(WGHP) — You might have a budget, but do you have a money map?
Triad Financial Advisers say money mapping is somewhat different from budgeting because budgeting just looks at the present. Money mapping takes a bigger view. It’s a more comprehensive approach to money management.
To create a money map, they recommend starting with the basics. Write down what you own and what you owe. Includ your assets and liabilities on one side. On the other side, you have your cash flow, your money coming in as well as expenses. Then write down your goals for the future.
That goal setting is key! Be specific with age-related outcomes.
Be honest with yourself and get started today.
Some helpful resources for budgeting and financial planning: