People lack time in managing their finances when in fact they should allot more time to the task. Money management helps one allocate all expenses and incomes to see a bigger picture of their finances to determine their next financial move.
According to The Hindu, despite the trade skills one learns in school to earn money, poor money management will result into an unsuccessful career endeavour. Higher income is never a guarantee, according to The Hindu. This makes financial management "that one skill that can help you manage everything.
A good look into one's income and spending daily helps them prioritise and de-prioritise items according to the needs of the time. Financing repayments for a house is one -- another would be education of children. Spending money to satisfy a whim because one does not enjoy their money is not a good discipline for money.
Spending is a juggling act; priorities are set forward before any personal spending can be achieved. At least 50% of one's income heads to priority bills and property concerns. Next would be one's financing and other bills related to loans, mortgages and credit cards. Last would be other concerns in the future, such as an emergency fund for personal money management.
Living with a blind spending budget is an easy way to find deficits in one's budget and ultimately into personal bankruptcy. Improper financial allocations -- namely uncontrolled urges to spend -- are gateways to poor financial management.