Skip to content
Tweak Your Biz home.
MENUMENU
  • Home
  • Categories
    • Reviews
    • Business
    • Finance
    • Technology
    • Growth
    • Sales
    • Marketing
    • Management
  • Who We Are

Why It’s so Difficult to Manage Money: The Way Forward

By Feisal Elmi-Nooijen Published March 16, 2020 Updated October 14, 2022

Money is a very important commodity in the world. With money, there is an unlimited number of things that you want that money can buy. Even if you ever get enough money to buy everything you ever need, before you finish buying them, some of them would already have newer versions that you might want to dump the old ones for.

Apart from the wants and trying to buy up everything in the world that we fancy, there are needs that we must meet. Even though the 3 major needs that you would have to spend money on are food, clothing, and shelter, there are now many other things as good as needs as long as you live in a civilized world. Examples of such items include electricity bills, having a mobile phone, buying airtime, subscribing to Internet services and transporting. There are simple steps we can take in order to start saving at home. For example, if you live in Texas, you have the power to choose alternatives and can compare hundreds of electricity providers with varying rates and types of electricity plans to choose from.

Meeting all these things that are now as good as needs is the reason why managing money is very difficult. Furthermore, if you can meet all of them, there are millions of other wants that the remaining money would want to be used for.

Money management is very important as it would help us not to get indebted or stranded whenever we need money. Here are some tips that would help you manage money effectively.

Start Saving

Once you receive any payment, save a percentage of the capital, say a minimum of 10 percent of the total. You can then begin to spend the rest on the things you need and want. Try not to be tempted to touch your savings for any reason. One of the things that work for me is to assume that I only earned 80 percent of my income and that I didn’t have any other money anywhere after saving the 20 percent. I try to deceive myself that the money does not exist and I treat the money that way. The only exception would be a life-threatening emergency or instances where I would have borrowed money to meet that need. In some cases, I go ahead to borrow the money than touch the money if it is not coming with interest. That way I am more disciplined to pay back without my savings being affected.

Use Money Management Apps

Sometimes, you get money but you are surprised that it is all gone and you are wondering what you used the money for. If you are wondering how to manage your money, then you can get a money management software. Money management apps like Pocketsmith help you track what you spend your money on. It will become easier to spot the leakages or unnecessary things you spend money on that you can watch out for.

Leave Some for Miscellaneous Expenses

Apart from your savings, leave another 10 to 20 percent of your income for various expenses. This way, whenever something urgent and essential comes up that you didn’t budget for, you can sort it out. You should then make your budget within the rest of your income after creating a table of preference and listing everything you would be needing for that particular month.

saving money – DepositPhotos

Posted in Finance

Enjoy the article? Share it:

  • Share on Facebook
  • Share on X
  • Share on LinkedIn
  • Share on Email

Signup for the newsletter

Sign For Our Newsletter To Get Actionable Business Advice

* indicates required

Related Articles

Finance

Why Most People Underestimate How Long Their Savings Need to Last

Henry Davis August 27, 2025
Finance

7 Financial Moves for Retirees Looking to Boost Cash Flow — Fast

Chaz Michaels August 25, 2025
Finance
Technology

What Is Render Token (RENDER)?

Deborah Pretty August 22, 2025

Footer

Tweak Your Biz
Visit us on Facebook Visit us on X Visit us on LinkedIn

Privacy Settings

Company

  • Contact
  • Terms of Service
  • Privacy Statement
  • Accessibility Statement
  • Sitemap

Signup for the newsletter

Sign For Our Newsletter To Get Actionable Business Advice

* indicates required

Copyright © 2025. All rights reserved. Tweak Your Biz.

Disclaimer: If you click on some of the links throughout our website and decide to make a purchase, Tweak Your Biz may receive compensation. These are products that we have used ourselves and recommend wholeheartedly. Please note that this site is for entertainment purposes only and is not intended to provide financial advice. You can read our complete disclosure statement regarding affiliates in our privacy policy. Cookie Policy.

Tweak Your Biz
Sign For Our Newsletter To Get Actionable Business Advice
[email protected]