While money management is a skill many learn through trial and error, there are some key things everyone should know before starting out. As experts in the personal finance field, the team at 3 Rivers Wealth Management Group is sharing a few of the most critical aspects of money management that can help put you on the path to financial success. Learn more below, then contact us today!
What You Should Know About Money Management
Establish an Emergency Fund
A key part of money management is setting aside money for unexpected expenses. While no one expects unexpected expenses to arise, they can happen at any time. Having a designated emergency fund can help provide financial security in the event of an unplanned expense. Setting aside enough money to cover 3-6 months of living expenses is a good indication that you have a sufficient emergency fund, and is a crucial part of individual planning.
Pay Yourself First When Saving
Another important aspect of money management is saving, and this is a necessary part of retirement planning. Designating a certain amount of money to save each month can help ensure financial security in the future. When saving, try to make it part of your regular budget, setting aside a percentage from each paycheck. That way, you can more easily stick to your goals and budget.
Create and Stick to a Budget
Creating and following a budget can help keep your spending in check. Begin by accounting for your income, then allocate budgeted amounts for fixed expenses, such as housing or loan payments, discretionary spending, and saving. Make sure to include a buffer for unplanned expenses as well. Once set, stick to your budget and limit spending to the allocated amount.
Seek Help From Investment and Wealth Management Experts
At 3 Rivers Wealth Management Group, our team of experienced advisors is here to provide you with personalized guidance on navigating financial uncertainty and achieving your wealth goals. No matter the size of your portfolio, we want to develop a unique plan to ensure success. Our advisors are dedicated to helping you through every step of the financial journey, from estate planning to taxes to investment planning.
Growth can feel like an uphill battle in today's tumultuous economic climate. With 3 Rivers Wealth Management Group, it doesn’t have to be. By understanding these aspects of money management, you can become better equipped for a brighter financial future. Everyone should have different strategies and goals when it comes to money management, and our team at 3 Rivers Wealth Management is here to help create a personalized financial plan to meet your unique needs. Contact us today to get started!