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Six Tips For Proper Financial Management

Updated on September 1, 2012

Financial Management

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Common sense ideas for better finances

Many people overlook the management of their finances and then it becomes almost too much to handle. By learning what to do (and not to do) you can sleep easy at night knowing that you won't be overwhelmed by a lack of financial management.

This article is meant for people who are just starting out as the advice may seem redundant to people who have their finances in order. But even for those whose financial order is a bit frazzled, these tips can serve as a gentle reminder to get back on track.

Emergency Money

My parents have always told me to set aside ten percent of my salary each month into savings. Now this may seem like a lot of money but believe me, once you get in the habit of doing it, you won't even miss it.

Especially in this current job environment, you may well need to rely on that emergency money as it is probably going to take longer to find a job once you've been let go. And the chances of being let go is greater than it's ever been.

Personal Finance 101

Pay Off Those Outstanding Bills

If you have outstanding bills make sure you pay those off as the last thing you want is bill collectors banging on your door. The even better answer is not to let those bills pile up in the first place but we all get into trouble from time to time and have cash flow issues. If you cannot pay everything all at once then set up a payment plan. Make sure you stick to it.

Don't Loan Money - You Are Not a Bank

It is never a good idea to loan money to anyone. You are not a bank and you should not have to manage other people's finances. Having said all this, it can be easier said than done especially when dealing with family. But the true question remains. How did they get into that predicament and are they going to repeat it in the future? If you make your finances available, they are going to be less inclined to figure it out for themselves and will come to rely on your handouts.

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Avoid the Temptation To Have the Latest and Greatest

It's always tempting to buy the latest and greatest technology gadget and it doesn't help when you see the neighbor unloading that new wide screen HD TV. But only make these high priced purchases when you have the cash to pay for them. Otherwise, you are going continue to rack up credit card bills that you won't be able to pay. Remember the interest on those credit cards are insanely high. Forgo the purchase if you cannot afford it.

Take Advantage of Discounts and Savings

There are many web sites that offer coupons and discounts so it pays to take advantage of them. Sure, it takes some work as not all of them are valid but when you find decent sites, you tend to go back to them first. Taking advantage of discounts can be a great way to get your finances in order as long as the purchases you make are truly necessary.

Limit the Number of Times You Go Out to Eat

Going out to eat is something many of us enjoy. It's a lot of fun and not having to do dishes is a great motivation for this pastime. But going out costs money and lately it's getting worse. It's best if you keep the number of times you go out to a minimum. Notice I did not say you should never go out. Just make sure that it is reasonable.

Managing Your Finances - It Can Be Done!

Learn how to better manage your finances. This means live within your means and be sure to save for a rainy day. You will be well rewarded for this frugal change and you may even sleep better at night.

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    • one2get2no profile image

      Philip Cooper 

      6 years ago from Olney

      Great hub....good information. Thank you.

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