Looking for money management strategies to improve your financial positions and to solve money issues ? “What are you planning on doing with your tax refund?” asks Asks financial advisor Zaino. “If you’re like most Americans, the world of instant gratification is beckoning. It could be extremely damaging to your retirement account, however, especially given the time value of money and what Albert Einstein called ‘The eighth wonder of the world”—compound interest. “Based on last year’s data, the average refund should be about $2,800. Let’s say you save your money in a vehicle that earns you 6 percent annual interest and you have the discipline to continue to deposit $2,800 every year for the next 30 years. That would yield $250,726. At 7 percent, you’d have $304,319. That’s an EXTRA quarter-million dollars in YOUR retirement account—just for being disciplined and not blowing your refund.” Don’t miss the smartest way to spend your tax refund.

This philosophy has been around for some time now, but I didn’t really come across it until reading the book Rich Dad, Poor Dad. Sounds somewhat controversial, but having this mindset will keep you on your savings targets. Too many times you pay everything else first, then by end of the month, there is hardly anything for you to save. If you reverse the roles, you are more money conscious to pay your bills on time and reduce frivolous spending. Read extra info at Save Money.

If you’re contributing to a retirement plan and a savings account and you can still manage to put some money into other investments, all the better. Employment benefits like a 401(k) plan, flexible spending accounts, medical and dental insurance, etc., are worth big bucks. Make sure you’re maximizing yours and taking advantage of the ones that can save you money by reducing taxes or out-of-pocket expenses. Too many people are talked into paying too much for life and disability insurance, whether it’s by adding these coverages to car loans, buying whole-life insurance policies when term-life makes more sense, or buying life insurance when you have no dependents. On the other hand, it’s important that you have enough insurance to protect your dependents and your income in the case of death or disability.

Break Down Your Income & Expenses: Credit for this one goes to user GeekLimit on Reddit – one of my favorite personal finance tips! This is an odd little trick that can change the perspective you have about your money, and help you budget better. It’s all about breaking your income and expenses down into daily values, like this: You make $2,500/month = ~$83/day. You pay $800/month for rent = ~$27/day. You pay $200/month for car insurance = ~$7/day. Everything else (food, phone, gas, etc.) comes to $750/month = ~$25/day. That means you’re left with $24/day in spending money. Want to save $1,000 for a nice vacation? You’ll have to save about 42 days worth of your spending money. That means 42 days of not spending a dime. Want to buy a new $10,000 car? That’s about 416 days worth of your spending money. This will help you see how far purchases are going to set you back and affect your spending ability. Visit: aspiretomoney.com.