know how to manage your money- books

djcomps

Dear Money Savers!

I was recently given this financial advice by someone when i stated that i had no idea what to do career wise-

"make sure that you understand how pension schemes and long-term saving schemes work..and make sure you set up one or more proper pension schemes or funds or some way of investing for your long-term future. Make sure you pay a good percentage of what you earn into the schemes, and do it month after month, year after year, without fail and without pause... This is the best piece of advice I can give you. Please don't ignore it.

The second thing you need to make sure of is that you understand how accounting works, particularly company accounting, and how self-employment works, and what expenses you can legitimately deduct, and how taxes can be minimized - basically the financial side of working"

I'm sure we'll agree that the advice is good. I know that the site is full of info about moneysaving etc, but what I'd like to know pertains to the second piece of advice i was given- specifically understanding how to manage my money. so long and short of it can people recommend some books that deal with knowing how to manage your money. please.

apologies if either a) this has been posted before; and b) if it's posted under the wrong section in the forum.

Thanks

Dj

mr_fishbulb

I found this book very useful and easy to read - http://www.amazon.co.uk/Your-Money-Life-Practical-Financial/dp/0340823208/ref=sr_1_10?ie=UTF8&s=books&qid=1253546950&sr=1-10

A but old, but still valid.

You doing the fantasy football again this year?

Reaper

I'm assuming the second piece of advice was tailored to you specifically as the average person does not need to know about company accounting. I'm guessing you are self employed.

For the average person it is more important to understand about personal rater than company financing, in particular budgeting i.e. understanding where you are spending. It sounds fundamental but people are invariably surprised when they keep detailed records for a month. I know I was.

More on budgeting here:
http://www.moneysavingexpert.com/banking/Budget-planning

PS When it comes to books I'm sure a certain Martin Lewis would recommend a couple :rolleyes: