What is good money management?

We hear so much about good money management that most people like to believe that they follow these principles in their lives. Experts say that the best and fastest way to prosperity is paying attention to the details. It is in details that you lose track of expense. Hence, the most vital of all good money management principles is to identify and arrest all trivial expenditures.

This is possible only when you keep close track of your expenditures on a day-to-day basis. Rest assured this is not as difficult as it seems. All you need to do is enter a statement of accounts every night and review it briefly. As you go through this exercise every night, you will gradually be able to see where you are losing money.

Just one cappuccino less a day can turn into $150 by the end of a month – and this is only one trivial expense. Plug the little holes that cause financial drainage, and you will be financially safer. This is what good money management is all about.

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