(ThyBlackMan.com) Money management does not need to be a complicated process. Below is a guideline that you can consider to help you take control over your finances and stay away from bad debt.
1. Be aware of your financial situation. Are you aware of exactly how much money you spend each month? If not, it’s about time to be more conscious 
about your spending habits. List down everything you spend on every day- from the highest price to the smallest cent- and add up all your expenditures. Compare the sum from your monthly earnings and you can have a realistic evaluation of your personal spending.
2. Be aware of your debts. How much do you owe each of your creditors? If you are not sure, order a copy of your credit report from the three major credit bureaus and analyze your current debt situation. Make sure that all the charges in your accounts are accurate. If you discover erroneous reporting or unauthorized charges in your report, dispute them immediately with the bureau that issued your report.
3. Save your money. Find ways on how you can save your money. It doesn’t matter how big or small the amount is. When you set aside every possible cent, you may be surprised at how much you were able to save for the entire month or year.
4. Exercise control with your credit card use. Owning a credit card is not a bad thing. However, it is important to exercise control over your spending. Use your card only for purchases that you can pay back on time.
5. Pay all your bills on time. Late penalty fees are a waste of money. Why pay more when you can avoid additional costs by simply submitting your payments on time?
6. Set long-term goals. Don’t forget to plan for your future. Do you have a 401k fund or a retirement fund? If yes, do you contribute to it regularly? Do you have an insurance policy for yourself and your family? Preparing for financial emergencies is the best way to avoid instant debt or bankruptcy.
7. Create a realistic budget. Have you set a realistic budget plan that you can follow? Having a definite budget plan helps avoid splurging or unplanned purchases.
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8. Prioritize your expenses. Many people spend on things that are not very important or not even necessary. Recognizing your priorities should help you avoid unnecessary spending. Ask yourself, “do you really need to subscribe to that magazine or can you suspend your subscription and use the money for more important expenses like debt repayment?”
Written By Liz Roberts