--- title: How to Manage Your Money - CWG Advisors description: Managing your money doesn't have to be stressful. There is no time like the present when it comes to learning how to manage your finances. --- [Speak to an Advisor](tel:800-738-6734) [![CWG Advisors](https://info.cwgadvisors.com/hs-fs/hubfs/raw_assets/public/CornerstoneWealth_December_2020/images/new-logo.png?width=180&height=207&name=new-logo.png "CWG Advisors")](https://www.cwgadvisors.com/) [![CWG Advisors](https://info.cwgadvisors.com/hs-fs/hubfs/raw_assets/public/CornerstoneWealth_December_2020/images/header-logo.png?width=180&height=207&name=header-logo.png "CWG Advisors")](https://www.cwgadvisors.com/) [![CWG Advisors](https://info.cwgadvisors.com/hs-fs/hubfs/raw_assets/public/CornerstoneWealth_December_2020/images/mobile-logo.png?width=139&height=207&name=mobile-logo.png "CWG Advisors")](https://www.cwgadvisors.com/) - [Wealth Services](https://cwgadvisors.com) - [Business Solutions](https://cwgadvisors.com/business-solutions) - [Private Wealth](https://www.cwgadvisors.com/private-wealth) - [About](https://cwgadvisors.com/about) - [Insights](https://info.cwgadvisors.com/blog) - [Schedule a Consultation](https://tarantula-mango-b5sn.squarespace.com/schedule-a-consultation) [Schedule a Consultation](https://tarantula-mango-b5sn.squarespace.com/schedule-a-consultation) Menu - [Wealth Services](https://cwgadvisors.com) - [Business Solutions](https://cwgadvisors.com/business-solutions) - [Private Wealth](https://www.cwgadvisors.com/private-wealth) - [About](https://cwgadvisors.com/about) - [Insights](https://info.cwgadvisors.com/blog) - [Schedule a Consultation](https://tarantula-mango-b5sn.squarespace.com/schedule-a-consultation) ## How to Manage Your Money - - [Blog](https://info.cwgadvisors.com/blog) - How to Manage Your Money [#debt](https://info.cwgadvisors.com/blog/tag/debt), [#financial](https://info.cwgadvisors.com/blog/tag/financial), [Financial Planning](https://info.cwgadvisors.com/blog/tag/financial-planning), [budget](https://info.cwgadvisors.com/blog/tag/budget) # How to Manage Your Money - By [CWG Advisors](https://info.cwgadvisors.com/blog/author/cwg-advisors) - March 19, 2021 - [0](https://info.cwgadvisors.com/blog/2021/03/19/how-to-manage-your-money#comments-listing) ### How to Manage Your Money – 10 Step Actions ### 1. Set up the RIGHT accounts The first step to manage your money (or manage your finances) is making sure you have the right accounts set up. If you have not already done so, you’ll need to set up checking, saving, and investment accounts. These are the building blocks of financial success. ### 2. Review your current financial situation What financial assets do you have? How much debt do you have? A net worth statement is a financial balance sheet, the total of your assets (what you own) minus your liabilities (what you owe in debt). Preparing a net worth statement will help you assess your overall financial situation and make wise decisions. ### 3. Give your money a job Without a budget in place, it is extremely easy to overspend.  If you say yes to too many unnecessary expenses, then you might be disappointed with your savings. Plan out how you want to use your money and for what expenses. ### 4. Set money goals If you are getting serious about your money, then setting goals is a great place to start! It could be having a certain dollar amount in your savings account or ensuring that you have a safety net in the event you need extra capital. ### 5. Check-in with your finances *every day* You can’t make progress without knowing where you stand. Take five minutes every day to check in with your budget. Are you overspending? Are you right on track? It’s important to know. It might sound tedious to check into your financial situation every day. However, it doesn’t need to take a long time. At Cornerstone Wealth, we use a program called [eMoney](https://emoneyadvisor.com/client-experience-client-portal/?