Money worries are something we all deal with from time to time. However, a recent study has revealed that an alarming 77% of Americans are worried about their financial situation. Of course, there are many reasons behind this spike in financial uncertainty. After all, we are still dealing with the shockwaves of the COVID-19 pandemic and its impact on our economy. Furthermore, US inflation is causing a hike in living prices, with food prices increasing by 9.4% on average.

As a result, there’s never been a better time to take your finances into your own hands. 

Photo by micheile dot com on Unsplash

Here are some top tips that you can use to do exactly that! 

Find a bank that works for you. One of the easiest ways to better your financial situation is to work alongside a bank that provides you with the services and guidance you need to thrive. For example, Evolve Bank & Trust provide their customers with a range of specialized services, from personal and business banking to SBA lending and community funding. 

Find ways to diversify your income. Diversifying your income is a great way to secure your future financially, as it ensures that you have multiple income streams to rely on when things get tough. Thankfully, there are various ways in which you can diversify your income, such as by starting up a side hustle or even getting into investing so that you have access to passive income. 

Look into investing. As mentioned previously, stepping into the world of investment can be a great way to brighten your financial prospects. However, it goes without saying that there are certain things to keep in mind when investing in order to protect yourself. For example, you should not invest any money that you are not able to lose without facing severe repercussions. 

Get serious about budgeting. Budgeting = freedom. As a result, now is the perfect time to get serious about budgeting. There are many benefits to taking this approach. For example, it can help you reign in negative spending habits, or boost your savings account. If you find it hard to hold yourself accountable to your budgeting, consider downloading a budgeting app onto your phone that tracks your spending and sends you regular alerts when you’re close to reaching it. 

Find ways to cut down your costs. Another way in which you can better handle your money is by learning to spend it wisely. That is, finding ways to cut back on costs on everyday expenses. For example, you can use price comparison websites to ensure that you aren’t overspending on everything from car insurance to utility bills. This means that every dollar you spend is spent wisely.  

Grow your savings.  Boosting your savings provides you with confidence and security moving forward, even during turbulent financial times as you know you have emergency funds to rely on. As a result, you should ensure that you work on growing your finances as much as possible. For example, you should set yourself a weekly or monthly target of money you’d like to set aside and add to your account.