How to Get Better With Money in 17 Steps

17

Money skills weren't taught in school and most of what I knew came from my mom. Most of what I knew about money was from my upbringing. I think I speak for most when I say that is probably where most learn about money.

1. How much money do you make each month?

Knowing how much you make is essential to all of your personal finance growth. The absolute worst thing you can do is be dishonest with the person in the mirror.

2. Categorize your Spending.

Before ever getting on a budget, first you should really begin to categorize your spending. Make a list of all types of spending. Housing, utilities, transportation, debt, communication, spending.

3. Create a working budget.

This might speak for itself, but statistics say about 60% of people do not operate within a budget. With 80% of people living paycheck to paycheck it is safe to say that a budget might make a bigger impact then we sometimes think.

4. Identify ‘Slash’ areas within your budget.

Figure out where you can tweak some spending and slowly start to implement those within your budget. Don't go cold turkey. Give yourself some credit and slowly incorporate your adjustments.

5. Develop something similar to the 50/30/20 plan.

My personal take is that you should really work to a 50/50 and delay gratification for 2 years and you might be surprised what can happen. However, in most situations, for starters the 50/30/20 plan is a great starting point.

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