Money Management Skills description

Money Management Skills description

Money Management Skills description

Money Management Skills description,This article is to teach you how to develop your Money Management skills.http://www.ixgw.com/ Best Financial Advice - Financial Planning | www.IXGW.com

Basic money management largely is a combination of organization, planning and discipline. Simply put, knowing how much you are earning, how much you are spending and what you expect for the future will solve many money management problems.

Budgeting

For many people, the first problem in money management is budgeting current spending. This includes tracking the categories in which money is spent (e.g., food, utilities, entertainment) and also the amounts spent on each. This is a major step in determining how to cut costs.

Debt

Debt can be useful to speed access to needed items, but the interest charges associated with debt can be detrimental. Assess the amount of debt owed and the interest rates associated with each debt. Rank the debts according to their interest rates and make paying off the highest interest rate debts a priority.

Saving and Investing

Saving for major expenditures and for rainy days can help protect you from the high interest rates often associated with debt. As a general principle, it is useful to keep a savings account with at least six months of expenses as an emergency fund.

Saving for retirement is somewhat different. This should include a combination of investments in stocks, bonds and other financial instruments that may be more risky than the savings account for emergencies. Generally speaking, it is useful to contribute at least 10 percent of your paycheck to a retirement fund or investments for retirement. This amount should increase after the costs of sending children to college have passed and retirement nears.http://www.ixgw.com/2010/06/money-management-skills-description/

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