money management essay

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What Is Money Management?

Understanding money management, top money managers by assets, the bottom line.

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Money Management: Definition and Top Money Managers by Assets

James Chen, CMT is an expert trader, investment adviser, and global market strategist.

Gordon Scott has been an active investor and technical analyst or 20+ years. He is a Chartered Market Technician (CMT).

Money management refers to the processes of budgeting, saving, investing, spending, or otherwise overseeing the capital usage of an individual or group. The term can also refer more narrowly to investment management and portfolio management.

The predominant use of the phrase in financial markets is that of an investment professional making investment decisions for large pools of funds, such as mutual funds or pension plans .

Key Takeaways

• Money management broadly refers to the processes utilized to record and administer an individual’s, household’s, or organization’s finances.
• The term also refers more narrowly to investment and portfolio management.
• Financial advisors and personal finance platforms such as mobile apps are increasingly common in helping individuals manage their money better.
• Poor money management can lead to cycles of debt and financial strain.
• The biggest money managers by assets under management (AUM) are BlackRock, Vanguard, and Fidelity.

Money management is a broad term that involves and incorporates services and solutions across the entire investment industry.

Consumers have access to a wide range of resources and applications that allow them to individually manage nearly every aspect of their personal finances . As investors increase their net worth, they also often seek the services of financial advisors for professional money management. Financial advisors are typically associated with private banking and brokerage services, offering support for holistic money management plans that can involve estate planning, retirement, and more.

In the growing financial technology market, personal finance apps exist to help consumers with nearly every aspect of their finances.

Investment company money management is also a central aspect of the investment industry. Investment company money management offers individual consumers investment fund options that encompass all investable asset classes in the financial market.

Investment company money managers also support the capital management of institutional clients, with investment solutions for institutional retirement plans, endowments , foundations, and more.

Global investment managers offer retail and institutional investment management funds and services that encompass every investment asset class in the industry. Two of the most popular types of funds include actively managed funds and passively managed funds. Passively managed funds replicate specified indexes and usually charge low management fees.

The list below shows the top global money managers by assets under management (AUM) :

BlackRock Inc.

In 1988, BlackRock Inc. was launched as a $1 division of the BlackRock Group. By the end of 1993, it boasted $17 billion in AUM, and, by 2022, that number swelled to a whopping $8.6 trillion.

BlackRock’s exchange-traded fund (ETF) division, called iShares, has about $2.5 trillion in AUM globally, amounting to roughly 29% of the group’s total assets . Overall, the firm employs approximately 13,000 professionals and maintains offices in more than 30 countries around the world.

The Vanguard Group

The Vanguard Group is one of the most well-known investment management companies, catering to more than 30 million clients across 170 countries. Vanguard was founded by John C. Bogle in 1975 in Valley Forge, Pennsylvania, as a division of Wellington Management Co., where Bogle was previously chair.

Since its launch, Vanguard has grown its total assets to beyond $8 trillion, becoming the world’s second-largest asset manager thanks to the popularity of its low-cost investment funds.

Fidelity Investments

Fidelity Management & Research Co. was founded in 1946 by Edward C. Johnson II. As of Dec. 31, 2022, Fidelity had more than 40 million customers with $10.3 trillion in total assets and $3.9 trillion in AUM.

The firm offers hundreds of mutual funds, including domestic equity , foreign equity, sector -specific, fixed-income , index , money market , and asset allocation funds.

What is the difference between a money manager and an asset manager?

As implied in their respective names, money managers manage money and asset managers manage assets. However, as assets essentially represent money, the two can largely be considered the same thing.

What are the main principles of money management?

The main principles of money management are generally income, investing, savings, and spending. With the right balance, these principles can help individuals to maximize their financial well-being.

What is the goal of money management?

The ultimate goal of money management is to maximize wealth.

Money management is precisely that: the management of money. When people talk about money management, they may be referring to how an individual or company handles their finances, whether that be budgeting, saving, investing, or spending. Alternatively, they could be referring to the companies that many people count on to manage their capital.

In financial markets, the term “money management” is generally synonymous with big investment firms, or asset managers, taking people’s money and investing it. The biggest money managers in the world are BlackRock, Vanguard, and Fidelity. Among them, they oversee many of the largest, most well-known mutual funds and pension plans.

Sovereign Wealth Fund Institute. “ Rankings by Total Managed AUM .”

BlackRock. “ Introduction to BlackRock .”

iShares. “ Who We Are .”

Vanguard, via Internet Archive. “ Fast Facts About Vanguard .”

Fidelity. “ We Are Fidelity .”

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Essay on Money Management

Students are often asked to write an essay on Money Management in their schools and colleges. And if you’re also looking for the same, we have created 100-word, 250-word, and 500-word essays on the topic.

Let’s take a look…

100 Words Essay on Money Management

Understanding money management.

Money management is about how you handle your cash. It’s like a game plan for spending, saving, and making sure you have enough for important things. You keep track of what you earn and make smart choices on what to buy.

Saving Money

Saving means putting money aside for later. Each time you get money, you should save a part of it. This can help you buy big things in the future or have money in case of emergencies.

Spending Wisely

When you spend, think about what you need versus what you want. Needs are things like food and clothes, while wants are extras. Always try to spend less money than you have.

Making a Budget

A budget is a plan for your money. You write down how much money you get and then plan how to spend it. Sticking to a budget helps you not run out of money.

Investing is using your money to try and make more money. It can be risky, so learn and start small. It’s a way to grow your savings over time.

250 Words Essay on Money Management

What is money management.

Money management means taking care of your money. It’s like knowing how to use your pocket money wisely. You plan how to spend it, save some, and make sure you have enough for things you need.

Saving is putting money aside for later. Imagine you want a new toy or a book. If you save a little bit of your money every time you get some, soon you will have enough to buy what you want. It’s like filling a piggy bank; drop by drop, it gets full.

When you spend money, think about what you’re buying. Ask yourself if you really need it or if it’s just something you want because it looks cool. Sometimes, waiting before buying something helps you decide if it’s important.

A budget is a plan for your money. You write down how much money you get and then list the things you need to spend money on, like food, school supplies, and clothes. If you plan it right, you can also save some money.

Why It Matters

Handling money well is a big part of life. When you learn about it while you’re young, you get better at making good choices with money when you’re older. It means you won’t run out of money when you need it, and you can even help others. Plus, you’ll feel proud that you can take care of your money all by yourself.

500 Words Essay on Money Management

Money management means taking care of your money. It’s like being the boss of your own cash. You decide what to do with it: spend it now, save for something big later, or even put some away for times when you might need it urgently. It’s important because it helps you make sure you always have enough money for the things you need and want.

Creating a Budget

Think of a budget as a spending plan. It tells you how much money you have, where it needs to go, and what you can spend without running out. To make a budget, list all the money you get, like allowance or birthday cash. Then, write down what you need to spend money on, like school lunches or saving for a new bike. What’s left is your spending money. Remember, a good budget helps you not spend more than you have.

Saving is like planting a seed that grows into a money tree over time. When you save, you set money aside for later. You might save for a game, a trip, or just to have some extra cash when you need it. A good tip is to decide on a certain amount to save each time you get money. This way, saving becomes a regular habit, just like brushing your teeth.

Smart Spending

Smart spending doesn’t mean you never buy fun things. It means thinking carefully before you buy. Ask yourself: Do I really need this? Will I use it a lot? Could I find it cheaper somewhere else? Sometimes, waiting a bit before you buy can help you decide if it’s really worth it.

Understanding Needs vs. Wants

Needs are things you must have to live, like food, a home, and clothes. Wants are extra things that are nice to have but you could live without, like toys and video games. Good money management means taking care of needs first and then seeing if there’s money left for wants.

Dealing with Emergencies

Emergencies are like unexpected storms that can shake up your money plans. It could be a broken bike or a lost school book. This is why you have savings. If you’ve saved up, you can handle these surprises without getting stressed.

Making Money Grow

You can make your money grow by investing, but this can be tricky. It’s like giving your money a job where it can earn more money for you. Talk to a grown-up and learn about things like bank accounts that earn interest. This means the bank pays you a little bit for keeping your money there.

Sharing and Giving

Money isn’t just for spending on ourselves. Sharing with others can make us feel good. You might give some money to help people in need or support a cause you care about. This is a part of money management, too, because it’s about deciding how to use your money to make a difference.

Managing money is a big responsibility, but it’s also a powerful skill. When you learn to manage your money well, you’re in control. You can reach your goals, handle emergencies, and even help others. Start practicing these money management tips, and you’ll be on your way to being a money management pro!

That’s it! I hope the essay helped you.

If you’re looking for more, here are essays on other interesting topics:

• Essay on Money And Happiness
• Essay on Modesty
• Essay on Modernism

Apart from these, you can look at all the essays by clicking here .

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• Managing Your Debt

10 Simple Ways To Manage Your Money Better

Being good with money is about more than just making ends meet. Don't worry that you're not a math whiz; great math skills aren't really necessary - you just need to know basic addition and subtraction.

Life is much easier when you have good financial skills . How you spend your money impacts your credit score and the amount of debt you end up carrying. If you’re struggling with money management issues such a living paycheck to paycheck despite making more than enough money, then here are some tips to improve your financial habits.

When you’re faced with a spending decision, especially a large purchase decision, don’t just assume you can afford something. Confirm that you can actually afford it and that you haven’t already committed those funds to another expense.

That means using your budget and the balance in your checking and savings accounts to decide whether you can afford a purchase. Remember that just because the money is there doesn't mean you can make the purchase. You have also to consider the bills and expenses you'll have to pay before your next payday.

