Personal Money Management Tips From Personal Finance Experts 


Top Money Management Tips From Personal Finance Experts

So many people want to offer their expert advice in how you should live your life, it's easy to forget that almost none of these people actually experts.

This same thing happens in the financial world. You want to figure out how to become a better, more educated money manager? Everydiv you've ever met has the answer, or so they think.

For something as important as your money, it's best to drown out all the well-intended yet poorly-thought-out advice from your buddies.

Instead, go straight to the actual experts, the ones with a proven track record of managing their own money and successfully helping others do the same.

Here are a few great tips from financial experts everydiv should listen to ...

Farnoosh Torabi: Don't Forget to Account for Everything

Ms. Torabi, a financial author and expert devoted primarily toward doling out advice for young people, reminds us to budget for the little things in life that add up and mysteriously deduct from our budget, like thieving money ninjas.

"Little things that add up, like ATM fees, unused gift cards, unused Groupons. We spend a lot of money, but we forget and don't make the most of it."

If you regularly use ATMs not from your bank, stick that in your budget -- it's just as much a bill as anything else.

To buy a Groupon or receive a gift card and not use it is akin to lining your cat box with cash and letting your mewing buddy do their worst.

Jean Chatzky: Ban Yourself From Touching Your Savings

Financial jounalist Jean Chatsky is clearly a big believer in allowing your bank to guard your money from yourself, as evidenced by this quote:

"If you can't see it and you can't touch it, you won't spend it."

She makes a good point. If you absolutely, positively, 100% must save money for a very specific purpose, that money should probably be safeguarded.

Put it into an account that you cannot touch (except to deposit more money) until a specified time. That way you'll know it's there when you need it and, if you got a good interest rate, there may be far more there than you remember.

Ramit Sethi: Use Your Stuff as Much and as Often as Possible

Ramit Sethi, author of the awesomely-titled book/website I Will Teach You To Be Rich, believes you should only buy something if you're going to use it as long as possible, squeezing every drop of value out of it like a very expensive orange:

"I believe in paying for value. If you're going to get value out of something, you should pay for it, and you should enjoy it ... I will hold something like my iPhone for like 3-4 years, until it doesn't work anymore. You buy the best, and you hold for the long-term."

After all, what's the point in buying a new iPhone, video game system, or pair of designer jeans if you're just going to ditch them when the next big thing comes along?

Wear your purchase into the ground and only upgrade when you absolutely have to. Then, repeat the process.

The more you use something, the more valuable to you and your life it becomes.

John Ulzheimer: Make Eliminating Credit Card Debt Priority One

Finally, we have credit guru, John Ulzheimer, who also blogs right here at

He advises taking care of credit card debt first and foremost, if you want to improve your FICO score and come across as trustworthy with money:

"Credit card debt is scientifically proven to be a riskier type of credit for lenders to extend, which means even smaller amounts ... can have a significant impact to your FICO scores. It also means if you can pay it off your scores will improve a lot, and very quickly."

Ulzheimer is referring to a study he conducted where he simulated paying off a huge mortgage, a large auto loan, and a small credit card debt.

The mortgage and loan barely moved the needle on his credit score, while paying off the card shot his score up by a whopping 35 points.

The credit people clearly care about credit above everything else, so if you want to start improving your financial reputation, thereby making it easier to secure more credit and loans for when you need them in the future, then paying down that pesky plastic is clearly the route to take. can help you implement these expert tips into your daily budget. Click here to get started!