What Are the Critical Elements of a Good Money Management Program?
A good money management program is successful if it's able to break a long and complex journey into manageable stages. People need to see progress, and it needs to be measurable.
Over the years, I have read as many books about money management as I could lay my hands on. A lot of them had the right answers but I could only follow them for a short time before people fell back into their old bad habits. I now know that what these books did not explain was the natural sequence of events to follow.
To have more money, we need to understand the various stages of personal finance and become proactive in managing these stages. This means to commit to a positive course of action and being prepared to devote a certain level of effort and time to it.
I have since found that this procedure represents the natural stages of growth and learning. In the beginning, you need to focus on planning and research to discover what is needed. Then you have to tackle problems and develop plans to overcome them and to prevent them from occurring again. After that, you need to apply discipline and repetition to ensure that strong foundations are built.
For a while, you will experience a period of stability. Problems diminish. Things become easier. Then, if you have been doing everything right, all of a sudden, things will start to go very, very well. Success, at last! Well, not quite. You still need to pull in the reins at this stage and learn how to handle this new level of accomplishment. True success will only be yours when you have learnt how to sustain it without losing ground.
Each stage is defined with certain strategies to apply at each stage. The stages are designed to build upon each other, creating a strong foundation. Progression through the stages will gradually iron out bad habits and spending patterns. You may need to spend a little longer in some stages than others.
It is not a get-rich-quick scheme but it will give you greater confidence and security even in the earlier stages when money may be in short supply.
The greatest enemy of money management is impatience, however I have seen miraculous changes in my clients even after a few months or weeks. Good things will start to happen. Your luck will seem to change. You will start to make better decisions, whether consciously or not.
Related Tags: wealth, debt, investing, personal finance, budgeting, family budget, debt-free, financial advice
Ann Marosy is an accountant, consultant, and former university lecturer. She was formally a Financial Controller of a Fortune 500 Company, and Finalist of SA Executive Woman of the Year. Ann is the author of 'The Money Program' book series, which includes managing the stages of wealth creation, formulas for budgeting, debt-free program and investment strategies. Visit: The Home of The Money Program
Your Article Search Directory : Find in ArticlesRecent articles in this category:
- Personal Finance & The Needed Momentum
Possession of personal cash flow plan and the dream of having financial freedom might make it harder - Need An Ebt Card Or Food Stamps?
Applying for food stamps can be a very overwhelming and embarrassing task. Knowing what to expect th - Quick Money Loans What You Should Know
If you are looking for a quick money loan there are a few sources available, and just like any other - Same Day Cash Loans - Quick Help When Fiscal Requirements Force You
Life of human being is completely dependent on cash that establishes the life of one comfortable or - Unemployed Loans - Don't Accept Debacle Against Fiscal Requirements
In today's time, what imperative complication is increasing at the rapid pace for people? It is the - Get A Secured Credit Card To Rebuild Your Credit
The recession has spoiled the financial plans of many. Some have maxed their credit cards out, other - Ways To Create Profitable Cfd Trading Strategies
Understanding the connection between 2 significant ratios is the key to having winning CFD trading s - Can I Save Money At An Outlet Store?
Everyone loves to know they are getting a good deal when they are shopping for something. It could b - Used Car Donation Program Worth The Cause?
Used car donation program may not be the best option for many. Before you call me selfish and Paroch - Who Controls A Business's Asset When It Files For Bankruptcy?
Individuals who wake up and find themselves knee deep in debt, with no recourse to repay the debt, h
Most viewed articles in this category:
- Proposed Changes to Bankruptcy Law in Scotland
A bill has been proposed in Holyrood, the Scottish Parliament, which would align Scotland’s ba - How To Create Your Own Emergency Fund
Do unexpected car repairs, quarterly insurance payments or unexpected medical bills find you hard pr - How To Make A Personal Budget
There are many types of budgets that people use in their daily life. For instance, there are budget - Easy Cash Loans To Meet Immediate Cash Need In The Most Convenient Way
A financial crunch can happen to anyone at anytime in life. A few years back, I was stuck in the sam - Credit Counselors Offer Advice to Avoid Debt This Christmas
The holiday season is a great time of year for most of us, but it's also a time of year when we want - Save More/Spend Less - Become a Saver not a Spender
Our personality and lifestyles affects our ability to save. Most every action we take (including tho - Saving Money In College
Have you ever found yourself eating Cheerios for dinner while sitting in your dorm thinking about ho - Seek Unsecured Loans And Avoid The Threat Of Repossession
It is quite natural that people don't want to have the threat of repossession of their property whil - Investing - Tax Shelters Equals Big Fine For KPMG
What happens when a world renowned accounting firm decides to market tax shelters to its elite clien - Teaching Kids to Save--It's More Than Just Numbers
Did you know?<b>• The fastest growing group of bankruptcy filers is those 25 and you