How To Manage Your Money Better

• Have a budget : Many people don’t budget because they don’t want to go through what they think will be a boring process of listing out expenses, adding up numbers, and making sure everything lines up. If you’re bad with money, you don’t have room for excuses with budgeting. If all it takes to get your spending on track is a few hours working a budget each month, why wouldn’t you do it? Instead of focusing on the process of creating a budget, focus on the value that budgeting will bring to your life.
• Use the budget: Your budget is useless if you make it then let it collect dust in a folder tucked away in your bookshelf or file cabinet. Refer to it often throughout the month to help guide your spending decisions. Update it as you pay bills and spend on other monthly expenses. At any given time during the month, you should have an idea of how much money you’re able to spend, considering any expenses you have left to pay.
• Give yourself a limit for unbudgeted spending : A critical part of your budget is the net income or the amount of money left after you subtract your expenses from your income. If you have any money left over, you can use it for fun and entertainment, but only up to a certain amount. You can’t go crazy with this money, especially if it’s not a lot and it has to last the entire month. Before you make any big purchases, make sure it won’t interfere with anything else you have planned.
• Track your spending: Small purchases here and there add up quickly, and before you know it, you’ve overspent your budget. Start tracking your spending to discover places where you may be unknowingly overspending. Save your receipts and write your purchases in a spending journal, categorizing them so you can identify areas where you have a hard time keeping your spending in check.
• Don’t commit to any new recurring monthly bills : Just because your income and credit qualify you for a certain loan, doesn’t mean you should take it. Many people naively think the bank wouldn’t approve them for a credit card or loan they can’t afford. The bank only knows your income, as you’ve reported, and the debt obligations included on your credit report , not any other obligations that could prevent you from making your payments on time. It’s up to you to decide whether a monthly payment is affordable based on your income and other monthly obligations.
• Make sure you’re paying the best prices : You can make the most of your money comparison shopping, ensuring that you’re paying the lowest prices for products and services. Look for discounts, coupons, and cheaper alternatives whenever you can.
• Save up for big purchases : The ability to delay gratification will go a long way in helping you be better with money. When you put off large purchases, rather than sacrificing more important essentials or putting the purchase on a credit card, you give yourself time to evaluate whether the purchase is necessary and even more time to compare prices. By saving up rather than using credit, you avoid paying interest on the purchase. And if you save rather than skipping bills or obligations, well, you don’t have to deal with the many consequences of missing those bills .
• Limit your credit card purchases : Credit cards are a bad spender's worst enemy. When you run out of cash, you simply turn to your credit cards without considering whether you can afford to pay the balance. Resist the urge to use your credit cards for purchases you can’t afford, especially on items you don’t really need.
• Contribute to savings regularly : Depositing money into a savings account each month can help you build healthy financial habits. You can even set it up so the money is automatically transferred from your checking account to your savings account. That way, you don’t have to remember to make the transfer.
• Being good with money takes practice :​ In the beginning, you may not be used to planning ahead and putting off purchases until you can afford them. The more you make these habits part of your daily life, the easier it is to manage your money, and the better off your finances will be.

Frequently Asked Questions (FAQs)

Why is money management important.

Without money management, personal finances are a bit of a mystery. This can lead to overspending and living paycheck-to-paycheck. Money management can help you have a better handle on your income and spending so you can make decisions that improve your financial status.

How do you improve money management?

You can improve your money management by regularly evaluating what you're doing with money and making changes that make sense for you. For example, if you don't have a budget, you could start by developing one. If you have a budget, you could track your spending and see how it lines up with your budget. Once you have an idea of your income and spending, you could choose to increase your savings, pay off debt, or start investing based on your financial goals.

Consumer Financial Protection Bureau. " Budgeting: How to Create a Budget and Stick With It ."

Consumer.gov. " Making a Budget ."

FiftyThirtyTwenty.com. " Income + Financial Stability in America ."

Consumer Financial Protection Bureau. " Spending Tracker ."

Consumer Financial Protection Bureau. " Bill Calendar: Know What You Owe and When It's Due ."

WSFS Bank. " 5 Ways to Save for a Big Purchase ."

Discover. " Six Tips On How To Stay Out of Debt ."

Consumer Financial Protection Bureau. " Looking for An Easy Way to Save Money? Make It Automatic ."

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5 Ways to Manage Your Personal Finances

• Rakshitha Arni Ravishankar

First, let go of your limiting beliefs about money.

Talking about money can feel awkward, uncomfortable, and even scary. Here are five pieces of advice from our authors on how to feel in control of your personal finances.

• Let go of your limiting beliefs about money.
• Take ownership of your money.
• Always set a timeline for your money goals.
• Build an emergency fund.
• Create a diverse portfolio of investments.

Money can evoke a range of difficult emotions for many of us. This anxiety only grows when we’re living through economically fragile times or don’t come from wealth . It can feel awkward, uncomfortable, and even scary to navigate these feelings when they show up. But know that it’s still possible to make smart decisions that will help you become financially stable .

• RR Rakshitha Arni Ravishankar is an associate editor at Ascend.

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260 Money Topics to Write About & Essay Examples

Looking for a topic about money? Money won’t leave anyone indifferent! There are lots of money essay topics for students to explore.

🏆 Best Money Essay Examples & Ideas

👍 good money essay topics, 💡 easy money topics to write about, 📃 interesting topics about money, 📑 good research topics about money, 📌 most interesting money topics to write about, ❓ research questions about money.

You might want to focus on the issue of money management or elaborate on why money is so important nowadays. Other exciting topics for a money essay are the relation between money and love, the role of money in education, etc. Below you’ll find a list of money topics to write about! These ideas can also be used for discussions and presentations. Money essay examples are a nice bonus to inspire you even more!

