Are you a good money manager?

In every circle of friends there is the person who has the better ‘money sense’.

This individual always has some money stashed away and is never caught off guard by unexpected expenses.  They seem to be less stressed than you are even though they earn the same amount they somehow find a way to live better than you do.

The best thing about having this kind of friend, who has a strong financial base, is that they are very handy to have around in an emergency.

If you are one of those people who live from pay cheque to cheque then you are really no use in those situations. You could offer lots of sympathy for our friend but not much else as you would have no extra funds to spare.

The secret of being a good money manager is not to be rich, but to have a solid grasp on your expenses and stick to your budget. Even if your salary might seem to be miniscule, saving small amounts over a period of time can result in tremendous savings.

Tips to be a good manager

• Pay bills on time.   A number of companies reward customers for paying their bill on time so why not use this option and pay y our utility and cable bills before they become overdue?
• Pay your taxes.  This one sends chills down my spine as there are actually persons who believe that taxes are for other people to pay as the rules do not apply to them.
• Live within your means. Too often people get caught up with living like the Jones’s without realizing that a name brand lifestyle that they can’t afford is only to hurt their ability to save.
• When you go shopping, take only cash. Don’t take a credit card.
• Buy only the things you really need. Before going shopping, make a list of your needs and stick to it.
• Save up the money to buy what you need. Do not take out a loan or use a credit card.

If you try these money saving tips then you too can be a good money manager!!

So do you manage your money well? Are friends always impressed at your skills? Let me hear from you!

Teri Ann Renee Paisley

Gleaner online writer