What Money Management Really Means to You

Written by Super User on . Posted in Learning Center

When you think about money, what is your level of concern? Do you manage a set budget? Do you know what your income is? Do you know your expenses and how much you spend on a weekly or monthly basis? Do you have any money in savings? What is your overall level of involvement in your finances and what level of importance does money play in your life?

If you answered “I’m not sure” to any of these, then it is possible that your money mind set isn’t as important as it should be. It’s true that some folks are better at managing money than others, and, no, not everyone is accountant, but you don’t have to have a Bachelor’s in Finance or an MBA to properly manage money. There’s still time to change your mind set, and here are some ways to do it.

Identify Your Emotions and Behavior. We divert back to the questions asked initially. What is your overall opinion, thoughts, and attitude towards money? Could that be improved? Having a positive or optimistic attitude about money—even during the pitfalls and struggles—can make all the difference.

Unfortunately, we live in a society where money really consumes and runs everything. We don’t have any choice but to deal with it. However, in dealing with it in a positive or optimistic light is taking the first step in re-forming your mind set. Identify your behavior or attitude towards money, ask yourself if that could improve, and then take a look at your own financial situation and see where you could improve.

Your Financial Upbringing. If you grew up in a household that struggled with money, then this could result in one of two ways: The first being you could also struggle with money or it could mean you pay attention to money even more as an adult and even make wise financial decisions and investments.

If you grew up in a more well-of household where there were plenty of funds, then the same two results apply: You could have a false sense of how money is truly managed and spend more than what you take in or you could be more apt to take more financial risks and investments while planning for your future.

Identifying your financial upbringing can make a huge impact on your attitudes and behaviors towards money.

Money Isn’t Everything… We’ve all heard this before. Some might believe it while others scoff at it. The truth is, it’s the truth. While it’s important to plan, spend, and manage money wisely—because we all know it doesn’t grow on trees, regardless of income level or lifestyle—it’s not the answer to everything in life. Too much of a focus on money management can lead to a lot of disappointment, confusion, and just plan misery. Manage money wisely, but don’t let it consume you.

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