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4 Reasons Why Money Management is so Important

by on February 28, 2012

If you are new to managing your finances and not convinced that having healthy finances is just                    as important as being physically and mentally healthy, we have the perfect list for you! Check out four reasons why proper money management skills are so important to your overall life and well-being.

1. It reduces stress and improves overall happiness. Have you ever met a broke person with lots of debt who is happy? Not typically.  By establishing good money management skills NOW, you will be less stressed and be able to enjoy the important parts of life like family and friends which is a huge reason to be financially responsible.

2. Establishes great organization skills. Another benefit to properly managing your money is it will make you a more organized person. If you get your finances in order, chances are that positive habits will carry into other portions of your life like work, school and your personal relationships.  Being organized is a great benefit that can prevent your life from becoming overly complicated and reduce a lot of worrisome days.

3. Prevents debt. Debt is an ugly monster that no one likes. By using PowerWallet’s personal financial system, you can plan for the future and determine what you should spend less on in an effort to prevent debt from accumulating.  Credit card debt usually occurs when someone (1) doesn’t have self control over their spending habits, (2) doesn’t really know how much they can afford to charge or (3) when an emergency happens.  Debt can cause a lot of anxiety and stress if not taken care of.  Debt can also prevent a person from getting a new home or opening a new line of credit. Luckily PowerWallet is not only simple but also 100% free and lets you take power over your finances and plan ahead therefore preventing debt.

4. Turns dreams into reality.  If you have a goal to buy a home one day or go back packing throughout Europe, learning how to properly manage your money will be the key to achieving those goals. If you spend your money frivolously and don’t take time to learn how to save, or to spend wisely it is going to be nearly impossible to turn your wants into real life.


From → Money Management

One Comment
  1. These are all good reasons. Good money management also allows you to enjoy a comfortable retirement when you’re ready to stop working.

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