Money Money Management is not earmarked for those raking in cash hand over fist. Truth is, as long as you’ve got some form of income, it has to be managed in some form or fashion. It’s essentially up to the individual. How do we choose to manage the currency flowing in our direction? Most would agree the optimum method involves mindful behavior that helps us make the most of whatever amount we earn – but how do we do it, successfully? Dig these simple tips guaranteed to lead you towards the financially stable life.


Numero uno?  Ya gots ta stick to a budget. It sounds like an easy task (and it may be for some) but when push comes to shove, sticking to a budget takes hella discipline. One of the most helpful techniques is to keep a record of everything you spend – down to the last penny – every single day. Advice bestowed upon CLUTCH some years back by Money Coach Lynnette Khalfani-Cox rings true today:

“We’re all paying more for everything from health care to food costs. It’s definitely taking a toll on average working families. But I must say that I’ve never met a person who couldn’t pare back their budget if they truly evaluated their necessities versus their luxuries. Some people say, ‘I need my cable TV’. I don’t like to see people deprived, so I tell them to build a little freedom and fun into their budget. You should spend your money on things that you like, things that give you joy and things that give you value. If you ask 99 people out of 100 about their budgets, they’ll always tell you what they have to spend money on like: ‘I have to pay my rent or my mortgage,’ but they very rarely say, ‘I really enjoy travel so I’ve allowed for x percent for a travel budget.’

People would do themselves a service to work that into their budget because this way they can avoid overspending in other areas. Many times when people binge spend it’s because they feel deprived. I just tell people to live by two rules in creating a budget:

1. You should build in those things you get value out of and enjoy.
2. You should not spend more than you earn.”

Manage/Eliminate Debt

Sadly, we live in a time where debt free folks are few and far between, but that doesn’t mean that we have succumb to the weight of it. Patience is paramount when striving to eliminate debt. It’s a multi-pronged approach. Many financial experts suggest we start by reaching out to credit card companies and student loan providers to negotiate lowering interest rates. Also take advantage of balance transfer deals that offer a specific amount of time to pay down debt at little to ZERO interest.

When prioritizing payments, it’s best to put the highest interest rate debt on top of the list – putting a little more down than the minimum payment is best. And of course, if you really wanna get rid of debt, consider cutting up those cards to stop generating it. Try the cash only approach.

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