101 Money Skills Everyone Should Have

Good Skills to Have with Money

Do you have the money skills to pay the bills?

Do you have the skills to pay the bills?

Here are some good skills to have on your journey towards financial freedom.

“You know, like nunchuku skills, bow hunting skills, computer hacking skills… Girls only want boyfriends who have great skills.” – Napoleon Dynamite

Good Skills to Have with Your Money

  1. Balance a checkbook
  2. Create a zero-based budget
  3. Track your spending
  4. List your monthly expenses
  5. See all of your accounts in one place
  6. Eliminate unused expenses
  7. Get a late fee waived
  8. Get hardcore frugal
  9. Call and lower your TV, Internet service, and phone bills
  10. Haggle for the lowest price
  11. Spend based on your values
  12. Implement a “sleep on it” rule
  13. Learn from your money mistakes
  14. Locate an online coupon or promo code
  15. Use your smart phone to save money
  16. Get cash back for the things you already buy
  17. Make a grocery list
  18. Clip coupons
  19. Get free shipping
  20. Find a fee-free ATM
  21. Find the cheapest gas in your zip code
  22. Negotiate for a new or used car
  23. Know when it’s smart to rent a car
  24. Live within your means
  25. Create accountability for your finances
  26. Take care of your stuff so it will last longer
  27. Delay gratification
  28. Create SMART money goals
  29. Get your three credit reports for free
  30. Get your credit score for free
  31. Fix errors on your credit report
  32. Know the factors making up your credit score
  33. Stop the junk mail
  34. Find your credit card interest rate
  35. Prioritize your debts
  36. Understand compounding interest
  37. Create a debt snowball or avalanche
  38. Transfer a high-interest balance
  39. Call and lower your interest rates
  40. Set up an amortization schedule
  41. Calculate your net worth
  42. Find the best mortgage rates
  43. Find your car’s blue book value
  44. Perform basic car maintenance
  45. Sell your car for maximum price
  46. Find your home’s estimated value
  47. Perform basic home maintenance
  48. Avoid private mortgage insurance
  49. Determine when it’s time to refinance
  50. Explain what type of mortgage you have
  51. Create a plan to pay off your mortgage early
  52. Escrow your own property taxes and insurance
  53. Change your insurance deductibles
  54. Get a quote for cheaper car insurance
  55. Buy life insurance
  56. Create your last will and testament
  57. Take a home inventory for insurance purposes
  58. Understand the “pay yourself first” concept
  59. Set up an automated savings transfer
  60. Set up a direct deposit
  61. Create an emergency fund
  62. Get more for your savings
  63. Create a diversified retirement portfolio
  64. Balance your retirement portfolio
  65. Find a fund’s expense ratio
  66. Ask for a raise
  67. Rollover your 401K
  68. Change your 401K contribution %
  69. Get your employer match
  70. Calculate your annual contribution limits
  71. Calculate your income needs in retirement
  72. Calculate your “number”
  73. Stay cool when the market crashes
  74. Dollar-cost average
  75. Understand stocks vs bonds
  76. Understand index funds vs mutual funds vs ETFs
  77. Find and talk to a fee-only Certified Financial Planner
  78. Find and talk to a Certified Public Accountant
  79. Avoid unnecessary taxes on your investments
  80. Explain the difference between a Roth and Traditional IRA
  81. Complete you tax return
  82. Maximize your deductions
  83. Understand your marginal tax rate
  84. Calculate your effective tax rate
  85. List things on craigslist.org and eBay
  86. Donate things to your local Goodwill
  87. Give more money each year
  88. Have a garage sale
  89. Find a reputable charity
  90. Set up a CD ladder
  91. Calculate your daily and hourly salary
  92. Find out what salary you should be making
  93. Find legit extra income opportunities
  94. Start a business with no money
  95. Make time to bring in extra money
  96. Understand the importance of diversifying income
  97. Teach your kids about money
  98. Talk to your (future) spouse about money
  99. Set up a FSA or HSA for your medical expenses
  100. Negotiate a cash price for medical services
  101. Put people and relationships before money

How many skills do you have? I know I missed a few. List some more good skills to have with money in the comments below…



Last Edited: July 21, 2014 @ 11:25 pm
About Philip Taylor

Philip Taylor, aka "PT", is a husband and father of two. He created PT Money back in 2007 to share his thoughts on money and to meet others passionate about managing their finances. All the content on this blog is original, and created or edited by PT. Read more about Philip Taylor, and be sure to connect with him on Twitter, Facebook, or view the Philip Taylor+ Google profile.

Comments

  1. Love the Napoleon Dynamite reference :D

    Sometimes even the easiest, common sense skills aren’t given much attention, like balancing a checkbook and making a grocery list. But they are very important. This is a great list, and I definitely agree with number 101. Putting people and relationships before money is essential.

  2. I do all, but one! I do not have Certificates of Deposit, so I do not ladder them.

  3. Great list. And #101 is the most important one of all.

  4. Super Frugalette says:

    I love this list. What a great idea.

  5. Marjorie says:

    Great list, and making a list can be great tool to use in planning, managing, or evaluating our lives.

  6. We usually think prices are set in concrete except at yard sales and flea markets. Learning to ask is a great skill. I found out I could negotiate my medical bills (the ones not covered by insurance). I paid cash at the time of service on an MRI and got a 20% discount. Talk to your pharmacist too. Ours is a local one they they made a point of finding cheaper options for us on regularly taken meds after we asked.

  7. Very complete list! Nice work! It’s amazing how many I have known that do not have many of these abilities/knowledge!

  8. Great nice list