Five Expert Tips for Getting Back on Track With Your Money

Many people avoid thinking about their finances. Money can feel stressful or overwhelming, so it is easy to put off looking at bills and accounts. According to NerdWallet, this avoidance is a common problem.

Not paying attention to money can make it easier to overspend, build up debt, or create other financial problems. Wanda Belle, an accredited financial counselor and founder of Belle Financial Services in the Atlanta area, has a simple first step. She suggests printing out bank and card statements and highlighting any expenses that surprise you.

Belle also suggests setting a new spending goal for the coming months. She recommends writing down your spending and checking in throughout the month to see how you are doing. Tracking progress can help you notice what is working.

Some expenses are easier to change than others. Variable expenses, such as groceries, rideshares, and eating out, change from month to month. Fixed expenses, like rent or car payments, are harder to cut back. Looking at the variable costs is often the easiest place to start.

Jason Bernat, president and CEO of American Financial Services in Boardman, Ohio, works with clients who have been ignoring their accounts. He reviews all of their bills, loans, and assets with them. He also suggests picking one financial issue that causes the most stress and focusing on that first.

Bernat advises using savings from spending changes to pay down credit card debt first. He also points out that an emergency savings fund can help protect you from taking on more debt when unexpected expenses come up.

Steven Conners, founder and president of Conners Wealth Management in Scottsdale, Arizona, has one more idea. He suggests pairing financial work with a physical activity, such as working out, going to the gym, or going for a long walk.