The Good and the Bad of Money Management

Good money management needn't be difficult. In fact, there a number of easy steps recommended by most financial professionals to help manage your finances better.

Pay your bills on time to avoid late fees.

Don't wait until the red bill turns up! Make notes of due dates in your diary and remember to allow extra time for postal payments to reach the recipient.

Pay more than the minimum on your credit cards.

If you are paid weekly then pay a little each week rather than waiting until the monthly statement arrives.

Read your bank statement regularly.

Keep an eye on all your incomings and outgoings.

Check your credit report annually for accuracy.

These days identity theft is very common so you need to make sure you

are not paying someone else's charges.

Look around for and switch to credit cards with lower rates.

Many credit card companies offer low interest rates for transferring balances from another card.

Follow a monthly budget.

This may be easier said than done but if you are sensible about your outgoings then you will find managing your money much easier.

However sometimes things can go wrong. We all want to be able to be in control of our finances but we often make mistakes without realizing it. If you are concerned that you are using bad money management then you should always seek advice from a financial professional.

Here are some of the most common bad money management errors:

Not paying your bills on time

Keeping high rate credit cards

Neglecting to put aside emergency funds

Leaving preparing a will until it is too late

Not reading your bank statement carefully

Neglecting to contribute to a retirement account

Not checking your credit report annually for accuracy

Only paying the minimum monthly payment on your credit cards

Buying the first insurance you come across without shopping around

Failing to adjust your W-4 annually to make sure you are not paying too much

If you address the above issues wherever possible then you will no longer be guilty of bad money management and you may be pleasantly surprised how much better off you are financially in the long term.

Lorna Mclaren has a website with information regarding debt consolidation and money management at http://www.123-debt-consolidation-loans.com and where to apply for any Personal Loan you may need.

---

Retirement Income Needs---Less Than You Think?

It is widely written that you need 75% of your... Read More

How to Attain Your Dreams on a Single Income

If you recently became a single parent and see your... Read More

Portfolio Planning can Lead to Irreconcilable Differences

The judge had to ask the question, and we had... Read More

How To Free-Up 10% to 15% of Your Income

Would you be interested in freeing up 10% to 15%... Read More

Save Your Money, Dont Give to Charity Scammers

**If it's Spam, it's a Scam!- If it sounds too... Read More

Honor Those Who Serve with Checking Account Supplies

Our global society has had a wake up call in... Read More

Family Money Management: The Importance of Agreement

Are you having problems with debt? Are you afraid to... Read More

Single Mother Resources Directs You Towards Success

As a parent you are bound to face a few... Read More

Basic Bank Accounts Failing the Basic Needs of Consumers

The lists of bank and savings accounts that are available... Read More

Budgeting Before Buying

With interest rates being at an all-time low, I can... Read More

Five Secrets for Long-term Financial Success

Future financial success is not a guarantee that any one... Read More

Can You Afford Not To Look After Your Personal Finances?

Investing is a subject a lot of people don't want... Read More

Make or Break Your Retirement!

The Prudential has dubbed those who refuse to leave home... Read More

Car Donations and Used Car Donations

Car donations and used car donations are the way many... Read More

UK Parents Inactivity Harming Their Children?s Future University and Mortgage Savings

The British government at the beginning of this year officially... Read More

Knowing Me, Knowing You: Why ID Protection Plans Are Flawed For Fraud

ID theft is a major consumer concern, though there is... Read More

Understanding and Controlling Your Finances

Have you ever wondered what it would be like to... Read More

What Happens if You Die Without Making a Will

If you die without making a Will in the UK,... Read More

Affording a Home

Can you really afford a house? If so, how much... Read More

Saving Dimes Can Go a Long Way

On the other hand, there are those people who are... Read More

Saving Money On Gasoline For Your Automobile

The gas that we fill our tanks with every week... Read More

One Income Source Is Not Enough!

My personal opinion is that in today's new economy, it... Read More

Personal Checks ? Extreme Benefits

Millions of people have a checking account and many people... Read More

A Fresh Start for Family Finances in 2005

While 40% to 50% of us make New Year's resolutions... Read More

Save Money Off Your Home Utility Bills

Many don't realize that our basic utility bills provide the... Read More

Are You Ready To Be Fired?

Your boss has just informed you that your department is... Read More

Budget Planning - Its Elementary My Dear Watson

Does it feel like you have to be Sherlock Holmes... Read More

First Checking Account ? When is it Time?

We all know that money doesn't grow on trees, but... Read More

Budgeting your Savings - Did You Let Your Piggy Bank Get Away?

I think most of us have at some point in... Read More

Why Live Frugally

What is it about being frugal, why do it at... Read More

10 Steps To Improve Your Financial Situation

Here are ten steps you can follow to help improve... Read More

Save Money on Groceries: Part I

One universal of humanity, no matter who you are or... Read More

Understanding Your Finances Can Give You Power And Choice

What is finance and what do you need to know?... Read More