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It’s Your Money Handle It With Care

August 21st, 2015 by judytalks

It’s Your Money Handle It With Care

 

Financial management begins when you earn your first dollar. What you do with it may set a pattern you’ll follow for a lifetime. Whether you save it all, spend it all, or divide it into three parts – save, spend, donate – you’ve made a decision about the place of money in your life.

Most of us learn about money management by making both good and bad decisions, and it usually takes a few years to get it right. Mistakes can be costly, so it makes good sense to start learning about the fundamentals of money management early. Maybe you’re one of the lucky ones whose parents taught you at an early age. But most people reach adulthood with a smattering of information and a history of wishing they’d had more “money sense”.

Developing a results-oriented system for yourself leads to security and a worry-free lifestyle. It’s never too late to take charge of your money. In fact, it’s a good idea to make changes, even little tweaks, whenever it seems something isn’t working for you.

Answering some basic questions will get you started, and the questions can be asked at any time, for a new, fresh approach to your management system.

  1. What place does money play in your life?
  2. How will you pay for basic necessities?
  3. What will you have to live on in retirement?
  4. What is the best plan for someone who is single?
  5. Will there be money to leave to those you love after you’re gone?

A system that works – designed by you – can give you the cash flow you need and the peace of mind that you deserve.

The fundamentals of money management needn’t be complicated. To start with, get paper and pencil and a calculator and jot down your monthly income and your basic expenses. If there’s nothing left over to save each month, see where you can make some changes. I know this may seem impossible, but give it some thought. At various times, I’ve lived: without a car, without TV and/or internet, in a too small place, and without new clothes for two and a half years. Spending more wisely would have prevented some of this.

No one knows what will happen next week. You could win the lottery or lose your shirt.

If you want your money to last as long as you do, and have some left over for your beneficiaries, write a simple budget. Look for resources on money management and get out your calculator.

Places to look: Libraries, book stores, internet, community classes, and financial planners. Don’t make any decisions until you feel comfortable.

While you’re at it, take a look at a couple of my little ebooks.

Getting Your Affairs In Order is about handling an estate. It’s Your Money Take Charge Of It is all about earning, investing, saving, and making it last.

http://www.amazon.com/Judy-Strong/e/B004IGUWE6

Best wishes,

Judy

 

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