Working out those finances, what is a good financial plan?

Question

I am not horribly in debt. I don't have bad credit, more like no credit established. And, its not that I over spend, but I do like to buy at least one thing I want (even if its from the Dollar Store) with every pay check.

I want to make myself a financial plan. I do have it pretty much worked out in my head, I just need to do it. I wanna keep track of every amount coming in and every amount going out and what on. From this I want to start planning and being abe to put, even if it is a little, a bit away.

Do you have any suggestions? What works for you?

Answer 1

It is great that you are thinking about financial planning.  It is never to early to start thinking about the future.

Start with a monthly budget.  Figure out how much you make, what you spend on and what is available for savings.

The first financial advice a planner will give you is to have at least 3 months expenses save up in a saving account (or some other account that is easily accessible).  You want to look for safe but high interest rate for this.

Next thing is to put away some money for retirement, like IRA, 401k etc.  There are lots of investment options for these types of account. You want to look for low fee well managed mutual funds.

Feel free to contact me directly if you have more questions.

Best wishes.

Answer 2

A personal financial plan must start with a budget.

I've followed Dave Ramsey for years and he has some excellent ideas and forms to get started.

Here is a link:

http://www.daveramsey.com/the_truth_abou...

Good luck, you are on the right track.

Answer 3

Buy Suze Orman's books and check out her website below.