Money is a powerful tool if you know how to manage it. Financial management might not be your professional calling, but it plays a vital role in your life. If you’re not confident in your management skills regarding your financial future, you’re not alone. 

We address some of the common roadblocks to strategic money management and what you can do to make the first step.

Do you need guidance in your financial strategy? Schedule a consultation today!

Roadblock #1: You Don’t Know Where Your Money Is Going

What is your income? How much are you spending? What are you spending it on? Knowing the answer to these questions is one of the best ways to increase your savings and investments. 

The simplest way to keep track is through a budget. You can make your own budget spreadsheet or use smartphone apps to help you organize your expenses. A budget helps you identify areas where you are spending more than you should. Once you identify opportunities to reduce monthly expenses, you can start building up your emergency fund or investing so your money can start working for you. 

Roadblock #2: Only Focusing On the Short Term 

“Live in the moment” isn’t good advice for managing your money. Instead of evaluating your financial health based on the month in front of you, consider where you want to be in five years, ten years, and at retirement. Every financial decision you make today has an impact on your financial future. Would you rather get a new car this year or be debt-free in 5 years? Do you want to use your recent pay raise on your favorite hobbies, or do you want to have the ability to pay for your child’s college education?

And with a strategic money management plan, you may not have to choose just one!

Our financial advisors can help you define your short and long-term financial goals and build a customized plan to help you find contentment, clarity, and confidence in your financial life. Reach out to us today to learn more!

Roadblock #3: “I Don’t Know How”

There are three primary areas of focus that will help you get your finances under control:

• Budgeting: How will you allocate funds to your expenses?
• Saving: Do you have an emergency fund? Are you saving for future expenses?
• Investing: How do you plan to grow your wealth?

You don’t necessarily need a financial planner to answer these questions, but one of our advisors can help you discover best practices and set goals. For example, you should have anywhere between 4 and 6 months of income saved for emergencies. An advisor can also help you plan investments to build wealth once you’ve established your emergency fund. 

Basic money management isn’t complicated, but outside support can help you tackle more complex objectives like paying off debt or saving up for an investment property. Our advisors can handle everything from creating a customized financial plan to helping you renavigate your estate plan. Contact us here to learn more. 

Roadblock #4: I’m Not Making Any Progress

Major changes don’t happen overnight, and it takes time to see progress. Whether you’re trying to decrease your monthly spending or pursuing a savings goal, the first stages of your financial journey can be discouraging. Setting small goals along the way can keep you energized and help you see progress as you take your first steps.  

Strategic money management is a lifelong journey, and the work you are putting in now will bear fruit for years to come. Your hard work is paying off, even if you can’t see the whole picture yet. 

Overcoming Money Management Obstacles with OneAscent Wealth

We are intentional in every client experience and will walk with you through every stage of your personal and financial journey. We start by getting to know who you are and what you care about most. 

After that, we design a financial, estate, or retirement plan that fits your personal needs for your financial life and legacy. Read more about the OneAscent Wealth client experience in this interview with Lisa Mathews!

We also offer values-aligned investing, an approach that allows you to invest your money in companies that uphold the same values that matter most to you. 

To learn more about the next step in your money management journey, contact us today!