• Can Money Buy You Happiness? First of all, given that happiness is related to the satisfaction of personal needs, there is also a need to consider the essential need of human life such as housing, medicine, and food.
• I Don’t Believe Money Can Buy Happiness This shows that as much as money is essential in acquisition and satisfaction of our needs, it does not guarantee our happiness by its own and other aspects of life have to be incorporated to […]
• Connection Between Money and Happiness Critical analysis of money-happiness relationship shows that socioeconomic factors determine the happiness of an individual; therefore, it is quite unsatisfactory to attribute money as the only factor and determinant of happiness.
• Money as a Form of Motivation in the Work Place This then shows that money can and is used as a motivational factor in the work place so that employees can strive to give their best and their all at the end of the day.
• Money: Good or Evil? Comparing & Contrasting While there are those amongst us who subscribe to the school of though that “money is the source of all evil”, others are of the opinion that money can buy you anything, literary.
• Money, Happiness and Relationship Between Them The research conducted in the different countries during which people were asked how satisfied they were with their lives clearly indicated the existence of a non-linear relationship between the amount of money and the size […]
• Should America Keep Paper Money It is possible to begin the discussion of the need for keeping paper currency from referring to the rights of any people.
• Does Money Buy Happiness? Billions of people in all parts of the world sacrifice their ambitions and subconscious tensions on the altar of profitability and higher incomes. Yet, the opportunity costs of pursuing more money can be extremely high.
• Strategies to Save and Protect Money Thus, the main points of expenditure will be clearly marked, which will help to exclude the purchase of unnecessary goods and services.
• Money and Modern Life The rich and the powerful are at the top while the poor and helpless are at the bottom, the rest lie in-between.
• The Global Media Is All About Money and Profit Making It is noteworthy that the advertisement are presented through the media, which confirms the assertion that global media is all about money and profit making. The media firms control the information passed to the public […]
• Discussion: Can Money Buy Happiness? Reason Two: Second, people are psychologically predisposed to wanting more than they have, so the richer people are, the less feasible it is to satisfy their demands.
• Change in the Value of Money According to Keynes To explain the effect of inflation on investors, Keynes delves into the history of inflation through the nineteenth century and tries to explain the complacency of investors at the beginning of the First World War […]
• Money and Happiness in Poor and Wealthy Societies Comprehending the motivations for pursuing money and happiness is the key to understanding this correlation. The Easterlin paradox summed this view by showing that income had a direct correlation with happiness.
• Anti-Money Laundering and Hawala System in Dubai To prevent money launders and agents, most countries enacted the anti-money laundering acts with the goal of tracking and prosecuting offenders.
• Opinion on the Importance of Money In the absence of money, individuals and organizations would be forced to conduct transactions through barter trade which is a relatively challenging system due to existence of double coincidence of wants.
• Success and Money Correlation The development of the information technologies and the ongoing progress led to the reconsideration of the values and beliefs. It is significant to understand that there is no right or wrong answer for the question […]
• Money, Success, and Relation Between Them In particular, the modern generation attaches so much importance to money in the sense that success and money are presumed to be one and the same thing.
• Prices Rise When the Government Prints too Much Money Makinen notes that an increase in the supply of money in an economy relative to the output in the economy could lead to inflationary pressure on prices of goods and services in the economy.
• Money or Family Values First? Which Way to Go As such, family values becomes the epicenter of shaping individual behavior and actions towards the attainment of a certain good, while money assumes the position of facilitating the attainment of a certain good such as […]
• Time Value of Money: Importance of Calculating Due to fluctuations in economies, all organizations need to take into consideration concepts of the time value of money in any investment venture.
• Money and Its Value Throughout the World History What is important is the value that people place on whatever unit they refer to as amoney.’ Money acts as a medium of exchange and an element of measurement of the value of goods and […]
• Electronic Money: Challenges and Solutions First of all, it should be pointed out that money is any type of phenomenon which is conventionally accepted as a universal carrier of value, or “any generally accepted means of payment which is allowed […]
• Money Laundering Through Cryptocurrencies This study will try to critique the approaches used by countries to address the aspect of money laundering activities and the risks posed by digital currencies.
• Two Attitudes Towards Money The over-dependence on money to satisfy one’s emotional needs is a negative perspective of money. The positive attitude of money is rarely practiced by people.
• Giving Money to the Homeless: Is It Important? The question of whether a person should give money to a homeless person or not is a complicated one and cannot have the right answer.
• Anti Money Laundering and Financial Crime There are a number of requirements by the government on the AML procedures to be developed and adopted by the firms in the financial service in industry in an attempt to fight the illegal practice.
• Relation Between Money and Football In the English league, clubs have been spending millions to sign up a player in the hope that the player will turn the fortunes of the company for the good.
• Efforts to Raise Money for Charity However, the point is that charity is supposed to be for a simple act of giving and not expecting any returns from it.
• Paper Money and Its Role Throughout History The adoption of the paper money was considered to be beneficial for both the wealth of the country and the individual businessmen.
• Artworks Comparison: Les Demoiselles d’Avignon and Tribute Money Though the Les Demoiselles d’Avignon, a fresco created by Picasso, was created in an entirely different epoch than Masaccio’s Tribute Money was, the two artworks still share a range of stylistic, compositional and conceptual similarities, […]
• Money Laundering: Most Effective Combat Strategies The practice of money laundering affects the economy and security of a country. Countries have directed their efforts to curb money laundering to control the downwards projections of their countries’ economies.
• Money: Evolution, Functions, and Characteristics It acts as medium of exchange where it is accepted by both buyers and sellers; the buyer gives money to the seller in exchange of commodities.
• Are Workers Motivated Mainly by Money? Related to the concept of work and why people work is the original concept developed by Karl Marx in the so-called conflict theory.
• The Lebanese-Canadian Bank’s Money Laundering The bank was later banned from using the dollar by the American treasury; this resulted in the collapse and eventual sale of the bank.L.C.B.had to pay a settlement fine of one hundred and two million […]
• Where Does the Money Go? by Bittle & Johnson Therefore, the authors explain key issues of the national debt in a relatively simple language and provide their opinion on how the country got into that situation and what could be done about it. In […]
• Anti-Money Laundering in Al Ansari Exchange Case Study Details Company name: Al Ansari Exchange Headquarters: Dubai, United Arab Emirates Sector: Financial Services Number of employees: 2500 Annual gross revenue: UAED 440.
• “From Empire to Chimerica” in “The Ascent of Money” In the chapter “From Empire to Chimerica,” Niall Ferguson traces back the history of the Western financial rise and suggests that nowadays it is being challenged by the developing Eastern world. The hegemonic position of […]
• Money Saving Methods for College Students A budget is one of the methods that a college student can use to save money. In the budget, one should indicate how much to save and the means of saving the money.
• The Ascent of Money: A Financial History of the World The succinctness of this book lies in the critical analysis and emphasis of the financial history of money in spite of the fact it has impeded some important functions of the global economy.
• The Relationship Between Money Supply and Inflation It is evidenced that changing the money supply through the central banks leads to a control of the inflationary situations in the same economy.
• Why People Should Donate Time, Money, Energy to a Particular Organization, Charity, or Cause Its vision is to have a world that is free from Alzheimer’s disease.”The Alzheimer’s Association is the leading, global voluntary health organization in Alzheimer’s care and support, and the largest private, nonprofit funder of Alzheimer’s […]
• Money and Banking: General Information The essay gives the definition of money and gives a brief description of the functions of money. As a store of value, money can be saved reliably and then retrieved in the future.
• Time Value of Money Compounding was done on the amount that I had lent out using the market rate over the duration of time the person held my money.
• Money, Happiness and Satisfaction With Life Nonetheless, the previously mentioned examples should be used to remind us that money alone is not a guarantee of happiness, satisfaction with life, and good health.
• Two Attitudes Toward Money Two attitudes toward money involve negative perception of money as universal evil and positive perception of money as source of good life and prosperity.
• Dreams of Avarice in Ferguson’s “The Ascent of Money” The chapter “Dreams of Avarice” of the book “The Ascent of Money” explores different stages of development of money functioning in the world by relating them to corresponding historical events.
• “College Is a Waste of Time and Money” by Bird Bird’s use of logical fallacies, like if students do not want to go to college, they should not do it until the reasons of their unwillingness are identified, proves that it is wrong to believe […]
• Exploring the Relationship Between Education and Money A person cannot be able to change his/her ascribed status in the society, but only through education a person is able to change his/her Socio-economic status and to some extent that of his/her family once […]
• Drugs: The Love of Money Is the Root of All Evils The political issues concerning the use of drugs consist of, but not limited to, the substances that are defined as drugs, the means of supplying and controlling their use, and how the society relates with […]
• Time Value of Money in Investment Planning The author of the post makes a good point that an amount of money is worth more the sooner it is received.
• Money Laundering Scene in Police Drama “Ozark” In one of the first season’s episodes, Marty, the main character, illustrates the process of money laundering crime. In the scene, one can see that Marty is fully sane and is committing a crime voluntarily.
• Money From the Christian Perspective Work in Christian missions is a business and since it affects the relationship between the missionary and the people he is trying to reach, missionary funding is essential.
• Business Case Scenario: Missing Money in a Company A possible scenario explaining how money is missing is through the payroll department my first argument seeks to prove the payroll department as the loophole of the company’s misfortunes.
• Sports Stadiums’ Funding by Public Money The issue is controversial from an ethical point of view since not all citizens whose taxes can be spent on the construction of the stadium are interested in or fond of sports.
• Money Laundering: The Kazakhgate Case He was accused of breaking the Foreign Corrupt Practices Act of 1974 and money laundering by the U.S.attorney’s office for the Southern District of New York.
• The Ways Terrorists Raise and Move Money Moreover, the government has put into action the freezing orders and blocking of united states individuals who are presumed to have a hand in terrorist activities.
• “Money as a Weapon” System and Fiscal Triad Furthermore, the fiscal triad encompasses the procurement of products and services and the disbursement and accounting of public funding. Fiscal legislation and contracts are two key components of the “money as a weapon” system.
• The Fiscal Triad and Money as a Weapon System The reliance on the unit commanders sparked the development of the complementary strategy, “Money as a Weapon System,” which became a focal point of the Iraq and Afghanistan campaigns.
• Saving Money Using Electric or Gas Vehicles The central hypothesis of the study is that the electric car will save more money than gas ones. The main expected outcome that the study is counting on is a confirmation of the presented hypothesis […]
• Traditional vs. Modern Forms of Money The most significant argument for the continuing existence of traditional forms of money is the impossibility of converting all financial resources into a digital form.
• Time Value of Money: What You Should Know The time value of money is a paramount financial concept, according to which a certain amount is now worth more than the same amount in the future.
• The Concept of the Time Value of Money The concept of the time value of money refers to the financial principle noting that a fixed amount of money currently is worth more than the same amount of money in the future.
• Play Money Paper: A Report Betas of the Companies in the Portfolio It is noteworthy that in the given portfolio, the beta indices of the companies involved vary considerably.
• Integration of Business Ethics in Preventing Money Laundering Schemes The shipping information within the document seems inaccurate with the intention to launder money from the buyer. The contribution of ocean carrier in the transaction process is doubtful to a given extent.
• Trade-Based Money Laundering The purpose of this paper is to research the subject of trade-based money laundering, its impact on global scene and export controls, identify types of trade finance techniques used to launder illegal money, and provide […]
• Impact of Natural Disasters on Money Markets and Investment Infusion of funds from the central bank during natural disasters results in higher process of exports as a direct result of an increase in the value of the local currency.
• The Perception of Money, Wealth, and Power: Early Renaissance vs. Nowadays In the Renaissance period, power was a questionable pursuit and could be viewed as less stable due to more frequent upheavals.
• Financial Institutions and Money Money is a store of value because it can be saved now and used to purchase se goods and services in the future.
• Researching of the Time Value of Money After receiving the loan, one of the monetary policies that would help PIIGS to stabilize is the deflation of their currency, in this case, the Euro.
• Anti-Money Laundering: Financial Action Task Force Meanwhile, given the limited access for physical assessment of state jurisdictions, it is likely that current provisions of FATF are yet to be revised in spite of pandemic travel and assessment restrictions.
• Anti-Money Laundering in the UK Jurisdiction The regime adopted in the UK is based on the provisions of “the Terrorism Act of 2000, the Proceeds of Crime Act of 2002, as well as the Money Laundering, Terrorist Financing, and Transfer of […]
• Trade-Based Money Laundering and Its Attractiveness The proliferation of the trade-based money laundering is directly related to the growing complexity of international trade systems, where new risks and vulnerabilities emerge and are seen as favorable among terrorist organizations seeking for the […]
• Money Laundering and Sanctions Regulatory Frameworks Under the provisions of OFAC, the company has violated the cybersecurity rules that might indirectly bring a significant threat to the national security or the stability of the United States economy by engaging in online […]
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• Money Market and Value-Based Pricing Consequently, the GDP can be defined by the equation: Y=C+I+G+NX where: Y= Total GDP, C=Consumption by household, I=Investment, G=Government expenditure, NX=Net Exports Net Domestic product entails the reduction of the GDP by the depreciation of […]
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• Space Programs: Progress or Waste of Money? According to Ehrenfreund, the ingenuity to develop technologies and work in space is part of the progress that comes from space programs. Space programs have led to the development of technologies that improve air transport.
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• Mercantilism, Stamped Money, and Under-Consumption It is paramount to note that he criticizes ideas of Ricardo quite frequently, and he believed that he did not consider the ideas that were suggested by other prominent economists.
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• How Does Inflation Affect the Function of Money?
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• Are Credit Cards Going to Be the Money of the Future?
• Does Money Protect Health Status?
• Can Cryptocurrencies Fulfill the Functions of Money?
• What Tools Used by the Federal Reserve to Control Money Supply?
• Are Athletes Overpaid Money Professional Sports?
• Does Electronic Money Mean the Death of Cash?
• What Does Motivate Employees and Whether Money a Key?
• What Are the Three Functions of Money?
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• Does Broad Money Matter for Interest Rate Policy?
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• Does One’s Success Depend on the Amount of Money a Person Earns?
• How Does Federal Reserve Control the Money Supply?
• Does Interest Rate Influence Demand for Money?
• Does Commodity Money Eliminate the Indeterminacy of Equilibria?
• Are College Degrees Worth the Money?
• Can Money Matter for Interest Rate Policy?
• How Banks Create Money and Impact of Credit Booms?
• How Can Virtualization Save Organization Money?
• Can Money Diminish Student Performance Disparities Across Regions?
• Chicago (A-D)
• Chicago (N-B)

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‘Miles Walked, Miles Driven’: This Year’s College Essays About Money

Each year, we seek out college application essays about money, work or social class. Here are five from writers who are now undergraduates.

Supported by

By Ron Lieber

Photographs by Lexi Parra

Ron Lieber wrote one of his college application essays about a television commercial for the company formerly known as Waste Management.

• Oct. 22, 2022

Writing a personal essay is more art than science. Discussing money — what you or your family has or lacks — is tricky under the best of circumstances. Doing both well is harder still, especially if you’re a teenager and a committee of grown-ups will sit in judgment on whatever you produce.

Each year, we invite essayists to forward their work to us after they’ve submitted their thoughts on money, work, social class and related matters as part of their college applications. At their best, they inspire a kind of empathy, even if money is not on your mind all that often.

This time, we find ourselves in the human resources department with a racing mind; the kitchen as a daughter observes her mother making do; the car, driving many miles for so many reasons; the house, stuffed with way too much; and the head of a young woman wondering if her soft hands bring honor upon her family.

To write this way about these topics requires perspective, about who has what and why and how. But it also demands bravery — to go where most people don’t, including a lot of adults.

Katya Spajic

“Their hands symbolized their love and sacrifice for family. But my unblemished hands signified nothing in return, only evidence of wasting away their hard work.”

New York — Bronx High School of Science

Mom always told me that if my hands were smooth and unblemished nobody would be able to tell my age.

