Managing money is a challenge for many people some more than others; however, financial management is key to building wealth and securing your future.
For years, I struggled with money. Growing up, I was never taught financial responsibility. My parents didn’t budget or track expenses. They just tossed bills in the trash. The first time I saw someone actively managing their finances was when my uncle introduced me to his notebook system at the age of 15 years old.
Still, I spent years figuring things out on my own. I discovered Dave Ramsey, then followed other financial experts, experimenting with different methods until I found a system that worked for me. If you’re struggling with money, I’ve been there, but these simple steps helped me take back control.
Check Your Accounts Monthly
You can’t manage your money if you don’t know where it stands. Keeping track of your finances might seem overwhelming, but staying on top of them is crucial for long-term success.
I found that setting a monthly check-in with my finances made a huge difference. Before this habit, I was constantly discovering billing errors, paycheck discrepancies, and accidental overpayments. Some people check their finances daily or weekly, but that was too much for me. Monthly reviews struck the right balance.
During these check-ins, I review: ✔ Bills
✔ Auto-payments
✔ Credit card statements
✔ Bank accounts
✔ Retirement plans
✔ Pay stubs
To help me track everything, I started using Personal Capital, a free app offering budgeting tools, bill tracking, and investment insights. Later, I switched to Monarch Money, a paid app that does everything except bill pay but offers a fantastic recurring expense tracker and monthly financial summaries.
Find a system that works for you, but whatever you do—check your accounts regularly!
Build and Follow a Budget
For years, I thought I had a budget. But a real budget is more than just listing your bills. It’s a plan for your money.
Everything changed when I started budgeting for the entire year (shoutout to Scarlett from One Big Happy Life). Seeing the full picture helped me take control of my finances rather than letting my money control me.
Budgets aren’t restrictive; they’re empowering. They give you clarity, help you build wealth, and ensure you’re not spending mindlessly. The key isn’t just creating a budget. It’s sticking to it consistently.
Give Yourself Some Spending Money
One of the best things I did to stick to my budget was to include discretionary spending.
If you don’t allow yourself some fun money, you’ll start resenting your budget and eventually break it. I’ve had to adjust my spending limit a few times, but giving myself room for personal expenses helped me stay on track without feeling deprived.
This doesn’t mean you should spend recklessly. It means allocating a reasonable amount for non-essentials. The key is to set a limit and stick to it.
Maximize Your Job Benefits
Most people don’t take full advantage of the benefits offered by their employers.
At first, I only signed up for the essentials which are medical, dental, vision, and my retirement plan. But after reading an article about money left on the table, I scheduled a meeting with HR to review all my options. Turns out, I had missed out on a ton of valuable perks, including:
✔ 401(k) matching & vesting schedules
✔ Flexible Spending Accounts (FSA) & Health Savings Accounts (HSA)
✔ Tuition reimbursement
✔ Gym membership discounts
If you haven’t reviewed your benefits, schedule an HR meeting ASAP. You might be leaving free money behind.
Save at Least 10% of Your Income
The 10% savings rule applies to both retirement and emergency funds.
When I first started saving, I had zero emergency savings, and every extra dollar went to my retirement. But once I adjusted my budget, I realized I could set aside more. I started with just $50 per paycheck, and as my financial situation improved, I increased it.
Building the habit is more important than the amount. Even if you can only save $10 per paycheck, start now. Over time, that consistency will lead to real financial security.
Final Thoughts
These steps completely transformed how I manage my money. They helped me build savings, reduce stress, and eventually, buy my first home.
Switching from biweekly to monthly pay forced me to rethink my entire approach to budgeting. If you’re struggling with a similar change, start by tracking your finances, adjusting your budget, and planning ahead.
If you’re struggling with money, try these steps for 30 days. It might just change your life.
FAQs
What is the best way to start managing my money?
Start by tracking your spending for a full month. Once you know where your money is going, create a realistic budget and commit to reviewing it monthly.
How do I stick to a budget without feeling restricted?
Give yourself discretionary spending money so you don’t feel deprived. A budget isn’t about punishment—it’s about prioritizing what matters.
Should I check my finances daily, weekly, or monthly?
It depends on your preference. Daily tracking can be overwhelming, but a weekly or monthly check-in helps keep you on track without becoming a chore.
What’s the best way to save money on a tight budget?
Start small! Even saving $10 per paycheck builds a habit that grows over time. Automate savings so you don’t have to think about it.
How can I stop living paycheck to paycheck?
Prioritize essential expenses first, then build a cushion by saving a small percentage of each paycheck. Over time, this creates breathing room in your finances.
How do I make budgeting easier?
Use a budgeting app like Monarch Money or Personal Capital to track expenses automatically and simplify your financial planning.
Your Turn!
What strategies have helped you stop struggling with money? Drop your tips in the comments! 💬
Resources
Monarch Money – Get an extended 30-day free trial if you sign up using this link- ipgkgtfw2p
