Taking control of your finances can be difficult in this day in age. There are so many ways to borrow and invest money, so many legalities and so many complex terms that it can become dizzying trying to navigate your way through it all. Fortunately, there are many places to go for advice that can help guide you through the best options available. Here are five ways to help manage your money.
Hire a financial advisor
Financial advisors are well recommended if you own a business, however many people will hire them on a personal basis too to help guide them through mortgages, loans, credit rebuilding, handling inheritance and investing personal savings. Financial advisors are great for offering personal face-to-face advice and explaining things in layman’s terms. However, they do cost a fair bit of money – which isn’t useful if you’re trying to find a way of clawing yourself out of debt. Before hiring a financial advisor always ask about their track record and whether they charge by the hour.
Download money-saving apps
There are plenty of free apps out there such as Unsplurge that can help you track and get on top of your finances. They can act as diaries for recording your finances which you can carry around with you in your pocket wherever you go. They can also give you advice on how to budget from week to week. These might not be suitable for perusing more complex financial advice, but for day-to-day expenses they’re ideal.
Buy books to help you budget
There are all kinds of books out there that can offer financial advice. This post Best Money-Saving Books You Should Read Right Now details some of the most popular and acclaimed books on budgeting. A book costs very little and you can lower this cost by downloading as an e-book. Before buying a financial self-help book, always check the date it was published in case such advice is no longer applicable.
Use your friends and family
For free advice, nothing beats your friends and family. If you’re buying your first house and your parents have prior experience on the property ladder, don’t be too proud to ask them for their advice. Mortgages and the state of the property trade may be different, but they’ll still be able to offer some useful insight. Also make use of any friends that may work in financial jobs – some of them can make great free financial advisors when it comes to knowing where to spend and save money.
Get advice from blogs
Blogs – such as this one – are great places to find handy financial tips for free. Some will be more suited to individuals than others. If you’re running a big business, you’re better off reading The Financial Times or Forbes. There are also many financial vloggers out there for those that are more visual learners. You shouldn’t trust everything you hear on the internet, so always check it’s from a reputable source – there are plenty of money-making scams out there from shady characters claiming you can make thousands a week from paying to subscribe to their website. Be careful online and don’t buy into anything without having fully read up on it elsewhere.