She wore rings and gloves to cover up the premature wrinkles from her time as a waitress in high school and the scars on her fingers from her first four years in America as a seamstress.

Try as she might, no amount of jewelry or hand cream could erase those markings. But I envied her imperfections: Mom’s weathered hands spoke volumes about her strength, selflessness and love.

Whenever my family gathered at the dinner table, I would steal glances at their hands. Each wrinkle and scar read like a chapter of a life well lived: a life full of purpose. When I looked at my smooth knuckles and babylike palms, I wondered when I would receive markings that told my story.

When Dad squeezed my hand as we crossed the street, I tried to place the sharp ridges and rock-hard calluses that dug into my soft skin. Did they come from summers in Montenegro, gripping the worn handle of the scythe to cut hay? Were they caused by heavy tiles nicking his palms during the kitchen renovations that paid for my babysitters?

During summers in Pljevlja in Montenegro, I would watch Grandma’s trembling hands as she kneaded each piece of burek. What initially seemed like splotches of flour were actually burn scars from 70 years of cooking. Perhaps they came from adding one too many coals to the furnace or accidentally lifting pots out of the oven with her bare hands.

Their hands symbolized their love and sacrifice for family. But my unblemished hands signified nothing in return, only evidence of wasting away their hard work. So I tried to gain markings the only way I knew how: mimicking my family’s defining actions.

I attempted Grandma’s burek, but my imitation’s flaky shell hardened each time I took it out of the oven. And my burns never felt purposeful, only documentation of my mediocrity.

I tried picking up a needle and thread like Mom. But even as my hands took the shape of hers, the needle pricks left me unsatisfied — it never came naturally like for Mom.

My hands began to read like a list of failed ventures — until I found volleyball. Volleyball seemed like a forbidden interest, so independent from family. But each purposeful movement left me satiated with fulfillment. I picked up the game quickly, and my parents were thrilled: Recruitment was my ticket into a top university. I even fractured my thumb while diving for the ball, the bone awkwardly jutting out as my own personal talisman of greater purpose.

But during high school, I was exposed to a plethora of other opportunities. I began spending Monday nights practicing cases for Mock Trial and dedicated weekends to taking photographs for my school’s Dynamo literary magazine. And though my hands remained unchanged, these passions, along with others, showed me sides of my identity that I didn’t know existed.

But with little time left for volleyball, I came to the decision to leave my club team. My crooked thumb became an ominous reminder of another failed pursuit.

My parents were furious. They perceived my new activities as unfocused distractions, leading me away from my ticket to college.

I soon understood that my parents’ anger did not stem from disappointment, but from unfamiliarity. Their only path forward was committing to their available roles, never pondering the existential questions I did: self-discovery in a sea of options.

Becoming “lost” for pursuing seemingly unconnected interests was not what they envisioned for me, but I realized that the best way to fully take advantage of my privileges was to explore all my curiosities. I stopped emulating the identities of my family and realized that my hands would eventually bear the weight of my pursuits.

More importantly, those markings and hands will be my own, not my mother’s or father’s.

Griffin Ayson

“Travel costs may prove too great a financial strain for my parents, but my world map and ingenuity are free.”

Los Angeles — Van Nuys High School

The room was stuffy, cramped and packed with teenagers. I was about to embark on a new adventure — my first job. I made sure I brought everything listed on the required materials list: Social Security card, passport, student ID, work permit.

As I waited for the human resources personnel to call my name, I gingerly opened my passport. A glance at the photo taken when I was 12 brought a big smile to my face: Chubby cheeks. Bowl cut hair. Forced smile. My jolly mood quickly faded when I read the expiration date: 03 Jan 2022. As I flipped through, each page was blank. My heart felt empty.

I tried to shake off the sadness dominating my thoughts. I should not have been bothered by my empty passport or its pending expiration date. But I was. It was a painful reminder that I had never left the country, not once in my entire life.

I remained quiet even as my mom repeatedly asked how my job orientation went. My replies were a mere yes or no. But when we got home, I held up my passport and finally dared to ask her. She looked at me and responded: “I’m sorry, but we can’t afford it. Airfares alone for a family of five would cost an arm and a leg.” Her quavering voice said it all. I walked away, empty. My passport was for “just in case,” not “when.”

When I spend time with Grandma, I am greeted by her cabinet full of cherished souvenirs. Some mark her 90 years on earth, others Grandpa’s travels as a merchant marine. Admiring the elephant tusk from India, brass plates from Morocco and hand-carved Last Supper wall hanging from Italy, I often wondered what it was like to travel the world just like Grandpa did.

Today, I catch myself looking back at those visits at Grandma’s and realizing I don’t need to leave my beloved city — Los Angeles — to experience the world. I satisfy my wanderlust by feasting on hearty, delicious global cuisines here in my neighborhood. Couscous from Morocco. Vindaloo from India. Gelato from Italy. Each is a small marker of my city’s diverse population and the perspectives and experiences surrounding me.

The first and last thing I see from my bed is my vast world map from Ikea, occupying almost an entire wall. This map has been my constant travel companion since I was little. Beginning with Dad’s stories about his business travels early in his career, this map has taken me to the countries he toured and locals he befriended from Belgium to South Korea to Indonesia.

Through Google Earth’s lens, I’m able to transport myself to any far-flung places without leaving the comfort of my bedroom. I have explored the Philippines, where my mother was born and raised. Her accounts of her upbringing fascinated me growing up, the tropical climate a drastic change from L.A.’s dry, sunny summers. When I showed her the schools she attended, the church where she and her family worshiped every Sunday, and the empty land where her house once stood, she was delighted. I was, too.

I don’t need to set foot in an airport to know every country, city and capital in the world. The knowledge I amassed, from the map in my bedroom to virtual tours, has taught me that not traveling outside my birth country will not define who I am. I pull what I can from my surroundings, whether wandering my neighborhood or following the virtual tour of the Louvre’s Petite Galerie exhibition of founding myths. And there are dozens of UNESCO sites still to see.

I am a globe-trotter. Travel costs may prove too great a financial strain for my parents, but my world map and ingenuity are free. So while my passport pages are empty, my limitless adventures are being vividly stamped in my mind forever.

Mimosa Hứa Mỹ Văn

“My treasure was occupying my time and mind. Overflowing piles, boxes and chaos tornadoed around me.”

Tucson, Ariz. — Flowing Wells High School

I was 6 years old.

Waltzing into my room, I had no room to dance. Looking at the floor, I would not be able to convince anyone it is hardwood. Clothes with price tags and unopened toys covered every inch of the ground. Mountains of freebies from convention centers engulfed me every time I entered the room. It was chaos.

Each day, these mountains became mountain ranges. As time passed by, I thought this accumulation would make me better. More items, more wealth and more friends. Having more meant a better life, right?

I waved to my dad at the screen door while I was yawning in jammies that were made authentically from Vietnam. He hopped into the only car to drive eight miles south to sharpen blades for lawn mowers as my mom cared for me, my brother and the house.

And every morning, my mom dropped me off at school on the next fastest transportation: the only electric scooter. Other days, my dad would pick me up and head to the doctor’s as the English-speaking parent before dozing off until his next shift. I cherished my parents’ efforts and actions for me.

When I was 10, my dad was heading into his mid-60s, and he retired. The income cash flow was dripping as my mom joined the work force and slowly gained clients. We celebrated every time a letter came in with government assistance.

We savored all the stuff. Every item made us the richest people on earth. My mom told me stories about when she was younger in Vietnam. She never had new clothes or gifts. She always got hand-me-downs.

I treasured and kept every item as sacred as a pirate’s gold. I felt like I won the lottery by having all this stuff.

Because I knew the most English, I researched Americanized things and how-tos for my parents. With a disastrous house at bay, my mom suggested to me to research how to get a cleaner house. I typed it into the Google search bar, expecting nothing helpful. I went down the rabbit hole, weaving from grease, storage containers, organization and more.

And then, I found this foreign word, minimalism.

Simplifying the number of items in possession to have a tidier home can make people happier. What were these jabberwocky words arranged in this order doing here? Can this end my chaos?

But, I thought more meant better. My treasure was occupying my time and mind. Overflowing piles, boxes and chaos tornadoed around me.

What about the social pressure? What would all my friends think if I didn’t have a lot of things? Would they think I was poor, poorer than I already am? Or worse, could I lose everything in life?

You know what? Let’s just do it. The chaos needs to end.

I slowly start to sort piles and load the car trunk. A part of me vanished at first. As days went by, I felt a weight of possession leave my chest and free me from all of the strings from each item tying me down.

Now, I zoom from assisting my mom with dishes to checking out TED Talks and self-love Instagram reels to working on my random urge to do pottery. The void has been filled with experience, knowledge and gratefulness.

My hands dance as I attempt to take in every single word that emerges from my wandering thoughts. I observe my sleeping plateau and two work space plateaus with a small stack of notebooks and feel content. “I appreciate myself,” I scribbled with one of my five — and only five — writing utensils.

I don’t need to rely on items, wealth and friends to be content. Others’ opinions of my display of wealth are not necessary to me. Without these items gluing me down, I easily settle from place to place. The internet was right. I can experience life now, for new challenges, opportunities and experiences.

Nathaniel Erb

“The miles that I drive, and others that I walk, are a small part of what makes it possible for our family to function, even thrive.”

New Windsor, Md. — Delone Catholic High School

Digits. Miles on the odometer, time on a clock. Neon clock face — 4:00 on a Tuesday morning. Driving 25 quick miles to swim practice, then 45 long ones to school. A rushed 11 miles to work. Finally, 9:30 p.m. Shift over — 13 miles home.

Total: 94 miles in 17.5 hours. A typical Tuesday bleeds into a typical week, adding up to a total of over 600 miles. Nearly three hours each day before I add in school, work, swimming and commitments as a brother, as a son.

These miles are unavoidable. Living in a rural farming community, you soon realize that everything is far away.

Being the oldest of five children, a perch I share with my twin sister, I know what my parents have sacrificed to provide a loving and stable life for us. My dad gets up early every morning — working weekends and missing vacations to provide for our family. My mom gave up her career to raise my four siblings and me.

Their sacrifices have formed the foundation of who I am. The miles that I drive, and others that I walk, are a small part of what makes it possible for our family to function, even thrive.

The longer drives lull me into thinking. Goals and ambitions — for tomorrow or 10 years from now.

I often think about what I have and the people around me who have sacrificed to get me where I am today. Sacrifice isn’t giving up or missing out on something. It is making the hard choices that will lead a person to become extraordinary.

