36 Money Management Tips

Updated: August 24, 2020

When it comes to making financial decisions and managing your money, who do you ask for wealth management advice or tips? Here are 36 money management tips that you can consider applying to your own trading, investing, saving, and financial planning:

  1. Understand Every Investment You Make

    Money Tips from Greg Collett

    ”For each investment you make, you really, really have to understand the risks that you're taking. Don't outsource that task to your financial advisor…. If you're not willing to do that work, you should just keep your money safely in a bank.”

    Greg Collett
    Director of Investment Products, World Gold Council

  2. Dare to be Different

    “You must walk to the beat of a different drummer. The same beat that the wealthy hear. If the beat sounds normal, evacuate the dance floor immediately! The goal is to not be normal, because as my radio listeners know, normal is broke.”

    Dave Ramsey
    Host of the "Dave Ramsey Show" and author of "The Total Money Makeover"

  3. Cut Your Losses Short

    Money Tips from Blain Reinkensmeyer

    “The ‘it'll come back’ mentality is dangerous. One great way to do this is through the use of stop loss orders. Don't fear them. Use them. They are your best friend.”

    Blain Reinkensmeyer
    Principal at Reink Media Group, hobby investor, and full-time webpreneur. At the time of writing, he is responsible for all equity broker reviews and business development on StockBrokers.com

  4. Don't Follow the Crowd

    “I will tell you how to become rich. Close the doors. Be fearful when others are greedy. Be greedy when others are fearful.”

    Warren Buffett
    American business magnate, investor, and philanthropist. Widely considered the most successful investor of the 20th century

  5. Diversify Your Investments

    Money Tips from Clark Kendall

    “A common mistake people are making in retirement planning is failing to diversify their investment strategy from a concentrated stock position. There is no reason why you can't diversify your risk when it comes to the stock market.”

    Clark Kendall
    CFA, CFP®, AEP, President and Founder of Kendall Capital Management

  6. Believe in Yourself

    Money Tips from Suze Orman

    “No one ever achieved financial security by being weak and scared. Confidence is contagious; it will bring more into your life.”

    Suze Orman
    American author, financial advisor, motivational speaker, and television host

  7. Monitor Your Credit

    Money Tips from Jeanne Kelly

    “Check your credit report for errors! One simple mistake can cost you money. If you are not looking at your credit report to protect it against errors, who is? 15 minutes, twice a year is easy for anyone.”

    Jeanne Kelly
    Credit Coach

  8. Budget Realistically

    “Frugality isn't about cutting your spending on everything. That approach wouldn't last two days. Frugality, quite simply, is about choosing the things you love enough to spend extravagantly on—and then cutting costs mercilessly on the things you don't love.”

    Ramit Sethi
    Author of I Will Teach You To Be Rich

  9. Go Bank Shopping

    Money Tips from John Gower

    “Comparison shop when it comes to choosing a primary financial institution. It's a very basic concept, but one that many people fail to grasp. The big banks are often the default choice, yet smaller and institutions like community banks and credit unions are considerably overlooked.”

    John Gower
    Product manager and market analyst

  10. Invest in Education

    Money Tips from Benjamin Franklin

    “An investment in knowledge pays the best interest.”

    Benjamin Franklin
    One of the Founding Fathers of the United States. Author, politician, scientist

  11. Manage Your Risk

    Money Tips from Chris Muldoon

    “Professionals look at a trade and ask ‘what is my risk?’ first. Novices ask ‘what can I make on this trade?’ first and don't understand the risks.”

    Chris Muldoon
    Instructor at Trading Academy

  12. Start Saving NOW, Even if it's Just a Small Amount

    Money Tips from Andrea Travillian

    “You don't have to start big...small steps over a lifetime really add up. Start funding your emergency fund with $10 a month, start investing with $50 a month. It is more important to get going than to wait for the big amounts of cash!”

    Andrea Travillian
    Lifestyle Transformation Coach, Personal Finance Coach

  13. Get Out of Your Comfort Zone

    “In investing, what is comfortable is rarely profitable.”

    Robert Arnott
    American entrepreneur, investor, editor and writer

  14. Learn to Use Leverage Properly

    Money Tips from Diana Hill

    “Warren Buffet said: ‘When you combine ignorance and leverage, you get some pretty interesting results.’ We have seen this statement become fact in the last 7 years. However, leverage used correctly when investing in real estate has the potential to create long term wealth and great ROI.”

    Diana Hill
    Real Estate Instructor

  15. Live Under Your Means

    Money Tips from Kevin Gallegos

    “Live under your means. Know exactly what you earn each month and spend less. That's a step beyond living within your means. Take responsibility and choose where your money goes, instead of being influenced by whims, advertising, habits or peer pressure.”

    Kevin Gallegos
    National consumer finance expert, Vice President of Freedom Financial Network

  16. Be Consistent

    “The individual investor should act consistently as an investor and not as a speculator.”

    Ben Graham
    Economist and professional investor. Graham is considered the first proponent of value investing

  17. Keep Emotions in Check and Be a Disciplined Investor

    Money Tips from David Houle

    “One of the biggest mistakes I see people making is investing based on emotion rather than a disciplined, systematic process. In particular, I think people need a disciplined plan for risk management as mitigating large draw-downs in your investment portfolio has the potential to add more value over time than maximizing every ounce of upside in the bull markets.”

    David Houle
    Co-Founder and Portfolio Manager at Season Investments

  18. Don't Hold Onto a Bad Trade

    Money Tips from Przemyslaw Radomski

    “My top tip for traders is to look at each of their trading positions each day as if they didn't have it and ask themselves if they would open it. If the answer is "no", then the position is no longer justified, and therefore should be closed. This simple mechanism allows traders to trick their biggest enemy (emotionality in trading) and stay objective.”

