14 Tips to Help You Stay On Top Of Your Finances

When it comes to your finances, making and sticking to a game plan is easier said than done. Without intentionally streamlining and creating good money habits, even the best financial roadmaps can fall apart. In this post, we’ll share some practical strategies you can utilize to stay on top of your finances.

If you’ve struggled to maintain your finances in the past, today we are putting all of those foibles behind us and starting fresh. We’ve carefully curated these tips to help you stay on top of your finances with just a few hours each month!

1. Check in with your budget monthly 

First, if you’ve created a budget, but never seem to be able to stick to it, try setting a monthly budget date to review it on a regular basis. Make it a recurring item on your calendar! This helps remove the decision factor of choosing when you will check in on your budget. It just becomes part of your set routine. That automation will remove the need for extraordinary discipline.

Plus, you can even make it something to look forward to by adding in some elements of fun. Maybe grab your favorite takeout meal every budget night, or enjoy your favorite guilty pleasure beverage. Pair it with your favorite comfort movie playing in the background, and you have an event that I’d be canceling my plans to attend!

Reviewing your budget regularly makes course correction much easier. And it helps you hone in your spending and make sure it matches your values in life. Even just 20-30 minutes of checking in and making tweaks each month can be the difference between throwing in the towel and staying fully on top of your finances. 

Budgeting isn’t one size fits all. You need to do the work to figure out your own personal budgeting style. Need some help getting your budget just right? Be sure to check out these other posts for more budgeting tips!

• 50/30/20 Budget (Best Method for Beginners!)
• How to Fix a Failing Budget
• Tracking expenses 101

2. Put your bills on autopay 

Adulting is hard. We have so many responsibilities these days. How are you supposed to remember what days your bills are due when you’re trying desperately to manage work, family and social commitments?

This is why I always recommend automating your finances by putting your bills on autopay. This means that every time your bills are due, they will automatically be withdrawn from your bank account, or charged to your credit cards, making it easier to stay on top of your finances. Goodbye missed payments, and goodbye late fees. 

But remember, just because your bills are on autopay, it doesn’t give you free range to take an out of sight and out of mind approach to your finances. Make sure to still review your bills and expenses at your monthly budget night so that you “feel the pain” of that money leaving your wallet. No pain, no gain!

3. Consolidate your bank accounts

It’s impossible to stay on top of your finances if you don’t even know where your money is! 

If you have a bunch of different checking and savings accounts with various banks and credit unions, it’s time to get those all in one place. It’s a good idea to transfer all of your money to a checking and savings account with a single bank, and make sure it’s a bank that will pay you what you deserve in interest. 

Here’s the truth: Many of the old-school, big banks don’t deserve your money. They pay you measly interest and charge you junk fees just to keep your account open. You deserve better. That’s why we always recommend opening up a high yield savings account. You’ll ditch those heinous fees and earn around 25x more interest on your money than the big banks are willing to shell out. Personally, we love Ally, Betterment, and CIT!  

4. Roll over your 401k 

Speaking of account consolidation, do you have any old 401k accounts from previous employers? If so, chances are they’re not doing as much for you as they could be. Those old “forgotten” accounts could be subject to fees that are eating away at your retirement savings, and it’s more difficult to keep track of your net worth when your money is in a bunch of different places. 

That’s why we suggest using a free tool like Capitalize to roll over your old 401ks to make it easier to stay on top of your finances. Capitalize can roll those old accounts into more efficient retirement investment vehicles, like a Roth or Traditional IRA.

5. Automate your debt payoff 

Getting out of debt is an important step in getting on top of your finances, but it can take much longer if you don’t have a plan. Deciding every month how much you’ll put towards that debt is exhausting, and decision fatigue is real. It’ll take a lot longer to pay off your debt if that’s the route you take. That’s why it’s important to come up with a debt payment plan and stick to it. 

Two of the most common debt payment plans are the debt snowball and the debt avalanche. The debt snowball focuses on paying off the debts with the smallest balances first, whereas the debt avalanche prioritizes paying off debts with the highest interest rates first. The one you pick should be the one that you think you’re most likely to stick to. 

But here’s where it gets easy. Once you put together your debt payoff plan, you can automate debt payments so that it happens without any effort each month. The less you need to actively monitor, the easier it will be to stay on top of your finances and kick that debt to the curb. 

6. Pay Yourself First 

How often have you promised yourself that THIS would be the month that you finally save money… But when all is said and done and all your bills are paid, you’re only left with a few dollars to throw at your biggest money goals? Been there. Done that. Here’s how we’re going to remedy it. 

If you wait until the end of the month, it’s not likely that you’re going to have much left to save. That’s why we recommend paying yourself first, right when you get paid. 

It’s not rocket science. The reason this works is simple. If you have less money in your checking account, you’re going to need to make do with less throughout the month as you shop for necessities. The more you have in your account, the more you’re likely to spend! When your paycheck hits your checking account, transfer a good chunk of it to your savings and retirement accounts first. This can help you to stay on top of, and actually achieve your savings goals.

7. Digitize documents 

Look, tax season is stressful enough on its own. The last thing you want to be doing on April 14th is scavenging through your home trying to dig up those old receipts and other important tax documents. 

Instead, create a routine to stay on top of your most important financial documents, and digitize them regularly. I suggest putting them all in one place, and then scanning and digitizing them every month (add this to your monthly budgeting date!). You can use a free app like Adobe scan to create high quality digital copies of your most important documents. Give them a descriptive name, and save them all to a singular folder on your computer’s desktop. Taking a few minutes here and there to organize these files throughout the year can save you hours worth of stress come tax season.

