Search our Money Tip section for ideas on how to improve your financial picture.  Readers just like you offer up their opinions and insights regarding various money management concepts.

October 2005:

What is the most important lesson about money you learned from your parents or grandparents?

"To pay extra money on my mortgage every month - it reduces your interest, and your debt over the length of your mortgage I have the bank automatically deduct the total amount so that I ensure that I pay the extra every month." ~ Debbie O., WA

"Always save 10% of your income, and think whether you need or want an item. Think over every purchase carefully (and use coupons if you can to save!)" ~ Karen Schneider, NJ

"My parents always bought inexpensive items with the intention of saving money.  This strategy often backfired because the cheaper product would wear out sooner requiring my parents to buy a replacement.  For instance, every year they would buy a new set of patio furniture.  Over the years, I estimate they spent more money replacing patio furniture than it would have cost to buy a top-quality set.  As a result, I spend a little more to get top-quality when purchasing items that need to last a long time." ~ Matt L., OR

"My parents never used credit cards for day-to-day purchases.  As a result, they never got into debt and never paid interest charges. They taught me to only use my credit card in the event of an emergency." ~ Sarah Johnson, CO

"Always go to the store with a list and don't buy anything else!  This habit has come in handy helping me stick to my grocery budget and resisting impulse purchases while at the mall." ~ Kim LeFevre., CA

"Keep a wish list of things you want but can't afford just yet.  Each month, plan on putting aside some money in savings to buy an item on your wish list.  Once you have saved up the needed money, buy that special item!" ~ Carolee Martin, CA