Managing Money
Money management is about using your money to the best of your ability. It includes financial basics such as budgeting, saving, and investing. No matter your income level, strong money management skills can make a huge difference. It all starts with a spending plan. By keeping track of your expenses, you can understand where your money is going and adjust your spending accordingly. Another key aspect of money management is saving. Setting aside money for short-term and long-term savings can help prevent a financial setback.
Budgeting
Keep track of your spending habits with a budget. A spending plan allows you to prioritize what’s important to you. Budgets can help you better understand where your money is going. By taking the time to go through your expenses and create a budget, you can find unnecessary spending and opportunities for saving.
Making Money
Managing Debt
Debt is an obligation that can help pay for purchases, such as a home or higher education expenses, at a later date. Debts can be split up into four categories: secured, unsecured, revolving, and installment.
Spending and Expenses
Taking financially responsible steps, such as making a budget and paying off your credit card in full, can help manage expenses and avoid debt. Track your expenses from month to month to identify trends and overspending.
