There are some common misconceptions aboutmoney management, which sometimes may discourage people from exploring how they take control of their finances.
For example, money management may be associated with tightening expenses and living on less. could This could be a common experience for many who are trying to learn how to save this, but people who manage their money efficiently may be able to feel the benefits of money management in the ability to make the best out of their money in the long run. Even those who initially have to tighten their belts eventually will be able to accomplish more of their financial goals.
What drives many of these misconceptions is the lack of experience and motivation to jump into a new habit that may seem initially intimidating. Money management may sound like a big undertaking, if you’re not confident and comfortable with the idea. But, in reality, many of the procedures and actions are not any different from the typical due diligence and research you do in your daily life. All you need is to apply some of these skills to your financial routines.
Another common misconception is that you need to be good with numbers or an expert in economics to figure out your investments, bank agreements and financing offers. And if you’re not, then you need to hire a financial adviser. Again, that is not true. Even people who always dread math and don’t keep up with business news can still make sound financial decisions if they ask the right questions. In many cases, they don’t have to retain a financial adviser.
by Rania Oteify
