Learn about Money. Because the minute you settle for less than you deserve, you get even less than you settled for. So no matter who you are, making informed decisions about what to do with your money will help build a more stable financial future. Here are 7 simple tips. 1- Set Goals Most people who have money didn't get it overnight. They set goals and worked hard to reach them. Write down your short, medium and long-term goals. 2- Develop a Budget Find out where your money is going. Unless you're tracking your money, it's probably not going where you really want it to. For example: Write down your total monthly take-home pay. Then list your monthly expenses. At the end of the month, subtract those expenses from your total pay. 3- Look for places to save. Use this information to set a monthly budget that includes saving. Review how things are going each month. And use free coupons whenever possible. For example: Carry a small notebook. Write down everything you spend. Include small things like candy bars. 4- Start Saving Small amounts of money saved regularly add up fast. Compound interest, which lets you earn interest on interest, will make your savings grow even faster. For example: Open a savings account. Have part of your paycheck deposited directly into your savings account every month. Remember, the earlier in life you start saving, the more you'll have later. 5- Manage Credit Wisely Borrowing can help you meet your long-term goals for an education, car or home. But borrowing for day-to-day needs and wants gets many people into financial trouble. For example: Before using your credit card, getting a payday loan, renting-to-own or borrowing against your home's equity, ask yourself if you really need to borrow the money. - Avoid spur-of-the-moment purchases. - Set a monthly limit on credit card charges. - Pay more than the minimum on your credit card bill. And most importantly, don�t get caught in The Minimum Payment Trap. For example, it would take you 61 years to pay off a $5,000 credit card balance if you make only the minimum monthly payment. You would pay almost $16,000 in interest. Assuming a 14% interest rate and minimum payment of 1.5% of the outstanding balance. 6- Protect Your Credit Rating Lenders use credit reports to decide whether to loan money. Insurance companies, landlords and employers also check credit reports. A report that shows defaults or late payments- even 30 days late-can mean not getting a loan or paying a higher interest rate. 7- Learn More About Money There's a lot to learn about money, and there's plenty of free information available. Look for organizations in your community that can help you learn more about setting financial goals, budgeting, saving, using credit wisely and getting the best deal. For example: - Nonprofit credit counseling service - Library - Community college - Bank or credit union - Religious organization - Youth center