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The X, Y, Z, of Personal Financial Know-how

You might have been taught mathematics or even bookkeeping at school, but lots of people reach adulthood without learning the basic skills of money management.  Some of these skills are; creating a budget, how credit cards work and investing money for the future.

When managing your finances you might feel like it’s just a lot of numbers and paperwork.  Where you earn X amount of pounds or dollars, you usually spend Y amount of pounds or dollars, and in the end, you have to try to ensure that Y stays less than X, might reach Z, where you have managed it all.

However, your finances are also a matter of psychology, your habits, and your lifestyle choices.  This only means that your mindset is just as important as the math.

Always remember these Golden Rules when thinking about Finance:

  1. Always spend less than you earn: When spending more than you earn every month, you will end up indebted which will create a spiral that is very difficult to get free of.  If you spend exactly the amount of money that you earn, you would not be able to put away savings or prepare for emergencies.
  2. Always have a plan for the future: This does not mean, only, retirement.  But, having a retirement plan will give you the security of an income when you cannot work anymore.  Your finances should be planned forward, always.  When you have established an emergency fund you will be able to deal with unexpected expenses, for instance, medical bills or car repairs.
  3. Always find a way where your money can make you more money: Properly invested money will earn you more over time.  Invest your money where it can make you some more money.  When properly invested, your money will grow while you are asleep.

These rules always stay the same.  You may find better technology to help you manage your money or newer tools to help you, but the basic rules of; do not overspend, plan for the future and invest to grow your money, will always stay the same.