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Money Management Tips

Money Management Tips

Saving money nowadays seems almost impossible. Not only have gas prices and home expenses risen over the past 6 months but jobs have become harder and harder to find. To save money in this type of economy, parents need to start teaching their children money management tips from a small age. Below are a few helpful tips.

  • Track your money. You should know exactly what is coming in and going out.
  • Limit your credit cards. Credit cards should not be for everyday use but for emergencies.
  • Keep a budget. Limit the amount of money you spend on entertainment and eating out. Give yourself a weekly allowance.
  • Always have an emergency fund. The average person should have at least 3 months’ salary in emergency savings account in case of job loss, family illness, etc.
  • Don’t get behind on bills- Ask for help when you need it. There are a few financial services that offer short-term payday loans for minimal finance fees.

These tips seem very simple yet 61% of Americans say they live paycheck to paycheck an increase from 49% in 2008. Of the 61%, 21% of these Americans are in the high-income levels. Another alarming statistic states that 36% of individuals put no money towards retirements like a 401k or IRA. Social security is predicted to run out in 2037 so it is very important to start saving for retirement now. These tips are a starting point and will hopefully help with your money management.

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