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.

---

Check Facts and Figures

Are you a check fanatic? Don't worry, you aren't alone. Millions of consumers write checks every year. In fact in the United States most consumers use checks... Read More

Simple Ways to Save Money

Things are so expensive these days. We seem to be hearing, and saying, that a lot lately at the gas pump, in the grocery store and especially... Read More

Personal Finance ? Why You Should Compare, not Despair

Sorting out your personal finances can be a tricky and exasperating time. Whether you are looking to obtain money through a loan, protect your finances with life... Read More

Basic Bank Accounts Failing the Basic Needs of Consumers

The lists of bank and savings accounts that are available to most people are bewildering. A quick look at a comparison site like Moneynet or Moneyfacts will... Read More

Dramatically Improve Your Stock Trading Success

Get Access to Realistic profitable strategies & discover the mindset to dramatically improve trading success.* Avoid those confusing "cookie cutter" technical analysis tips and tricks that you... Read More

The Origins of Check Writing

People haven't always written checks to buy goods and services. But you know that right? So how did people transfer money from one place to another in... Read More

Budget Planning - Its Elementary My Dear Watson

Does it feel like you have to be Sherlock Holmes to solve the mystery behind balancing your personal budget? Are you living a mysterious thriller where your... Read More

How to Obtain a Non ChexSystems Bank Account Without Being Scammed

Predatory lending exists in the mortgage industry. It's typically when a mortgage broker add's on unnecessary fee's to a bad credit application, because he or she knows... Read More

Save Money Off Your Home Utility Bills

Many don't realize that our basic utility bills provide the perfect money saving opportunity for practically every household!Especially with today's energy crisis so prevalent throughout many of... Read More

Succession Planning

Have you ever thought about what you are going to leave your children when you pass from this earth? Wouldn't it be a great feeling to be... Read More

Is There A Retirement Crisis?

When people speak about the increasing age expectancies, they generally do so with positive connotation. This author agrees-there's nothing wrong with living longer, especially if we can... Read More

First Checking Account ? When is it Time?

We all know that money doesn't grow on trees, but we all need it to survive. The use of cash will only go so far in life,... Read More

Know Thy Finances

The first step to financial success lies in knowing your financial situation at any given time. There is an anecdote attributed to John D. Rockefeller--that as a... Read More

If I Had a Structured Settlement, I Would Use It to Pay for Gas

Has anyone been to the gas pumps lately? Soon $3 a gallon will be the asking price and we'll either have to become cyclists or create some... Read More

Top 10 Ways Managing Your Money Is Just Like Riding a Bike

An avid cyclist and bike racing fan, I sit transfixed during the many hours of Tour de France coverage every July when the race rolls around. This... Read More

Save On Food - Ten Tips

To save on food, be an opportunist. Buy what you like, but buy on sale. Do you need oranges every day? Buy them when they're cheap, then... Read More

Photo Checks ? A Great Alternative in Checking

It's the little things in life that make it interesting. Everyday life can be so boring at times. To make the ordinary extraordinary takes time to explore... Read More

Safely Save for Your Childs University Studies Using An Education IRA!

This investment retirement account (IRA) is useful to you as an investor to understand because it may be a good way for you to save for your... Read More

Banks Are More Than Just A Place To Park Your Money

If you've been to a shopping mall lately, you've probably discovered two different banks within a few feet of each other. Go inside the food store in... Read More

Organizing Your Finances - Thinking Outside the (Shoe) Box

If you're like most people, your personal financial records are most probably kept in less than "Good Accounting Practices" standards. For example, stashing old ATM receipts and... Read More

Reduce College Debt with Scholarships

Six Scholarship judges were sitting around an oval table. Forms were piled into 50 boxes. Each one had the name of a state. I looked at the... Read More

Bankruptcy Chapters Explained

Chapter 7The potential chapter 7 debtor should understand that a straight bankruptcy case does not involve the filing of a plan of repayment as in chapter 13,... Read More

7 Simple Ways To Save Money

Each of us knows how to spend money, but do we really know how to save our money? No, I am not necessarily talking about setting aside... Read More

Debt Management ? Watch Out for Bank Fees!

During the last twenty years, banks have offered a number of improvements in the area of being customer-friendly. The old 9 AM ? 2 PM "banker's hours"... Read More

Creating A Household Budget

Creating a budget can be a very difficult task. Although we as consumers know that we need to pay our bills, buy our necessities, and put money... Read More

Personal Loans For Homeowners ? One Of The Numerous Rewards For Being A Homeowner

You no longer look at the pictures of homes cause you yourself bought one. Well, you know how you got that, it was a huge investment. Now... Read More