--- title: Better Money Management Can Help You Avoid Bad Debt description: Money Management skills are an essential life skill. However, what we don't learn is how to properly manage our money. image: https://lanyana.revivefinancial.com.au/hubfs/Better-money-management-can-help-you-avoid-bad-debt.jpg --- [![DR-Logo---Powered-by-RF-(2021)-137x60px](https://lanyana.revivefinancial.com.au/hubfs/DR-Logo---Powered-by-RF-(2021)-137x60px.png)](https://debtrescue.com.au) Menu [Apply Online](https://solutions.debtrescue.com.au/online-assessment-form) [1800 003 328](tel:+611800003328) 1800 003 328 - [Recent Articles](https://solutions.debtrescue.com.au/articles) - [Debt Consolidation](https://solutions.debtrescue.com.au/articles/tag/debt-consolidation) - [Debt Agreements](https://solutions.debtrescue.com.au/articles/tag/debt-agreements) - [Informal Agreements](https://solutions.debtrescue.com.au/articles/tag/informal-agreement) - [Debt Relief](https://solutions.debtrescue.com.au/articles/tag/debt-relief) - [Bankruptcy](https://solutions.debtrescue.com.au/articles/tag/bankruptcy) - [Budgeting](https://solutions.debtrescue.com.au/articles/tag/budgeting) - [Business Debt](https://solutions.debtrescue.com.au/articles/tag/business-debt) - [Credit File](https://solutions.debtrescue.com.au/articles/tag/credit-file) - [Education](https://solutions.debtrescue.com.au/articles/tag/education) - [News](https://solutions.debtrescue.com.au/articles/tag/news) - [Research](https://solutions.debtrescue.com.au/articles/tag/research) - [1800 003 328](tel:+611800003328) Talk to a Professional Apply Online [1800 003 328](tel:+611800003328) Call Now # Better Money Management Can Help You Avoid Bad Debt Posted by [Debt Rescue](https://lanyana.revivefinancial.com.au/articles/author/debt-rescue) on Jan 11, 2013 1:31:00 AM - [Tweet](https://twitter.com/share) [![Better-money-management-can-help-you-avoid-bad-debt](https://lanyana.revivefinancial.com.au/hubfs/Better-money-management-can-help-you-avoid-bad-debt.jpg)](https://lanyana.revivefinancial.com.au/articles/better-money-management-can-help-you-avoid-bad-debt) ## Developing Your Money Management Skills Money Management skills are an essential life skill. Going through school we learn about our history, maths, English and even cooking and carpentry skills. However what we don't learn is how to properly manage our money. Unfortunately for most of us, we develop bad money management and spending habits as we go along. This can lead us to a life long struggle with finances and debt. Better money management can help you get in front of your finances so you never have to struggle with money again. Here are a few things you can try to improve your money management skills. ## Know Where You Stand [Debt Rescue](https://debtrescue.com.au/?_ga=2.228764126.358748532.1554158526-605402969.1554158526)asks its clients a number of questions to get to know their situation better. These questions include what is your income? Where your money is going? How much do you owe on your debts? Who do you owe money to? The number of clients who can't answer these questions is surprising. You will never be able to get a hold on your money management if you don't know how much you have and what you need to spend at all times. The best way to develop better money management skills is to first start with monitoring your spending habits for a month by writing down every single transaction. This should really get you thinking about your finances and whether your spending is in control. ## Pull in the Spending Reigns Now you are starting to look at how you spend your money, you need to determine whether you are spending more than what you are earning. If your expenses exceed your income, you are going to have to use money management skills to  make some serious cut backs and prioritise your expenses. Make sure you always have enough cash for your bills and financial commitments. ![Is-Your-Business-In-Financial-Distress](https://lanyana.revivefinancial.com.au/hubfs/DR%20Blog%20CTA%20Banner%20-%20Personal%20Debt%20Solutions.gif) ## Budgeting By creating a [budget](https://debtrescue.com.au/budgeting/), you can see exactly where your money is going, and if you need to slow down your spending, it will help you identify areas you could cut back on. Cutting out certain entertainment costs, such as magazines, cigarettes and coffees can help reduce your spend. Budgeting is a crucial part of better money management. ## Are You in debt? Are you keeping up with your credit card and loan repayments? By paying the minimum repayment amount