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Money Management Essay

809 words - 4 pages

Money Management
There are times when individuals feel that all of their money goes to paying off debts. We have credit card payments, car payments, and mortgage payments. Having too many debts can sometimes be overwhelming. While some bills are unavoidable, such as mortgage payments, most bills can be avoided by utilizing better money management skills. Poor money management is the third leading cause of debt (Bucci, 2005). Developing a monthly spending plan is one of the most important steps a person can take when managing his or her money. A monthly spending plan can be useful to track what our expenses are on a monthly basis. In order to track our expenses, we need to write down ...view middle of the document...

They could face losing their homes, their cars, and possibly their jobs due to poor money management. The problems associated with poor money management can be avoided if the individual took the time to evaluate his financial situation and adopted a budget that would break-down his expenses in relationship to his income. Individuals with poor money management skills may feel like they are not in control of their lives that often adds to their difficulties and stress. They may feel their lives are out-of-control; they may feel they are not earning enough, or they may feel like they have failed to support their families.
Developing a good money management plan and following through with it can help the individual avoid feeling overwhelmed and stressed. Creating a spending plan will often make people feel more in control and less stressed knowing that they are becoming more proactive and less reactive in their lives. The first thing a person should do is realize that he is not alone and that there are people who can help him. One method is making a monthly budget and sticking to it. A budget will help you realize where your money is going and can show you areas you can cut back on (Fowles, 2010). Following a budget lets you control your money and not the other way around. If a person were...

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