The Most Important Steps in Successful Money Management
Keep This in Mind Especially During Holiday Shopping
The first most important step in successful money management is to have the proper mindset in how you view and therefore handle your finances. Remember this, with every dollar that goes through your hands there are three places it needs to go, not necessarily in equal thirds, but in three places.
- Pay your bills – or you may not have your freedom for long.
- Spend some – if you save it all ‘till later and don’t live to enjoy it, what good would that be?
- Save some – to cover the larger ticket items that the weekly paycheck won’t cover and so that someday you won’t have to work anymore.
The problem with many people today is that we do pay our bills, which is a good thing, but we spend some and save what’s left, and that is backwards. You should be saving first and then spend what’s left. Having along-term vision for your future rather than living for today is also a critical factor for success.