Practice good money management

While the idea of money management may seem difficult, it's really not. It's like any other skill -- you just learn it. No matter the amount, you can start practicing now. Then when you have more of it, you'll already have good money habits in place.

You could live day to day, allowing the demands of the present to swallow up your money and time, or you could try something different. Money can be a tool. Manage it correctly and it can reduce the stress in your life. As you plan for the expected, and even the unexpected, expenses don't have to be scary obstacles.

Here are a few simple rules that can help you live within your means and manage debt so it doesn't manage you:

• Establish yourself financially. (You can take a simple test that will tell you if your financial situation is getting out of control.)
• Balance your checkbook (even if you don't write checks often or ever, you should reconcile your records against your bank's records). Keep track of the ATM debit withdrawals you make on your account.
• Keep your "wants" under control by establishing a budget and sticking to it.
• Use your credit cards wisely.

Learn more about managing your money.