How you can manage your money matters as per your financial goals

Follow these simple steps to get your financial affairs in order and take control of the situation just before you start looking for financial advisers and planners to help you manage your money.

• Ensure that you are aware of all your assets, their ownership pattern and nominations. And then try to put in place your strategy for asset management.
• Assess your income streams and how you plan to increase or generate more revenue for future needs. Figure out how much longer you should keep working basis the need for income in the next respective number of years. It would be great to create multiple sources of income in order for you to keep up with your game plan.
• Make a clear budget list of key expenses required to run your household, utilities, bills and other needs which are subjective. Check that your expenditure and income are well matched and that you are left with a surplus to take care of investments and any other uncertainties, contingencies.
• List down your liabilities like insurance, interest payments and other such charges or debits that needs to be kept track of.
• Understand how your assets and income together will take care of the liabilities and expenses. This will help you avoid unnecessary insurance plans, unduly risky products and financial decisions which are not in alignment with your financial goals.