by Suzanne Holloway | Sep 5, 2025
Money management refers to the process of overseeing and planning all aspects of your finances, including budgeting, saving, and investing. Effective money management helps you understand your current financial situation, set goals for the future, and make informed decisions to support your financial and overall well-being.
What’s a Budget?
Many people view budgeting, or “living on a budget,” as restrictive, but in reality, it is simply a tool that summarizes your income and expenses over a set period—often a month—to help you prioritize spending and achieve your goals. To start, calculate your total income from paychecks and any other sources (for example, child support, gifts, or public assistance). Then, list all your fixed costs (e.g., rent, insurance, property taxes, and occasional fees) and flexible expenses (e.g., groceries, transportation, and entertainment). By managing your flexible expenses wisely, you can ensure you have enough to cover your fixed obligations and also make progress toward your financial goals. Subtract total expenses from your income. If the result is negative, you are spending more than you earn and may need to adjust your budget. At the start of each budgeting period, set your plan, and at the end, review your spending and adjust as needed for the next period.
Budgeting Strategies
A budget isn’t one-size-fits-all, because everyone’s income, expenses, and priorities are different. Budgets should be tailored to your unique situation, which is why there are various strategies to choose from. Some of the most common strategies include the 50/30/20, Pay Yourself First, Zero-based, and Envelope budgets.
The 50/30/20 method divides your income into three categories: 50% for needs like housing, insurance, and groceries—things you can’t do without; 30% for wants such as dining out, subscriptions, or vacations; and 20% for savings to support future goals like building an emergency fund, buying a home, or saving for retirement. Debt reduction, such as paying minimum and additional payments for loans and credits, is placed in both the needs and savings categories.
© Andrey Popov / Adobe Stock
Pay Yourself First sets savings as the first expense by setting aside a fixed amount or percentage of your income as soon as you are paid. Start by focusing on building your emergency fund until it covers three to six months of essential living expenses. Once that’s accomplished, you can direct savings toward other financial goals. Setting up separate accounts or vaults for each goal can make it easier to track your progress and stay organized.
Zero-Based Budget ensures that every dollar you earn is assigned a specific purpose—whether for expenses and savings—so that your income minus your expenses always equals zero.
Envelope Budget, sometimes called “cash stuffing,” involves dividing your funds into envelopes (physical or digital), each representing a spending category. When the money in an envelope runs out, you stop spending in that category until the next budgeting period.
Budgeting Tools & Resources
There are many budgeting resources available, including apps, online tools, and printable worksheets. While some are free, many charge a fee to use or require payment to unlock additional features such as detailed reports, automatic account syncing, or advanced goal-tracking tools. Popular free mobile applications include:
*basic version; paid premium features available
Common paid apps:
Some banks and credit unions also offer built-in budgeting tools—check if there are any fees. Free printable worksheets from organizations like the Federal Trade Commission’s budget worksheet and the UF/IFAS Extension Money Management Calendar are also available. Furthermore, some prefer to create their budgets or use templates in Google Sheets or Microsoft Excel.
Explore different tools and mobile application options. Consider your financial goals, resources, and preferred budgeting strategy before making a decision, especially if you are considering a paid service.
Additional Resources
50/30/20 Calculator (OPERS)
An Equal Opportunity Institution.
by Sharlee Whiddon | Feb 27, 2025
Managing debt effectively involves setting clear, achievable goals and creating a structured plan. A good approach is using the SMART framework—ensuring that your debt repayment strategy is Specific, Measurable, Achievable, Relevant, and Time-bound. Here’s how you can apply SMART strategies:
Be Specific! Define the exact amount of debt you want to pay off. Instead of a vague goal like “reduce debt,” specify “pay off $5,000 in credit card debt.” List Your debts! Break down which debts need to be paid first, whether they are credit cards, loans, or other liabilities.
Make it Measurable! Identify a way to track your progress. Regularly check how much debt you’ve repaid. For example, you could track your debt in monthly statements or use budgeting apps. Also, set milestones. Break your larger goal into smaller, measurable targets – for example, paying off $1,000 of a $5,000 debt each month.
Is it Achievable? Set a realistic repayment plan. Consider your current financial situation—how much you can afford to pay each month. Make sure your goal is within reach given your income and expenses. Consider interest rates and prioritize high-interest debts first, such as credit cards, to reduce the overall amount paid in interest over time.
How Relevant is this? The debt repayment should tie into your broader financial goals, whether it’s improving your credit score, saving for a down payment, or achieving financial independence. Understand why paying off your debt is important to you. Whether it’s peace of mind, improving your financial health, or reducing stress, make sure your goal is personally meaningful.
