Money Management Tips fikru admin July 15, 2022
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Money Management Tips

People feeling the impacts of financial stress struggle more with budgeting—that’s one finding from the Capital One Mind Over Money study. They feel less in control and tend to spend their paychecks more impulsively.

Creating a budget is a great first step in developing healthier money habits and learning how to get the most from your money. 

According to the Consumer Financial Protection Bureau (CFPB), “budgeting helps ensure that you’ll have enough money for the things you need and the things you want, while still building your savings for future goals.”

The Capital One Mind Over Money study found that using healthy money habits when you feel confident about your finances can help you when things get more challenging. 

Tracking your spending could be one of those good habits. After all, it may help you avoid overspending and stay within your budget.

How do you keep track of your spending? It’s simple. You could record your expenses digitally with one of the numerous apps available online. 

If you have a Capital One card, you could use the free digital features that help you track your money. Or, if you prefer a paper-based option, you could simply save your receipts and track everything in a planner or notebook.

Not surprisingly, the Capital One Mind Over Money study found that Americans are worried about their financial future. That includes saving for retirement. In fact, 68% of respondents said they’re worried they won’t have enough money to retire.

It may help to start small when it comes to retirement savings. In other words, you could save a small amount every month for now, and then add to it when you feel ready.