    Przemyslaw Radomski
    Chartered financial analyst and owner/editor-in-chief of Sunshine Profits, website dedicated to gold and silver investments

  19. Don't Be Intimidated By the Stock Market

    “Everyone has the brainpower to follow the stock market. If you made it through fifth-grade math, you can do it.”

    Peter Lynch
    American businessman and stock investor, research consultant at Fidelity Investments

  20. Create a Budget

    Money Tips from Thom Fox

    “The most impactful approach to money management is spending less than you owe… By establishing a structured spending plan, which accounts for all expenses, you can focus on eliminating unnecessary expenses and commit your disposable income to building wealth.”

    Thom Fox
    Community Outreach Director at Cambridge Credit Counseling Corp

  21. Do Tax Planning

    Money Tips from Michael Atias

    “If you pay taxes, you should do tax planning. Many think that tax planning is reserved only for affluent taxpayers, but this couldn’t be further than the truth. In my experience, all taxpayers can benefit from building a tax plan and monitoring it periodically. This is arguably the best way to reduce your tax liability in a consistent manner.”

    Michael Atias
    Tax Professional

  22. Maintain an Emergency Fund

    Money Tips from Jennifer (Calonia) Coates

    “Saving at least $1,000 in emergency savings should be a non-negotiable part of your overall money management plan. This holds true regardless of any existing debt you're trying to pay down. Why? Because should an unforeseen financial crisis hit your front door, without a savings safety net, you'll only fall deeper into debt; preparedness means everything when it comes to financial success.”

    Jennifer (Calonia) Coates
    Editor for GoBankingRates.com, an online personal finance resource

  23. Always Keep Learning

    “Invest in yourself. Your career is the engine of your wealth.”

    Paul Clitheroe
    Australian television presenter, financial analyst and financial advisor

  24. Don't Over-complicate Things

    Money Tips from Todd Tresidder

    “Wealth building is simple and can be fully explained in just one sentence: Spend less than you earn and invest the difference wisely. If you get that right you will be wealthy. Everything else is just details.”

    Todd Tresidder
    Money Coach at FinancialMentor.com

  25. Set Up Automatic Savings

    “People should take every opportunity they can to save money because it really adds up, and the best way I know to do that is to make your savings automatic.”

    David Bach
    American financial author, TV personality, founder of FinishRich.com

  26. Always Have a Plan

    Money Tips from Merlin Rothfeld

    “Never enter into a trade or investment without having a thorough plan first. If you fail to plan, you plan to fail! That is the best money tip I can give you.”

    Merlin Rothfeld
    Director of Content Production, Trading Academy

  27. Maximize Your Earning Potential

    Run your household like a business and manage your finances like a bank! The lack of money is not our problem it's the mismanagement of life holding us back from maximizing our earning potential.”

    Mark A. Wingo
    Author of Wingonomics, Creator of Get Your PhD in Wingonomics and President and CEO of New Beginning Financial Group, LLC

  28. Know How Much You Stand to Lose

    Money Tips from Mike Mc Mahon

    “Success is not in the quality of the winning trade but in the quality of the losing trade.”

    Mike Mc Mahon
    Content Developer, Trading Academy

  29. Save First

    Money Tips from Gyutae Park

    “To have a successful and secure financial future, it is important to adopt the mindset of saving before spending. If you set aside funds for the future each pay cycle, you are sure to have plenty of money in your retirement account and any other long-term savings account.”

    Gyutae Park
    Co-owner of Money Crashers Personal Finance

  30. Review Your Accounts Often

    Money Tips from Kathryn Garrison

    “Set aside an hour twice a month to update your budget and make sure your accounts are balancing. It's much easier to keep spending under control if you stay on top of things and catch yourself before you are too far over budget.”

    Kathryn Garrison
    CFP® and senior financial advisor from Moss Adams Wealth Advisors

  31. Put Your Money to Work for You

    “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
    American investor, businessman, self-help author

  32. Trust the Charts

    Money Tips from Steve Moses

    “Trade what you see…not what you think.”

    Steve Moses
    Instructor at Trading Academy

  33. Spend With Purpose

    “Keep it simple, understand what you own and why.”

    Gary M. Shor
    MBA, CFP®, VP Financial and Estate Planning, AEPG® Wealth Strategies

  34. If You Want Different Results, Do Something Different

    “The four most dangerous words in investing are: ‘this time it's different.’”

    Sir John Templeton
    American-born British stock investor, businessman and philanthropist

  35. Simplify Your Finances with Automation

    Money Tips from Carla Blair-Gamblian

    “ Manage big planning items (retirement, saving for college, vacation planning, etc.) easily by making them automatic.”

    Carla Blair-Gamblian
    Loan Consultant and credit expert at Veterans United Home Loans

  36. Spend, or Don't Spend Based on What is Important to You

    “How you spend your money is how you vote on what exists in the world.”

    Vicki Robin
    Co-author of Your Money or Your Life and Yourmoneyoryourlife.info

    Now that you've learned tips , Ready to build your own financial education. Start with one of our free introductory classes. Click here to find out more.

This content is intended to provide educational information only. This information should not be construed as individual or customized legal, tax, financial or investment services. As each individual's situation is unique, a qualified professional should be consulted before making legal, tax, financial and investment decisions.

The educational information provided in this article does not comprise any course or a part of any course that may be used as an educational credit for any certification purpose and will not prepare any User to be accredited for any licenses in any industry and will not prepare any User to get a job. Past results are not a guaranty of future performance.

Free Intro Class