Having heard the saying from childhood, "love makes the world go round" is enough to make one ponder, is it really love or money these days? Saturated with advertisements from retailers, credit card companies, mortgage companies and fly by night get rich schemes; it makes one wonder what really "makes the world go round" in the 21st century? Love can certainly bring a sense of contentment, but it cannot buy a house, pay the bills or college tuition for that matter. Money, however, can do all those things. Unfortunately with accumulation of money, come additional problems and responsibilities alike. Creating a balance of spending and saving is the key to a successful financial life. According to Sharon K. Zoumbaris, author of Teen Guide to Personal Financial Management, "It really can be summed up in the most elementary equation: if your expenses are less than your income, the difference represents potential savings and investments. The more you can save, the better your financial foundation."(Zoumbaris 2000)
However, financial security means more than just cash savings in the bank account, it can also create a sense of mental confidence and self-assurance that will serve as an avenue for future needs, whether for unforeseen expenses or for planned expenditures. There are several ways to manage finances ? from the traditional pen and paper, spread sheets and calculators that manually track income and expenditures to elaborate and sometimes expensive computer based software packages, such as Intuit's Quicken or Microsoft's Money programs.
Nevertheless, even with all the methods available for use to control finances, there are common themes among most approaches to successful personal finance management. ...