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Financial Planners

Question: What I would love is to find a financial coach that I could actually meet with who could help me design the skills I need to better manage my finances and my life.  I live in Roanoke, VA, so we don't always have all the services available to us that one might find in major urban areas. 
- Chris

Answer from Ben Leonard, Personal Finance Expert, Milk Your Money
 
These specialists are called financial planners. If at all possible, try to find one that is a Certified Financial Planner (CFP). There are many other designations out there that imply expertise on financial issues but are far from it.  A Certified Financial Planner will take your interests in front of his, meaning the information he will give you is unbiased. 
 
The Securities and Exchange Commission (SEC) is a valuable resource when choosing a financial planner. Once you get a list of names, you should interview them to be sure they are right for you and your situation.  Be wary of individuals that promise the world or ask for a percentage.  They should charge a flat fee and provide references.  Don't be afraid to ask questions and be prepared.  A quick Google search for "financial services" + "your city, state" might also prove fruitful.
 
 

Learn How to Make a Family Budget

Making a family budget can be very easy, but getting started can sometimes lead to frustration.  Here are four simple steps to put you on the path to financial control.
  1. Make a List of Income and All Expenses - For instance, if you make $1,200 a month but might get some extra money in the future, budget yourself at $1,200.  Extra money can then be looked at as a bonus.  Also, be realistic with your expenses. If you put down $0 a month for haircuts or other beauty treatments, you probably won't be able to stick to it.  It’s better to cut back on the number of visits to the barber or salon than to cut it out entirely.
  2. Add Up Your List - Once you make your list of income and expenses, your income should be more than your expenses.  If it's not, then you need to cut expenses. Set a target for saving money every month. Again, be honest and reasonable with any cuts you make.  You still need to eat, so don't cut out the grocery bill.  But you can find ways to save on your food purchases through coupons and smarter buying.
  3. Include Your Family - Let your family know about your budget decisions. You should also let those who are old enough understand the process and help you make tough choices.  For example, if your teenager has a cell phone, maybe he or she will consider giving up texting to keep a movie night out.
  4. Maintain Your Budget - Creating a budget is just the start. The only way it will work is if you remember to update your expenses during the month and stay on track.
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