel that you would like to go the education route, you can always apply for Federal Pell Grants and much more. That is how I was able to get through college as a single mom. It is possible.

With the above proven and followed tips, you will be well on your way to living pay day to pay months or years. The main thought process is to stick with your plan and do not deter from it. Will it be easy? The answer is no but with the right plan and mental will power, you will be well on your way to a brighter and better financial future.

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