Today, my choices are laying the foundation for something extraordinary of my own, shaping me into my future self. My foundation is supported by cornerstones — a big, loving, supportive family; work with meaning; financial independence; self-direction.

At age 2, I received my first wheelbarrow. It was small, tot-sized, but I used it to help with yardwork. Today, I spend weekends planting and maintaining the gardens — a sacrifice of time and a strain on my body.

Beginning with seeds in the greenhouse and continuing through harvest, I enjoy watching the produce grow and reaping the bounty of my work. These gardens provide us with much food. My wheelbarrow is full-sized now, just like the role I play in helping sustain my family.

The miles I walk pushing a wheelbarrow offer one type of support. Those I drive to and from my job as a restaurant dishwasher provide another 20 to 25 hours a week I scrub and rinse, pacing myself to stay ahead of the front of the house.

These hours demand a different type of sacrifice, but offer the promise of financial independence, my ability to save and even invest. I crave stability and dream of a future I can provide for myself. I want to help pay for college, buy a home on the water, maybe even have a boat.

But the miles I drive to swim practice feel different. These are just for me.

Setting goals and working to achieve them empowers me. After an early alarm and my daily decision to sacrifice sleep and free time, the tough morning workouts motivate me to push through obstacles. I can carry these lessons through college, my future career, my personal life.

These miles, hundreds walked and thousands driven, take me to and from the century-old farmhouse we call home. We have expanded it several times to house the seven of us, each new cornerstone marking the sacrifices made to get to that point.

Soon, I will expand my foundation, adding cornerstones uniquely mine to the ones I share with my family. This expansion will be in stages — college, a job, a family of my own — but I know how I will mark them. Miles walked, miles driven, sacrifices made. And I know that with each one, I am building something extraordinary.

“The duty of our generation is to ensure the next generation has it a little easier.”

Charlotte, N.C. — Olympic High School

Pieces of me live in my kitchen.

An art easel stands sentry nearby with stained paintbrushes and repurposed mugs. The curtains are drawn back, revealing clouds ambling against a sun-streaked sky.

Cherry-red and mint green boxes of tea sit in the cupboards above the sink — Earl Grey, peppermint, jasmine. Peaches sprawl across the counter, next to honeycombs I would suck on during long, oppressive summers. Very Monet, don’t you think? Beautiful, sweet, impressionist.

Yet if you peer beyond the bowl of bananas and crooning stereo, you would find a drawer of flatware. Rusting. Brown. Cheap. I didn’t know I was poor until I noticed the flatware. You can beautify the ugly in all sorts of ways, paint and plaster over all the cracks and holes. But the truth will stick like tar.

It was the autumn of 2019, and my mother was hunched in the kitchen, beaming and bright. “Look,” she beckoned. She handed me a fork and spoon: so shiny I could see my reflection, heavy in my hand and cold to the touch. There were two more pairs on the counter. She had replaced the entire drawer.

“Three hundred dollars,” Mama said proudly. “Two graveyard shifts.”

My mother works two jobs. I save coupons for back-to-school shopping. Why did I take so long to notice? Maybe I wanted to see myself as something other than a stereotype. Another brown body who lives under the umbrella term of low-income, first-generation. Maybe my mother was embarrassed to be another brown body who couldn’t afford a good cutlery set without 20 extra hours.

But I never had to think about it, because she kept the kitchen picturesque, and I never mentioned the bags underneath her eyes. It was some dark, dirty secret we clutched to our chest, kept away from prying eyes. No one should know (not even us).

“Poor” has always been a tainted word, like “homeless” or “beggar.” The generous donate, the indifferent ignore, the unkind scoff, but there is a quiet murmur, an intrusive “this is your fault” inside all of us. That’s why we say “escape poverty” like it’s some monster under our bed, not a symptom of a monstrous society. We are all eager to escape, and when we do, we do not look back.

I have always had a deep longing for more. I was named Jaylen after a basketball player, but I tell people I was named after the blue jay. Inside me, a small bird, like my namesake, was desperately trying to fly. I wanted to leave, because I was ashamed, and by wanting more for myself, I forgot to want more for everyone else.

But standing there, I saw my mother for the first time. I saw the pride in her purchase, her sunken face, how her hands shook and her hair grayed. She worked every day, so I could one day rest. She never kicked up her feet and enjoyed honeycombs on a Saturday afternoon. She loved my future enough to forsake her present.

Each of us has that small bird inside of us, but birds fly in flocks (and together, cages aren’t really cages). The duty of our generation is to ensure the next generation has it a little easier. There is no shame in that weight. There is pride.

We plant seeds so that our daughters and sons can enjoy the flowers. We add semicolons so that our children continue our story.

I work, no longer to escape my community, but to transform it. I distributed hundreds of letters that I and my classmates had written to nursing home residents who were in quarantine during the holidays. I taught computer science and business classes to underprivileged students. I helped underclassmen transition to the turbulent ocean that is high school. I paint murals, drink tea and take birds with broken wings to animal hospitals.

The other day, I bought my mother another set of cutlery that I hope to give her soon. I can finally say I learned how to fly.

Ron Lieber has been the Your Money columnist since 2008 and has written five books, most recently “The Price You Pay for College.” More about Ron Lieber

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Aspects of Money Management

Introduction, article review, budgeting worksheet, budgeting analysis, conclusions.

Managing money, personal, family, or invested in a business is significant work in every person’s life. In some cases, managing personal finances causes difficulties and subsequent stress, negatively affecting psychological and financial well-being. For this reason, money management skills are of critical importance. This paper includes a review of the article on beliefs about money, which affects life, and an analysis of the author’s finances.

The authors of the article consider the attitude of people to money and attempt to create Klontz ‐ Money Script Inventory (MSI) to evaluate money beliefs. Klontz et al. (2011) note that beliefs significantly determine the behavior of a person with money. At the same time, these beliefs are often unconscious, transmitted in families, develop in childhood, and can cause money disorders (Klontz et al., 2011). Personal well-being depends more not on the amount of money but on the attitude to them and the ability to use them; therefore, the acquisition of money management skills is critical.

The proposed MSI should help identify destructive attitudes that hinder the achievement of financial goals. The authors identified four main behavior patterns based on different beliefs: money avoidance, money worship, money status, and money vigilance (Klontz et al., 2011). There are destructive aspects leading to anxiety or stress in each of these scripts. For example, with avoidance, people believe that they do not merit their money or that money is destructive. With status, self-esteem depends on the amount of money, which causes excessive spending and subsequent problems. Timely detection of a tendency to a particular harmful pattern can help change the attitude to financial issues and improve well-being.

Based on the income and expenses presented, I can analyze my financial situation. My non-negotiables include rent costs and taxes deductible from my wages. My net earnings after paying taxes are $2.932.93, and after paying rent, I have $1.532.93 left at my disposal. Significant waste goes to “bad” debt – the credit card fee is $500, and I do not have “good” debt yet. Since it is crucial for me to pay “bad” debt, I cannot reduce its cost, and after paying credit cards, I have $1.032.93 left. My flexible expenses include categories of food and others, the latter covers clothing, entertainment, irregular coffee-to-go, and similar costs. I indicated my maximum possible costs in these areas, and their total amount is $800, but in some months may decrease. As a result of all incomes and expenses, about $230 should remain at my disposal every month.

Highlighting the main points in my expenses, I want to note that payment of rent, food, and credit card bills is a priority. Housing and food provide my basic needs, and paying for loans is necessary since they can cost more in the long run. Planning my budget, I can use the available $200 to create emergency reserves and savings to achieve my goals. I can also review the costs of “Others” – part of them to reduce or redistribute to something that will support my values. My budget plan should therefore extend the table to include planning.

Money management is a critical skill, which will help improve financial well-being and reduce the stress associated with money. Family habits significantly influence behavior with money, and some of them can be harmful. For this reason, people need to determine their attitude toward money and learn how to manage it. Establishing a budget through analysis and prioritization, creating reserves, and paying debts are essential steps.

Klontz, B., Britt, S. L., & Mentzer, J. (2011). Money beliefs and financial behaviors: Development of the Klontz Money Script Inventory. Journal of Financial Therapy , 2 (1), 1-22. Web.

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Why is Money Management Important: Benefit and Tips

Posted on July 15, 2021 in Money

It can be difficult to learn to manage money. However, if you ever want to transition from simply “having money” to “wealthy,” you need to understand the importance of money management and begin implementing it in regards to your finances.

Table of contents

Create goals to better manage money, get control of your money, develop an investment strategy, portfolio risk management, money management & tax efficiency, risk management, why is money management an important skill for all of us, why is money management important for students today, why is managing money important in your personal life.

Those who make a decent amount of money but aren’t practicing money management tend to simply spend money without any rhyme, reason, or purpose. Money comes in and it goes out, while the person remains stagnant and doesn’t ever move forward.

On the other hand, those who have wealth, tend to have peace of mind. They aren’t looking to money or things for fulfillment, yet they know that they have all that they need and will continue to throughout their life.

To embrace money management is to learn financial practices that help you accumulate wealth and security, while understanding the key to preserving that wealth. Implementing the management of your money takes your unique needs, goals, and risks into consideration while focusing on your financial decision making and your previous habits that could stand in the way of your success. It also includes a humble awareness of certain factors outside of your control, such as inflation, taxes, debt, and market volatility.

Learning the basic tenets of money management will help you to understand why it’s important and how to start implementing the practice for yourself.

The Basics of Money Management

Not understanding the foundation of money creates a multitude of issues. For example, if you aren’t aware of the way credit and interest works, you might charge something small on a credit card that ends up costing you 20 percent or more in interest over the course of a year. In fact, you could end up paying for that one thing over and over again, essentially throwing your money away, and making it difficult to achieve a higher credit score .

Without a firm, educated grasp of financial matters, you’ll likely end up like the majority of Americans; locked into years of debt, paying high fees, and unsure where all of your money is going.

When you understand money management and utilize principles to secure your financial wealth, you can eliminate debt-inducing mistakes that leave you bound to creditors and even to material goods. Along those lines, a good skill to learn regarding money management is how to fix your credit yourself , which will help you gain financial independence as you build your credit score.

Additionally, here are some of the most important money management tips that you will want to follow as you embrace financial literacy:

The bottom line in everything is that you need to know where you’re headed. Without a clear destination, you’re more than likely going to keep going around in circles. Your GPS isn’t programmed, your map’s not out, you’re not driving in one set direction. Instead, you’re just driving. That’s exactly what it’s like to be dealing with money without goals. You’re wracking in an income every month and you’re just throwing that money around with reckless abandon because you have no set purpose.

