When I was a youngster, it was fashionable in my set of friends to be broke before the end of the month and then like a true group, we would pool in our resources and plan outings with minimal cost while we waited for our parents to shell out the next month’s pocket money.
It’s not unusual to look back at our carefree childhood days and remember the safety net that our parents provided. What we often forget is the money management lessons that they might have imparted too, including the scolding that preceded the negotiations and bargaining when one asked for extra dole outs.
My parents allowed me to ‘earn’ the extra cash by reading books from their amazing collection and providing them with book reviews. It is another thing that I developed a lifelong love for books and cannot imagine my life without my literary companions.
I’ve recounted the story in my blog post Negotiate to Win which is also a tribute to my late father who not only awoke a love for literature in me but made me understand the value of work as I earned my way to my first cassette recorder. It was also a lesson in financial literacy for me!
As an adult, I often wish I could do similar negotiations and tap into abundance but the truth is that one has to learn money management skills. I learned the income and saving part as a child. The expense side and figuring out how to balance a budget came soon enough when I entered the workforce.
One thing that I did learn early on is that how much we make is not as important as what we do with what we’ve got. In other words, getting the most out of our money is the key to proper money management.
April is Financial Literacy month and I’ll be focusing on areas of money and finance awareness. The objective of this blog series is to help you, no matter your stage of life, to start working towards achieving your financial goals. Some of your goals might require a certified money manager or an investment adviser to guide you. Those professionals will have a longer term view of your finances and the big picture and such decisions are outside the scope of this post.
Instead, we will look at your current stage of financial management skills to get you thinking about areas where you can help yourself manage your wallet.
Are you game for an honest financial practices self-assessment?
Everyone loves a good quiz and self-assessment. Let’s look at your financial practices.
Total your score: 0 points for each never; 1 point for each sometimes; 2 points for each always
How did your Money Management Score Go?
26 – 36 points suggests you are practicing good money management skills.
15 – 25 points suggests that you are doing well in some aspects of money management but can improve your money management skills – join me for my April teleclass.
0 – 14 points suggests that you need to improve your money management skills – join me for my money teleclass.
I shared some more tips in my April 2016 teleclass on 3 important actions you need to manage your money. I invite you to sign up and listen to the replay. (Sign up for this free class below.)
So how did it go? Did you learn something new about yourself? Anything that you feel you can change this week? Do share in the comments box below! Remember to listen to the replay of my teleclass!
You will also receive a fortnightly newsletter with useful tips and guidance for self-management. Be assured that I do not spam or share emails with others and you can always unsubscribe if my methods and techniques do not resonate with you (though I hope you will stay!)
Share with others!