Money Management Skills

People handle money in many different ways—some good, others bad. Hopefully, the method you live by meets your needs and enables you reach your goals. However, for many the choice isn’t necessarily a conscious one. You may have never even thought about it. If you find yourself in a financial crisis, it’s time to make some changes. 

Self-Evaluation
It’s always a good idea to take a look at how you actually manage your money. Then, determine if it’s working for or against you. Lastly, make changes the necessary changes. 

Consider these questions:
1. What is your process for paying your monthly bills (pay as they come in, set aside one day per month)?
2. How do you pay your monthly bills (check, money order, online)?
3. If you have a checking account, do you use it, balance it, or is it more trouble than it’s worth?
4. What do you do when you want to purchase something but you don’t have the cash?
5. Where do you keep your extra money? In the bank or in your wallet?
6. Do you have money or change around your house or car?
7. Do you typically know how much money is in your wallet?
8. Where do you cash checks and paychecks?
9. Do you have a checking account and/or savings account?
10. When you cash your paycheck, do you put any in savings?
11. How much of your paycheck goes towards bills and other debt?
12. If you have kids or teenagers, do you routinely give them cash when they ask for it, even if you know you shouldn’t?
13. Do you like the way you manage your money?
14. What works best for you?
15. What would you like to change?

The bottom line is that how you manage money affects your ability to meet the current and future needs of you and your family. If you believe you’re headed for trouble, make a change now!