There have been times I have managed my money well. But the truth is, there were also times I failed and regretted many money decisions. I have failed to stay within my budget and struggled to increase my savings, to say the least.

During such times, I wish I could get a better perspective on how to spend money and save for the future or even more. Since I don’t have a private financial advisor, I have to figure out everything myself. Even amid my money management struggles, I can assure you that I have now improved thanks to the help from money management books.

Are you like me and are struggling to get money management right? I have curated a list of books to help you allocate your financial resources more wisely and tips for instilling better money habits and values. They will be practical to make 2023 an easier financial year for you.

What Are Some Excellent Money Management Books?

8 Minimalist Principles, José Ferrer (2022)

We are familiar with the saying that less is more, and I couldn’t agree more regarding money. Too much money may lead to confusion and a lack of happiness. That is why you need to read this book if you feel inadequate despite having enough money. It will help you realize what is essential in life.

There is hope if you want to get out of this endless money pit hole. Jose has crafted a perfect book to help you improve your finances and achieve greater well-being.

As the title suggests, you will find eight principles articulated to change your consumerism behaviors to attain an objective criterion and make wiser life decisions. These principles are intended to help you find the balance between what is important.

You will love the advice of viewing life from a minimalist perspective that will help you effectively work on your daily grind and cut down your stress levels.

The Richest Man In Babylon, George S. Clason (2019)

This book is for you if you want to conquer the world of effective money-making. It is a hard-put-down inspirational book that will challenge you enough to get your character in check. More importantly, it outlines financial tips to help you attain financial freedom.

This book is packed with rich knowledge on financial planning and personal wealth that will automatically change your perception of wealth. George has written the book in simple and interesting language integrated with stories you can relate to. You will love his extra secrets to acquiring money, keeping it, and making additional money inflow to build your financial assets and help you live a comfortable life.

I highly recommend this book if you are a fresh earner and wish to change your perspective about making and using money. Still, it is a good read if you are an already established earner and aim to improve. The intriguing stories that explain complex money strategies will be highly relatable.

Wealth Habits, Candy Valentino (2022)

From an experienced entrepreneur and glamorous speaker, you get the secrets to wealth and the gritty details of amassing wealth. You will love the personal autonomy this book leaves you with, that you don’t have to be educated or connected to become wealthy.

Most of your concerns regarding wealthy people will be answered in this book. If you ever wonder how the wealthy become rich or if they are simply lucky, this book will shed more light. You will learn that it doesn’t take magic to be rich but sticking to six ordinary and straightforward money and life rules with discipline.

Valentino takes you through these habits that made her a self-made millionaire. She addresses issues regarding long-term investing strategies and how to recession-proof your business, primarily due to the looming Covid-19 pandemic. You will also learn ways to protect your money from the IRS’ interventions.

 Wealth Habits also encourages helping children learn about money and gives top secrets of keeping more of the money you make. Check out this book if you want to do more than just talk about being rich.

Your Income Tax 2023, J. K Lasser (2022)

This is among the top money management books you must have in 2023. By now, you know that taxes take a big chunk of your finances. Therefore it is a wise move to get the whole idea of taxation.

The book has got you covered if you don’t want to bleed your finances due to a lack of taxation knowledge. It has a practical guide for filing taxes for the 2022 calendar year. You will appreciate the updated new tax laws, worksheets, and forms to use during this process. Filling your taxes is a good step to avoid issues like tax fraud and tax evasion, which could be detrimental to your money management strategies if found guilty by government authorities.

In addition, you will find tips and clever ways to use taxes to your advantage and ensure that the taxman takes only the minimum requirement. You can’t ignore this book if you want to enlarge your credit portfolio and monitor your deductions.

Making Sense of Money, James Whitehurst III (2022)

Do you consider yourself someone good with money? You would be surprised that a good percentage of average-living individuals are not. A lot of us either spend more but save less, accumulate significant debt, or make money decisions from what we see as “common sense” or habit instead of financial literacy or money logic.

The fact is, if we don’t manage our funds, put savings first, and invest in outpacing the inflation rate, we are effectively parting with money. At the same time, we are losing financial security.

In this book, James talks about how to outsmart inflation, become financially secure, and leave a legacy. Reading this book will make you rethink how you manage money from the ground up. You will love its practical advice that will stir up confidence for you to make meaningful money decisions and financial actions.

Making Sense of Money is for you if you want to become a better money steward to create wealth and grow your opportunities.

The Art of Money, Mike Feng Zheng (2022)

What you know about money is not always what affects how you manage it but how you act and decide to live. But adopting the ideal way of living is challenging even for those we perceive as the most intelligent.

Generally, personal finance, money investment, and lifestyle choices are taught to us as math-based ideas with formulas and data to guide us. Many of us do not make financial decisions based on the real world. We base our decisions on the spur of the moment or combined egoistic thoughts, personality, worldly perspective, personal beliefs, and motivations

But to become good at money management, we must explore the lifestyle choices that influence our decisions. This is what Mike explores in this book. You will appreciate his idea about how we can become our own financial advisors and fund managers. You will also find out why you must take charge of investments instead of depending on others.

This book also details different money cultures and values that contribute to our unhappiness, what financial freedom is, and compares modern and traditional slavery forms of corporate slavery. Mike’s insights give practical lifestyle choices that we can adopt for financial freedom and grow our wealth to become happier.

Practical Money Management Tips for 2023

01 Create an emergency fund

We have seen that keeping jobs has become more unpredictable, as evidenced by the ongoing pandemic. So to be safe, build an emergency fund that can cover expenses if you lose your job or income stream unexpectedly. Financial experts recommend a savings fund that can cover your expenses for three months or half a year.

02 Cut down your regular money outgoings

If you analyze your everyday expenses, you might find some expenses you can do away with or find cheaper options for. So, think critically about such expenses and devise strategies that can help you manage money better.

03 Have a side hustle or passive income streams

The labor market has various jobs, and you can take advantage and find yourself a side hustle or a passive income strategy to bring in extra money even from your home’s comfort. Some good options include freelancing, answering online surveys, running errands for people, and drop-shipping.

04 Up your skills

As 2023 approaches, you should build up or learn a new monetizable skill. For instance, consider learning search engine optimization, user experience design, content writing, or skills in high demand from companies. You can utilize platforms like Skillshare to Upskill.

05 Direct extra income into a hard-to-access savings account

Once you get your finances on good ground, you should definitely transfer extra income into a hard-to-reach savings account. This will help you avoid spending temptations.

Final Thoughts Money Management Books

Without a doubt, good money management is challenging for many of us. But it is attainable. Money management books are a great way to learn about how to save and spend money wisely. They can teach you about budgeting, investing, and other financial topics.

We hope that the money management books and tips we have listed above can help you become a better money steward even as we draw near to 2023 and open our arms to greater opportunities.

If you want to improve your income streams, check out the following side hustle ideas.

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