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Application and Implementation

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Donell Edwards, Blogger

DONED2014 SmallAbout Donell Edwards: Donell Edwards is President of CWR Media and is also founder and publisher of The College World Reporter (CWR) magazine and CWR World News & Information Service.  He is also a professional speaker, freelance writer, and entrepreneur.




We’re Celebrating Financial Literacy Month


Making Toast at Party


Know Your Money
Tuesday – April 29, 2014

Knowing Your Personal Finances
Application and Implementation
By Donell Edwards

 In today’s blog we continue our celebration of Financial Literacy Month with 10 more of the steps to financial wellness from our friends at Money Management International.  We also discuss our topic for today, application and implementation of vital components of the Know Your Money Personal Money Management Program:  Monitoring Spending, Evaluating Spending, Preparing A Realistic Budget and Living Rigidly  Within It, Transforming Your Thought Process About Money Management and the Willingness to Change, and Overcoming Credit Card Addiction.

I found a very interesting article which is our Must Read for today written by a young newlywed couple, Vanessa and Jacob (The Cash Cow Couple).  In the article Vanessa shares her experience of how she had an enormous student loan debt before she and Jacob married.  Vanessa was overwhelmed with the thought of having to repay such a large debt.  However, her fiance Jacob realized what needed to be done.  It was going to be necessary for them to make a major sacrifice in order to start their lives on a strong financial foundation.  So, Jacob told Vanessa that they would have to sell her car and then they would have only one car that they would have to share.  Obviously Vanessa objected, she had worked very hard to pay off the car, but she agreed and the car was sold.  The money from the sale of the car was enough to pay off most of the student loan.

The lesson, sometimes it is necessary to make great sacrifices in order to improve our financial health.  I really like the way Vanessa puts it, “… there is a strong component of sacrifice involved in all things money related, whether that is saving, investing, spending wisely, financial freedom, etc. They were all birthed by the mother of sacrifice and thrive under her careful instruction.” – See more at: http://cashcowcouple.com/life-lessons/importance-sacrifice/#sthash.Ef51VCSE.dpuf

So, today’s lesson is to learn to sacrifice, and be willing to sacrifice.  It going to take lots of  sacrifices to implement the changes you will need to make on your journey to financial freedom.

As Financial Literacy Month winds down, we are reviewing Money Management International’s Thirty Steps to Financial Wellness.  Yesterday we reviewed the first ten steps.  Today we review steps 11 through 20.


  • Set SMART financial goals
  • Set short-, mid-, and long-term goals
  • Pay down your debt
  • Expect the unexpected
  • Secure your financial future
  • Make a commitment
  • Save for your goals
  • Where does all the money go?
  • Identify and document fixed monthly expenses
  • Identify and plan for periodics


If you have questions or need help we are just an email away.  Send your questions to Info@KnowYourMoneyGlobal.com


We Would Like To Hear From You.  Are There Any Brave Souls Out There Willing To Share?
If you would like to share with our readers how “bad” spending habits have affected you, anonymously or otherwise, for our upcoming special, “Confessions Of Spendaholics,” please send your experience to comments@knowyourmoneyglobal.com.


Must Reads:

The Importance Of Sacrifice


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Disclaimer: I have a Bachelor of Business Administration degree but I am not a financial adviser. However, I have acquired years of knowledge about personal money management through my life experience working through my own personal finances that allows me to share that knowledge with readers of Know Your Money. The Know Money Blog posts written by me are my common sense observations and opinions and are for informational use only. Although my blog includes contributions from experienced financial professionals, please make your own financial decisions based on personal research or contact a financial adviser.


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1 Comment

  1. cashcowcouple2 says:

    Donell, Thank you for the link to my article. What an important lesson for people to learn as they charge forward in their (hopefully) successful financial lives!

Comments are closed.