With record bankruptcies, mortgage foreclosures and prices skyrocketing, it’s more important now than ever before to properly and effectively manage your personal finances.
Statistics show that most people could manage very well on the income they have now if they were able to keep their bills and expenses within their income. Sadly, too many people do not understand how to do this or how to recover once they have overextended themselves.
Personal Money Management is not a one step process. Simply having a budget in place or keeping up with your checking account isn’t enough. You need to follow a set process that covers several aspects of money management. Here are the basics of this process:
Set Your Goals
Most people think of setting goals as strictly long-term like retirement and college for the kids. While these are very important goals they are just the beginning. You need to decide what you and your family want your future to be and make all financial decisions with that in mind. This could include things like setting aside money for an annual vacation, replacing your car or home repairs.
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