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Why is managing money so hard to most adults?

By Ruth Racey
Published: Sunday, November 15th, 2009

If you are an adult you would have probably experienced having money-management problems. Who has not? Even back in high school, problems were present: budgeting allowance, taking your crush on a date, or buying a new pair of shoes. However, as time passes by, it seems that more and more financial problems go your way, and what is worse is that you do not have the ability to face them at all.

Dealing with financial difficulties would have been easier if you were given the right strategy, a formula, and the knowledge on how to solve them. This is one problem. Most of the elderly people these days do not have enough knowledge to treat money-management problems. However, with regard to your lack of knowledge, do not blame yourself. It may not be completely your fault.

If you can remember high school, subjects were composed of the arts, sciences, history, and so forth. Do you ever wonder why they did not include money-management? It is sad to think that the most important subjects to learn are those which are not included in the curriculum. Thus, it is not your fault that you lack some knowledge in managing finances. You either had to train yourself, or accidentally learn from parents, or never really learned how to do it properly at all.

Now, if you have children, do not let them take the road you travelled – a life not knowing the true worth of money and how it should be spent. Since schools would less likely offer subjects like these, create a plan or a method of teaching them the lessons you learned. However, you would first need to develop a complete understanding of effective money-management techniques yourself. After putting them into practice every day, that is when you can successfully teach children, as well as other people.

A good point to begin with is to think of past mistakes – those which made you financially miserable – and try to visualize a scenario that would have happened if the right decision was made. Remembering mistakes is one of the many ways of correcting them. Just because you committed one in the past does not mean you are fated to commit the same mistake again.

Here are a few ways to reduce the number of money-management lapses you will make in the future:

  1. Learn to correct your own mistakes, and also be wary of other people’s mistakes.
  2. Do not commit the same mistake twice – yours or someone else’s.
  3. Also learn from good experiences and successes regarding money, cherish them, and share them with someone else.

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