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Three Ways An Accountant Can Help You Save Money And Manage Personal Finances
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Three Ways An Accountant Can Help You Save Money And Manage Personal Finances

Over the years we've all grown accustomed to the idea that accountants should play a role in our personal finances only at tax time. Once a year we'll place a call and submit our papers and receipts, and with a little luck the bill for working on our tax returns will be outweighed by the savings and exemptions our favorite tax whizz manages to find for us.

However, the fact is that an accountant can be helpful much more than once a year. For a wide range of personal financial matters you may find yourself burning money by failing to call for help. Here are just three ways an accountant could help you save money and streamline your finances all year round.

Developing a Personal Budget:

Few people ever bother to create a budget plan to help them better control their income and savings, but in this languishing economy it's crazy to ignore the need for a strong financial plan. In fact, it would be fair to say that the number of bankruptcies caused by the recession would have been much lower if more people had understood how financially overstretched and vulnerable they were.

An accountant can help build a strong, sensible budget plan that focuses on limiting your exposure to the vagaries of the economy. Your lifestyle and spending habits will be studied, and the result will be a realistic budget that will focus on retiring debt and building a strong safety net to help you weather any economic storm.

Of course it's possible to design a budget plan yourself, but it's always better to enlist the help of someone who can manage your budget dispassionately to ensure its efficiency. An accountant can work out the most effective plan to strengthen your financial position - without the temptation to fritter money away on the little luxuries.

Improving Your Credit Rating:

Back in the old days your credit rating only became relevant when you applied for a new loan, mortgage or credit card. Today, though, your score can make or break your career. Employers routinely use credit ratings as a measure of the responsibility and capability of a candidate (especially in jobs involving money handling), and a poor score can damage your chances of climbing the career ladder.

Accountants can use all sorts of obscure tricks to quickly repair a poor credit history, and they're not always clear to the layman. You know that paying off existing debt will help raise your score, but which debts are the most important? Which will raise your score the soonest? Your accountant will show you the best strategy for retiring debt and rebuilding a healthy credit score - and all while sticking to your personal budget.

Accumulating and Protecting Wealth:

While accountants can offer great advice for restoring good financial health, the end goal is to leave you in a situation in which you have money to invest, enjoy and pass on to future generations. Once your accountant has helped you get back on firm footing he can lend a hand in asset management, investment and estate planning.

You should see your accountant as a lifelong adviser, helping you build and protect your wealth steadily and sensibly over the years. Far beyond managing your tax obligations they can help with almost every aspect of your personal finances, offering wise words at the right moments to help you build your wealth and stability.

An accountant may not be cheap, but over the years you'll see this as the best investment you ever made.


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