Whether you are struggling or doing well, you must know first where your money is going if you want to take control of it.<\/p>\n
If your finances are a wreck after tariffs, inflation, DOGE and the government shutdown, you\u2019re not alone. But you can make progress with your money in 2026.<\/p>\n
CBS Business Analyst Jill Schlesinger says the best place to start is by figuring out where your money is going.<\/p>\n
\u201cHow much money are you spending? This is like the most horrendous thing to consider for anyone who has not looked and seen how much they spend on a weekly, monthly or annual basis,\u201d she said.<\/p>\n
Whether you are struggling or doing well, you must know where the majority of your money is going if you want to take control of it.<\/p>\n
Set a goal, using the SMART acronym: \u201cSpecific, measurable, achievable, relevant and time bound.\u201d<\/p>\n
\u201cGet better with my money\u201d isn\u2019t a measurable goal, Schlesinger said. \u201cA smarter goal \u2014 I\u2019m going to take $50 every month and automatically transfer it from my checking account to my savings account.\u201d<\/p>\n
If you are looking to retire in the next few years, and can put a little more money away, Schlesinger said there\u2019s good news \u2014 you can make catch up contributions.<\/p>\n
\u201cYou can put up to $24,500 into a 401(k) or 403(b),\u201d she said. \u201cIf you\u2019re over the age of 50, you can put an extra $8,000 into that account. If you are 60-63, you will actually be able to make a catch-up contribution of $11,250.\u201d<\/p>\n
Schlessinger\u2019s advice is to try to take control of your personal finances wherever you can.<\/p>\n