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Your Questions About How To Manage Your Money

Sat, May 26, 2012

Writing and speaking

Nancy asks…

How do You manage your money (another question in my course)?

Hi Another asignment on my school course is to explain ways of managing money, so if you wouldnt mind could you wright a few words of how you manage money?

many tanks K.Scarlett

vermins answers:

Badly lol

Sandy asks…

How do you manage your money?

What is one of the most-money saving ways to manage your money?

vermins answers:

Stay out of debt. That is the biggest return you will ever get on your money. And, always put some in savings (mutual funds) at the beginning of every pay period, not the end. Those two rules will make a huge difference in your life. Debt will eat your soul.

Charles asks…

Money management: What little ways do you manage your money?

Any wise tips? How to save more, make your money last longer, and so on? I could with some helpful money management advice!

vermins answers:

Spend your money wisely

Thomas asks…

How do you manage your money and do you have any tips for me to help manage my money.?

I want to manage my money beter so that way I have stuff to put in the bank and some for me to spend how do you do it and is it working.
I am also only 15 and dont have a job yeat.

vermins answers:

There’s this old thing called a budget that I use. Just like running a business, you have to control spending as it relates to income. Literally make a list of all of the various bills and put them in two categories: variable and fixed. Variable bills are ones like gas and electric which change from month to month based on usage, and fixed are ones like rent or mortgage payments which don’t change from month to month. If you get paid weekly than place the bills in one of four categories depending on when they are due: first week, second, third, and fourth. Put the actual costs in this category with estimates of the variable costs. Total the payments for each pay period. Subtract the total from your net weekly pay and the amount that is left is your discretionary money. Estimate how much you need each week for fuel in the car, clothing allowance, food, and recreation including cable tv and Internet connection (those are recreational not actual monthly bills). Total these discretionary expenses and subtract from what’s left of your weekly check. The amount that is remaining is your investment income. You can have a wide range of opportunities for your investment income such as an Ameritrade account for purchasing mutual funds, exchange traded funds, and equities/stocks. Or open an Ing Direct account and earn the heighest possible interest on a saving account or long term certificates of deposit. Stay in touch with what is happening in the world that affects your ability to make good investments at and…. , open accounts at Ing here:

Laura asks…

Should schools teach you how to manage your money or is it your parants job?

Should schools give us basic training on money management so 9 out 10 young adults don’t end up in credit card debt when they get out of highschool?

vermins answers:

Yes I extremely support this idea but I think it should start at grade 1 and end in high school where 9 out of 10 know how to invest, where 8 out of 10 know how to pay for taxes and 10 out 9 know all the basic financial issues adults face including major things like how to own a house, how to buy cars.
And if possible schools, the government, banks, and parents should cooperate so that as early as grade 1 or grade 2, 8 out of 10 students have bank accounts with a minimum of $150 dollars and can only be deposited but not withdrawn until graduation which can give students a sense of financial responisibility and can aid students who want to go to college.

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