Consumer Guide to Smart Money Management

As children, we learn to read. We learn our nation's history. We learn how to count, add, subtract, multiply and divide. Sometimes we even learn how to cook and iron. But we never learn how to manage our money, and that can come back to haunt us as adults. Whether you're simply facing the typical challenges of life or are looking into debt consolidation in Kansas, the ability to effectively and responsibly manage money can be one of the most important skills an adult can develop.

Fortunately, it's never too late. While it can take time to rehabilitate one's financial life and credit history, it is possible. But the key to finding success with money and finances is taking ownership of your financial life. If you're trying to regain your financial footing, be sure to follow these steps throughout your daily life:

• Be honest with yourself: You can't start to manage your money if you're still ignoring the realities of life. Are you in debt? Do you need to seek the assistance of a debt management specialist or a debt consolidator? Take an inventory of your current financial status. Write down all your debts. Write down your monthly income. Can you afford your lifestyle?
• Look at your common purchases: So many of today's consumers pay for most of their expenses with credit cards. While this can be a great idea - earning frequent flier miles, never having to worry about cash - it also sets up a pattern in which we forget about the costs of the purchases we make. Then a bill for $1,000 arrives at the end of the month, and the statement doesn't show anything of value. Look at your common purchases. How much do you spend on coffee each month? Dining out? Unused luxuries such as premium cable television? Perhaps you can find savings by cutting back on these areas.
• Start paying with cash: There's no better way to gain control of your money than to pay with cash. If you set a budget and only buy items with cash, you'll soon find that you'll prioritize your purchases and will make smarter financial decisions.
• Open a savings account: Instead of putting a focus on spending, think about saving your money. Open a savings account and set up automatic deposits each month from your paycheck. You may be surprised at how quickly the balance grows, and at how easy it can be to save a substantial amount of money over time. You can use this account as a rainy day fund - for emergency expenses that commonly arrive at the worst moments in life - or as a fund in preparation for a major purchase such as a flat-screen television. No matter your purpose, set a goal and succeed.
• Save your receipts: Get a receipt for every purchase you make in a single month, and look them over once the month is complete. You may be surprised at the types of purchases you make - and how many of them are likely unnecessary. Use this information as a foundation for a budget. Build a realistic budget and stick to it. See how much you can cut back from your monthly expenses.