Personal Finance

Skills Needed For Personal Finance

personal finance skillsI had an interesting question emailed to me the other day:

What in your opinion are the most important skill sets to have in order to be successful with your personal finances? Is it essential to be organized or to not like shopping? Are there skills that can’t be learned that are essential to stay out of debt? Which skills help you the most when you are dealing with personal finance. I’m afraid that I don’t have the skills necessary to get my personal finances in order…

There have been a number of opinions given on what skill sets are helpful in personal finances: discipline, determination, consistency, patience and creativity to name just a few.

There are certainly certain skills that can help quite a bit when it comes to keeping personal finances in line. While I’m not sure these are the most important skills, I think anyone who improves these skills can save themselves a lot of money:

  • Organization: Being organized is extremely helpful for most people and improving on this skill can help quite a bit for a lot of people when dealing with their personal finances. If you know where things are and what you have, you don’t need to pay for the same things twice, you are less likely to forget things that may incur penalties or fees and can just get more done.
  • Negotiation: Whether that be haggling or learning how to compare, learning to not take the first price quoted and having the skill to find or ask for lower prices goes a long way to saving money.
  • Creativity: Thinking outside the box can save significant amounts of money and being creative can get you a lot more of what you want while staying within your budget.

    This is not to say any of the other skills are not important…I just see that people that have these skills help themselves a lot in the area of personal finances. I’d be curious to hear others opinions on what they feel are the most important personal finance skills and why…

  • 3 thoughts on “Skills Needed For Personal Finance

    1. I guess “goal-setting” and “tenacity” could fall under organization. I would also say that “measuring” is another key thing and would fall under organization as well. If you keep careful track of where you are in relation to your goals, you can know sooner rather than later if you’ve fallen off-track.

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