When it comes to money, I make sure I make a budget for every calendar year for our home to make sure we never spend more than we earn and maintain a monthly savings of at least 10% for our retirement and Jack's education.

When I was a little girl, my Mom always pointed out the prices of different things, probably toys, and told me which ones were expensive and which weren't, and to differentiate needs from wants. That gave me a pretty firm grounding on money management.

Money is definitely a necessity so talk of money is the root of all evil is inaccurate. It is only evil when there is an excess (an excess of anything can corrupt) or severe deficiency of (starving conditions or if you are obsessed with comparing with the Joneses), or causes a rift in your family.

Unless you are the Joneses, it is impossible to avoid borrowing money. You need to take loans to purchase a home or a car, you need to pay home insurance to protect your home, you can leverage on credit cards to maximise the interest you earn in your current accounts, you need to reduce your debt by taking on a Bad Credit Remortgage.

Read up on debt advice. For good financial management, the goal is to reduce the amount you owe and maximise the amount you save. Ideally the interest you earn on your investments and savings should exceed the amount you are paying.

This post is kindly sponsored by The Thrifty Scot.

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