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5 Money Management Tips

Disclaimer: Elise Ho, aka “Dr. Ho” is a Holistic Health & Life Coach. Dr. Ho is NOT a medical doctor, licensed therapist, lawyer, or a bevy of other things. Products or services that Dr. Ho believes in are the only ones that she recommends. Dr. Ho may receive compensation, product, or an affiliate commission on anything you see on this site. This is a personal Website solely reflecting Dr. Ho’s personal opinions. Statements on this site do not represent the views or policies of any organization with which I may be affiliated.

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Money Management tips that anyone can use.


Being good with your money management is a learned skill. It can take time to master.

Researching money management methods to see which ones work best for you is a good start.

Not everyone has similar spending habits or financial situations; however, better money management is often all that is required for many people to cut their spending, enhance their ability to invest and save, and accomplish previously unattainable financial goals.


Let’s look at 5 ways you can manage your finances better and stay on top of your spending habits.


1. Create a Realistic Budget


Start by tracking your finances. Set aside time and carefully go through your income and your monthly spending to determine how much money you’re bringing in and what your net income is.


After that, make a list of financial goals you would like to accomplish, and then set an amount you would like to spend each month based on this budget plan. Remember to keep it realistic. A budget that can’t be attainable on a regular is useless and won’t make things any more straightforward than they were.

Also, adjust as you go. Review your plan every few months to ensure you’re on track or see whether you need to change anything.


2. Cancel Services You No Longer Use


How many times a month do you really log into that streaming service you forgot your password to but are still paying for? By doing this, you continue to pay for services you rarely or never use.

It’s easy to overlook monthly subscriptions to streaming services and mobile apps that charge your bank account even if you don’t use them on a regular basis.


Examine your budget for costs like these, and think about canceling needless services to save extra money each month.


3. Minimize Your Credit Card Purchases


Don’t get into the habit of using your credit cards to purchase things you don’t really want. For bad spenders especially, given that when you run out of cash, you immediately reach for your credit cards, regardless of whether you can afford to pay the debt. Resist the impulse to use your credit card to make unaffordable expenditures, especially on products you don’t truly need.

If you don’t know what type of credit card is best for you and your spending habits, you can visit compare credit to explore the most popular credit card categories and find the one with the benefits that are best for you.


4. Try to Pay Bills On Time


Paying your bills on time each month is a simple approach to managing your money effectively, and it has massive benefits: It prevents you from paying late penalties and prioritizing truly necessary expenditures. Solid on-time payment history can also help you raise your credit score and lower your interest rates.

5. Set aside a Savings Account


Make sure you have an emergency savings account that you can rely on when something unforeseen happens. Making this fund is only useful when you make regular contributions to it no matter how small. The key is to keep it consistent, and you’ll have peace of mind that if the worst comes, you will at least be prepared for it.



Please use the comment section below to share your tips, questions, and/or thoughts about this post.

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Naturally Yours,
Elise Ho
Ph.D., D.N. Psych.
Behavioral & Mental Health Specialist

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16 thoughts on “5 Money Management Tips”

  1. Such important and simple money management tips, thank you for sharing. Debt is far too prevalent in our society.

  2. Cancelling services I no longer use has been life-changing when it came to the amount of money I saved! It’s fascinating how much of our money slips through to services we don’t use anymore or regularly.

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About The Author

Dr. Elise Ho

Dr. Elise Ho

Dr. Elise Ho is a Holistic Health & Life Coach with a special interest in emotional health, life alignment, and energy flow.

Elise will partner with you to align your mindset, your energy, your home and your career so that you can live your life's desire with freedom and love.

Elise offers 30 years of experience and multiple certifications and degrees including a Ph.D. in Natural Health and a doctoral degree in Naturopathic Psychology.