_bt=267796125076&_bk=emoney&_bm=e&_bn=g&utm_source=adwords&utm_medium=ppc&utm_campaign=branded+hv&_bt=267796125076&_bk=emoney&_bm=e&_bn=g&gclid=Cj0KCQjwl9GCBhDvARIsAFunhsnR4vkWr_roQaeSVywU54ssK8M7urL0JHDZjbrwlq92QrAjT0BlfuEaAq7nEALw_wcB) but there are numerous ways to accomplish this. ### 6. Truly understand your income This might seem obvious, but it is important to understand exactly what you earn. Take a minute to determine your net income after taxes, not just your gross income. You’ll be more able to accurately budget with this number and plan for tax season. ### 7. Start paying down debt & stop accumulating it Debt is a huge financial burden and it’s easy to get caught up in the ‘paycheck to paycheck cycle’. Not only does it affect your current budget, but also your savings for the future. Managing your finances can be difficult when debt is high so take your debt seriously and make it a priority to pay down. Consider different debt repayment strategies and pick one that works best for you. Debt will ultimately affect your credit score. Your credit score is a three-digit number that can have a big impact on your finances. Lenders are willing to offer borrowers with high credit scores better loan terms and lower interest rates. As you apply for large loans such as a mortgage, a small interest rate reduction can save you thousands of dollars. You can check your credit score at [creditkarma.com](http://creditkarma.com) ### 8. Build an emergency fund An emergency fund can be absolutely critical in order to manage your money. Unfortunately, life throws large expenses your way when you least expect it. Typically these emergency expenses are accompanied by unpleasant events such as a hospital visit or job loss. You never know when an emergency will appear in your life but you can prepare for it. Make it a priority to put money into your emergency fund with each and every paycheck. Many experts recommend saving three to six months of expenses in your emergency fund. However, this will depend on your risk tolerance. If you would feel better with more savings, then you can add more to your emergency fund. ### 9. Plan for your ideal retirement It is critical that you start saving for [retirement](http://cwgretire.com) as early as possible. At the very least, you should start contributing to any employer-sponsored retirement plans. Make sure to take advantage of any matching funds offered by your employer. ### 10. Start investing your money If you plan to build long-term wealth, then investing is a key piece of that. Investing over a long period of time can lead to amazing returns. You’ll be able to grow your money slowly as you invest more every year. Need help with managing your finances? [Contact Us](https://www.cwgadvisors.com/contact/). > [Why is financial planning important?](https://www.cwgadvisors.com/2021/01/18/top-reasons-financial-planning-is-important/) *This is for informational purposes only. Investment advisory services offered through Cornerstone Wealth Group, LLC dba Cornerstone Wealth, an SEC-registered investment adviser.  * Share this post - - - - - - ##### [Previous IRS Delays Tax Deadline for Individuals to May 17th](https://info.cwgadvisors.com/blog/2021/03/19/irs-delays-tax-deadline-for-individuals-to-may-17th) ##### [Next Working with a Financial Professional](https://info.cwgadvisors.com/blog/2021/03/19/working-with-a-financial-professional) ![CWG Advisors](https://app.hubspot.com/settings/avatar/d41d8cd98f00b204e9800998ecf8427e) ### [CWG Advisors](https://info.cwgadvisors.com/blog/author/cwg-advisors) Related Posts [![Smart Money Management: Avoiding Financial Fumbles in 2024](https://info.cwgadvisors.com/hubfs/Avoiding%20financial%20fumbles.png)](https://info.cwgadvisors.com/blog/avoiding-financial-fumbles-a-playbook-for-smart-money-management-inspired-by-the-nfl) #### [Smart Money Management: Avoiding Financial Fumbles in 2024](https://info.cwgadvisors.com/blog/avoiding-financial-fumbles-a-playbook-for-smart-money-management-inspired-by-the-nfl) October 24, 2023 Just like in football, where a fumble can quickly turn the tide of a game, financial fumbles can have a significant impact on your life. Inspired by... [![Financial Planning for Dentists: A Smile-Centric Strategy](https://info.cwgadvisors.com/hubfs/A%20Smile-Centric%20Strategy%20(1).png)](https://info.cwgadvisors.com/blog/a-smile-centric-strategy-financial-planning-for-dentists) #### [Financial Planning for Dentists: A Smile-Centric