However, if you establish your financial goals, you’re going to have something programmed into your GPS. You’ll know exactly where you’re headed and what you want to do with that money. You’ll be prepared to intentionally use or save every dollar that comes your way.

By setting your big goals, you’ll also be able to set some smaller goals that act as steps along the way. These small goals are basically milestones that help you to progress further down the path to your financial destination.

If you go back to the illustration of the GPS, these small goals are the little pit stops along the way. While the rest area, the gas station, and the park may not be the place you want to stay, they are helpful for rejuvenating you and giving you a boost of energy to set back out again.

Your goals are also useful for showing you things to avoid. If something is way out of the way or you’ll even have to backtrack to go there, it’s not a step you’re going to want to take. Your goals will give you clarity and vision, helping you make the best decisions for reaching them.

Money management and wealth is all about accumulation. Many people don’t understand this. They view wealth as making a lot of money and don’t realize that if they’re spending that money, no matter how much it is, and not accumulating it, they’re never going to be wealthy.

This is why you need a way to determine where your money is going. The best way to do this is to track your money to see where you’re spending it. A free budgeting app can be a great tool to help with this. When you are able to see where your money is going, you will then be able to develop a strategic spending plan for using, saving and investing your money more effectively.

Businesses understand the importance of money management in business and focus on increasing their monthly profits. However, increasing profit isn’t the end goal. Using the increased profit wisely to further financial growth is essential. Thus, creating a money management plan that includes investment of the additional profit will increase the wealth of the business exponentially. For example, taking advantage of a retirement calculator , and understanding how much you should be putting into a 401K is a great step to take to get better control of your money.

Whether you are managing money for yourself or a business, the stronger your money management plan, and the more control you have over the flow of your cash, the closer you are to reaching your goals.

Having a long-term investment strategy is often the key to strong and effective money management and wealth accumulation. When you create a long-term strategy, you’re more likely to keep your eyes on the prize and not be swayed by the many things that come your way. There are numerous fads and wealth-building ideas out there that don’t really have a foundation or a proven reputation. However, they sound great, causing many financially undisciplined people to jump on the bandwagon, wasting time and a whole lot of money.

Utilizing a money management app like SmartCredit , or leveraging an investment strategy helps people stay focused, moving towards their small milestones instead of veering off in every which way. They are better able to ignore the stepping stones that others are putting in their path in order to keep on heading in the right direction towards their own goals.

Poor management of risk is one of the main causes of investment underperformance. You need to be proactive when it comes to risk management, understanding the risk-return relationship and acting on it. In fact, being deliberate with risk actually serves to drive return performance and achieve both short term and long term results.

When you have a seamless money management plan, you will understand the market risks and the likelihood of negative returns. You will be cognizant of the fact that holding your portfolio longer means more negative returns, yet also means a greater probability of a positive annual return.

Understanding your taxes is a huge part of money management. While everyone knows that they pay taxes, they’re not really aware of how much they pay. They certainly don’t know about unnecessary taxes and how they can actually hinder the accumulation of wealth.

When you are managing your money, you aren’t thinking of your income as everything you make. Instead, you know that your income is really whatever you make after taxes, enabling you to better allocate your finances.

In regards to investments, you will want to consider your account location, essentially allocating your money based on their tax status. You will then do the same for your various investments, allocating them in the same manner. This will give you a better understanding of your overall wealth, your options for wealth distribution, and will help you accumulate wealth faster.

When you begin to accumulate wealth, you’re opening yourself up to a variety of areas of risk. In fact, one vulnerability can actually destroy your wealth and everything you have worked for. The greater wealth you have, the greater risks you’ll have. When your purchases are larger and more expensive, you experience the potential for risk along with each purchase.

You are putting yourself out there with everything you buy, every trip you take, everything new you try. Every time you use your wealth, you are exposing your finances and dancing around risk. Unfortunately, each and every risk has the ability to bring it all down.

Awareness of the great risks involved with having wealth can help you create a money management plan that seeks to avoid them. A risk management assessment can help you uncover your potential risks in order to mitigate them.

As you create your plan, consider circumstances such as:

• An accident or illness that causes long-term income loss.
• An unexpected, early death of the income provider.
• Property damage or medical expenses due to a catastrophic event.
• Liability claims which expose assets.
• Financial exposure from domestic staff.
• Identity theft or fraud.
• Loss of business.

With awareness of the potential of these and other circumstances, you will be better able to create a money management plan that is prepared for these issues. Preparation can help you avoid great, and even total, loss.

FAQ’s About Why Managing Money is Important

Money management can help people accumulate wealth instead of pointlessly spending all of their money. When you accumulate wealth, you will be able to increase your capital, create security for your family, make positive investments, better your standard of living, and develop a cushion in the form of assets and savings. Overall, money management increases your lifestyle, providing security and greater opportunity for you and your family.

Learning the importance of managing money wisely is necessary for students. Most students are merely taught to go to school in order to get a good job so that they can pay for their lifestyle. They don’t learn about debt , savings, or how to use money wisely. In fact, they typically rack up hundreds of thousands of dollars of debt while they’re in school. When they complete it, they have to start paying their debt right away, with interest rates usually impacting their ability to pay down the principal balance quickly. By understanding the importance of money management, students have the capability to get ahead financially before they make poor decisions. Instead of going through the trouble of taking out numerous student loans and going into debt from the very beginning, they are able to make wise decisions and prepare themselves to be wealthy as they move forward.

Knowing how to manage money gives you the opportunity to find financial freedom. When you have personal financial skills, you will be able to manage your money well, providing you with the lifestyle you want. With positive personal finances, you will be able to meet the needs of you and your family, manage your cash flow, save the money you need for the future, and provide your family with security. Managing money helps you live the life you want to live without financial stress .

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Home — Essay Samples — Economics — Money — Importance of Money Management and Financial Literacy for Students

Importance of Money Management and Financial Literacy for Students

• Categories: Literacy Money Personal Finance

About this sample

Words: 1537 |

Published: Aug 14, 2023

Words: 1537 | Pages: 3 | 8 min read

Table of contents

Importance of financial literacy and financial education, how other countries apply financial literacy, what can be done within our current school systems, my own financial literacy level.

• Anderloni, L. and Vandone, D. (2010), “Risk of overindebtedness and behavioral factors”, Working Paper No 25, Social Science Research Network, Santa Monica, CA.
• ASIC (2011), “National financial literacy strategy: Australian securities & investment commission Report No. 229”, available at: www.financialliteracy.gov.au/media/218312/national-financialliteracy-strategy.pdf (accessed 23 October 2016).
• Atkinson, A. and Messy, F. (2012), “Measuring financial literacy: results of the OECD/International Network on Financial Education (INFE) Pilot study”, Working Paper No. 15, OECD Working Papers on Finance, Insurance and Private Pensions, OECD Publishing, Paris.
• Filipiak, U. and Walle, Y.M. (2015), “The financial literacy gender gap: a question of nature or nurture?”, Discussion Papers No. 176, Courant Research Centre: Poverty, Equity and Growth.
• Huston, S.J. (2010), “Measuring financial literacy”, The Journal of Consumer Affairs, Vol. 44 No. 2, pp. 296-316.
• National Strategy for Financial Literacy (2012), “Commission for financial literacy and retirement income”, available at: www.cflri.org.nz/sites/default/files/docs/FL-NS-National%20Strategy2012-Aug.pdf (accessed 24 October 2016).
• Organisation for Economic Co-operation and Development (OECD) (2012), OECD/INFE High-Level Principles on National Strategies for Financial Education, OECD Publishing, Paris.
• Vitt, L.A. (2004), “Consumers financial decisions and the psychology of values”, Journal of Financial Service Professionals, Vol. 58 No. 6, pp. 68-78.

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Free Essay About Money Management

Type of paper: Essay

Topic: Money , Business , Wealth , Marketing , Stock Market , Market , Investment , Finance

