Photo of Eric R. Ebbert, CFP®, MBA, CEO Eric R. Ebbert, CFP®, MBA, CEO Aug 08, 2021

If you are wondering how to manage your money, then you have already taken the first step toward a better financial future. Managing your money might seem complicated or daunting. Breaking it down into approachable categories can help simplify the process. 

  1. Get acquainted with your current financial situation — If you are wondering how to manage your money, you first need to keep track of where your money is going on a daily, weekly or monthly basis. Then you can create an effective budget. The first step is to look over your bank statements and determine how much you are currently spending. Consider writing everything down. This includes your debts like car payments or student loans, your costs of living and discretionary items. 
  1. Create a budget —Now you have familiarized yourself with your finances. You have taken the most important step toward learning how to manage your money. Armed with this information, you can begin creating a budget. Your personal budget might not be perfect at first, but you can tweak it over time to work better for you. If you have not made a budget before, the 50/30/20 budget is a good starting point for your monthly income. This budget allocates 50% of income toward needs like rent and food, 30% toward wants, and 20% toward savings and chipping away at any debt. 
  1. Make your savings work for you —The first goal you should consider for your savings is to have a comfortable emergency fund. After that, you can use extra money for investments, or putting money away for retirement in an IRA or a 401(k). The more complicated your financial situation, the more difficult it becomes to determine the clearest path forward. A ProVise CFP® professional can help you design and implement a plan that accounts for all the details of your financial situation.

Talk to a ProVise CFP® professional about how to manage your money more effectively

At ProVise Management Group, our CERTIFIED FINANCIAL PLANNER™ professionals can get to know you and your current financial circumstances, goals, risk tolerance and personal values to help you develop a plan that works for you. We can also create a written plan for you at a fiduciary standard of care. All our written plans come with an unconditional money-back guarantee. If you are unhappy with your written plan, you can return it to us, and we will refund 100% of the fee paid.

Are you ready to talk to a professional about effectively managing your money? Contact ProVise today to schedule a complimentary consultation.