An Edge to Your Finances

1. Track your actual expenses.
Find out what you've really spent over the past year. Create a spreadsheet that lists your actual expenses and get an average of food, housing, transportation and other costs.

2. Rethink what you're spending.
Now that you can see your actual expenses, decide where you really think you can or should cut back.

3. Compare your budget to the national average.
How does your budget stack up? Try comparing it to real spending patterns of other Americans to see if your estimates are realistic.

4. Keep at it!
Your budget is a living thing, and it's always changing. Don't worry if you repeatedly can't stick to a certain item. You can always update the overall budget to reflect the way you're really spending your money.

When you're ready, you may want to seek out a financial adviser. Get the keys to building trust with your financial professional.

1. Run a credit check.
Before you do anything else, make sure you know what you're dealing with! You can get free copies of your credit report online.

2. Pay off your high-interest credit cards.
Pay off these cards in full as soon as possible. Carrying a balance on high-interest credit cards is like throwing money away.

3. Lower your interest rates.
You can lower your interest rates by switching to a lower-rate credit card or by calling your lender and asking for a reduction. You can also lower rates by refinancing car loans or a mortgage.

4. Pay more toward your principal.
Anywhere you can afford to do so, be sure to pay more than the minimum amount on loans. By putting extra money directly toward the principal, you'll save big on interest.

1. Make small, easy cutbacks.
Bring your own soda to work. Don't use ATMs that charge you fees. Go to the library instead of the bookstore. These small changes can add up to significant savings!

2. Take a bite out of food costs.
To save money on groceries, make a list before you go to the store and stick to it! Also, try joining a wholesale club that sells staples in bulk. Enter for a chance to win a Costco membership and other money-saving prizes!

3. Open a new savings account.
Put money away outside of your regular savings or checking account—you'll be less tempted to make an impulsive withdrawal, but the money is still easily accessible. Try a regular savings account or a money market for better interest rates.

4. Set up automatic deposits to your new account.
Now that you're saving on the little things, you should have some extra cash. Set up a weekly automatic transfer to your new savings account (even if it's just a small amount). Chances are you'll never miss it, and your rainy-day fund will be ready in no time!