8. Keep your space organized 

On average, we spend about 5,000 hours over the course of our lives looking for things. That’s a lot of hours! And the messier your space, the more likely you are to waste time looking for lost items. Even worse, having a lot of clutter can mean accidentally purchasing items you already own! 

It’s no secret that a cluttered space has a negative effect on your mental health and function, making higher level decision making more difficult. So, as unrelated as it may seem, decluttering your space and keeping it organized can help you to stay on top of your finances. We suggest taking the time to sell any items you no longer want. You’ll make some extra cash and enjoy the benefits of a well kept space.

9. Label your credit cards

If you’re into earning credit card rewards, this is my favorite hack for maximizing the amount of points you earn. Different cards will give you bonus points for using them in certain spending categories. For example, these credit cards are best for gas rebates. Using one of these to fill up your tank gives you a bigger discount than using a non-optimized credit card. 

But, it can be difficult to keep track of which cards award bonus points or miles for specific categories if you’re managing a few of them! So, why not stay on top of your credit card game by labeling each of your cards with the categories they award bonus miles for? You can simply write on each of your physical cards with a sharpie, or even start a list that you can reference in the notes app on your phone. 

Bonus- Want to learn how to travel for free using credit cards? Check out our post “Using Credit Cards for Cheap (or Free!) Travel,” and use our credit card tool to compare the best signup bonuses out there!

10. Use expense tracking apps

If you’re struggling with some aspects of personal finance, like tracking your expenses or net worth, there’s an app for that! These easy to use apps will make it far easier to stay on top of your finances. 

For example, You Need A Budget (YNAB) is a budgeting software that can take a ton of the budgeting upkeep off of your plate. It tracks your expenses automatically, and helps you to make a personalized money plan. While it does cost $99 per year, first year uses on average save $6,000! (YNAB is free for students!)

If you’re looking for a free alternative for anyone, you could also check out Empower. This is a fan favorite for automatically tracking your net worth, and basic budgeting capabilities.

11. Get an accountability partner 

I’m going to let you in on a little secret. If I haven’t made plans to meet someone at the gym, I’m not going. 

Having an accountability partner can help you to show up, even when you aren’t feeling particularly motivated. In fact, one U.S. study even found that you have a 65% chance of completing a goal if you commit to someone else. Make your goal public and you’re more likely to achieve it! Everything’s better when enjoyed with friends, and your finances are no different. 

Even better, by getting an accountability partner, you’re encouraging them to get on top of their finances also. So, commit to tackling your money goals with someone close to you. It can be a spouse, a family member, or even just a friend.

BTW – sign up for our weekly money newsletter! It’s full of encouragement and little tips that will nudge you in the right direction and keep you motivated to stay on top of your finances!

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12. Anticipate busy seasons 

Does anyone else go absolutely spend-crazy when life gets super busy?

The times when I tend to absolutely destroy my budget are often during those super busy months when I feel like I have no time to myself. Pulling extra hours at work? I’m more likely to be unprepared for dinner and grab takeout on the way home. Hopping from one holiday party to the next? I’m more likely to forget about gifts for someone and end up paying through the nose for a last minute present. 

But here’s the thing. We often know a few days or weeks in advance that we are approaching a busy season. If we can anticipate it ahead of time, we’ll be less likely to throw our financial plans to the wind. 

Start to try and get ahead of those challenging times, and brainstorm some proactive solutions. If the spring is a crazy season at work, maybe pick up a bunch of super easy, premade meals that you can just throw in the oven a couple of nights each week. If you know the holiday season is insane for you, get your shopping done in October. Finding creative solutions for those extra spendy weeks ahead of time can help you to stay on top of your finances, even when you feel like a chicken with its head cut off. 

13. Keep investing simple 

You don’t need to invest in individual stocks or try to time the market to grow your wealth. In fact, you probably shouldn’t!

Most stock pickers underperform, and a lack of diversification puts you at risk for bigger losses down the line. Timing the market is also largely unreliable, and investors can benefit by simply investing now instead of waiting for the perfect time.

The best way to invest is simple, boring, and proven methods. Keeping it simple takes up way less of your time, making it easier to stay on top of your finances. Here are some of the investing basics:

• Invest in your work 401k plan (especially if you get an employer match!)
• Open a Roth IRA, and invest monthly. 
• Buy and hold highly diversified index funds, like the S&P 500. 
• Don’t check on your investments every day.

Then, sit back and watch compound interest work its magic over time! If you’re completely new to investing, check out our beginner’s guide!

14. Roll with the punches 

Failure is hard to swallow. And setbacks can suck all of the momentum out of your plans and make you want to give up. But, failure is part of winning, and you need to fail along the way to reach the top of the mountain. Don’t let past money mistakes, or unpredictable events get you down. You gotta keep rolling with the punches.

Mistakes happen. Sometimes, you have a glass of wine and end up clicking ‘buy’ at checkout on your $500 Amazon Cart (definitely not speaking from experience…), or you go out with your friends and end up with a tab much higher than you budgeted for. This doesn’t mean you should throw in the towel and continue your spending binge. Instead, accept the mistakes you can’t fix (unless the return window is still open!), get back up on that horse and keep riding towards your biggest goals. 

The Bottom Line:

The quickest way to completely lose control of your finances is to over-complicate them. By simplifying your money tasks and putting some processes on auto-pilot, you’ll have an easier time staying on top of your finances.

With the right money systems and habits in place, things get a lot easier over time. You’ll enjoy more mental clarity, building wealth at a faster clip, and achieving your goals with regularity. You are in the driver’s seat! 💪

Related Posts: 

• 20 Frugal Living Tips to Cut Monthly Expenses
• 12 Frugal Habits to Save Money in Everyday Life
• How to Make a Budget- A Beginner’s Guide