Whether you are struggling or doing well, you must know first where your money is going if you want to take control of it.
If your finances are a wreck after tariffs, inflation, DOGE and the government shutdown, you’re not alone. But you can make progress with your money in 2026.
CBS Business Analyst Jill Schlesinger says the best place to start is by figuring out where your money is going.
“How 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,” she said.
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.
Set a goal, using the SMART acronym: “Specific, measurable, achievable, relevant and time bound.”
“Get better with my money” isn’t a measurable goal, Schlesinger said. “A smarter goal — I’m going to take $50 every month and automatically transfer it from my checking account to my savings account.”
If you are looking to retire in the next few years, and can put a little more money away, Schlesinger said there’s good news — you can make catch up contributions.
“You can put up to $24,500 into a 401(k) or 403(b),” she said. “If you’re 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.”
Schlessinger’s advice is to try to take control of your personal finances wherever you can.
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