Darcy Bergen described that money management skills are a crucial part of financial success. They can help you reduce debt, save more, and reach your financial goals. They don’t have to be difficult or time-consuming. But they do need to be learned and practiced regularly.

The first step in establishing your budget is to take inventory of your spending and expenses. This means determining what you spend on each month, how much it is compared to your income, and what you are willing to cut out or do without in order to meet your financial goals. 

A major goal of any good budget is to have an emergency fund set aside that covers three to six months of living expenses in case of an unexpected event such as a job loss, illness, or natural disaster. The best way to create an emergency fund is to figure out how much you can afford and save that amount each month.

Having an accountability partner can be a great tool to help you stay on track when it comes to making healthy decisions with your money. This can include having a friend or family member follow your spending habits in person or online, and it can also be a good idea to keep a paper or digital journal to track your purchases.

For many people, finding a job is the most critical step in improving their financial situation. A job that pays more than what they are currently making can give them the opportunity to build their savings, reduce debt, and pursue their other goals. If you don’t have a job, it’s never too late to find one that matches your personality and goals. Whether you’re a student, a recent grad, or an experienced professional, finding your dream job can be a major boost to your finances.

It is also a good idea to start small and gradually increase your savings as you learn more about managing money. A small savings account can be used to pay off your bills or for emergencies, while a larger fund can be used to save for retirement.