Personal Money Management
Personal money management strategies provide individuals the financial controls
necessary to prepare you and your family for major life events, such as
employment changes, home or auto purchases, sending your children to college,
and retirement. An effective and sustainable money management strategy requires
financial self awareness, a long-term orientation toward saving and investing,
and the discipline to follow-through with a clearly defined set of financial
During any step of your money management strategy planning, working with a
certified financial planner could prove beneficial in the process. Atlantic
Financial professionals can help you gather relevant financial information, set
life goals, and examine your current financial status. At Atlantic Financial, we
have financial planners who are available to help you establish a money
management strategy or plan for how you can meet your financial goals, given
your current situation and future plans.
The important first step to developing a workable personal money management
strategy is to assess your current financial situation. First, determine your
current net worth, taking into account all sources of income and expenses. Then,
identify areas where you can reduce your expenses. It’s important to know how
much debt you are carrying, and at what rate of interest. Also, determine how
much of your income you are saving, conduct an inventory of your investment
vehicles, and make an assessment of your actual returns. It’s advisable to work
with a certified planner to complete your personal financial inventory.
Also a crucial aspect of executing money management system is setting clearly
defined financial goals. Ask yourself: What goals are you working toward? How
much will you need to achieve them? Are you on the right track?
Assessing your tolerance for risk is required in managing a sustainable money
management system. Remember that an effective money management strategy takes
full advantage of savings and investment strategies. Take advantage of
retirement savings offerings by your employer, through 401(k) plans. Any
financial planner will tell you that it’s wise invest for the long term, so it’s
best to try not to be influenced by short-term market fluctuations. Finally,
it’s a good idea to continually review your financial plan to identify areas
that need adjustment, whenever your needs or circumstances change.
Atlantic Financial money management advisers are eager to help you develop a
money management strategy that is tailored to your individual needs. We offer a
wealth of money management resources and certified financial planning services
for our clients. Call us today to find out about our wide array of personal
money management services.
Learn more about money management strategy