Money Management

The skill the most people don’t have but could benefit from mastering is money management individuals go through life not knowing how to manage their money. You might ask yourself,”Why should everyone possess these skills?” simple, look around and see if you can find somebody that is in poverty, and you won’t have to look very far. When individuals possess money management skills they can provide themselves with a number of ways to improve the quality of life and maybe even pass those skills on somebody who needs them. People who know about money management will be able to avoid putting him or her self in a financial burden. When people don’t budget they make mistakes of spending too much money and not saving enough. By saving money they prepare themselves for situations like education and retirement. Education or retirement are two reasons why people should have money management skills, and that is so they can budget for the future. Retirement, being a time when a person does not have the means of working, desperately needs money management skills. Rich or not, there are always unforeseeable financial hardship “what is more difficult at anticipate, and therefore plan for, are the unknown costs of obligations to aging and elderly parents.”(Wassel, 2006). Elderly can benefit from money management skills because as the years go on inflation goes up but income does not. Provided they had been educated in the skills of money management, they will have a better chance of survival .With financial security in place, new investment’s can be made to help continue a “normal” life, e.g., college funds would be needed of you has kids or plan to have children. Providing the college funds will increase the quality of the student’s life and help them with their money management skills. Providing education helps younger siblings gain financial stability and other opportunities. Money management is a skill that everybody needs. Grable, Joo (2006) suggests that college student’s