Words: 3000

Published: 03/18/2020

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Risk profile

As the world keeps changing, the needs of people also change. This means that the way investments are done in the new world should also change so as to meet the global portfolio. The risk analysis determines the global portfolio that most of the investors are putting along during their investment (Tung, 2014 p.102). Asset allocation such as mix of bonds, money market account, and real estates are some of the example of how investments are done in the new world. Before making any investment, it will be crucial if one conducts the personal risk analysis and then compare it with the standards of the global portfolio. A risk analysis is a method that one can use to determine the areas of interest in the market. For example, one can use the analysis to understand where to invest and how to invest. Both the primary and the secondary goals of the one’s finance are considered. The long-term and the short-term inflation hedge are some of the important factors that will influence the manner of investments. So as to have better money manager within the society, all investors should take the initiative of analyzing their risks. Personally I feel more interested in investing in the emerging oversea markets. The local market has been populated too much by other investors. So as to have some green pasture, I will feel most interested in investing in the oversea market. Markets such as the African market are growing pretty faster meaning that it is a possible source of real market. The risk in the oversea market is, however, high, but the returns from the business might look great. The oversea markets are also the best places to invest into since the requirements to perform the company are never that harsh like the local market. Mizell et al. (2014) asserts that having to buy some shares in an older established company can be an easy and faster way to get to the top financially (p.350). However, this method at most of the time has been very futile since most of these older established companies do sell their shares at a very cheap price. The higher number of the shareholders in such companies also means that the profit that is realized after a period will be shared amongst a bigger number of beneficiaries. In that case I would be much interested in investing in the upcoming companies so that my investment can rise with the increase of the enterprise. This method also looks very challenging since such companies do take much time to develop and make many profits. According to Sandhu et al. (2012), saving in the bank through bonds is a good way to earn interest (p.60). The benefits received from such banks are always after a period. To win a higher amount of interest means that one will have to save much money. When you save much money in the bank account will mean that you will not have a lot of money at hand. People always feel less innovative when they do not have cash at hand. Instead of putting your money in the bank and waiting for the interest, I think it is a good idea to invest in the market. Putting your money into an investment will mean that you are risking your money on the performance of the business. Personally, I will never advise someone to put his money in the bank and wait for interest. The biggest risk one can ever never do to take a risk. That person who is putting the money in the bank to earn some interest is not taking any risk and in that case putting the money at risk. The only way to invest is to put the money into the market and forget about the banks. Financial goals can be either short term or long term. The short term financial goals are those goals that one intends to meet in less than two years (Tung, 2014 p.102). Personally, my short term goals are to secure a loan from the National bank that will assist in revamping my business to be fully online. Technology is changing how things are done. This means that how goods are advertised to the market have been entirely different from the past. The other financial goal is to purchase a car that will help in reaching the higher number of customers. When talking about the financial goals, we can differentiate the between the vital, essential and luxurious goals. In my case, the principal goals include paying for my school fee as early as possible. The other important objective is to have my new company be registered with the national secretary so as to make a business in the national map. The luxury goal, on the other hand, is to visit some of the sand beaches of Africa. During the winter, it is always very nice to go and have some vacation away from work so as to have some mind development and rest. Protecting the capital in the investment against the decline in the market is another financial goal that I have put into place. To do this, the company is only willing to take the risk in investing in those markets that will bring a return. Investing in a market that has no future is never the best market idea. In this case, it will be very unfair to say that I will not invest in any new idea. Investing in a new idea can be a good way to take into the market but that should have been proved to be working and productive. In a research done by Bisdee et al. (2013), they found out that, capital appreciation increase is a way of increasing the investments that one has used into the market (p.510). This kind of financial goal is a way to expand an already existing market. In most cases, people have used much money to inject into the already existing market. According to most of the business men and women, this has been a good way of business expansion. I think that what people have not been realizing is that it will be very difficult to determine the performance of the company if one keeps on bringing in money from the other sources. The best way to do business is to make good use of the initial capital to the maximum. The initial capital used into the market should be the one utilized in the development of business. If a company is on the brink of failure, it can mean that there are things that are not done in the right manner. In that case I will not invite the expansion of business through external investment. The profits made in a particular business should be used to expand that particular business. High levels of inflation in the recent past have shown that the short-term inflation hedging are never the best methods. The biggest problem that long-term investors have been facing all since is to achieve a level of real return that has the consistency with the investment objectives. The type of asset that will provide the most efficient hedge against inflation has been a topic of discussion amongst many investors. It is this problem that has made most of the investors to adopt the traditional asset classes. Asset allocation determines how inflation will affect the business example: a) Bonds ` There is a strong link that exists between the price and the expected return on bonds. This link can also be seen in the short-term interest rates and the value of bond performance. The present value of the cash flow will determine the price of the nominal risk-free bond. This means that the rates of returns for most of the banks are greatly influenced by the rate of inflation. Bonds have also been accused of causing the inflation in most of the market setups. When banks are competing to offer the best and give the best interest, cases arise where such banks give very high interest rates. When a bank is offering lower interest rate, there will be very few people who will be saving in other words; much money will be circulating in the market. On the other hand, higher interest rates usually attract investors to save more money so as to earn interest. With more money saved, there will be little circulating in the market and hence low inflation rate. What this means is that so as to be safe from inflation, the investment need to learn how to deal with the asset allocations. Another way to deal with the long-term inflation hedge is to understand how to purchase the goods from the market. b) Corporate Equity Equity provides the most efficient hedge against inflation. The inflation level can be reduced through the use of the Equity since it is this Equity that pass inflation through the higher price. A business can have a positive effect even if there is a higher level of inflation if such a company employed corporate equity. When a company uses real interest rates while dealing with capitalizing the firm, it can be spared the agony of inflation. The tax effect is another hypothesis that shows that that company that uses a corporate equity cannot be influenced in any way.

Asset allocation

Asset allocation is a way to diversify the investments of a business. It ranges from cash, stock and bonds such as money market funds. The choice of the asset allocation will depend on the nature of the investment that is the age of the person investing and whether the business needs any diversification. Before choosing on the kind of asset allocation, one needs to understand the benefits of asset allocation first. The following as some of the advantages that one can get when he or she diversifies the business: Asset allocation helps in reducing risk. When you spread the market risk across different assets, there will be a lower rate of risks in the market. For any market or business, therefore, to reduce the rate of risk to very minimal, it needs to allocate the assets as appropriate as possible. Asset allocation such as bonds and cash will help one to spread the risks across both the bond and stock. This means that when there is a high inflation the business can still gain from the interest of the bond. On the other hand, a company can still improve even if the cash held at hand disappears. Cash can get stolen or can be interfered with by the natural disasters. Real estate, on the other hand, can stand both the harsh economic state and a good financial state. This will put a smile on the face of an investor who uses this kind of asset allocation since such risks as inflation will have very minimal effect on real estates. Asset allocation broadens the chances of an investment to earn more consistent returns over time. When a business is diversified, the investor finds himself in the best position to earn from different areas. A business is a challenging endeavor that doesn’t want people to put all the eggs in a single basket. Casting the net in various ponds is the best way of approaching the business. Those who diversify their business can earn from another asset even if the other fails. So as to be on the right side, therefore, all companies should allocate their assets. Staying focused on the goals of the company can be as a result of asset allocation. A well-allocated portfolio will alleviate the needs to constantly adjust to the investment positions and chase the newer trends in the market. According to Yin (2014 p.572), a business that offer a better asset allocation means that such a company will always keep an eye on the different assets allocated and in that case can even become more innovative. An innovative investment is the best in the changing marketing trends. When you are staying focused on your goals then, you will undoubtedly collapse. In this case I will choose to use the stocks and bonds as an asset allocation for my investment. In this case, I will allocate 70 percent of the stock. The reason for allocating 70 percent of the assets of stock is me the line with the right thumb rule. According to the rule when an investor is in the age of between 30 and 40 then he need to allocate not less than 70 percent of the assets in the stock. At the age of 27, I am approximately near the required age standard. This means that I am bound by the right thumb rule which tells me to have the minimal of 70 percent of the assets allocated to the stocks. Stocks and bonds provide a very broad category that one can choose. A variety of types means that when one of the categories is not working well then one can move to the other. Amongst the available types include;

Large-cap stock

This is a category that deals with the largest companies in the land. The needs of the bigger companies can be learnt, and the solution provided. This is the reason I can choose to allocate the assets of my investment using the stock. When a company grows through the ranks, it can move from one category to another. This will give the company a chance to work harder so as to move from one class to another. The other categories include;

Growth stocks

Corporates that have exhibited the gains that re faster than the average can be ranked in this category of inventories. Developing companies can also be found in this category. Under each and every category, the interests earned are different, and the services offered are also different. In that case one can choose the best category that will favor his or her business. Bonds, on the other hand, also have the categories under which the investments are categorized. They can include;

Government bonds

These are the kinds of bonds that are always sponsored by the government. The income from the bonds is always taxable. The economy of the country is the factor that influences the amount of bonds that can be given to an investment. During the time, the country is enjoying the economic might it can offer high bonds. On the other hand, during the period of inflation the government can provide lower bonds.

Municipal bonds

The national government is always not the only source of obligations. The local government that can include local administration agencies can also offer bonds. The interest earned on the municipal bonds is not subject to taxation and in that case a good source of fund. The interest earned can be used in strengthening the investment.

Why stock and bonds

Asset allocation has worked for many companies that just begun from small investments. Bonds and stocks are the best way to allocate the assets due the interests that are expected in the long run. Unlike the real estates, which require colossal money to start off with, stocks and bonds are all exclusive. These kinds of asset allocation are the best strategy that one can use in approaching the ever changing market. Risks are always very few when one choose to use stocks and bonds. The only risk that is always there is the changing economic trends. The government will always tend to lend very few when the country is facing economic recession. The interest return rates are also always high during the cases of economic downturn. Apart from these challenges, this is the best way of allocating the assets. Comparing stocks and bonds with cash, bonds are the best way amongst the many. Most of the investments do not like allocating cash the assets. When cash is allocated the assets there are higher possibilities of risk. Apart from the personal danger, the market is also in the risk of inflation. The investment can also lose the money through the impulse spending. The freedom that an investment enjoys over the bonds is some of the factors that have made most of the people to like bonds. In most cases, the investment will always work towards achieving the market the best. When the economic environment is right then, the government will reward the bonds abundantly. Bonds and stock are, therefore, in a way helps the investment always to work towards improvement and to make the best out of the worst. It will be worth concluding that all investments should know how to allocate their assets as this will lead to the growth of production.

Bisdee, D, Price, D, & Daly, T 2013, 'Coping with Age-related Threats to Role Identity: Older Couples and the Management of Household Money', Journal Of Community & Applied Social Psychology, 23, 6, pp. 505-518, Academic Search Premier, EBSCOhost, viewed 1 December 2014. Meng, H, & Siu, T 2014, 'Risk-Based Asset Allocation Under Markov-Modulated Pure Jump Processes', Stochastic Analysis & Applications, 32, 2, pp. 191-206, Academic Search Premier, EBSCOhost, viewed 1 December 2014. Mizell, J, Berry, K, Kimbrough, M, Bentley, F, Clardy, J, & Turnage, R 2014, 'Money matters: a resident curriculum for financial management', Journal Of Surgical Research, 192, 2, pp. 348-355, Academic Search Premier, EBSCOhost, viewed 1 December 2014. Rosen, MI 2012, 'Overview of Special Sub-section on Money Management Articles: Cross-Disciplinary Perspectives on Money Management by Addicts', American Journal Of Drug & Alcohol Abuse, 38, 1, pp. 2-7, Academic Search Premier, EBSCOhost, viewed 1 December 2014. Sandhu, H, Nidumolu, U, & Sandhu, S 2012, 'Assessing Risks and Opportunities Arising from Ecosystem Change in Primary Industries Using Ecosystem-Based Business Risk Analysis Tool', Human & Ecological Risk Assessment, 18, 1, pp. 47-68, Academic Search Premier, EBSCOhost, viewed 1 December 2014. Tung, R, Baumann, C, & Hamin, H 2014, 'Cross-cultural management of money: The roles of ethnicity, religious affiliation, and income levels in asset allocation', International Journal Of Cross Cultural Management, 14, 1, pp. 85-104, Academic Search Premier, EBSCOhost, viewed 1 December 2014. YIN, L, & HAN, L 2014, 'Study of international commodity assets industry allocation strategy. (English)', Xitong Gongcheng Lilun Yu Shijian (Systems Engineering Theory & Practice), 34, 3, pp. 560-574, Academic Search Premier, EBSCOhost, viewed 1 December 2014.

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5 small steps that can make a big impact

Key takeaways

• Budgeting can help you manage your day-to-day spending and saving.
• Using an HSA or FSA can help you save on medical expenses.
• A well-cushioned emergency fund can protect you when the unexpected happens.
• If you have access to a workplace retirement plan, try to get the entire match offered by your employer. Continue increasing the amount you're able to save over time—an increase of just 1% can make a big difference.
• Consider using a debt paydown strategy and take advantage of lower interest balance transfers if necessary to pay off high-interest debt.

