Here’s how to manage money the wrong way: don’t think about it. Assume that you have enough in your bank account to last you for a good long while. Hope that there’s enough on your debit card to afford whatever it is that you’re about to buy, and pray you don’t get over drafted. Repeat “I’ll pay for this later” as often as humanly possible.

However, if you want to be truly financially stable and possibly afford the new gadgets that you want to keep for yourself, here’s how to manage money the right way:

Check Your Account Every Day
Some people are afraid of checking their balance because they don’t want to know how bad it is. This is not a responsible way to live. Check your funds every day, so you can get a good handle on what you can and can’t afford.

Save Your Receipts (Digitally)
No one wants to carry slips of paper around everywhere, but since we live in a technologically-driven world, that’s no longer a requirement. If you’ve got a phone equipped with a camera, just take an image of your receipt and toss the paper. The photo will be labeled with the time and date, so you know how much you’re spending on what and how often.

Schedule Your Payments
The older you get, the more bills you have to pay. Get a master list of all your monthly expenses. List how much you expect the bill to be, and when you have to pay it—or when the money is deducted from your account. This way, you can keep track of your expenses without missing a payment.

Plan for the Unexpected
As John Lennon said, life is what happens when you’re busy making other plans. There’s no telling what you might find yourself suddenly facing, but it helps to start saving now. Tuck a small percentage of each paycheck away in an interest-generating savings account to help you out when there’s an unexpected emergency.

Explore Your Options
If the unexpected does happen, and you find yourself short on cash, check with your bank or lending companies to see what your options are. You may be able to use a service like Great Plains Lending online installment loans to loan you cash that you can pay back on the schedule best suited for you.

The Golden Rule
If everyone follows this piece of advice, they could avoid another recession: don’t buy what you can’t afford. If you’ve been stressed out for a while and need to treat yourself to something to keep yourself sane, go for it. However, if you just really want that 3D TV or the latest iPad or Macbook, and you’ve already taken out a second mortgage on your house, give it a little more thought.

Managing money the right way involves planning, scheduling and common sense. A little extra time will be well worth it.

Do you have other great money management ideas? Share them in the comments.