A lot of individuals are wondering how they can manage their money to fit, not only their goals, but also be able to remain debt free. Well the good news is that you can be able to manage your money to cater for all monthly expenses and leave enough for savings, but the bad news is that it will require a lot of discipline on your part. Michael G Murphy explains in his article on Money Management and the benefits of it.
Would you like to know the very basic principle that millionaires live by? That’s right, managing their money. And it runs on such a simple principle, that it is a wonder there are not more of these people out there. At least there is no reason why you cannot be wealthier.
What is the strongest muscle in the body. I would argue that it is not in your legs. (Doctors are excluded from this test.) It is your brain! OK, technically it is not a muscle; it’s an organ. But when we speak of money, believe me, the brain is a muscle. I’m sure you have heard the expression “Time is money.” Well, I say to you, “Your “mind is money.” In fact, isn’t that why you need to get a college education to be valuable to an employer? I would even argue (ok, that not such a positive word. How about proclaim?) that anyone who ever made any money in this life, it was because he put his mind to it and made a way.
Think of it this way. Have you heard of those who have inherited a large amount of money, only to lose it quickly. That is because their mind was not providing the will, and knowledge to make the money work for them. Quite the opposite. The money deceived them into wasting it. You could have all the material that Michael Angelo had, but not produce even close to what he did, if you do not use your mind to find a way to use those tools to your advantage. Granted, some things come easier to some people, but there are just as many people out there who have worked hard at making what they have to their advantage. That is why you need to know, and set your mind to managing your money and not letting your money manage you.
Lets turn it around. The reason you probably do not keep a budget with your money is because your mind is telling you that it does not like the effort involved, and that pleasure now is more important than comfort later. And there are great budget programs out there that are benefiting people immensely, but the only reason you are not benefiting from it, is because you are not putting your mind to getting past the little bit of inconvenience to use this great tool to your advantage. And believe me, there are great advantages that can come from keeping a budget.
One advantage is you can get insight into what you are spending your money on, and how much it will cost you in the long run, if you are using credit. Another advantage is you can have a view of your future benefits, that will inspire you to the point where you could actually enjoy keeping a budget. And Money management is centered on your ability to keep a budget.