Being good with your personal finances is about getting into good habits and understanding the choices you can make.
As we all get a bit older it is important that we grow in confidence to understand and plot where our money goes, to know our limits, and to choose the personal finance packages readily available for a wealthier future.
Sorting out your money by clearing your debt and building up your savings and investments makes you master of your financial future.
It can also present several key benefits.
You stop paying expensive fees and charges for being in debt.
Debt is pricey, with high rates of interest and often extra fees and charges.
If you are in a lot of debt and pay a significant amount of interest on it, you may find that you simply can't clear what you owe as all your money goes towards servicing the debt and paying the interest.
Clearing your debt removes the debt itself and the cost of financing it.
You get rid of your guilt.
Being in debt can be a worry, particularly if it has got out of hand and you can't see any way of escaping the situation.
Some people also regard being in debt as a stigma - something to be ashamed of and hidden from friends, family, and colleagues.
Any way you look at it, debt is a burden and getting rid of it can be a huge weight off your shoulders.
You feel more confident about the future.
With the state providing little financial support in retirement, you may be concerned about how you are going to make ends meet.
But if you have savings and investments spread across a range of funds, pensions, and property, you can rest easy with regard to the future.
You may even be able to look forward to giving up work, rather than dread it.
You open up a range of financial options.
If your personal finances are in order, you can afford to take time off to travel or try a new career.
But if you have lots of debt or little in the way of savings, you may not have the option to do what you like.
This can make you feel rather resentful.
Drawing Up a Personal Finance Budget The only way to manage your personal finances is to draw up a budget that you can stick to.
People who get into debt generally do so because they live beyond their means - spending more than they earn.
Drawing up a personal finance budget and sticking to it can help assure that this doesn't happen to you.
If you're in debt already, following a budget can help you to get out of that situation and develop habits that help you stay out.
If the figures don't add up, and you find that you spend more than you've got coming in, all is not lost.
Look for ways to economise in certain areas, though be sure you're realistic about what you can achieve.
Don't fool yourself into thinking that you will be happy to stay in every single night if you are usually a party animal.
It simply won't be possible.
While you might not be able to stay in every night, it may be realistic to say you are going to stay in one night a week when you would normally go out.
This won't have the same dramatic results as staying in all the time but it will save you money in the long term and you are more likely to stick to this.