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Money Management Plan

Managing money does not come easy to everyone. Whether you are trying to save for a house or car, retirement or simply trying to get out of debt. The first step is to create a plan.

This is not a budget. A budget is one part of your money management plan. This plan involves every aspect of your finances – savings, spending, investments, expenses, debt, retirement etc.

Start by listing every expense and all of your income; (see our section on budgeting). Document all of your assets; savings, investments, equity in your home, car, boat etc.

Set up a budget.

Focus on your debt first and make sure you pay all your bills on time to avoid interest and late fees.