Shaping Your Financial Future

How A Financial Planner Can Help A Big Spender Manage Wealth

19 October 2015 by Angie Wells

Do you love spending money but have a bad habit of not keeping track of what is coming out of your bank account? Before you end up draining out all of your savings, you may want to invest in a financial planner to help you manage your wealth. Find out in this article how a financial planner can help you make the most out of your savings and what you are likely to be charged.

What Can a Financial Planner Do for a Big Spender?

One of the things that a financial planner will do is assess everything in your life that you are spending money on. The key will be finding your biggest spending habits to see if there is a way for you to cut back. The planner will also assess things that include:

• Daily living expenses
• Your monthly income
• Important monthly bills
• Debts owed to creditors
• The value of your assets
• What you are spending on shopping trips

After the assessment is complete, the planner will ask you about your goals for the future. One of the things that will be planned for you is retirement. Depending on your situation, he or she can also help you plan for starting a family, sending kids to college, as well as any emergency needs that may come up.

One suggestion that a financial planner may make is opening up a savings account that has a high interest rate on the money that you deposit. He or she may also recommend that you speak to a debt consolidation agency if you are behind on multiple loans or credit card payments. Getting your debts on tracks through consolidation can protect your credit and make paying them off easier. A counselor may also be recommended for you as a way to break your big spending habits, but sometimes financial planners provide the counseling.

Is it Affordable to Hire a Financial Planner on an Hourly Basis?

You should expect a financial planner from a private wealth management firm to charge at least $100 per hour. The hourly rate can be as much as $400 if you have a complicated financial situation that requires a lot of planning to get it on track. The overall price will also depend on if the planner also acts as your financial counselor, rather than simply referring you to one. Speak to a financial planner as soon as you can so you can get your finances under control!

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