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7 Ways to Make Yourself Better at Managing Your Money

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What you know about money management often comes from your experience, advice from your friends, parents, and your wife, or a random search on the Internet. These sources of information are sometimes unreliable and can lead to bad money management skills. In this article, we are going to introduce to you 7 tips on how to manage your money and financial situation effectively and intelligently.

1. Changing the way you think about money

Some people often complicate monetary issues and become stressed about making money, alert to ambition, and feel hatred of material elements while highly appreciate spiritual ones. After all, they often avoid talking about money just because they cannot control it. Saying that they want to give up or they are unconcerned is just a way to hide their pressure and fear when they cannot gain what they want.

To bring your financial situation under control, you have to understand your feelings first. Tana Gildea – the author of “The Graduate’s Guide to Money” – tells you to ask yourself how you feel about money and whether you are good at earning, saving, and managing your money. If you do not feel good, you cannot do it well. Don’t be dependent on money or feel guilty when thinking of it. Instead, believe that you can control your budget and be happy with it.

“It’s not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for.” – Robert Kiyosaki

2. Changing the way you talk about money

People often think that talking about money to others is impolite, so they keep it inside and stress themselves out. Unfortunately, it causes frustration and may lead to many other contradictions. Professor Syble Solomon from the Financial Therapy Association claimed that most couples only talked about money when there was a crisis. Talking about money is challenging but it is a must. Financial clarity is a good way to manage personal finances and create good relationships.

3. Changing the way you spend your money

To live well, try to spend a little below your ability and change your lifestyle to fit your income. This is the key and the most important way to properly manage your money. You should adjust your unreasonable spending to save more money for meaningful goals such as traveling or buying a house. You can also manage your account with the help of a mobile app, a notebook, or a person who is good at money management.

4. Planning your budget

You may equate a budget with strict abstinence, in which you have to sacrifice your comforts and ignore your special pleasures. However, this is not a good way at all, it only makes you a time bomb and you may decide to spend all of your money at once. Instead, you are advised to have a balanced budget, like you are following a balanced diet because money management should be a lifestyle, not an intermediate solution.

5. Spending your money intelligently 

Determine whether one thing is important to you or not before spending a sum of money on it. Make sure you have a plan for it and it is one of your priorities. If you want to rent an apartment with a nice view and create a relaxing space at home, it means that you decide to invest your monthly income in living space. If you travel frequently, spend your money on traveling items instead of expensive furniture. Another smart way is to divide your account into two parts, one for your imperative needs and the other for your outbursts. By the way, you will find it easier to manage your finances after doing this.

6. Saving intelligently

Don’t save as much as possible but set your financial goals based on certain contexts to know how much you should save and how long it should take to achieve it. The clearer you define your goals, the more motivation you have to realize them.

“Don’t tell me where your priorities are. Show me where you spend your money and I’ll tell you what they are.” – James W. Frick

7. Saving for retirement

To live well when retiring, you need to save from 15% to 20% of your income (even more than 20% if you can earn a lot of money). Unfortunately, not many people can do so. At first, it may be challenging to save up to 10% or 15% of your income but if this amount of money is subtracted automatically from your salary and transferred into a retirement account, it is much easier.

For instance, with earnings of $50,000/year, you set a goal of saving 10% of it and at the end of each year, you will have $5,000 in your account. But, if you don’t perform this action, what will you do to earn $5,000?

Moreover, this amount of money will bring you profits. With the bank rate of 7%/year, for example, you will have up to $750,000 after 35 years and more than $1 million after 40 years. If you are at the peak of your career and can earn a lot of money, don’t forget to save a part of it for your retirement.

Above, we have introduced to you 7 ways on how to make yourself better at money management. Have you ever tried any of these methods? If yes, please share with us your experience. If no, I hope these methods are useful to you. If you have any questions or comments, you can drop your words below this post. We will respond as soon as possible. 

I am Linh Pham – a blogger with many years of experience in searching for useful information related to self-development, work motivation, job-searching tips and advice, productivity improvement, life issues, and so on. I try to develop myself by reading articles on different career blogs and listening to experts’ talks. My purpose is to create a good working culture among employees and equip them with essential working skills.

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Success Advice

Why One-Size-Fits-All Leadership Will Always Fail (and What Works Instead)

The surprising truth about leadership styles that can make or break your team’s success.

