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 personal finances is a necessity if you hope to gain and maintain control of your own financial situation.
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:
This article is part of Scott Arney's educational series, entitled The Serial Decision Maker.
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
This article is part of Scott Arney's educational series, entitled The Serial Decision Maker.
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