There are so many ways to handle your finances nowadays. Getting the correct approach matters more than ever.
The no-nonsense guide to modern money management offers new generations of money savers the best techniques to get the most bang for their buck.
Using the modern money management guide, you will build wealth and create the life you always dreamed possible.
What Is Modern Money?
Modern money is a way to budget and plan your finances and future.
Modern money management is done in ways that will produce the most money even during a recession..
In the past, our ancestors budgeted using pen and paper.
Now, we have so many smart tools that make saving money and budgeting convenient. Getting started is easy. Set up an account online with your bank and begin saving the modern way.
Start using our no-nonsense guide to get you and your family away from all the classic debt traps.
Learning all the best savings and budgeting tools is essential. Now let’s get learning.
What Are Modern Money Management Approaches?
When you think about the term modern money management what comes to mind? Maybe a bank?
Banks are great choices and most of them have online tools as well.
These services offer convenience. Remember with everything there are potential risks, if you’re not mindful of your balance there is a chance of over-draf.
Do you have a personal or family budget? Budgets are essential to ensure you always have enough money in the bank especially when using online automatic bill-paying tools.
According to Bankrate.com the average cost for housing expenses in a year is $21,400. That is a lot to account for, and without a proper budget, this is a hefty expense.
Online bill pay requires diligence and maintenance. Should you not have a budget set up, then these pre-scheduled payments could end up over ruining you financially..
Using modern money management tools and budgeting systems such as Mint can guide you in a path of success.
Mint is an online budgeting system that you manage and create categories of expenses and budgets per category. That’s all it takes to customize your expenses.
Anyone can gain control and build wealth using modern systems.
Why Is Money Management Important?
Money management is one of the most important skills you can learn. It comes with practice, not just remembering a few formulas and then forgetting them.
It’s no secret that we all need to think about our money. We spend, save and invest it, so we can make the most of our hard-earned dollars.
But it’s not always easy to know how much is enough or when you should stop spending, saving, and investing.
The benefits of good money management include:
- You’ll be prepared for financial emergencies, like a car repair or medical expenses.
- You’ll be able to afford things you want in life without borrowing money from your future self (i.e., student debt).
- Your credit score will be higher than if you didn’t have good money management habits.
- You might even find yourself saving more money than before.
We’ve all heard the phrase, “money management is important.” But what does that mean?
When you think about it, money management boils down to controlling your spending and saving regularly.
After hearing this, how would you rate your money management? Are you in control of your spending? Does your family have spending goals?
Modern Money Management Methods
We have reviewed some of the best systems and applications and given our Good Money Approval.
Method 1: Best apps for budgeting
Mint: Let’s start with Mint’s very high ratings in both the App Store and Google Play. (It also has more reviews than any other app we reviewed.)
The most significant part about this app is that it’s free. It links accounts like checking and savings, credit cards, loans, investments, even bills.
For budgeting, Mint automatically puts your spending into budget categories.
You can personalize these categories, and set up as many as you want. Control the limits for these categories, and Mint lets you know if you’re approaching those limits.
Mint even shows users their credit score and net worth! What a bonus feature.
Besides budgeting features, Mint may help users pay down debt, save money, and set goals.
Mint has the best customer support and access to many frequently asked questions that help answer common questions.
Method 2: Best budget app for couples
Honeydue: Honeydue is set up so you and your partner can view your financial pictures in one app.
Both partners can sync bank accounts, credit cards, loans, and investments. (Honeydue allows you to choose how much you share with your significant other.)
Another great free budget app automatically categorizes your expenses.
You can build custom categories. You set monthly limits on each of these categories, and Honeydue will alert you when you or your partner is nearing them.
Keeping everyone informed on where you are, so you don’t encounter any unexpected overdrafts.
Honeydue has a great feature where they send reminders for upcoming bills and lets you chat and send emojis with your partner.
In the past, we used to manage our money using a pen and paper system. Where this was helpful, it was a burden if you did not have access to your notes.
Now, with the use of technology, we can have full access to our accounts just by opening our smartphones.
Online financial planning tools, help get the best control of your spending and create budgets for success.
Stay savvy, you modern money savers.
Build a wealth of knowledge and debt freedom using our system. Living life on your terms is the ultimate plan.
Begin financial planning by creating an account online and automate your monthly bill payments. Organization and optimization increases your chances of making your payments on time.
Create budgets using the many online financial planning tools and applications like Mint or Honeydue.
These no-nonsense systems of modern money management are ways to successfully gain control of your spending and avoid the debt hole.
Stay safe, you modern money savers!
Build wealth, knowledge and debt freedom using our techniques to create the life of your dreams.