Young family with a baby boy going over finances at home. Pekic | E+ | Getty Images Inflation is still causing financial stress for most Americans, and surveys show that many people also blame a lack of savings and mounting credit card debt for their anxiety over their finances. Earning greater income to cover your spending can relieve some of your worries, but keeping close track of your money can be a simple way to improve your finances.
For now, you may need a better budget. "Establishing a budget may seem daunting because it can be stressful and may feel restrictive, yet a budget helps you understand where and how you spend your money," said Billy Hensley, president and CEO of the National Endowment for Financial Education. He is also a member of the CNBC Global Financial Wellness Advisory Board.
How to start building a better budget To get a realistic picture of the money you have coming in and what is going out, begin by tracking your spending over the past three months. "The starting point is always to assess your current situation," said certified financial planner Don Edlin, a senior financial coach at Financial Finesse, a financial coaching and education company that works with employees at many Fortune 1000 companies, including Comcast, which owns NBCUniversal, the parent company of CNBC. More from Your Money: Here's a look at more stories on how to manage, grow and protect your money for the years ahead.
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