• Money can be hard to managemoney money image by Valentin Mosichev from Fotolia.com
  
  Numerous money management tips can be found online. However, it can be difficult determining which ones are effective for your personal financial situation. Review each tip and its source to determine if it has a solid financial basis. Then implement each tip one at a time and give it a few months to determine if it is beneficial for you.
  
  

Family Budget

• Creating a workable budget for your family should be the first step in sound money management. Review monthly spending and create categories for spending. Place each expenditure into a category and total each category. Create goals to reduce certain categories, such as dining out and entertainment. Additionally, create goals to increase other categories, such as debt repayment and savings.
  
  

Paying Bills on Time

• Sometimes the simplest suggestion is the hardest to follow. However, paying bills on time not only saves late fees but also helps to maintain a high credit score. If you struggle with this, create an automatic monthly draft from your checking account each month to prevent late bill payment.
  
  

Daily Savings

• Finding reasonable ways to save money in your day-to-day life can yield substantial savings. Pack a lunch instead of eating out. Shop around for insurance and other services. Clip coupons and take advantage of supermarket sales. Call your credit card companies and request interest rate reductions.
  
  

Emergency Fund

• You should maintain an emergency fund of three to six months worth of living expenses. Set aside a small amount each month until your fund is built. Rely on this fund instead of using credit cards in the event of unexpected expenses. Just remember to replenish the fund once another paycheck arrives.