Perhaps the best course of action to relieve financial stress and take control of the situation is to create a budget and stick to it. Yes, that’s right, it’s time to break out the spreadsheet! This is your chance to list all of your income and expenses to see how you can cut down on extravagance and maybe even make room for improvement. Cataloging your finances in this way will help you cut the fat and declutter the overspending. Have you paid for a gym membership that you never use? Did you forget to cancel this meal delivery kit after the first box offered? Maybe you actually have the ability to contribute more to paying off your student debt each month, reducing accrued interest over the long term. When you can see the numbers before you like it, it will really give you more peace of mind.
Fortunately, you don’t have to budget alone. There are several websites and smartphone apps that can help you set a budget and stick to a plan. Some of the most popular include YNAB (which aptly stands for You Need a Budget!) and Intuit Mint, where the apps help you track your expenses, income and savings, create a budget and plan your future finance. Using these apps could result in big savings down the road.