Money Management

How can you manage a resource that’s so limited, there’s never enough to go around? Very carefully, and very deliberately! How we manage our money begins with how we perceive money. Rachel Cruze (2023) explains the money mindset as a set of beliefs and attitude about money that determine how you save, spend, and handle finances. For some, a fear of lack of money can cause a person to unconsciously repel money. For others, peer pressure magnified by social media can cause mishandling of funds (Seaward, 2020, p. 157). It seems most people simply don’t know how to manage their money beyond the basics: make it, spend it. The truth is, money management is a learned skill like any other skills we learn and use to navigate our world.

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Seaward also offers a few tips to help control the ego that likes to live in the moment: remove the temptation to spend, ask why before you buy, don’t purchase on impulse, avoid bargains (p. 158). Removing the temptation to spend can be as simple as deleting certain apps from your phone and saving those purchases do on the computer at home. Asking why before you buy gives a person a chance to think about whether it's something needed, or they just like it; many things get left on the shelves with this method. Speaking of things left on the shelves, let’s talk about bargains. A bargain is an item you don’t need, but has a price you can’t pass up. Many bargains have filled hoarder’s homes!

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There are many programs available, from free online to personal consultant, that can help educate and guide you towards better money management and better financial wellness. In general, the majority of them follow along the same lines: don’t spend more than you make, create a budget and follow it, and keep savings equal to one (or more) month’s expenses. One size does not fit all when it comes to finances (or wellness) so shop around until you find a system or program that makes sense to you; if you don’t understand or can’t relate to it, you’re less likely to follow it.