When Should I Ask for Financial Help?

It's possible that you've never consulted with a professional about your finances before. So how can you tell when it's time to ask for help with money matters? If you have to ask, it's probably a good indication that it's time. Keep reading to learn a few instances when it pays to get a professional to look over your finances.

Improving your finances is a journey, rather than a destination. But you should still be seeing progress towards your goals over time. This could look like paying off debt (perhaps in the form of student loans or credit card balances), saving money to buy a home or invest for retirement, and finding ways to use your money to improve your life. If you're stagnating, it's worth meeting with a professional to find ways to get back on track. 

If your problem is with taxes (such as lowering your tax liability, or figuring out how to handle taxes on your investments), you should absolutely consult with a professional. The IRS does not mess around, and talking to a tax professional can give you someone to file your tax returns, answer your questions, and face off with the IRS as your representative if necessary.

If your small business is taking off and you're earning a lot of money and are unsure how to make the most of it, consult with a professional. Maybe you came into an inheritance or other windfall, and you want to use it to accomplish your goals, or invest it, or otherwise capitalize on money you didn't have before. If your financial situation is overwhelming, even in a good way, a professional can help.

When it comes to financial help, you have a lot of options. A CERTIFIED FINANCIAL PLANNER™ can help you with a wide range of money issues and topics, but their help usually doesn't come cheap. Financial coaches are often less costly, but they don't need to have any kind of established certification to call themselves a coach. You can hire a CPA (certified public accountant) to help you with taxes, but there are also lower levels of tax preparers who might be a good choice if you just need someone to file your taxes for you. If you're struggling with debt, you might consult with a nonprofit credit counseling service. Depending on your situation, you may need to assemble a team of legal and financial helpers.

This depends on whether your needs are ongoing or you just need a little financial tune-up. If you need someone to go over your budget and offer suggestions for ways you can cut your spending to send more money to pay off your debts, meeting with a CFP® professional once or twice might be sufficient. But if you're a small business owner or have a complicated tax situation, you might want to meet regularly (perhaps monthly) with a financial professional to help you keep the money straight.