According to a recent survey, 77% of Americans report feeling anxious about their financial situation, whether they fear they are not making enough money through work or are struggling to pay all of their bills each month. As a result, it’s hardly surprising that you may be on the lookout for some ways in which you get to grips with your finances and achieve financial security.

While this may seem like something of a myth, financial security is possible – it just requires careful planning and determination. With that in mind, here are some top tips that you can use to get to grips with your finances.

Set Yourself a Budget That Works for You

While budgeting is a great tool to get to grips with your finances, many budget plans result in failure as they are simply too restrictive. For example, while theoretically, you may think it’s possible to reduce your grocery bills by a certain amount only to find that doing so is much harder in practice – meaning you continuously go over your allocated budget. Therefore, it is important that you ensure your budget is practical and realistic – and will help you reign in your spending effectively.

Find Ways to Generate Passive Income

Finding methods of obtaining passive income, such as through running a blog, selling photographs to stock image companies, or even investing, is a great way to improve your financial situation. This means that you have more money to spend or save without having to extend your working hours.

Identify Problems in Your Spending Habits

Sometimes, we can spend a great deal of money without even realizing it. While one take-out coffee is only a couple of dollars, buying them multiple times a week is sure to have an effect on your bank statement. Therefore, you should set aside some time each month to look over your spending and identify problem areas. This will simply make you more aware of your habits and allow you to put plans in place to resolve this issue.

Work With an Investment Advisor

Investment advisors, such as  Wealthalliance.net, can help you make the most of your money and get to grips with your finances by providing you with the support you need to make smart investments. They can also help you find practical and easy ways to minimize your taxes and get started on estate planning or other similar projects.

Open a Savings Account

Opening a savings account is a great way to ensure that you start putting money aside for your future instead of simply leaving it in your regular bank account and spending it by accident. Furthermore, many banks offer interest on money that is kept in savings accounts.

Start Saving for Retirement

If you have visions of spending your retirement drinking cocktails in the sunshine, then it’s essential that you start saving for retirement as soon as possible. This could include opening a separate account (in addition to your savings account) to help you keep track of your funds.