This is a guest post from Trisha Wagner from DestroyDebt.  She previously wrote a guest post about Simple Steps to Start saving.   While she typically talks about debt management, this time she tackles money management.  Thank you Trisha.

Obstacles In Money Management

Once upon a time managing personal finances was a much simpler task than it is in this century. At one time you knew what you earned, you aimed to spend less than that amount and you planned for the future. The same strategy could work today if only people were able to overcome the following obstacles that make it difficult for people to properly manage their money.

• Too many decisions- There is no denying life was simpler years ago, simpler but not necessarily easier. Today we have so many options, so many choices, so many decisions it is possible to just become overwhelmed with it all and make choices based on whatever requires the least amount of time and effort. Unfortunately by making impulse decisions people are making mistakes which can cost them a lot of money in the long run.
• Too many advertisements- How can you be expected to make the right decision when there is so much marketing targeted at you and your children urging you to buy their merchandise or use this service or product over others. While kids are often blamed for not being able to refuse the most popular or trendy item of the day adults are far from immune in the quest to keep up with the Jones’. If more decisions were based on what individuals or families actually needed instead of wanted more money would remain in consumer pockets to be used for things like saving and investing.
• Too many basic “necessities”- The term basic necessities have become anything but basic or necessities. This becomes apparent when people attempt to work on a household budget, cut costs or spend less money which are all great ways to improve your financial situation. Most people are simply not willing to give up what has become a necessity without even realizing they really could survive without high speed internet, a cell phone plan which includes five lines for the entire family and 500 cable/satellite channels from which to choose their evening television programs.
• Too much of everything- To say that life is hectic would be a gross understatement for many families. In the not so distant history “multitasking” was considered to be a quality to be revered, however as many people have discovered (backed up by research) doing too many things at one time doesn’t necessarily mean you get more accomplished. When you have so much going on like most families today do, it is not surprising that managing the family finances becomes rushed and prone to costly mistakes.

In short we live in a era of “too much” yet surprising people still want more. Perhaps if everyone would take one step back and regroup, focus on what is important in their lives which includes sound financial planning and move forward just a tad slower the obstacles facing modern money management wouldn’t be obstacles at all.

Trisha Wagner is a freelance writer for DestroyDebt.com, a debt community featuring debt forums. Trisha writes regularly on the topics of getting out of debt and personal finance.

Thank you again Trisha!