Step 10: Seek Advice and Do Research

Financial matters, while very much a part of our lives, can be complicated. We typically learn very little about financial management in school and get most of our financial attitudes and knowledge from our parents, who may or may not have been experts themselves. If you feel a little lost in some areas of personal finance, call upon an expert for help. There is no shame in not knowing everything. After all, if you’re sick, you go to a doctor; if your car breaks down, you take it to a mechanic. Turning to a financial professional when you need to just makes sense.

Financial planners, investment advisers, credit counselors, and insurance agents are examples of the types of financial experts that you can get help from. Most advisers are honest and ethical, but some are not. If you are looking for an adviser in a particular field, talk to several and ask about their qualifications. Don’t be afraid to listen to your gut – if it is giving you a bad feeling about someone, that is a good enough reason to not use him or her.

You can also continue to learn on your own. The internet has a wealth of information, but pay attention to the source – anyone can make a website. An article on investments could be by a certified financial planner or Joe down the street who works at a doughnut shop. There are a multitude of books and periodicals on personal finance, and many of them can be found at the library, so you don’t even need to buy them.

Successful financial management is an ongoing process. It is important to continually monitor your spending, savings, and investments and adjust your plan as necessary. Fortunately, you don’t have to be an expert in personal finance to achieve success, but a solid understanding of the basics – and following these ten steps – can put you in control of your money.