It’s got to be Time-bound! Assign a target date for paying off your debt. For example, “Pay off $5,000 by the end of 2025.” Check in monthly or quarterly to ensure you’re on track and adjust as needed. This will help you stay focused on meeting your deadline.
By following these SMART principles, you’ll have a clearer, actionable plan that can help you stay on track with your debt management.
Using IFAS-generated budgeting tools, young people can learn to manage their money and begin saving and investing in the future. (UF/IFAS Photo: Tyler Jones. IFAS Extension calendar 2009)
Once you have taken the steps to build your SMART debt management plan, consider using the debt snowball or debt avalanche methods to aid in reaching your goal. These methods are popular strategies for debt repayment. Debt snowball involves paying off the smallest debt first, while Avalanche focuses on paying off the highest-interest debt first.
Find an accountability person that you can share your goal with and who will support you as you work to meet your goals. Planning regular check-ins with this person to monitor progress helps maintain positive energy and will lead to success.
It is a good idea to work on building a small emergency fund while paying off debt to avoid falling back into debt in case of unexpected expenses. Once you have eliminated your debt, grow your emergency fund even more.
It is important to celebrate your success of managing and erasing your debt. Just be sure the celebration doesn’t lead to finding yourself in debt again! A celebration might be a call to a friend or family member to share the great news or helping someone else use the SMART principles to set a goal they have.
For more information on managing your debt, contact your local UF IFAS County Extension Office.
Source: Forbes –The Ultimate Guide to S.M.A.R.T. Goals – Forbes Advisor
An Equal Opportunity Institution.
by Laurie Osgood | Apr 1, 2021
April is designated as National Financial Literacy Month to increase awareness about financial literacy, especially with the Coronavirus (COVID-19) causing economic worry for families across the United States. When it comes to financial literacy, knowledge is power!
Consumer debt has become a major challenge for families. If you owe money to multiple creditors, managing this debt can be overwhelming. Many Americans have more debt than they can afford to pay. Developing strategies for overcoming this challenge is essential. These strategies should include building financial knowledge, developing a budget, and setting savings goals to improve your financial outlook.
Financial literacy means understanding how to save, borrow, invest, and care for your money, leading to greater financial well-being. Research has shown that our physical health and well-being are directly linked to our financial health and well-being.
Florida Saves is a statewide initiative that helps inspire Florida families to set savings goals, lower debt, and build personal wealth. The Florida Saves pledge, located on the Florida Saves website, can help us establish personal financial goals. With this pledge, you’re making a commitment to work toward a savings goal, such as college tuition, an emergency fund, or down payment on your first home. Visit the Florida Saves Initiative website to learn more about financial literacy.
Whatever your savings goals are, becoming financially literate can help you achieve those goals. For more information about financial literacy and management, please contact your local UF/IFAS Extension Agent.
Extension classes are open to everyone regardless of race, creed, color, religion, age, disability, sex, sexual orientation, marital status, national origin, political opinions, or affiliations.
by Laurie Osgood | Jul 16, 2020
Lately, scammers have gotten more sophisticated. So it’s worth reminding everyone that if you receive an unsolicited email, text, or phone call, DO NOT give out any of your personal information! Scammers often update their tactics, using any way they can to trick you into handing over your precious personal information.
Earlier this week, I received an email (see below) telling me I had successfully set up a mobile wallet using my bank account. Since I had not signed up for this service, I was tempted to call the phone number listed in the email to dispute it. I hesitated, and for good reason. If I had contacted them, they would have tried to get my personal identification information, and then used that information to steal my identity or bank funds. I called my bank directly and learned this scam was recently perpetrated against 40,000 debit card users.
Phishing emails and text messages often appear to be legitimate and from a company you know or trust (like my own bank). These phishing emails and text messages often describe a problem with your billing, to trick you into clicking on a link or an attachment.
REMEMBER, if you receive this kind of message, by email or text, do not click on any attachments or call the phone number that is listed.
The Federal Trade Commission’s (FTC) Consumer Information page offers these tips for consumers to recognize and avoid phishing scams. View their website for more information. https://www.consumer.ftc.gov/topics/privacy-identity-online-security.
- Protect your computer by using security software.
- Protect your mobile phone by setting software to update automatically
- Protect your accounts by using multi-factor authentication
- Protect your data by backing it up
Lesson learned? Protect yourself and don’t believe anything that doesn’t feel right!
For more information about protecting yourself and your finances, contact your local UF/IFAS Extension Agent.