Strategy](https://info.cwgadvisors.com/blog/a-smile-centric-strategy-financial-planning-for-dentists) April 30, 2024 Understanding Your Financial Landscape for Dentists Dentistry demands both clinical excellence and strategic financial planning. Understanding... [![10 Tax planning tips to save more and stress less](https://info.cwgadvisors.com/hubfs/Black%20Minimalist%20Rain%20Middle%20Night%20Music%20Album%20YouTube%20Thumbnail.png)](https://info.cwgadvisors.com/blog/10-tax-planning-tips-to-save-more-and-stress-less) #### [10 Tax planning tips to save more and stress less](https://info.cwgadvisors.com/blog/10-tax-planning-tips-to-save-more-and-stress-less) March 09, 2023 Do you want to reduce your taxable income and maximize your deductions but don't know where to start? Look no further! In this blog post, we share 10... ### Contact Info - Phone:704-987-3410 - Email: [info@cwgadvisors.com](mailto:info@cwgadvisors.com) Web: [cwgadvisors.com](https://www.cwgadvisors.com/) ### Social Links - - - - ### Latest posts [![cybersecurity ](https://info.cwgadvisors.com/hs-fs/hubfs/cybersecurity.png?width=180&height=138&name=cybersecurity.png)](https://info.cwgadvisors.com/blog/make-yourself-a-difficult-target-cybersecurity) ## [Cybersecurity: Make Yourself a Difficult Target](https://info.cwgadvisors.com/blog/make-yourself-a-difficult-target-cybersecurity) September 18, 2024 [![6 core values of a good financial planner](https://info.cwgadvisors.com/hs-fs/hubfs/_White%20Orange%20Simple%20Travel%20YouTube%20Thumbnail.png?width=180&height=138&name=_White%20Orange%20Simple%20Travel%20YouTube%20Thumbnail.png)](https://info.cwgadvisors.com/blog/the-top-6-core-values-a-good-financial-planner-provides) ## [The Top 6 Core Values a Good Financial Planner Provides](https://info.cwgadvisors.com/blog/the-top-6-core-values-a-good-financial-planner-provides) September 9, 2024 [![market volatility ](https://info.cwgadvisors.com/hs-fs/hubfs/Orange%20Bold%20Business%20Steps%20YouTube%20Thumbnail%20(1).png?width=180&height=138&name=Orange%20Bold%20Business%20Steps%20YouTube%20Thumbnail%20(1).png)](https://info.cwgadvisors.com/blog/navigating-market-volatility-a-note-from-cliff-hodge-cfa) ## [Navigating Market Volatility: A Note from Cliff Hodge, CFA](https://info.cwgadvisors.com/blog/navigating-market-volatility-a-note-from-cliff-hodge-cfa) August 5, 2024 ![logo_wealth_dark-1](https://info.cwgadvisors.com/hs-fs/hubfs/logo_wealth_dark-1.png?width=208&height=108&name=logo_wealth_dark-1.png) 16810 Kenton Drive, Suite 200 Huntersville, NC 28078 Phone:704-987-3410 Email: [info@cwgadvisors.com](mailto:info@cwgadvisors.com) Web: [cwgadvisors.com](https://www.cwgadvisors.com) [Additional Offices](https://www.cwgadvisors.com/contact) - [About](https://tarantula-mango-b5sn.squarespace.com/about) - [Advisor Portal](https://tarantula-mango-b5sn.squarespace.com/about) - [Client Login](https://tarantula-mango-b5sn.squarespace.com/account-login) - [Client Survey](https://tarantula-mango-b5sn.squarespace.com/account-login) - [Contact Us](https://tarantula-mango-b5sn.squarespace.com/about) - [Business Solutions](https://tarantula-mango-b5sn.squarespace.com/about) - [Private Wealth](https://info.cwgadvisors.com/blog?__hstc=21858660.3f7c3c2f987db7c25d28974db8da9564.1679519308832.1679519308832.1679519308832.1&__hssc=21858660.5.1679519308833&__hsfp=3338797934) - [Insights](https://info.cwgadvisors.com/blog) ### Sign up for our eNewsletter https://www.cwgadvisors.com/© Copyright 2024. Investment advisory services offered through Cornerstone Wealth Group, LLC dba Cornerstone Wealth an SEC registered investment adviser. Registration does not imply government endorsement or that the adviser has attained any level of skill or training. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, and CFP® (with plaque design) in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements. [Firm ADV](https://www.cwgadvisors.com/s/ADV-Part-2A-SEC-v03222024.pdf) / [Form CRS](https://www.cwgadvisors.com/s/CRS-3202024.pdf) / [Privacy Policy](https://www.cwgadvisors.com/s/Updated-Privacy-Notice.pdf) / [Terms](https://www.cwgadvisors.com/s/Website-Legal-Terms-1.pdf) / [FINRA Broker Check](https://brokercheck.finra.org/)