For some reason, we never learn about money management in school. This can become a real challenge as we transition into adulthood. While some of us grew up knowing how to take care of our money, many have little clue and may even end up suffering from poor financial decisions made in the past. The good news is: it’s never too late to fix your finances!

If you’re looking for a change, give these practical money management skills a try!

1. Savings before expenses
When your monthly salary comes, you probably set aside some for groceries, utility bills, and other essentials right away. Some people’s savings come from what’s left after paying all the necessary expenses. While that strategy works for some people, others are left with little to zero savings depending on how fat your paycheck is.

To avoid that from happening, you might start putting aside a realistic amount directly into your savings account before allocating your money for bills and other necessities. This may prepare you for unexpected expenses and save you in case you get low on cash. You may also learn how to maximize the remaining amount you have and not spend beyond that!

2. Create a budget
This might sound obvious, but budgeting your money allows you to have a clearer picture of where your money goes. This includes your grocery list, utility bills, personal savings, emergency funds, and other things you need money for.

By budgeting, you can allot portions of your income in things that really matter. It may also be an effective way to avoid spending leaks and save up for sudden expenses or emergencies. Being on a budget also allows you to spend your extra cash on items you want—without feeling guilty about it!

As long as you’re spending within the budget, some small side purchases may not severely affect your monthly expenses. You can start off by keeping track of your purchases on a piece of paper or a spreadsheet.
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