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Why one-size-fits-all leadership doesn’t work
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The Leadership Shift Every Company Needs in 2025

Struggling to keep your team engaged? Here’s how leaders can turn frustrated employees into loyal advocates.

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Bridging the gap between employees and employers
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In workplaces around the world, there’s a growing gap between employers and employees and between superiors and their teams. It’s a common refrain: “People don’t leave companies, they leave bad bosses.”

While there are, of course, cases where management could do better, this isn’t just a “bad boss” problem. The relationship between leaders and employees is complex. Instead of assigning blame, we should explore practical solutions to build stronger, healthier workplaces where everyone thrives.

Why This Gap Exists

Every workplace needs someone to guide, supervise, and provide feedback. That’s essential for productivity and performance. But because there are usually far more employees than managers, dissatisfaction, fair or not, spreads quickly.

What if, instead of focusing on blame, we focused on building trust, empathy, and communication? This is where modern leadership and human-centered management can make a difference.

Tools and Techniques to Bridge the Gap

Here are proven strategies leaders and employees can use to foster stronger relationships and create a workplace where people actually want to stay.

1. Practice Mutual Empathy

Both managers and employees need to recognize they are ultimately on the same team. Leaders have to balance people and performance, and often face intense pressure to hit targets. Employees who understand this reality are more likely to cooperate and problem-solve collaboratively.

2. Maintain Professional Boundaries

Superiors should separate personal issues from professional decision-making. Consistency, fairness, and integrity build trust, and trust is the foundation of a motivated team.

3. Follow the Golden Rule

Treat people how you would like to be treated. This simple principle encourages compassion and respect, two qualities every effective leader must demonstrate.

4. Avoid Micromanagement

Micromanaging stifles creativity and damages morale. Great leaders see themselves as partners, not just bosses, and treat their teams as collaborators working toward a shared goal.

5. Empower Employees to Grow

Empowerment means giving employees responsibility that matches their capacity, and then trusting them to deliver. Encourage them to take calculated risks, learn from mistakes, and problem-solve independently. If something goes wrong, turn it into a learning opportunity, not a reprimand.

6. Communicate in All Directions

Communication shouldn’t just be top-down. Invite feedback, create open channels for suggestions, and genuinely listen to what your people have to say. Healthy upward communication closes gaps before they become conflicts.

7. Overcome Insecurities

Many leaders secretly fear being outshone by younger, more tech-savvy employees. Instead of resisting, embrace the chance to learn from them. Humility earns respect and helps the team innovate faster.

8. Invest in Coaching and Mentorship

True leaders grow other leaders. Provide mentorship, career guidance, and stretch opportunities so employees can develop new skills. Leadership is learned through experience, but guided experience is even more powerful.

9. Eliminate Favoritism

Avoid cliques and office politics. Decisions should be based on facts and fairness, not gossip. Objective, transparent decision-making builds credibility.

10. Recognize Efforts Promptly

Recognition often matters more than rewards. Publicly appreciate employees’ contributions and do so consistently and fairly. A timely “thank you” can be more motivating than a quarterly bonus.

11. Conduct Thoughtful Exit Interviews

When employees leave, treat it as an opportunity to learn. Keep interviews confidential and use the insights to improve management practices and culture.

12. Provide Leadership Development

Train managers to lead, not just supervise. Leadership development programs help shift mindsets from “command and control” to “coach and empower.” This transformation has a direct impact on morale and retention.

13. Adopt Soft Leadership Principles

Today’s workforce, largely millennials and Gen Z, value collaboration over hierarchy. Soft leadership focuses on partnership, mutual respect, and shared purpose, rather than rigid top-down control.

The Bigger Picture: HR’s Role

Mercer’s global research highlights five key priorities for organizations:

  • Build diverse talent pipelines

  • Embrace flexible work models

  • Design compelling career paths

  • Simplify HR processes

  • Redefine the value HR brings

The challenge? Employers and employees often view these priorities differently. Bridging that perception gap is just as important as bridging the relational gap between leaders and staff.

Treat Employees Like Associates, Not Just Staff

When you treat employees like partners, they bring their best selves to work. HR leaders must develop strategies to keep talent engaged, empowered, and prepared for the future.

Organizational success starts with people, always. Build the relationship with your team first, and the results will follow.

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