How to Understand Your Personal Finances

Last Updated on

Posts may be sponsored. Post contains affiliate links. I may be compensated if you make a purchase using my link.

Are you one of those people that can recite their personal finance information at any time? Or do you secretly wonder how to understand your personal finances? If you’re at all like me, you’re at a bit of a loss when it comes to savings, retirement, and investment information. I mean, I know that saving is good, but it’s the other stuff that’s a bit confusing.  

How to Achieve Your Business and Personal Goals

How to Understand Your Personal Finances

Years ago, Marty and I both had traditional jobs. He worked in maintenance, and I worked in an office. We both took advantage of our company’s retirement programs, and we both saved a bit out of our paycheck each week for the future. Then Marty was injured and became disabled, and I decided to work from home so I could be here when he and the kids needed me. Very quickly, I realized that these changes would have a big impact on our personal finances and our future.

The security we had when working for someone else wasn’t there any longer, and we no longer had the ability to pay into company-sponsored retirement programs. I needed to consider things like quarterly taxes and saving for the future on my own. Plus there were a million questions about what I should do but I wasn’t sure how to get answers. I knew I needed to understand my personal finances better.

How to Understand Your Personal Finances

I just learned about a neat financial service called SUM180. SUM180 offers a variety of options that you can use to learn more about your financial health and plan for the future. Free options include a spending tracker, money tips newsletter and a community forum where you can ask questions. If you subscribe, you can have SUM180 create a financial plan for you based on your answers about your debt, savings, income, and bills. This will help you understand your personal finances.

My thoughts:

This plan will show you your financial strengths and weaknesses so you can plan for the future. After creating a plan, you’ll receive personalized recommendations that show you what steps you need to take for a more secure future. You can make changes to your information. And, you can run a new plan as many times as you wish. A premium subscription allows you to have a consultation with one of their financial advisors. This is a great way to understand your personal finances as you age.

After getting my plan, I have a much better idea of what we need to do for the future. I’ve realized that although we have no debt, we still need to save more for the future. I also learned that we should look into life insurance. So, that is something that’s on my list of things to check out. Once I have these two things taken care of, I will rerun my plan and see what my next steps are.

So, do you understand your personal finances? Finally, check out these tax season stress tips.

Opt In Image
Subscribe Today!

Get your free copy of my 21 Budget Healthy Eating Tips when you sign up for my newsletter today!