Learning to manage your money: why it’s never too late to start
Written by Jemma Mrdak, founder of Dak & Co – a boutique marketing agency specialising in strategy, social media, compelling content and activating brands. With a background in marketing and PR, Jemma has built a successful business working with a range of high-profile clients and events. Find Jemma @dakandco
Money management can be an intimidating topic for many people.
Whether it’s because of past mistakes, lack of education, or simply feeling overwhelmed by the options available, it’s easy to write yourself off as “not a money person” and leave the task of financial management to someone else.
But the truth is, managing your money is an essential skill that everyone should learn. And the good news is, it’s never too late to start!
First, it’s important to realise that managing your money doesn’t have to be complicated. There are plenty of fundamental principles that anyone can learn and apply, such as setting a budget, saving regularly, and avoiding debt as much as possible. By starting with these fundamentals, you can build a solid foundation for your financial future.
Set a budget
Setting a budget allows you to track your expenses and ensure you’re not overspending. Start by looking at your income and expenses for the past few months, and create a plan for spending in each category.
Saving to reach your goals
Saving regularly is another important part of managing your money. Saving can help you reach your financial goals, whether building an emergency fund, buying a house, or planning for retirement. Even if you can only save a small amount each month, it’s better than nothing. Start by setting a savings goal and then create a plan.
Avoiding debt is also essential in managing your money. Debt can be a considerable burden, making it challenging to achieve your financial goals. Try to pay off any outstanding debt as soon as possible, and avoid taking on new debt. If you need to borrow money, ensure you understand the loan terms and conditions.
Seek out resources
Second, don’t be afraid to seek out resources and education. Countless books, blogs, podcasts, and other resources are available to help you learn about money management. And if you need help figuring out where to start, consider seeking a financial advisor or coach who can guide you through the process.
A financial advisor can help you plan for managing your money, set financial goals, and create a strategy to achieve them. They can also help you understand your investment options and navigate other financial challenges.
Practice makes perfect
Finally, remember that managing your money is a lifelong process. Like any other skill, developing good habits and making smart decisions takes time and practice. But the more you learn and put into practice, the more confident and in control you’ll feel about your finances.
So don’t write yourself off as “not a money person” – instead, make it your business to learn and grow in this area. By taking charge of your financial future, you can build a brighter and more secure future for yourself and your loved ones.