Why You Need Money Management in Your Life

Why money management is important in achieving your financial goals

Managing money is not the top priority for everyone. It sure wasn’t for me for a very long time.

This can be due to a variety of reasons – not caring about money, not having enough to manage it, no motivation, or in a lot of cases – never being taught how.

For me, it was a mix of everything – not caring about it or being interested. I just wanted to have fun today and not think about the future. BAD IDEA, PAST ME!

In most cases, the difference between a person who is living paycheck to paycheck and a person who has enough savings to survive 6 months without a job is proper money management.

Over 70% of Americans rank finances as their #1 stress – but imagine how good it must feel by having savings, investments, or side hustles that make money while you sleep.

See, the main benefit you get from managing your money is that it relieves you from A LOT of stress. Life has other stresses (trust me, I know), but with your money taken care of with a plan, you have one less thing to worry about…not a bad deal, right?

Managing your money properly gives you time to:

  • Do fun activities with your family
  • Pursue your creative interests
  • Travel
  • Take extra courses to boost your resume
  • The list goes on…

But this requires you to sit down and think about your goals. The first step is to start budgeting the right way.

Budgeting can change your life.

I dreaded the word budget in my early years. It sounded like the most boring thing ever and I wanted to stay miles away from it.

Budgeting plays a HUGE part in managing your money. As much as we want to never do it, it’s important.

It lets you see the big picture of your money and shows how you can play around with different scenarios – for example, you can change the amount you spend on eating out by 10% and do something else with that money.

Having a clear picture of where you stand with your money not only gives you control over it, but also confidence in your future.

If you need a quick budget guide, click here!

Once I started budgeting regularly, it felt like doors to a new life opened up. I was able to cut down on a lot of things I could live without, and started a solid plan to pay off my debts.

Managing your money shouldn’t be hard – with the right resources, you can gain control of your money and start living your life the way you want to.

Here at Fineedom, we’ll teach you all about budgeting – how to set up an Excel sheet to input your monthly expenses, how to track your savings, how to plan ahead, and much more.

But most importantly…

Don’t go crazy with it. Life’s too short to keep looking at your budget every single day… I look at mine once a week on Mondays, and that’s enough for me. It gives me peace of mind that my budget is updated and I can focus the rest of my week doing more fun things!

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Ifraz Chaudhry
Ifraz Chaudhry

Hi! I'm Ifraz. Big fan of personal finance and finding ways to make extra money. I started Fineedom to help you start that side hustle idea, make extra money, and manage it the right way!

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