With regards to small amounts of money, you may be able to manage your expenses and bills on your own. But if you are not good with figures, and would often forget to pay bills; there are software programs that specialize in helping you with managing your money. These programs will alert you when bills are due, and keep a running tab on your expenses. This way you will be able to get a clear picture of your financial situation.
You have to be an expert at budgeting and money management to get the most out of large amounts of money. If you do not have enough skills in money management, you can visit your local bank for help.
There are also investment firms and consultants in your area that will assess you needs, and help you make wise decisions. They might advice you to invest your money on stocks and bonds. The stock market can be tricky, but if you have someone experienced and capable to help you with managing your money, its a good gamble.
If you are not sure about the stock market, there are other methods you can choose to go about managing your money so you will be secure when you retire. You can use a 401k. Most employers will help you set this up, and some will match what you contribute on a weekly or monthly basis. An investment company will invest this money for you. You can opt for high-risk stocks, or choose the safer, lower yielding stocks and bonds.
You can also earn interest by putting your money in money market accounts in your bank. This is a wonderful way of managing your money for education or retirement with little or no risk. These accounts are similar to savings accounts, except they require a minimum balance. The interest on money market accounts is higher than the average checking or savings account.
It doesnt matter how you go about managing your money, the key is that you consider all your possible options carefully to make the best decision. If you want to save for an overseas vacation, a dream car, or for college, inform your advisor of what you want and when you want it. They will then explain all the possible options that you can choose from.