Below are four simple suggestions that can help you increase your financial confidence.

  1. Get organized: Not too long ago, it didn’t take much work to organize your finances. Unless you were very wealthy, money matters were fairly straightforward. You could easily store all your financial information in a single accordion file. Today, things are more complicated. Credit cards, home equity lines of credit, student loans, 401(k)s and IRAs, 529 plans for college expenses — the list of information to keep track of seems endless. There are numerous strategies for getting organized. Some people stick with that old-fashioned accordion file. others go completely digital. Whatever solution you choose, you need to know all the details of your finances.
  2. Get educated: Simply taking the time to learn more about finances and managing your money can do wonders for how you feel about your life. Basic financial literacy isn’t really covered in most school curricula, so many otherwise savvy adults are clueless in this area. Many community colleges, churches, and nonprofit groups offer classes, or you can sign up for a class online. Munn and Morris Financial Advisors offers a complimentary series of online seminars as well. If you don’t want to go back to school, consider watching videos or reading articles that review financial concepts.
  3. Get a financial plan:  Setting goals and making meaningful progress toward those goals will do wonders for your financial self esteem. In fact, people who engage in financial planning are more likely to report they live comfortably and are on track to meet their financial goals. A financial plan brings together all the threads of your financial life. having a solid plan in place that covers everything from preparing for emergencies to planning for retirement is key to boosting your financial confidence.
  4. Get help: Getting reliable advice from an outside professional can help you gain financial confidence. Just like a doctor supports and guides you in making decisions about your health, a financial advisor is there to make sure you’re sticking to your financial plan. There are many decisions that are difficult to make on your own, from deciding how much to save for retirement to choosing investments for your portfolio. If you’re unsure about what to do next, just call us.

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