This post may contain affiliate links. I may earn money or products from the links in this post at no additional cost to you. Please check out my full disclosure policy
I recently read through Why Didn’t They Teach Me This In School? 99 Money Management Principles to Live By– By Cary Siegel. It’s a great book with money management tips for each area of your life. There is some wonderful information in this book, and I highly recommend you read it!
I wanted to point out my favorite principles from this book and why I love them!
“Money, like emotions, is something you must control to keep your life on the right track.”― Natasha Munson
Principle #1 Marry The “Financially Right” Person
Marrying the “Financially Right” person can be a lifesaver! Make sure to discuss things like finances with the person you are going to marry and make sure you are on the same page about spending habits and saving. If you’re not, you need to figure out how to get there. It can be difficult being married to someone that views money differently than you.
Principle #4 Always Live Below Your Means
Living below your means can be hard! Most Americans have the mindset of wanting everything NOW! If you want something that you cannot afford, save up to get it instead of charging it on a credit card. If you live below your means, it will be easier to save money!
Principle #8 Spend Just One Hour Each Week Learning About Personal Finances
I love this principle! I have been spending time each week learning about personal finances because I want to get better at managing mine! Taking a little bit of time each week to do some research can make a difference in how you view personal finances. You will learn so much and will understand your personal finances better. This book lists plenty of free resources for finding information on finances.
Principle #13 Develop a Budget
Developing a budget should seem like second nature to you! Having a budget will allow you to see how much money you have coming in, how much is going out, and places where you need to try to cut down on spending.
Related Post: Ways to Earn Extra Money
Principle #15 Save 50 Percent of Every Salary Increase
I love this idea! My husband just got a raise at work (yay!), and I am going to start paying the extra money towards our debt. We were living just fine on the salary he made before, so why not save the extra money we are now receiving? It should be easy to continue living on the salary we had before my husband’s raise.
Principle #18 Always Have an Emergency Fund
Having an emergency fund is important. One of the first things Dave Ramsey wants you to do when following his “baby steps” is to save up a $1,000 emergency fund. What happens if your car breaks down and you don’t have the money to pay for it? You will more than likely charge it to a credit card and pay a ton of interest over time! It’s much better to have the cash to pay for it upfront.
Principle #23 Have a Saving Versus Spending Mind Set
This one can be difficult to implement, but you should give it a try! Having a saving mindset will completely change your life! Once you focus on saving, you will want to save money and only spend money on things you need. You will never go back to being a shopaholic.
Principle #30 Make Sure The Luxuries You Afford Yourself Are Truly Important To You
One of the “luxuries” that I think is super important is allowing my husband and I to go on adventures! We love weekend get-a-ways to new places and taking vacations. These memories will last a lifetime and mean so much to us!
Principle #33 Know What Your Monthly Bills Are and Take Action When They Are Increased
This is so important! Make sure you know what your current bills are and how much you pay. Some companies like to go up on the price without an explanation. If this happens to you, make sure to call and get a reason and see if the rise in price was absolutely necessary!
Related Post: The Best Books for Money Management
Principle #44 If You Are in Debt, Get Out Of It Quickly
I could not agree with this principle more! My husband and I realized that we were in too much debt and decided we wanted to get out of it… quickly! We started the debt snowball system that Dave Ramsey suggests and have already paid about $4,000 towards our debt since October of 2019. We hope to pay off our debt as quickly as possible to start enjoying a debt-free lifestyle!
Principle #45 Just Say No To Credit Cards; Do Not Get a Credit Card in College
I wish I could go back and tell my college-aged self, “just say no to credit cards”! I was one of those people that had a credit card at eighteen. I thought I needed it to help build credit, and I also wanted to be able to buy things when I wanted them. I had a lot of credit card debt before I got married, and I will tell every college-aged kid that credit cards are not the answer!
Principle #63 Buy Less House Than You Can Afford
My husband and I have a pretty large house payment every month. We can afford it, but we bought a house on the higher end of our budget. Looking back, we should have gone smaller on our budget and bought something less than what we could afford. We would have so much more money to save, invest, or go towards debt every month if we would have gone smaller on the budget.
Principle #68 Shop Around for Interest Rates for Your Mortgage
This was another mistake we made when shopping for a house! We did not shop around for different interest rates on our mortgage. I honestly think we could have gotten a much smaller interest rate if we would have done this! Don’t be scared to get several different quotes. You want to do what is going to be best for you financially!
Principle #74 If It’s Offered Take The House Down Payment (Or Big Check) Versus The Big Wedding
I want you to know that I loved our wedding. It was a beautiful day spent with all of our family and friends. To be honest, we were not given the option between a wedding and a check. We were only given the option for a wedding, and we ran with it. If there was an option though, I would have had a small wedding with close family and friends and called it a day! Being given money for a down payment on a house, or something similar would have been a blessing!
Principle #81 It’s Okay To Buy Generic Grocery/Drug Products and Doing So Saves You Lots of Money
It blows my mind that some people don’t buy generic products! There are very few things that I like to buy in the name brand. I buy almost everything in a generic brand, and it tastes and works just the same! It will save you so much money if you buy a generic over name brand.
Principle #87 Manage Your Electric Bill
This is crucial to saving money. I have people in my family that pay upwards of $300-$400 a month on their power bill! That blows my mind. By managing your power bill and being conscious of when you are using power at home, you can save a ton of money every month! That money can be put towards savings or debt. Make sure to start being conscious of your electric bill and usage!
Related Post: One Step Towards Paying Off Debt
Principle #92 Get Your Books At The Library
I love to read, and I love to buy new books, but they can be expensive! I get most of my books at the library now, and it saves me so much money. I only buy reference books or the ones I would really like to add to my bookshelf! Many times, I will ask for gift cards to the bookstore for Christmas so that I don’t have to spend my own money on books I want to buy.
Principle #97 Use Cash as Often as Possible
This is another principle that goes along with our debt payoff journey through Dave Ramsey’s advice. Each month, we set aside a certain amount of money for different categories (eating out, spending money, etc.). Once we spend all the money in that category, we are done for the month! Cash also helps you physically see what you are spending, and it helps to cut down on spending so much!
I hope you grab your copy of Why Didn’t They Teach Me This In School? Money Management Principles to Live By so that you can read the full 99 money management principles!
Don’t forget to follow me on social media! ♥
Until next time,