 Contrary to the view of many people, the highest earners are not necessarily the wealthiest. Wealth is not dependent on how much a person gets. It is a product of how they can manage the money earned. In this video, I will share with you 9 ways to better manage your money. 1. Create an emergency fund. Did your car break down in your way out? Did you or someone you love get in an accident? One fact about life is that there is nothing certain in life. Unespected things happen, and it is best always to be prepared. This is why setting money aside for our uncertainties is extremely important. Best of all, it will help you stay out of financial trouble and you will sleep better at night. Yes, you are occupied with lots of other expenses, but it is wise to set aside some amount of money monthly to save an emergency fund. It would be best if you didn't take out this money unless it's for something important. Having money to deal with problems as they come will help you stay out of financial trouble and help you feel more secure. 2. Create and use financial goals. If you want to improve your money management skill, you must set short-term goals and long-term money goals. Your short-term money goals can involve an amount of your emergency needs, expenses, and privileges. On the other hand, your long-term goal can be about your retirement plan and funding this plan. As long as you are focused on your goals, you can always be motivated to budget your money in the right way. However, making a financial goal is not enough. You must also apply the needed steps needed to produce the best results with your financial matters. Sticking to your financial goals requires discipline and commitment. You must be disciplined enough to stick to your budgets, focus on your earnings, and invest wisely if you want to reach your goals. 3. Track your expenditures. One mistake many people make is overlooking small expenses. People tend to take note of the enormous amount spent, but do not pay attention to those little over-the-counter transactions, bank charges, and even money spent on airtime recharge. The truth is that these small expenses you ignore are the reason for the lapses you experience in your overall financial goal. You may ask, how does $1 affect me when I earned hundreds of thousands of dollars? Well, the truth is that, when added together, these little expenses are no longer small. They become huge expenses that can drastically affect your financial life in general. To better handle your money, you must take note of every cost you make, no matter how hard it seems. If it's too challenging and you cannot afford a financial expert, get a financial book or download financial applications on your device. 4. Make money work for you. So maybe there was a time when a man was supposed to work for money, but in the era that we are in today, money is meant to work for the man. If you still have that working hard to get and save money mentality, you will keep working, yet remain low or average. One of the best ways to manage money is to make it work for you. If you have the right information and the right decisions, money on its own can multiply itself to produce more money for you without you doing anything. Money invested wisely today will amount to massive sum in times to come. Invest and grow your money. 5. Consolidate debts. No one likes debt. However, most people can't help getting out of debt. One of the biggest mistakes people, especially young adults make, is taking unnecessary debt, such as multiple credit card loans, purchasing items on credit, etc. The obligations keep piling up until the point where you have to make monthly payments for a long time to pay it off. For you to manage your money wisely, you need to get your debts under control and work in finally getting rid of them. Although credit card loans, student loans and loans to settle other pressing bills may be helpful at times, however, before acquiring this loan, make sure that they would be beneficial in the future and also try to get the lowest interest rates possible. Find ways to cut down on your expenses. If you have multiple debts, sometimes you worry about which one you should pay up first. Paying off high interest debt saves you lots of money in the long run. Money is precious and the sooner you pay off those high interest debts, the less interest you'll end up paying. 6. Get multiple streams of income. Do you work 5 days a week for long hours but still struggle with money at the end of the month? Nowadays, having multiple income streams is not just necessary. It is compulsory. Millennials have been breaking the trend of having only 9-5 jobs because times are hard and just one income pathway cannot suffice. Side hustles, freelance jobs, monetizing talents, social media jobs, creating courses in e-books and entrepreneurship have become the norm of the day and people are diversifying their income streams. It's essential to find out the ways to earn extra cash which can help you meet some expenses, sponsor your desires or even pay off debts. Skills like article writing, website development, photography, social media management can earn you extra bucks. You can also try out things like baby sitting, pet sitting, selling goods on social media or eBay, tutoring students and others and then guess what? With technology, it is even more and more comfortable to carry out these activities. Platforms like freelancer, Fiverr, Upwork, Uber and many more that allow you to make money from anywhere at your own time without disrupting your regular job. 7. Avoid using your credit card. Just as a credit card makes it easy for us to purchase the things we want, so does it make it easy for our accounts to be empty. Research shows that people buy more things when they shop with their credit cards. For instance, let's say you create a budget and go to the grocery store with the exact or little more in case of emergencies cash and you see some exciting chocolates across the counter, would you be able to purchase? No, because the money at hand cannot cover it. But what happens when you are with a credit card? You buy more. Make sure to apply discipline to yourself and avoid unbudgeted spending and also shopping with cash. If you have extra savings, you can use it for entertainment and fun to reward yourself. However, don't overspend on trivial things like shopping, expensive clothes and other items. Focus on more important things to ensure that you will not suffer from financial problems later. 8. Write a will. The simplest way to ensure that your funds, property and personal effects will be distributed according to your wishes, even after your death is to prepare a will. A will is a legal statement that guarantees that your assets will be given to family members or other beneficiaries you designate. Having a will is especially essential when you have young children because it allows you to select a caretaker for them in the event of your death. Although wills are simple to create, research has shown that about half of all Americans die into state or without a will. With no will to indicate your wishes, the court steps in and distributes your property according to the laws of your state. If you have no apparent has and die without a will, it is even possible that the government may claim your estate. It is sad when such a thing happens because then the money you struggled or your life to acquire might be mismanaged by people you do not even know. Take an inventory of your assets, outline your objectives and determine to which of your friends and family you wish to pass your belongings. Once your will is drafted, you won't have to think about it again unless your wishes or your financial situation changes substantially. And when you finally pass on, you will be sure that your wealth is being handled by those you trust. 9. Change your mindset Some people have a specific view of money, some of which are thinking that people who have a high amount of money are smarter than you or that you must also purchase the new car your neighbor got. Well, the truth is that many of the beliefs you have about money is wrong and that wrong mindset is the reason why you have not been able to reach your financial target. It does not matter the plans you put in place or the rules you follow, if your mindset is incorrect, you will not achieve results. Hence, you must change the way you think about handling your money. It would help if you had a healthy way of thinking about your money. Since the way you feel can have a significant impact on your life, you must think positively, especially when it comes to money matters. It does not matter how much money comes into your account. If you cannot manage your finances properly, you will become broke and miserable.