Managing Money

Hi there. Well, I don't really know how well I am managing my money but I'd say I'm doing relatively well. I think I have more difficulty actually earning money rather than managing it.

I don't think it would have helped anyone if we had such classes in school. There's really no other way of learning how to manager your own money except through budgeting - my mom didn't teach me about it, I had to learn it on my own and I learned it gradually. When I was young, my mom wouldn't give me an allowance, instead she'd give me food to bring to school - she taught me that I didn't have to buy things when I can have them from the house. Then when I was a little older, she gave me "just enough" - and I learned to minimize expenses so that I could even save a little from that "just enough allowance" :) I'm doing fairly well right now. I write down how much I withdraw from the bank so that I could keep track of my monthly expenses. Thanks for the response on my discussion!

The best way is to start when a child is young and it should be simple. I opened savings account for both my kids when they were small and deposited a small amount of money every month. Now that they are older and have allowances, they usually put half away and keep half for spending. Once a month we go to the bank and deposit whatever they've managed to save at home. I also pay them small amounts for doing odd chores around the house so that they can learn the value of work and how hard it is to earn. These simple lessons will help a child later in life. I'm not against school lessons, but they need to be in middle or high school to really learn anything.

When I was a kid, my parents gave me allowance money and open for me a saving account. You can do that for your kids. And every week I remmebered going to the bank and deposited that money to may savings account. I guess I learned it from younger age how much to save and how much to spend. It's hard when I first started to make online is my only source of income. I had to dig into my savings, but, thanks god I had a saving to dig into. Now things are getting better, I am getting to habbit I formed since I was a child

You should study simple accounting (I know accounting is the MOST boring subject of all) when you understand the meaning of financial statements and balance sheet, you gonna started to know to get hold of yourself because your financial Intelligence getting better. Good luck because this is the most boring subject in the world but also the the most important subject to manage your money life. ^^