Personal finance is one of the many essentials needed to fully take charge of your life. As an upcoming entrepreneur, knowing how to balance your money is important for your long term success. If you hold onto your beliefs of spending money unnecessarily and unwisely, when your income increases you wont have the proper knowledge to put your money to work. The basics to effective personal finance management include assessing your income and expenses. Setting short and long term goals for savings and investments. Creating a detailed plan for what will be done to achieve your financial goals. Executing the necessary steps to achieve your goals for your finances and consistently reviewing your financial status to ensure your on the correct path. Diligently following the steps above will place you in a better position to fully grasp and control your finances.