Do you feel like you're constantly playing catch up with your money? Like you're running just to stay in one place—forget about getting ahead.

You are far from alone. Money is a major source of significant stress for a majority of Americans. 1 Throw in worries about the economy, housing costs, and difficulty paying for necessities like food and health care, and money stress affects nearly everyone to some degree.

No one can control the housing market or grocery store prices, but your own money doesn't have to feel completely out of your control. Regularly using some basic money management tips can help you make the most of your money and break through the obstacles that are holding you back. Making small changes and being consistent over time can help you make progress and achieve financial stability.

Sign up for Fidelity Viewpoints weekly email for our latest insights.

What is money management?

Money management is a broad term for all of the tasks you undertake to make sure you can maintain what you have and pursue future goals like buying a house or retiring one day. This includes budgeting, saving, investing, and spending your money.

Good money management does more than just ensure your bills are paid each month. When you are actively managing your money, you're thinking ahead and you have a plan for your income and expenses, you set money aside for future expenses, you invest money to seek mid- to long-term growth, and you feel confident about spending your money for needs and wants.

5 money management tips

Remember, every household will have a different style of managing money. The goal is to find a way that works for you to manage your income, expenses, savings, investments, and spending. Here are 5 ways you can get started. To avoid getting overwhelmed, pick one to focus on that will help you move forward while keeping everything else at maintenance, for instance making minimum payments on debt while you save more for emergencies.

Tip #1: Make sure your budget reflects your goals

A budget is a method of organizing your financial tasks to ensure that you know what's happening with your money. There are 4 components to a budget:

Tracking your income: How much money do you bring in each month?

Tracking your expenses: How much do you spend and where does it go each month? Be sure to consider the amount that goes to essential expenses versus discretionary or optional purchases as well.

Planning for your bills: How much do you owe for each bill and when are they due each month?

Balancing your budget: Does your income consistently cover your expenses and what can you change if it doesn't?

Consider using Fidelity's spending and saving guidelines: 50/15/5 . Aim to put about 50% of take-home pay toward essential expenses, try to save 15% of pre-tax income for retirement savings, and keep 5% of take-home pay for short-term savings. (Your situation may be different, but you can use our framework as a starting point.)

On Fidelity.com you can easily create a budget to categorize expenses and help reach your savings goals: Help me budget Log In Required

If you need help keeping day-to-day spending and saving on track, check out a money-management app like Fidelity Bloom ® .

Tip #2: Save money on expenses you may be paying anyway with an HSA and/or FSA

If you're eligible, saving money in a flexible spending account (FSA) or health savings account (HSA) can help you save on health care costs. Both of these accounts allow you to save money pre-tax to pay for qualified health care expenses. With no federal income tax due on contributions or qualified withdrawals, 2 you could have more money to put toward costs you may be paying anyway.

That is one reason why saving in an HSA or FSA appears so high on this list. Not only can contributing to an HSA or FSA reduce your taxable income for the year, it also makes sure you're saving ahead of time for necessary expenses that are inevitable like doctor visits and prescriptions.

There are some key differences between the accounts. Money saved in an FSA generally needs to be spent by the end of the year as opposed to an HSA, which is not a "use-it-or-lose-it" account. You can leave your savings in your HSA year-to-year and even invest it if you don't need to spend all of it each year.

HSAs and FSAs are generally offered by employers as part of benefits packages, though you may be able to open an HSA on your own if you have an HSA-eligible health plan through work, your spouse's employer, private insurance, or the insurance marketplace.

Be aware that if you contribute to your HSA, you can't fund a regular FSA in the same year. You can have an HSA along with a limited purpose FSA, also known as an LPFSA. This type of FSA covers only those expenses not covered by your health plan, such as dental and vision care.

Read Smart Money SM on Fidelity.com: HSA vs. FSA: Which is right for you?

If you have an HSA: Consider contributing at least enough to cover medical expenses you expect to incur next year. Contribute the maximum if you can, because you don't have to spend everything you contribute this year. Some employers even offer matching contributions to HSAs—that's like free money that can be saved for the future or used for health care right away. Contributions from your employer count toward the annual HSA contribution limit .

Read Viewpoints on Fidelity.com: 3 healthy habits for health savings accounts

Tip #3: Make sure you're prepared for unexpected expenses

Needing money quickly and not having any can be a terrible situation. You never know what could happen and how much it might cost to get out of a jam.

Having money set aside for those unexpected expenses is one of the best ways to avoid taking on debt or going over budget.

If you don't already have one, aim for a $1,000 emergency fund to start or 1 months' worth of essential expenses, whichever is more. Celebrate your success once you hit that milestone but don't stop contributing to the fund. Fidelity suggests saving enough to cover essential expenses for 3 to 6 months eventually. But having at least $1,000 at this stage is a great start. Consistently transferring a little money into the account with every paycheck will ensure you will have the money you need, even if you face multiple emergencies back-to-back.

Read Viewpoints on Fidelity.com: How much to save for emergencies

Tip #4: Get the full match to your workplace retirement plan—it's like free money

The earlier you're able to begin investing, the more time you have to take advantage of the power of compounding. Compounding refers to the value of an investment increasing because the earnings on an investment are reinvested and earn additional returns as time passes. Workers who have access to a workplace retirement plan, like a 401(k) or 403(b), can set up an automatic contribution to the account with every paycheck. If you can afford to contribute enough to receive your employer contribution match, that is a great way to help ensure that you're making the most of your money. If not, start contributing what you can afford, and increase the contribution amount each time you get a raise.

Make sure to invest that money for long-term growth potential too. There are 3 major groups of investments (there are others but these 3 are the big ones): Stocks , bonds , and short-term investments like certificates of deposit or money market funds. Over the long term, stocks have historically offered higher returns than bonds or short-term investments. If you have many years before retirement to ride out the ups and downs in the market, the potential compounding and growth that stocks can provide may help you reach your retirement goals.

The thing is, it's important to be able to stay invested when the market takes a turn for the worse. Research has shown that it's incredibly difficult to time the market and get in and out at the right time. So choosing a mix of investments that offers potential for growth while letting you sleep at night can be critical to staying invested over the decades. If you're not sure how to choose and manage investments, consider options that do the investing for you, like target date funds or managed accounts .

Read Viewpoints on Fidelity.com: 6 ways busy people can help build their wealth

Don't have access to a workplace retirement account? Consider an individual retirement account or IRA . You can set up automatic transfers from your checking account or have money directly deposited from your employer. At Fidelity, you can even have your contributions automatically invested into funds you already own. Fidelity Go ® , our robo advisor, also offers automatic investment of contributions.

Read Viewpoints on Fidelity.com: Help your money grow with automation

Tip #5: Keep more money for yourself by paying down credit card debt

There are good reasons to use credit for big purchases—you might get cash back or other rewards that can add up. To make sure you're not overpaying, make a plan to pay off debt as quickly as possible. Paying the statement balance in full every month is the best option.

If that's not possible, consider picking a strategy to help you pay off debt fast: the debt snowball or avalanche method. Gather up your statements (or check online). Make a list of all your debts including the balances and interest rates. Then rank your debts first by balance, lowest to highest. Next rank them by interest rate.

For the debt snowball method, you would begin with the lowest balance debt. Pay the minimum on other debts while focusing extra payments on the lowest balance account. Once it's paid off, move on to the next lowest balance and do the same, putting all of your extra money into that account while paying the minimums on others. Eventually you'll knock out all of your debts.

The debt avalanche is similar, but you start with the highest interest account. This strategy can be more efficient and could save you more money than the snowball approach. But that strategy can be more emotionally satisfying as you can quickly see zero balances on smaller accounts.

Read Viewpoints on Fidelity.com: The debt snowball method vs. the debt avalanche method

Credit card companies often offer low- or no-interest balance transfers if you have good credit. Though it does cost money to transfer, typically about 3% of the balance, it can still save you money. It can really help reduce interest charges as you whittle down what you owe.

Money management for the win

Money management is an ongoing process. It takes time to develop money management skills and grow your confidence. Along the way, celebrate your victories and do the best you can day to day, month to month and year to year. Though it may take a little extra effort at first, it can be tremendously empowering to one day realize you've gone from struggling to stable. After that, the sky is the limit.

Get organized, hit your goals

Create a flexible plan you can adjust to your life.

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Strategic plan for real estate excellence by the morel family group, popular essay topics.

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Developing ash-free high-strength spherical carbon catalyst supports

• Domestic Catalysts
• Published: 28 June 2013
• Volume 5 , pages 156–163, ( 2013 )

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• V. V. Gur’yanov 1 ,
• V. M. Mukhin 1 &
• A. A. Kurilkin 1  

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The possibility of using furfurol for the production of ash-free high-strength active carbons with spheroidal particles as adsorbents and catalyst supports is substantiated. A single-stage process that incorporates the resinification of furfurol, the molding of a spherical product, and its hardening while allowing the process cycle time and the cost of equipment to be reduced is developed. Derivatographic, X-ray diffraction, mercury porometric, and adsorption studies of the carbonization of the molded spherical product are performed to characterize the development of the primary and porous structures of carbon residues. Ash-free active carbons with spheroidal particles, a full volume of sorbing micro- and mesopores (up to 1.50 cm 3 /g), and a uniquely high mechanical strength (its abrasion rate is three orders of magnitude lower than that of industrial active carbons) are obtained via the vapor-gas activation of a carbonized product. The obtained active carbons are superior to all known foreign and domestic analogues and are promising for the production of catalysts that operate under severe regimes, i.e., in moving and fluidized beds.

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OAO Elektrostal’ Research and Production Association Neorganika, Elektrostal’, Moscow oblast, 144001, Russia

V. V. Gur’yanov, V. M. Mukhin & A. A. Kurilkin

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Original Russian Text © V.V. Gur’yanov, V.M. Mukhin, A.A. Kurilkin, 2013, published in Kataliz v Promyshlennosti.

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Gur’yanov, V.V., Mukhin, V.M. & Kurilkin, A.A. Developing ash-free high-strength spherical carbon catalyst supports. Catal. Ind. 5 , 156–163 (2013). https://doi.org/10.1134/S2070050413020062

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Received : 08 December 2011

Published : 28 June 2013

Issue Date : April 2013

DOI : https://doi.org/10.1134/S2070050413020062

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