Do you feel like your spending is out of control? It’s a common experience. It can be easy to blow your budget when you succumb to the allure of some shiny new thing (like the latest mobile phone), have an unexpected expense (a car repair, for instance), or say yes to a weekend away with friends when you don’t really have the cash.
Whether you’re struggling to stick to a budget or want to be more organized with your money, there’s never a wrong time to get your finances back on track. Setting priorities, dealing with debt, and budgeting well can help you manage your money better. Try these tips to do just that.
Why Is It So Hard to Stick to Money Goals?
Even if you create a monthly budget with the best intentions, it’s easy to get off-track along the way.
Life can be expensive! And inflation is still at work. Here are some of the ways your finances can go astray:
• An unexpected bill hits, like a car repair or an emergency room visit
• Your budget felt too stringent and so you abandoned it
• Life in your city is expensive, and you’ve wound up with major credit card debt
• Your income fluctuates too much for a budget to account for, whether that’s because you are a freelance worker or were laid off recently
• You have a case of FOMO (fear of missing out), and when a friend invites you to join them on a pricey night out, you go with the expensive flow
• Spending money on yourself or your loved ones is an instant mood-lifter.… Life is short, right?
Additionally, establishing new habits is always a challenge. For example, discipline is vital to eat out less or reduce grocery expenses. It’s easy to slip back into something familiar and comfortable, even if it hurts your wallet.
6 Helpful Tips for Getting Your Finances Back on Track
Even folks who closely track their spending go over their budget now and then. It happens, but diverging from your budget isn’t the main issue — how you recover is more important. So, if you’re wondering how to start getting your finances back on track, these strategies can help speed up the process.
1. Evaluate and Trim Spending
You’re not alone if you get to the end of the month wondering where all your money went. When faced with unexpected expenses, most families will experience financial hardship. According to a recent Federal Reserve report, 82% of Americans felt they could pay all their bills in a given month, down 4% vs. one year prior. That means almost one in five households feel they can’t make ends meet.
Overspending can mount quickly, pushing any budget out of balance. A few additions to the grocery cart, a few extra visits to the coffee shop, or a home repair can wreak havoc on the most carefully planned budget.
For this reason, looking at recent bills and credit card statements can help identify where you spent your money. For example, dinner with your friends at your favorite (and somewhat pricey) restaurant or back-to-school shopping for your children may have thrown off your spending plan. Identifying budget lapses can help you plan for or avoid them in the future.
You might decide to save on streaming services by dropping a platform or two from your current rotation, or you could join a warehouse club to help spend less on groceries. Or perhaps taking in a roommate for a period of time could help you cut costs and pay off debt.
2. Develop Goals and Reprioritize
Conventional budgeting advises that you look at your expenses at the end of each month. However, reviewing your checking account balance and statements once a week is more advantageous for keeping track of money coming in and going out. A weekly check-in allows you the time to change course and maintain your budget, even if the first week of the month didn’t do your budget any favors.
You might have zero experience with budgeting, and that’s okay. However, creating a budget for beginners is an excellent way to start working on getting your finances on track. Watching your cash flow can help you tweak your budget to better suit real life.
An important consideration is how much to put toward debt repayment (student loans, credit card debt, etc.) and how much you can save toward future goals, such as the down payment on a house and retirement.
3. Deal with Debt
Don’t beat yourself up if you are having trouble paying off your student loans, credit card debt, or other money that you owe. Instead, commit to delving deeper and seeing exactly how much you owe.
Depending on your particular scenario, you might look into options that could lower your student loan payments or whether you could, say, pay off high-interest credit card debt with a lower-interest personal loan. Or you might call your credit card issuer and see if you can negotiate a lower annual percentage rate, or APR.
Yes, it takes some time and energy, but recognize that you are investing in your future monetary wellness. You’re practicing financial selfcare to get back on track.
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4. Find a Financial Accountability Partner
Reaching out for help is an effective way to stay disciplined. A financial coach or financial therapist can play a positive role in modifying your spending habits.
In addition, spending issues may be rooted in an unhealthy relationship with money. Finding someone who provides accountability and encouragement can be a real support as you learn smarter cash management. It can be the difference between managing your finances successfully and giving up.
Your partner could be a friend or family member who can share good advice and talk to you when you hit a speed bump financially. Or it could be a low-cost financial advisor.
Even seasoned budgeters can benefit from professional help. Those with budgeting down pat can work with a financial advisor to create a financial plan and achieve their goals, whether that’s building up an even bigger emergency fund or investing for retirement.
Recommended: Using a Personal Loan to Pay Off Credit Card Debt
5. Identify a Budgeting Method for Your Needs
Another strategy to get back on track financially is to pinpoint a budgeting method. There is no one-size-fits-all budgeting solution since everyone has a unique financial situation and personality type. So, here are a few common methods to explore.
• 50/30/20 budget. The 50/30/20 budgeting rule requires budgeters to spend 50% of their income on needs (mortgage, insurance, and car payments), 30% on wants (entertainment, shopping, and personal care items), and 20% on savings (such as retirement investments).
• Envelope budget. With this method, you divide your spending categories into cash envelopes with a certain amount of cash in each. When the envelope runs out, you can no longer spend in the category until the next month or else you can take money from another envelope. You can adapt this method by using a debit card vs. cash. The idea here is to move away from high-interest credit cards.
• Zero-sum budget. This method requires that you give each dollar you have coming in a job or specific purpose. Therefore, at the end of the month, you will have zero dollars left over.
• Paying yourself first. With this method, you make your savings deposit before you pay other expenses. So, if you plan on saving 20% of your income, you put that away before using the rest of your income as you wish.
• Line item budget. Usually, when people think of budgeting, a line item budget is the technique that comes to mind. With this method, you plug your income and expenses into an app, online spreadsheet, or notebook to track all the money you have coming in and going out. You learn and adjust as you go.
6. Grow Your Emergency Fund
One valuable way to get your financial life back on track is to know you have a financial safety net. Which is exactly what an emergency fund is. The goal is to build up to having three to six months’ worth of living expenses socked away in this kind of fund.
If you have a major unexpected expense or get laid off, the money you’ve saved (and perhaps have stowed away in a savings account) can float you and help you avoid a crisis
The Takeaway
Many people hit a moment in which they feel their money is out of control and needs to be managed better. Budgets get blown, emergency expenses pop up, and it can feel challenging to get back on track. By prioritizing your goals, trimming expenses, and budgeting better, you can get back on track toward financial wellness.
A SoFi bank account can help you streamline your budgeting efforts.
Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.
FAQ
How do I get my finances back on track?
Getting your finances back on track can involve goal setting, budgeting, trimming expenses, and paying down debt. These steps can help you manage your money better.
How long does it take to recover financially?
How long it will take to recover financially will depend on several factors, such as how much debt you have and how much income you can put toward paying it off. Sometimes, recovering financially can be a matter of making a move, such as taking in a roommate, to lower expenses for a period of time.
How can I grow financially?
Some strategies for growing your money include using cash instead of credit, avoiding debt, paying bills on time, and eating more meals at home. Look for a financial institution that pays high interest and doesn’t charge fees. Then, apply your savings to investment accounts such as an IRA or employer-sponsored 401(k), which could grow your money over time.
About the author
Ashley Kilroy
Ashley Kilroy is a seasoned personal finance writer with 15 years of experience simplifying complex concepts for individuals seeking financial security. Her expertise has shined through in well-known publications like Rolling Stone, Forbes, SmartAsset, and Money Talks News. Read full bio.
Photo credit: iStock/Eoneren
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Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
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