No matter what shape your finances are in, you will benefit from the peace of mind to be gained from understanding your own financial situation and developing a plan that works for you.
The following ten steps form an outline for your personal plan:
- Discuss your financial situation with your spouse
- Choose a financial mentor
- Complete a list of your assets and liabilities
- Obtain a copy of your credit report
- Detail your monthly income and expenses
- Review and balance your checking account
- Review all associated rates and fees
- Set your own financial goals
- Shop for rates, services, and a financial institution that will support your goals
- Commit to your financial plan and repeat steps as necessary
For more tips on Creating a Financial Plan, click here.
This article is part of Scott Arney's educational series, entitled The Serial Decision Maker.