you are paying maximum interest and fees. You should be paying as much off your loan and credit cards as possible to reduce the lifespan of your debt and therefore reduce the interest you have to pay. If you are struggling to keep up with your debt repayments or have fallen behind talk to Debt Rescue about money management immediately. The longer you are in arrears the worse your debt becomes and the less options you have available. Act quickly and pull your debt into line while it is still manageable. ## Financial Software Keeping track of your money on a piece of paper with a pen is better than nothing. But in this day and age you could download a computer program which will help you track your money as well as forecast your future financial position and create a 'roadmap' for you to follow to achieve your financial goals. We recommend Simply Budget money management software which is available through the [Save On Bills](http://www.saveonbills.com.au) Website. ## Find a Positive Solution More and more Australians are turning to Debt Rescue for a positive solution to their debt problem. From [budgeting](https://debtrescue.com.au/budgeting/) help to [Debt Consolidation](https://debtrescue.com.au/debt-consolidation/), loan refinancing, [Debt Agreements](https://debtrescue.com.au/debt-agreement/)and even [bankruptcy](https://debtrescue.com.au/declare-bankruptcy/), Debt Rescue can help you turn you finances around. Contact us today for a free consultation.  For more information on budgeting and how it can help get your finances back on track, check out our [budgeting page.](https://debtrescue.com.au/budgeting/) Topics: [Budgeting](https://lanyana.revivefinancial.com.au/articles/tag/budgeting), [Debt Relief](https://lanyana.revivefinancial.com.au/articles/tag/debt-relief) ## More Articles - Recent Articles - Debt Consolidation - Debt Agreements - Informal Agreements - Debt Relief - Bankruptcy - Budgeting - Business Debt - Credit File - Education - News - Research ### Subscribe Here! ### Get the Latest Debt Free and Budgeting Advice straight to Inbox Free ### Recent Posts ### If you are in too deep with debt, we here to rescue you. We have the right solution for your situation. Contact us today. No obligations, just solutions! ## Talk to an Aussie who cares. [Get Started](https://solutions.debtrescue.com.au/online-assessment-form) [![DR-Logo-v3-1](https://lanyana.revivefinancial.com.au/hubfs/DR-Logo-v3-1.png)](https://debtrescue.com.au/) **Affiliated with:** ![ias-white-logo](https://lanyana.revivefinancial.com.au/hs-fs/hubfs/ias-white-logo.png?width=250&height=118&name=ias-white-logo.png) **Member of:** ![pipa_logo_white](https://lanyana.revivefinancial.com.au/hs-fs/hubfs/pipa_logo_white.png?width=250&height=72&name=pipa_logo_white.png) [Privacy Policy](https://debtrescue.com.au/privacy-policy/) | [Terms of Use](https://debtrescue.com.au/terms-of-use/) © 2019 Debt Rescue. All rights reserved. Debt Rescue Pty Ltd is a company that is part of Revive Financial Group Pty Ltd (Group). 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Liability limited by a scheme approved under professional standards legislation. ## What Kind of Debts Do You Have? ![](https://debtrescue.com.au/wp-content/uploads/2020/11/Credit-card-icon.png) Credit/Store Card ![](https://debtrescue.com.au/wp-content/uploads/2020/11/Personal-loan-icon.png) Personal Loan ![](https://debtrescue.com.au/wp-content/uploads/2020/11/Pay-day-loan-icon.png) Pay Day Loan ![](https://debtrescue.com.au/wp-content/uploads/2020/11/tax-debt-icon-green.png) Tax Debt ![](https://debtrescue.com.au/wp-content/uploads/2020/11/Unitilties-Icon.png) Utility Bill ![](https://debtrescue.com.au/wp-content/uploads/2020/11/other-icon.png) Other Please select at least one type of unsecured debt. Next ## How Much Money Do You Owe? $10,000 $1,000 $100,000+ Next ## Find Out How To Reduce Your Debt ### Your First Name ### Your Last Name ### Your Email ### Your Phone Phone number must be 10-digits long and begin with a 0. (e.g. 04 1234 5678) ### Your Post Code Post code must be 4-digits long (e.g. 4567) Some of your details appear incorrect. Please update the highlighted fields and re-submit. Submit ## Congratulations! ### You've taken the first step to becoming debt free Let's keep the momentum going and complete our assessment form to receive an instant debt analysis. [Start Instant Assessment](https://solutions.debtrescue.com.au/online-assessment-form) By submitting this form you acknowledge that you have read and accept our [Privacy Policy](https://lanyana.com.au/privacy-policy/)