Extension classes are open to everyone regardless of race, creed, color, religion, age, disability, sex, sexual orientation, marital status, national origin, political opinions or affiliations.
by Laurie Osgood | Feb 6, 2019
Regular vehicle maintenance can help you avoid expensive repairs. Photo credit: UF/IFAS Northwest District
A car is one of the biggest investments we will make. With proper car maintenance, you can increase safety, improve performance, and save money in the long run. According to AAA, big improvements in powertrain technology, lubricant, and rust prevention have led to improvements in automobile reliability, longevity, and durability. With proper care, almost any car can make it well past the 100,000-mile mark.
TIPS FOR PROLONGING THE LIFE OF YOUR CAR
• Do some research and purchase a safe, reliable vehicle
• Stick to the recommended car maintenance schedule
• Buy high quality parts: engine oil, battery, tires, etc.
• Keep your car clean, inside and out
• Know what to look for if your car is beginning to show signs of trouble
WARNING SIGNS THAT YOUR CAR MAY BE HEADED FOR TROUBLE
You know your car, and, therefore, you are the best judge of when it’s acting differently. There are signs your car may exhibit that will warn you of a potential problem. It could be a light, a sound, or an unusual smell. Consumer Reports recommends at the first sign of trouble, you should take your car to a reliable mechanic.
WARNING LIGHTS
Lights that appear on your dashboard are connected to sensors that monitor everything your car does. If your car senses that something isn’t quite right, the computer will use these lights to tell you what it is. If any of these lights appear, your mechanic will be able to hook up your vehicle to a diagnostic scan tool to identify the trouble and find out exactly what’s prompting the light to turn on.
Pay attention to these warning lights, as they could indicate a problem with your vehicle:
• Check Engine
• Check Oil/Oil Level Low
• Oil Pressure Low
UNUSUAL SOUNDS
You know your car and the sounds it normally makes, but new or different sounds can be a sign of trouble. These sounds can be a clue to what’s going on under the hood. GEICO Insurance offers a list of these sounds and their possible causes.
Sounds and Possible Causes
- A sound like a coin rattling inside a tin can: Could be a loose lug nut inside the hub cap.
- Brakes squealing or grinding: Your brake pads or shoes might need to be replaced. Pads may be worn, and the sound is metal on metal.
- A snapping, popping, or clicking sound when you turn a corner: One or both of the constant velocity (CV) joints on your front axle could need to be replaced.
- A rhythmic squeak that speeds up as you accelerate: This could indicate a problem with the universal joints (U-joints) in the driveshaft.
- A howling, whining, or even “singing” sound: Bearings, which are small metal balls that help parts rotate smoothly, may not be properly working.
- A rhythmic clunking, tapping, or banging from under the hood: This could indicate a problem with valves, pistons, or connecting rods. Rough, bumpy motions could be caused by faulty spark plugs, clogged fuel lines, or a bad fuel filter.
- A squealing sound from under the hood at start-up or when accelerating: This sound could be caused by worn or loose accessory belts for the power steering pump, air conditioner compressor, alternator, or the serpentine belt.
FOUL SMELLS
Toxic gases such as carbon monoxide are contained in a car’s exhaust system. If you smell a foul or strong smell while inside your car, this may be a sign of a serious problem. You should have it checked by a mechanic as soon as possible. If oil or coolant is leaking, this may mean hazardous exhaust gases are entering the interior of your car.
The smell of rubber burning could be a signal that your car’s drive belts or accessory belts underneath the hood are damaged, worn, or loose. These belts will need to be replaced as soon as possible to prevent more problems.
SMOKE
Smoke can come from the front or back of your car. Smoke coming from beneath the car’s hood most likely means your engine is overheating, and you should bring it to a mechanic right away. The color of the smoke coming out of your exhaust pipe can give you a clue about what may be going on inside your engine.
Blue Smoke: This could mean oil is escaping from somewhere within the engine and is being burned along with the gasoline. If you see blue smoke, your mechanic should look for damaged or worn seals in the engine.
White Smoke: May mean antifreeze or water condensation may have mixed in with the gasoline. You should have it checked out as soon as possible.
Mechanics agree that preventive maintenance, including regular oil changes and belt replacement, can help to extend the life of your car. Car maintenance can be an inconvenience that requires time, planning, and effort. But, in the long run, the benefits of driving a safe car outweigh the cost and aggravation.
For more information on how to save money by properly maintaining your car, contact your local UF/IFAS Extension Office.
Sources:
AAA: https://magazine.northeast.aaa.com/daily/life/cars-trucks/benefits-maintaining-vehicle/
Consumer Reports: https://www.consumerreports.org/car-repair-maintenance/make-your-car-last-200-000-miles/
GEICO: https://www.geico.com/more/driving/auto/auto-care/car-noises/?utm_source=geico&utm_medium=email&utm_content=newsletter&utm_campaign=feb2018
