Money Management - Head Matters

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Summary
 

It is critical to manage your money according to your current situation and your plan for the future. This is exactly what this unit focuses on, the idea of putting money aside for a short-term and long-term future you desire.

It is your choice to make financially responsible decisions to manage your money. These decisions are sometimes difficult but the Five-Step Decision-Making Process that we introduced in this unit will be very helpful. Remember how Cindy identified, gathered, considered, made, and modified her final decision based on her circumstances?

As you plan ahead, you will encounter risks that could lead to disastrous consequences if you do not account for them. Insurance is one way to manage risk or enhance benefits. Avoiding risks throughout your life is good advice.  Insurance, however, will help you transfer some of your inevitable risk.

Prioritize your needs and wants based on your plan for the future. Do not rationalize needs into wants; this will create an imbalance in your budget and a hole in your future plan. After you understand what your goals are and you have a clear perspective on how to make responsible decisions on things that you really need or you really want, you are ready to track the flow of your money. Follow the instructions and the exercises in the unit to begin creating a financial picture of your life. Be honest! You do not have to share this information with anybody other than your spouse. This is a visual, concrete way for you to understand and make more informed decisions. Remember that the best person to manage your income and expenses is YOU!

The last step to complete the Money Management Head Matters section is to test your knowledge with a quiz. Just click "Next" to begin your quiz.

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Money Management

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