How Good Do You Manage Money?

@worldwise1 (14888)
United States
December 6, 2007 11:40am CST
I am terrible when it comes to managing money. I am usually over the limit on something. This has always been something of a problem for me, no matter how I try to gain control over it. How are you at managing your finances? Do you find yourself constantly coming up short?
8 people like this
23 responses
• Philippines
6 Dec 07
Hey there worldwise1! Well, I would say that I am good in budgeting. All my life, I never ran out of budget because I do spend my money wisely. For me, the amount of one's income doesn't really matter. For I know a lot of friends who have large amount of income but end up broke because of mismanagement of their financial assets. On the other hand, I also know some friends who have big savings despite their low income. Therefore I say that the amount of income doesn't really matter at all. It is just a matter of budgeting. I always have a list of things to buy. The needs are given higher priority than the wants. And it has been my habit to always spare savings for the rainy days. I hope that this thought could help. Cheers!
@worldwise1 (14888)
• United States
7 Dec 07
Your input helps me a lot, shameh. Maybe I should start thinking more in terms of saving for a rainy day. Thanks.
@Zelmarq (11503)
• Cebu City, Philippines
7 Dec 07
I am good in maanaging my finances. But the past few months I got irreponsible swipping of my credit cards and have ben paying extra charges. NOw i am disciplining myself and I wont be using my credit cards unless i pay them all.
1 person likes this
@worldwise1 (14888)
• United States
7 Dec 07
That sounds like a good idea, Zelmarq. I only have a couple of credit cards and use them only if absolutely necessary.
• Indonesia
7 Dec 07
I think it's all depend on our self control.
@carolbee (16241)
• United States
6 Dec 07
I am very fortunate that I handle money exceptionally well. Have no clue where I learned how to do this but I do a good job. I've always been the responsible person in the marriage for paying bills. Have never had a problem at all. One thing I do each month is pay the credit card bills in full. I refuse to pay interest. Something else I've always done is to save money and pay cash for as many items as possible. We have one daughter that always is short and can't seem to ever manage her money or bills. She didn't learn it from me..lol
1 person likes this
@worldwise1 (14888)
• United States
7 Dec 07
I was taught from childhood to save, carolbee. I even got my picture in the local newspaper once for buying saving bonds. I don't know where I started to go wrong, because I had always been responsible with money until a few years ago.
@carolbee (16241)
• United States
7 Dec 07
I thank my wonderful dad for teaching me how to save. He would always tell me to save just to have a backup plan in case of an emergency. He was right. Managing money is just something I learned over the years.
@men82in (1270)
• India
7 Dec 07
Since i entered with my profession every month on my turnover i will save around tenpercent towards savings for my future. Still i am doing the same but present expenditure burdens not enough of ten percent savings due to price rocketing of gas,grocery,veggies and clothings . I can't expect more incom from my profession . God to save .
@worldwise1 (14888)
• United States
7 Dec 07
It's good to save for your future, men82in. With the way prices are rising who knows how high things will be 5 years from now.
@Shaun72 (15968)
• Palatka, Florida
7 Dec 07
I do pretty well I take out more out of my check book so I don't come up sort. I admit a few times I have messed up but all in all. I usally come out about right.
@worldwise1 (14888)
• United States
7 Dec 07
That's great, Shaun. I am going to try and be more like you in the future.
@jillhill (37384)
• United States
6 Dec 07
I am very good with my money. I learned at a very early age how to save and my theory about spending it is if you can't afford to pay for it then you don't need it. So I save for stuff I really want and pay cash for it. With the exception of my car which is brand new and I can afford the payments on. Otherwise I save for my vacations and have been all over the world! Its funny how fast it can add up!
1 person likes this
@worldwise1 (14888)
• United States
7 Dec 07
From the responses I am receiving, jillhill, it seems that saving is the order of the day.
@angelface23 (2498)
• United States
6 Dec 07
wow we should be best buds! I am totally bad with money. i just learned how to keep a checkbook but sometimes i still are overdrawn. I have a habit of setting up payments for bills and then not having the money for them. By the time I need to cancel them it's too late and then my account is overdrawn. It really sucks and my husband gets really mad at me for it. We are actually overdrawn like $200 right now.
@worldwise1 (14888)
• United States
7 Dec 07
Well, I'm not overdrawn(thank goodness), but I do have to get better control of my spending, angelface. I have done it before, but it is hard to do.
