September 19, 2017
 
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Money Management Skills: You and Your Money

 

Evaluating how you handle money
There are many different ways to handle your money, some good, and others bad. Hopefully, the method you live by meets your needs and enables you reach your goals. For some, the choice isn’t necessarily a conscious one; methods can also evolve based on your lifestyle.

Self-Evaluation
No matter your financial situation, it’s always a good idea to take a close look at how you actually manage your money. Then, determine if it’s working for or against you. Lastly, make changes, if necessary. Consider these questions:

 

1.      What is your process for paying your monthly bills (pay as they come in, set aside one day per month)? 

2.      How do you pay your monthly bills (check, money order, online)? 

3.      If you have a checking account, do you use it, balance it, or is it more trouble than it’s worth? 

4.      What do you do when you want to purchase something but you don’t have the cash?

5.      Where do you keep your extra money? 

6.      Do you have money or change around your house or car?

7.      Do you typically know how much money is in your wallet? 

8.      Where do you cash checks and paychecks? 

9.      Do you have a checking account and/or savings account? 

10.  When you cash your paycheck, do you put any in savings? 

11.   How much of your paycheck goes towards bills and other debt? 

12.  Do you like the way you manage your money? 

13.  What works best for you?

14.     What would you like to change? 


The bottom line is that how you manage money affects your ability to meet the current and future needs of you and your family. If you believe you’re headed for trouble, make a change now!

 

 

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