How to Get Help for Personal Money Management

Personal money management is critical in tough economic times. Where does it all go? What about those stock investments? Is real estate out of the question? Can you sell your home? Need to pay off debt? Take a look at these options if you're looking for some help for personal money managemen in your family.

Difficulty: Moderately Easy

Instructions

1. Hire a financial planner for your personal money management. He can help plan finances from where ever you are right now through retirement. Since he's your personal money management planner, you get a customized strategy for your financial life. Most financial planners work on a percentage basis, which means they get a small percentage of their clients' portfolio.

2. Look for a financial planner that is fee-based, if you are concerned about using one that works on a percentage basis. A financial planner who only charges for his time make you feel more comfortable than one on the commission system.

3. Do it yourself, with the help of financial software, such as Quicken. You'll be able to see your entire picture. There are also plenty of online personal money management tools to use. Some are even free, and many will give you a free trial to get a feeling for using the system. You'll need to be diligent about entering data.

4. Join one of debt guru Dave Ramsey's "financial peace" classes. The workshop focuses on getting out of debt and wise personal money management. Ramsey was in deep debt himself and looking for a solution. After he developed a strategy for getting himself out of debt, he turned it into a business, and there are thousands of people who swear by it.

5. Sign up for online banking if you do nothing else. You can get an instant snapshot of checking, savings and any other accounts you have with you bank. Taking this step will at least get you started on the road to careful personal money management.

6. Consider using debt consolidation, where all your debts are lumped into one sum that you pay off month by month. It sounds great, but there are fees that quickly add up. Get references and choose wisely.

Tips & Warnings

• Make sure you understand up front what any financial expert is offering you. Always get references for help with personal money management.

Resources

• financial peace

[maryellen1001]

on 1/30/2009 Great advice. Very practical! 5*

[pepper0617]

on 1/20/2009 Lots of people have problems when it comes to figuring everything out. A financial planner who also will pay all debts for you is good sometimes, to get people on the right track that have problems.