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Interesting question! When it comes to managing money, there are so many articles (including this one), and so many helpful digital tools like Summit’s Climbr® that can help you strategize and track your financial progress any time. Your question reminds me that all of these tips and tools are most helpful when combined with a base understanding of some of the keys to money management.
A book I’d recommend as a source for that base of understanding to get you started is The Total Money Makeover by Dave Ramsey. I think it is a great introduction into how to start with an emergency fund, how to stay out of escalating debt and, if you are in debt trouble, how to get out of it. It starts with the basics and works its way into more investing, savings, and ultimately giving. I like that the book is based in real life, common sense actions to help anyone put saving and investing principals into action.
My kids have all read the book. In my opinion, every high school and college student should read this book. I’d also recommend it to any adults who want to get on a better path, along with talking to Summit Credit Union for guidance in creating your own plan and support in sticking with it.
That brings me to my second money management book recommendation: Red SHOES®, the workbook created by and available through Summit Credit Union.
The workbook is the cornerstone of Summit’s Red SHOES. financial education program which also includes digital tools and coaching. We are financial educators at Summit Credit Union. By putting together insights from multiple studies, books and years of experience with many thousands of credit union members, we created our Red SHOES program to give you well-defined steps, encouragement and support to make smart money decisions and achieve your financial goals – your million, whether that is a million dollars or something that makes you feel like a million dollars.
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Red SHOES keeps you actively engaged in making your plan and following through on it.
The workbook is very hands on. It provides exercises, stories, examples, recommendations and a checklist of actions you can use for a step-by-step plan to help you make smart money decisions and achieve your financial goals. How you go through Red SHOES depends on you. You don’t need to go cover to cover. It’s organized for you to easily move around to apply what works for you at a given time. It does start with some exercises and questions for a deeper dive into:
- Where you’d like to be – from big picture to specific priorities
- Where you are now financially – current income and spending plus the difference between what you owe and what you own
- Where you want to go – what your million is and who can support you on the journey
And, there is guidance on taking next steps and a place to record your plan.
Pick the tool or approach that works with your lifestyle and personality. The key is to get started. It doesn’t matter where you are starting from or if you’ve made financial decisions you wish you hadn’t in the past. None of that matters. What matters is now. Start your journey, and it is a journey. There is no one secret formula nor is there one right answer, except the decision to get started. You’ll be glad you did.
