Efficient money management doesn't need to be complicated. However, although the steps may be simple, it requires a lot of self-control and determination. Let's discuss the 10 basic rules on how you can take better control of your finances and avoid debt problems.

1. Be aware of your financial situation. Having a realistic view of your financial situation can help you make better financial decisions. To get an accurate evaluation, calculate all your monthly expenses- from the largest down to the smallest cent. Add up all your expenditures and compare the result from your monthly income. Is there money left to pay off your debts? Is there enough money left to put in your savings?

2. Be aware of your debts. Exactly how much debt do you owe your creditors? Obtain a copy of your credit report and carefully check your charges. If there are incorrect charges in your report, you can dispute them with your creditor or with the credit bureaus. If all charges in your accounts are correct, determine the exact amount of debt have and create a repayment plan.

3. Save your money. This may seem obvious but surprisingly, many people tend to overlook or neglect this important step. Each month, make it a habit to set aside a portion of your salary for your savings account. You should also set aside your personal emergency fund that you can use for unexpected expenses.

4. Prioritize your expenses. You should first pay attention to your necessities. If your income is not enough to cover for all your expenditures, you may need to give up the less important or unimportant things. For instance, you may choose to subscribe to a lower plan of internet, cable or cell phone. Remember, making small sacrifices saves you from the pain and trouble that bad debt can bring.

5. Exercise control with your credit card use. If you have credit cards, use them with caution. Make it a point to pay off your balance completely before charging new purchases. Use your card only for important purchases. If you must use your card, avoid the additional interest rate and late penalty charges by paying off your entire balance before your due date.

6. Pay all your bills on time. Late payments can significantly add up to your expenses. You can avoid all these extra costs by simply submitting your payments on time. In case you can't make it on your deadline, call your creditor right away and inform them of your situation. Ask for an extension. Most creditors would give consideration if you notify them in advance.

7. Set long-term goals. What about your long terms goals? Financial experts advice securing personal and medical insurance coverage for you and your family. Contribute to your retirement plan especially if your employer offers a 401kfund.

8. Create a realistic budget. Budgeting your monthly income is essential. Divide your income between your debts, utility bills, personal expenses and savings. A budget plan would help you consider which costs you can slash off from your list.