6 Dec 07
You need a big notebook. Take one page for every month. At the beginning of every month write down how much your total income is. Then list all your regular bills for the month. Include your credit card minimum payment if you have one and your loan payments Then think of all your annual bills such as car service clothes birthday presents etc. Divide each by 12 which will tell you how much you pay per month and add these to your list of outgoings. Add all these together. Next take your total outgoings from your total income. Out of the money that is left allow yourself housekeeping for food etc and put this in a separate account. Use this account only for your housekeeping and don't be tempted to dip into any other money. Whatever is left use to pay off debts ( it is pointless having savings if you have debts because the interest on your debts is far higher than the interest on your savings) Start with your smallest debt and get this paid off. Once your debts are paid off then you can start putting money into savings. It's not hard to do, but it does need discipline
@worldwise1 (14888)
• United States
7 Dec 07
That sounds like great advice, snugasabug, and I will try to do as you say.
@sigma77 (5385)
• United States
6 Dec 07
I can manage money quite well, that is when I can make some to manage.
1 person likes this
@worldwise1 (14888)
• United States
7 Dec 07
Maybe that's my problem, sigma, I'm not making enough.
• United States
6 Dec 07
I give 10% off back to the Lord and let the Lord not I control my money.I am well blessed by doing it this way . home of my own etc ...
1 person likes this
@worldwise1 (14888)
• United States
7 Dec 07
I guess tithing works for some froggy, but not everyone.
@MsTickle (24991)
• Australia
12 Dec 07
I'm pretty good with money, usually. I have a buget and try to stay within it. I always pay my bills on time and have money in the bank. With some bills I pay extra so I'm a little bit in credit....just in case. The thought of being in debt and/or having no money in the bank scares the pants off me. For the last couple of years though, since I stopped work pretty much and stopped smoking (I've started again :( ) and received my inheritance, I've developed the habit of spending up big! LOL. That makes it hard to stick to the budget.
• United States
11 Dec 07
I think I'm pretty good at managing money. I don't spend as much money as some people I know, so I can tell myself no when it comes to getting something I know I don't need, especially at the time. That's when money is short anyway. I don't splurge on myself often, which surprises a lot of people I think. I know some people that constantly spend money on themselves and it surprises me at how much they can spend because I barely spend a lot of money on myself. Since I've gotten into college, I end up spending a lot less on myself because I know I have books and other important things to pay for.
@secretbear (19466)
• Philippines
10 Dec 07
i'm on the equal side. i mean, sometimes i fall short, sometimes i save a lot, sometimes, i'm just within the limit. ^__^;; the times i fall short are when i would spend too much shopping on clothes. LOL i shop for clothes almost every week but i do my best to stop myself from making it a hobby. ^__^;; my wallet feels empty during times that i come up short. LOL i save a lot however, when i feel lazy to go out of the house and just watch tv or dvd. i like those days because my expenses are really zero. ^__^ i think its just a matter of self-discipline when it comes to financial matters. ^__^
@maddysmommy (16236)
• United States
9 Dec 07
I'm not very good with money either. I try my best to keep to a budget but it doesn't always happen. I do well for one pay week and then the next its all up the shoot.
• Pakistan
7 Dec 07
If your over loaded with your money and want to get rid of it. I can be your friend and help you :)
@limcyjain (3523)
• India
7 Dec 07
fortunately we both are from the financial world and manage our cash well. Infact we keep our money invested most of the time so that it gives us some returns because cash lying at home is actually reducing in value terms because of inflation. We preplan our expenses and keeping some amount for contigencies we invest the rest and also have a limit sactioned from the bank incase we are in sudden need of cash. We maintain a dairy where we keep record of all our expenses and evalute them to see if we are going beyond our limits.
@jothis (519)
• India
7 Dec 07
My parents showd me the way of life and they made aware of the importance of money in life. They worked hard and giv me good education and now i am earning some money Me also not spending money too much. But i manage money quite well. After all money is to be manage very carefully
@nengs10 (3189)
• Philippines
7 Dec 07
Im not good in managing money,I belong to the one day millionaire person,because I can't resist to buy something I want I never think about tommorow.This is also my Problem how to handle money.
@TerryZ (22085)
• United States
7 Dec 07
I think Im pretty good at managing money but my husband on the other hand is not.LOL If you dont have it to spend you cant be tempted to out and buy things.
@almajoes (54)
• United States
7 Dec 07
I know an CPA (accountant), so when I fall into financial crisis, I turn to her. This person happens to be my mom and I am lucky for it. However, I don't find myself falling short a lot as I manage to make ends meet. I do have a brother who spends money whenever he gets the chance. God help him!