Many people think of financial planning — similar to wealth management and investment consulting — as something that doesn’t apply to them if their income is limited. It is true that if you’re living paycheque to paycheque you may not have the extra disposable income or savings. But having sound financial planning may help you bridge gaps and make the best out of the little you have.

Quality, personalised financial planning advice may come at a price, however. That, in itself, could be discouraging for many. Fees for a financial advisor may seem to add up to even more than the potential savings or investment return. So why bother?

One reason to care is that you must be prepared for inevitable life events like expanding your family, job loss, health crises, etc. If you don’t have any savings put aside, any crisis or an expensive event can push you deep into debt that spirals into a crisis in itself.

So where to start if you want to get some help without breaking the bank? There are actually plenty of resources that can help you with great tips and tactics. Here are a few that can be particularly good.

Books and software

Walk into any bookstore or public library and check out the financial planning section. There are many books and software programmes that can provide simple, easy-to-follow planning strategies. Don’t rush to buy any, however, until you do your research. If you’re buying any money-management software, make sure that will work and connect with your bank account. If not, look for what other benefits you can get from it, and how far they are worthwhile. It may be a good idea to check with you bank for compatible software. Books can also be helpful if you pick up the right content for your situation.

Savvy friends

If you’ve friends with whom you don’t mind sharing your personal financial information, get them to look at your income and expenses and provide some insight into how to make small cuts here and there. Don’t underestimate how much a fresh pair of eyes can see: An ongoing club membership that you have not been using? An overpriced television or phone package? Many of us could miss these ongoing expenses or forget to review them periodically, having someone who is able to spot them can be a great help at nearly no cost.

Employer/community help

Many employers offer their staff with legal and financial help, as needed. Ask the human resources department if any such help is available in your company for free or at a reduced cost. If not, check with your spouse’s employer. Many community organisations offer similar advice and help, as well. You can start by making a list of organisations in which you and your family are members, then visit their websites and check out the events section. You may find many events that deal with issues related to daily budgeting and personal finance.

Start a discussion

Find a financial planning forum and start a discussion on your particular issues and concerns. Ask specific questions and make sure you identify members who seem to be knowledgeable and experienced in financial planning, even if their experience is personal. Unlike dealing with your trusted friends in real life, be extra cautious whenever you’re discussing financial issues online. Many identity thieves and scammers may be lurking there. If you’re approached by someone who is volunteering to help, don’t provide personal details such as your bank account, birthdate, etc.

Do your homework

As much help as you can get, nothing could help you more than doing your own homework. Get a notebook, a spreadsheet or whatever works for you, and record your income and expenses. Pay close attention to your bank statements to find where your money is going. If you can circle one or two areas that are higher than you’d like to see them, do that even if you don’t have an immediate solution. Once you’re done, look into these categories and start your investigation into how to get them under control. You should do this exercise periodically to make sure that you’re always in charge.

Rania Oteify, a former Gulf News Business Features Editor, is currently a Seattle-based editor.