Sound money management is more than a combination of common sense and putting money aside. Similar to many things in life, it takes effort, practice and knowledge to be done appropriately. Even for those who don’t have any major financial issues, learning more about how to manage money efficiently can help increase confidence and lead to more financial security.

There are many resources that can help you get a better handle on financial planning. Fortunately, many of these resources are free and accessible online. All you need to do is to be conscious of what you’re looking for and assign the time to research it and incorporate it in your routine. If you go with paid options like software or financial advisers, you must make sure that you’re paying for services that meet your goals.

Online resources, books, financial advisers and other experts can point out flaws in how you manage your money, guide you to better strategies, and help you make investment decisions. The key to getting this advice is to ensure that you’re being thorough, clear about your own objectives and you’re dealing with credible sources that don’t pose risks in themselves.

Here are a few points to keep in mind.

Credibility

With the abundance of resources available today, it can be hard to determine the credibility and reliability of what comes your way. Some nicely designed websites can be tracking and collecting your personal information. Some advisers may not be totally impartial in their advice as they promote sponsors or partners’ products. And books may be outdated, providing advice that is not applicable in your current situation.

Reading independent online reviews and asking for testimonials from actual customers of services providers can help you determine if a resource is credible enough to deal with. Remember, you will give this person your financial information and critical personal information. Fraud aside, you must make sure that this person, software or advice is trustworthy.

Right for you

Whatever advice or help you get must match your skills and abilities. For example, if you’re uncomfortable with technology and computers, getting an advanced software that should help you track your online banking, statements, spending, etc may be a waste of money and a potential risk if you don’t use it correctly. That is not to say that you should resist any new ideas, but be sure that you don’t push yourself well out of your comfort zone.

Similarly, if you get financial counselling that you’re unable to comprehend because it is too complex or unclear, seek explanations. It is your money and financial future that are on the line, so any adviser should be willing to explain — and explain once again — the logic behind any recommendations. If you’re still unsure, don’t proceed. Trusting someone to know better than you do in terms of financial matters is acceptable, but this person should be able to explain in simple terms why and how any recommendations work for your particular situation.

Costs

It pays off to invest some money in acquiring knowledge about money management. But this cost should stay within reason. Don’t go overboard seeking help from a wealth-management consultant, if all you’re looking for is some help with your savings and investment strategies. Be clear about the costs involved upfront. Many advisers and consultants will provide a free session to start, so make sure to explore exactly how much proceeding will cost you. Compare different providers to make sure you don’t pay more than you need to.

In addition, a first step can be to check if your employer provides any sort of an employer assistance programme that provides basic advice and referrals. Many employers have these programmes in place for all employees at no additional costs. If you decide to proceed with a referral, then you will have to pay for the service, which may be available at a reduced rate if you’re going through the programme.

Again, it is often worthwhile to get as much information as possible on the best way to manage your money. Make sure this doesn’t turn out to be a money drain, however.

Box: Getting help

• Check your sources for credibility

• Get advice that works for you

• Understand the costs involved

• Find out if you have access to free counselling

R.O.

The writer, a former Gulf News Business Features Editor, is a Seattle-based editor.