Gain and maintain the knowledge you need to create financial choices for yourself, reduce stress, and take control of the financial side of your life
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 creating a 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
- 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.