We are independent & ad-supported. We may earn a commission for purchases made through our links.
Advertiser Disclosure
Our website is an independent, advertising-supported platform. We provide our content free of charge to our readers, and to keep it that way, we rely on revenue generated through advertisements and affiliate partnerships. This means that when you click on certain links on our site and make a purchase, we may earn a commission. Learn more.
How We Make Money
We sustain our operations through affiliate commissions and advertising. If you click on an affiliate link and make a purchase, we may receive a commission from the merchant at no additional cost to you. We also display advertisements on our website, which help generate revenue to support our work and keep our content free for readers. Our editorial team operates independently of our advertising and affiliate partnerships to ensure that our content remains unbiased and focused on providing you with the best information and recommendations based on thorough research and honest evaluations. To remain transparent, we’ve provided a list of our current affiliate partners here.

What are the Best Money Management Tips?

Malcolm Tatum
By
Updated May 17, 2024
Our promise to you
WiseGeek is dedicated to creating trustworthy, high-quality content that always prioritizes transparency, integrity, and inclusivity above all else. Our ensure that our content creation and review process includes rigorous fact-checking, evidence-based, and continual updates to ensure accuracy and reliability.

Our Promise to you

Founded in 2002, our company has been a trusted resource for readers seeking informative and engaging content. Our dedication to quality remains unwavering—and will never change. We follow a strict editorial policy, ensuring that our content is authored by highly qualified professionals and edited by subject matter experts. This guarantees that everything we publish is objective, accurate, and trustworthy.

Over the years, we've refined our approach to cover a wide range of topics, providing readers with reliable and practical advice to enhance their knowledge and skills. That's why millions of readers turn to us each year. Join us in celebrating the joy of learning, guided by standards you can trust.

Editorial Standards

At WiseGeek, we are committed to creating content that you can trust. Our editorial process is designed to ensure that every piece of content we publish is accurate, reliable, and informative.

Our team of experienced writers and editors follows a strict set of guidelines to ensure the highest quality content. We conduct thorough research, fact-check all information, and rely on credible sources to back up our claims. Our content is reviewed by subject-matter experts to ensure accuracy and clarity.

We believe in transparency and maintain editorial independence from our advertisers. Our team does not receive direct compensation from advertisers, allowing us to create unbiased content that prioritizes your interests.

Personal money management is on the minds of many people today. While managing your resources is a good idea at any time, the task becomes especially important during rough economic times. If you are not sure how to take proper care of your finances, or want to fine tune your current processes, here are some basic money management tips that will help.

The effective management of money begins with the creation of a realistic budget. Far too many people tend to forget this important tool, choosing instead to simply pick a few bills to pay out of each paycheck as they come along, and hope that by the end of the month everything is paid. While this approach may work up to a point, it also makes it possible for a sizable amount of income to slip away unnoticed. Planning to and sticking with a budget makes it much easier to account for all income and correct spending habits that are essentially non-productive.

Today, there are a number of electronic money management tools that can help you structure and stick to a budget. Consider investing in money management software that will track expenses, alert you when it is time to make a payment, and in general help you understand exactly where your money is going. There are free budgeting and financial management software packages that can be downloaded easily, and will provide a basic format that even people unaccustomed with using software can operate. Both the free and the fee-based tools usually come with money management tips and suggestions that will help you set up a budget that makes sense for your situation.

Proper management of credit accounts is also one of the more important money management tips. For any credit card in your possession, the goal should be to pay off the balance each month. This will prevent the accrual of finance charges, allowing that amount of money to be diverted to other areas of the budget. If you cannot pay off an outstanding balance, always pay more than the minimum due. Even if all you can manage is the minimum plus the projected interest that will accrue on the current balance, that will help to pay off the account much quicker.

Many people choose to live from one paycheck to the next. Little to no thought is given to creating a financial cushion. One of the best money management tips anyone can take to heart is the creation of an emergency household fund. The fund should be the equivalent of at least three months of your net income. Keep the funds in a savings account to earn a small amount of interest on the balance, while still keeping the funds within easy access. Creating and maintaining this fund makes it possible to continue meeting your obligations even if there is a loss of employment or some major medical emergency.

Shopping around for the best deals is also one of the most often overlooked money management tips. In addition to purchasing household items when they are on sale, make it a point to look around for better deals on credit card interest, mortgages, and different types of health insurance coverage. What was a good deal a few years ago may not be so good today. Taking the time to compare your current accounts with what is available could save you a considerable amount of money.

If you are simply not good with money, then you will need more assistance than basic money management tools will offer. When this is the case, speak with an expert in personal finance and financial planning. Experts can assess your circumstances and provide money management tips and guidance that are particularly relevant and help you establish and maintain financial stability.

WiseGeek is dedicated to providing accurate and trustworthy information. We carefully select reputable sources and employ a rigorous fact-checking process to maintain the highest standards. To learn more about our commitment to accuracy, read our editorial process.
Malcolm Tatum
By Malcolm Tatum
Malcolm Tatum, a former teleconferencing industry professional, followed his passion for trivia, research, and writing to become a full-time freelance writer. He has contributed articles to a variety of print and online publications, including WiseGeek, and his work has also been featured in poetry collections, devotional anthologies, and newspapers. When not writing, Malcolm enjoys collecting vinyl records, following minor league baseball, and cycling.
Discussion Comments
Malcolm Tatum
Malcolm Tatum
Malcolm Tatum, a former teleconferencing industry professional, followed his passion for trivia, research, and writing...
Learn more
WiseGeek, in your inbox

Our latest articles, guides, and more, delivered daily.

WiseGeek, in your inbox

Our latest articles, guides, and more, delivered daily.