Whether you consider yourself a savvy investor with money to burn or you feel as though you are struggling to make ends meet, the act of creating a plan to understand and manage your own personal finances is a necessity if you hope to gain and maintain control of your own financial situation.
The following ten steps form an outline for your personal plan:
1. Discuss your financial situation with your spouse
2. Choose a financial mentor
3. Complete a list of your assets and liabilities
4. Obtain a copy of your credit report
5. Detail your monthly income and expenses
6. Review and balance your checking account
7. Review all associated rates and fees
8. Set your own financial goals
9. Shop for rates, services, and a financial institution that will support your goal
10. Commit to your financial plan and repeat steps as necessary
Someone once said that knowledge is power. By following these steps, you will gain and maintain the knowledge that you will need to create financial choices for yourself, reduce stress, and take control of the financial side of your life. Knowledge ispower.
This article is part of Scott Arney's educational series, entitled The Serial Decision Maker.