Many people think of money management as an exclusive product to the wealthy. The idea of seeking advice — paid or unpaid — may seem to be only required when you’ve thousands or millions of dirhams in question. But that should not be always the case. In reality, your little savings are everything that you’ve got and you should plan for your investment as well as you can to make sure that you’re getting the best return.

Managing finances can be daunting for many people who are not familiar with the ins and outs various saving schemes, interest rates, returns, stock market, etc. These people, however, may be under the impression that if their savings are not huge, no bank or financial adviser will be interested in working with them. That can delay their efforts of seeking help and getting financial advice. The more they handle their money inefficiently, the more risk they are taking in missing out on opportunities or losing by getting into the wrong vehicle.

If you feel that your savings are not in the best place and that there may be better opportunities to explore, take into consideration the following points:

Concerns

If you’re looking to handle your money yourself, that is a great decision, especially if you’ve the financial experience and knowledge required or willing to work on acquiring them. There are plenty of free and paid sources that can help you. In addition, there may be advisers who are willing to provide a free introductory session to help you get start.

Although these resources can be invaluable, you still need to estimate whether you’re gaining the right information and knowledge or not. The problem is that many people misunderstand what it takes to handle money successfully. For example, rejecting advice from bank reps and keeping your money looked in a random bank account may be a safe option, but not a lucrative one.

Listen and filter

As with much of the free advice out there, listen to your bank reps, financial advisers and accountants, and see how you feel about their recommendations. If you feel dragged unwillingly into buying particular products or that you’re unable to make an informed decisions, you don’t have to proceed.

However, if a piece of advice rings as honest or interesting, you will have the choice either to explore more about it with the person who brought it up, or on your own. At the end of the day, you won’t lose anything by getting as many ideas as you can before you decide if a change in your investment strategy — if you have one — is necessary.

Get more than one opinion, however. If you decide to follow up on a particular advice from a financial adviser or a bank representative, try first to see what else is out there. Make sure that you consider all the pros and cons before you proceed.

Find the right match

If handling your money and investments yourself proves to be too challenging or you find out that you’d rather hire a professional, look close and long. Finding the right match will mean how much attention you will get, and it will also help you get the personalised advice that works for your particular case.

When you consider whether a company or an individual adviser is right for you, check their size, typical clients, and mix of products. With a little bit of research, you should be able to find an adviser who works with people just like you.

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