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Money Management Advice

We can all use some solid money management advice to help us make smart money decisions.

Some of these money management tips will sound familiar and some may be brand new to you. Creative money advice can help stimulate more ideas. Read with an open mind and build upon what is shared.

Click here to share your favorite money advice that will help others become financially free!

Before reading further you may want to learn how to develop and live on a household budget. This is the best money management advice anyone can give. You must know what you earn and what your financial obligations are if you are ever to gain control over your finances.

Money Management Advice - Start Right Away

• Discover how much money you actually have at your disposal:
  
Count it, collect it, search for it, and add it all up. You need to know what it is you are trying to manage.
• Understand where your money is going:
  
If you have a household budget then this will be easy. You must know what your financial obligations are if you want to make smart money decisions.
• Put your goals in writing:
  
Do you want to pay off your car? Do you want to get out of debt? Do you want to retire at a particular age? Written goals are more often met than goals that are only in your head. Write them down and make them reachable. This particular money management advice should not be ignored.
• Get off the credit card carousel:
  
Start paying with cash, debit card, or checks and only use credit cards for emergencies. You will spend less, save potential fees and interest, and reduce your financial stress. If you must use a credit card then pay the balance in full each month.
• Avoid late fees by paying bills on time:
  
Autopay is a great option to help you not forget to pay a bill. Most credit cards and other major bills offer an autopay option. Use it and you could save a lot of money in late fees.
• Make more than just a minimum payment:
  
You will save a lot of money by paying bills off faster. Minimum payments don't help you much but they do make the lender quite wealthy.
• Watch your bank statements:
  
Banks and retailers make mistakes sometimes. Double charges are not unusual. Neither are overdraft fees and other bank charges. Often a simple phone call will get a charge reversed. Pay attention or it could cost you.
• Review your doctor bills carefully:
  
It's amazing how often you will find a billing error that could cost you hundreds of dollars. Incorrect billing codes or secondary insurance errors are very common mistakes.

Money Management Advice - Long Term Thinking

• Invest in your companies 401k plan if it's available:
  
You would never think of turning down money that someone wanted to give you, right? Not investing in your 401k plan is like say "no thanks" to free money. Don't turn your back on this money management advice. It will cost you plenty.
• Pay attention to your W-4 withholding amount:
  
If you get a large tax refund every year you are giving the government an interest free loan. Make adjustments to withhold less so you break even at tax time. The extra money throughout the year could help you pay down debts faster.
• Make an extra payment when possible:
  
You will save hundreds on a vehicle loan and thousands on a mortgage. Use that bonus money or unexpected windfall to your advantage instead of blowing it on a larger television.
• Learn investment strategies that will make your money grow:
  
Day trading should be left to the experts. Most people that do their own investing end up losing money. Get professional help to increase your chances. Consider gold and other precious metals. Investing does not have to be like going to a casino.
• Save for education:
  
Chances are your children will want to attend college. Don't wait until they are in high school to begin saving. Take advantage of huge savings by investing in a 529 plan. This is smart money management advice that will benefit both you and your children. At the very least, putting money into a special savings account is better than doing nothing.

Most money management advice is amazingly simple. Sometimes all we need is a nudge to get our creative juices flowing. Use these tips to help you start thinking of even more creative money management ideas.

In the near future we'll be building our money management advice based on ideas that people like you share. Give us your best so we can share your money management tips with the world.