A lot of people want to develop a budget, financial plan or play an active part in managing their finances. There is a wealth of "expert" financial advice available in the market, however, people who are new to financial planning might be overwhelmed. In order to begin, it is useful to know a basic first step.

Below, 15 experts who are members of The Forbes Finance Council share their ideas for getting started towards more effectively monitoring and managing your personal finances. 

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1. Start with the goal in your mind.

The first step in establishing the financial plan is to spend time contemplating the future. Each day, you wake up to head to work, but generally to make it through your day. It's rare for people to spend the time contemplating what they do for a living or what kind of life they lead thanks to their job. Apart from knowing your expenses and income, it's crucial to envision the things you'd like to accomplish in your daily life.

2. Be aware of where your money goes.

Understanding the exact location of your money every day, weekly and every month is an essential element for the development of a budget. One of the drawbacks to cash-based transactions: you aren't able to monitor it. I recommend using credit or debit card to ensure that all of your expenses are monitored, organized, and utilized to lay the foundation for a new financial strategy.

3. Determine your net income.

Before retirement, no matter what your age. If you are taking a detailed inventory of your monthly expenses and income ensure that you are first considering a net income figure. The net income is the amount left after you've saved 15% of total earnings in a variety of types of accounts: tax-deductible and tax-deferred. Tax-free accounts are also available. The savings of 15% are also automatic.

4. Be aware of your burn rate fixed up to the cent.

I often advise salespeople that if they have cash flow issues simply make more money through more sales. However, many people don't have the opportunity to earn more money. Therefore, you must be aware of what your fixed monthly expenses are in the first place. You can then build on your budget based on your fixed costs.

5. Utilize multiple accounts at the bank.

A single bank account makes the process of budgeting and planning difficult. Make sure your budget is under five categories. You can also create separate check accounts to each one. It's easy to track the amount remaining in your budget, without having to do a number crunching every time, because let's face it that's not likely to happen.

6. Deposit monthly funds to an account for investment.

It can be a challenge and isn't always the most enjoyable task to complete. Keep it simple: Simply transfer funds from your account each pay period into the investment bank account. This is not a savings or savings account, but an investment account. When you invest for the future, you're more likely to move the money back to your checking account and then spend it.

7. Connect with your networks.

Begin by building your network. Business professionals start out with relationships--leverage them! I've found some of my top templates and tools by simply asking other companies. In most cases, professionals are willing to share their templates as well as advice that they received when they first started.

8. Make sure you pay first.

Put aside a portion of each paycheck and deposit the funds into an individual bank account immediately after you have been paid. A lot of people get caught up paying their bills after their paychecks arrive and end up having only a small amount to put aside. If you are disciplined and pay yourself first, you'll be forced to live on less than the total amount of your pay check.

9. Review your clients' credit scores.

Once you've settled down and are comfortable, conduct a credit score test. This is the initial step in conducting an inventory of your finances. Knowing what your credit score is will allow you to determine the types of credit available and at what rate. In addition, if your FICO score is on the middle to high end (i.e. at least 650+) It could be beneficial for you to consolidate your debts into one account with low interest.

10. Utilize the resources available and take tiny steps.

Your credit card or bank might offer free financial planning tools So, make sure you inquire with them. Take small steps like automating savings. Here's tried and true advice to increase any retirement plan contributions you contribute through your job. It's a triple win of saving money for yourself, getting more from your employer via matching funds, as well as reducing tax burdens.

11. Learn about your investment objective.

I suggest starting by defining your investment goals (regular income or savings for the long term). It's also essential to comprehend the time frame for investing. I'd say it should be at least two years. Short-term speculative trading strategies like "buy lower and sell higher" seldom work as it is impossible to predict the market and you will fall into the financial traps that are based on behavioral.

12. Record all your income sources.

I have worked with entrepreneurs who are successful and business leaders who frequently earn income from a variety of sources. If you're in a complicated budget, it may be challenging to create an account that can cover every aspect. That's why I dig deeper into the details by capturing income, expenses and assets prior to constructing the financial plan. I would recommend this same method for anyone else who faces a challenge.

13. Organize your financial records.

When you start the journey of developing a financial strategy first time, focus attentively on each information collection. Make use of this time to organize where you will keep all your financial records. This includes statements from your investment and bank accounts as well as insurance policies. the most recent spreadsheets of expenses for each month as well as copies of your estate documents.

14. Make use of Budgeting online with tools.

Financial planning and budgeting tools have advanced from the days of checkbook balancing and graph paper budgets. With the help of online free tools like Mint, Personal Capital and PocketSmith which allow you to sync all your credit card, and other accounts in one place and track your expenses, set savings goals and budgets. These tools make a daunting process simple and simple to get started.

15. Begin to spend less money.

Simple things like cooking at home and cooking your coffee at home, and buying only on sale days can add to the cost when you begin an entirely new budget. Spend only on things that you enjoy times per month. This helps you establish the habit of staying within your budget and you will begin to put more money aside more than you spend.