The Important skill of Mastering Money

Working in my line of business I see so many people living paycheck to paycheck. They have no savings, no retirement, and no kind of any investments. It saddens me to think that if they lost their job tomorrow their would lose everything. Money management is a skill that I think everyone should master.

Money management is so important. It is a skill that few have. Money management should be skill that everyone learns at a young age. It is critical to living a good stress free life. I realize that some people think they do not have the means to do this, but saving money can be done in so many ways. Putting away ten or twenty dollars a paycheck can make all the difference in the world. Having a savings account that can be used when the car breaks down or the unexpected happens, can help in so many ways.

The consequences of not having this skill are stress and a poor life quality. Think about if everyone was a master at managing money, wouldn’t life be grand? Yes there would be others concerns but not worrying about this bill is going to paid or food on the table would be wonderful. Money determines many elderly people’s life quality. In my business I see many elderly with only social security check to live on, they have to choose whether or not they will by food or their prescriptions. With mastering money management and having the knowledge of saving money many people would not have to choose.

There are so many little things people can do to save a dollar or two. When dining out one can drink water instead of a soft drink. If you do that, you can save a lot of money in the long run, every dollar counts. Or you can eliminate dining out all together. Saving money is not an easy task, for some it would mean changing your life style completely.

Everyone’s life would be less stressful, if everyone had a plan with their money. There would be fewer fights in relationships and less divorce. There has been many times where I have personally witnessed people ending relationships over money. My parents for an example have been so close to divorce due to money problems. Honestly they still may end up in divorce, one is spender the other is a saver. A close couple I know divorced over a terrible money situation. Now if that couple would have attended a money management class maybe that would not have happen. Money destroys relationships. If everyone mastered money management like mastering riding a bike our country would be a better place.

People need a plan with their money. Even if they can not save anything now they at least need a plan once they have a few dollars to spare. Like writing your name, money management is critical to people’s existence. Everyone uses money to survive or someone uses money for them. Money management should be compared to writing for example. Most everyone learns how to read and write. Not many people have mastered writing, but many know enough to live life. If everyone knew more about money management then what they know now, think of all the opportunity for a better quality of life.

I personally have not mastered money management. I am learning and by getting an education will help this goal of mine. Working at the bank I see so many situations that better money management would have saved so much hassle. Some of my customers I deal with have such poor money management skills. At the bank I work, we attempt to help as many customers as possible. We tell them about money management classes that are happening in the area. If people mastered this skill, life in general would be better.

This skill will never be mastered by all, the rich will become richer and poor will stay poor. But in a perfect world everyone would have the knowledge on how to manage money. There would be no harsh decisions about how you we going to put food on the table or pay the heat bill. Life is hard enough without money being an issue also. I will master money management in my life, I am learning everyday, and I just wished that everyone had mastered money like riding a bike.

this article has been brought to you by gear-vault.com

By: Sarah Beers
Published: 03/03/08

Share On:

Comments (3) | Must Login to Vote

3 Posted Comments:

It takes hard work

@ 9:12 am 03/03/08 by Sarah Beers

And dedication to have the strong will power to control your spending. And cut back on needless spending. Ever hear of a website called feedthepig.org? That's a great place to refer too!

Reply to this Comment

Money Management

@ 9:32 am 03/08/08 by Sarah Beers

Many people lack the skill of money management. In today's world people need to be knowledgeable about their future. 401K's, pensions, and retirement are all extremely important and sometimes people do not think about the future until its to late. People need to have a savings that can get them by for six months in case of an unfortunate event. Being prepared for the future is an extremely important life skill.

Reply to this Comment

Mastering money during the bad economy

@ 1:28 am 06/15/08 by Sarah Beers

With the economy being bad, here are a couple more pointers to add to this article:

1. Save resources- i.e. commute to work with piers to save on fuel. -be sure to not leave lights on in your home when your not in the room.

2. Cook a big dinner on Sunday- and eat the left overs through-out the week and lunches for work.

3. I know this one doesn't fall under "mastering money" per se, but try to boost your community. Do not shop at large retailers like Wal-Mart. Shop at smaller stores that contribute to your community. Though you are going to pay pennies on a dollar more, it's better for your community is long run. And that's what is important.

If anyone else has any other ideas of "how to master money during the bad economy" please do share. This is a good time for us to band together and help one another out.

Reply to this Comment