During his childhood, author and businessman, Ronnie F. Lee discusses important principles of effective money management in his latest book, Know Money No Problem 978-1952263583. He provides readers with tips and strategies that help them get a head start towards financial success. Lee especially focuses on household finances because that is where an average earners income mostly goes, paying for groceries, bills, and rent. Learning how to manage money around the house can be fairly difficult. And if you are under a lot of debt, things don’t seem to get easier. But that’s only if you lack money management skills. As someone once said, “where there’s a will there’s a way”. Lee knows this best, as he has faced many financial struggles in his life. With hard work, dedication, and patience, Lee was able to reach financial success in life. He has barely anything, to begin with, but he managed to build up his net worth in order to reach financial security for himself and his children.
With Know Money No Problem, Lee wants to help those with an average income to completely transform their financial situation. The very first step towards financial success is learning how to manage household finances. These tips, by Amber Madison from Modern Mom, can help readers to improve their money management skills around the house:
· Set a Realistic Budget. Budgets can be tricky, so set one that you can be comfortable with. Take your new knowledge from tracking your spending habits and map out expense categories such as rent, mortgage, utilities, entertainment, and groceries. Look for areas where you think you could possibly cut back to increase the amount of money going into investments and/or savings.
· Think of the Long Term, as Well as the Short. The week-to-week or month-to-month planning is necessary. However, planning ahead for emergencies, down payments for cars, improvements to your home, etc. are absolutely essential. Consider having your paychecks split into multiple accounts to ensure that you are putting money aside for the long term.
· Get the Whole Family on Board. Being the enforcer of a budget is a tough job, especially when it comes to things like eating out and daily spending. It can be easy to just run through a fast food restaurant when you’re tired and the kids are hungry. Instead, though, give them the option to help choose the menu for dinners. Having their buy-in on decisions like these will make your job less difficult.
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