4 upsides to managing your own money

Many people engage financial advisers to manage their money for them, but if for whatever reason doing so isn’t an option for you right now, it’s perfectly OK to manage your money on your own.

In fact, there are a couple of upsides to doing it by yourself. Laurent Bertrand, CEO and co-founder of online financial planning solution BetterTradeOff, tells us what four of them are.

Seeing is believing

Seeing for yourself how different decisions impact your financial future is invaluable. After all, seeing is believing, and your belief leads to conviction and action. With a platform like BetterTradeOff, users can simulate different scenarios and see for themselves the =impact of compounding interest.

A personal process

Financial planning is about exploring and designing your future, so it’s not just about planning your finances, it’s about planning your life. However, not everyone is comfortable sharing their dreams or anxieties with an adviser, so you can do up your own plan without the fear of judgement.

An ongoing journey

Chances are, as your life evolves, so will your financial plan, which means managing your money is an ongoing journey.

Taking it upon yourself to check your financial health and see how your needs have evolved — and what this means for your future plans — makes for great practice. Seeing how your cash flow, savings and net wealth evolve over time allows you to learn to take a long-term, big picture view of your finances.

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No pressure

While most advisers mean well, there are instances where pushing a particular product can be their priority, which means that their recommendation isn’t necessarily in their client’s best interest.

Plus, whether you work with an adviser or plan your finances yourself, managing your money remains your responsibility, so finding solutions that simplify the process is a great place to start.

This article was first published in Her World Online.