Budgeting, investing, saving and even spending are all a part of money management. So how do you build money confidence and reduce anxiety about your financial goals? Finding ways to better manage your money—and your mindset—could help. You could do your own research or get professional advice to assist you with your financial plan.

You could use these seven practical financial tips and money management skills as a general guide for your financial journey.

1. Improve your money mindset : 5 money management tips to improve your finances in 2023

What you do with your money is important. But how you think about it can be important too.

Taking on a more positive financial mindset while managing money could include things like keeping sight of your goals. It could also mean taking a solution-oriented approach and focusing on the things you can control—like repayment of your debts and your spending habits.

For more about these and other personal money management tips for a better money mindset, check out the Capital One Mind Over Money study.

Remember, you’re not alone if you’re feeling stressed about how to manage money, handle personal finances or hit your savings goals. But now you know more about strategies for managing your money, setting your monthly budget, repaying debts and building your emergency fund. If you keep working at them, they may eventually become habits. And that could help set you up for financial success at every stage of your life.

2. Establish good credit habits : 5 money management tips to improve your finances in 2023

Working toward establishing good credit scores could also help improve your finances.

According to the CFPB, your credit scores are a snapshot of your creditworthiness. So these scores can affect many parts of your life—everything from renting an apartment to being considered for a job.

The CFPB recommends the following as part of a personal finance management plan to build good credit:

• Pay your bills on time—each and every month.
• Don’t get close to the limits on your credit accounts.
• Work at establishing a long credit history.

Regularly checking your credit reports for accuracy may help too. CreditWise from Capital One is an easy way to monitor your VantageScore^® 3.0 credit score and TransUnion^® credit report. It won’t hurt your credit scores. And it’s free for everyone, even if you don’t have a Capital One product. You can also get free copies of your credit reports from each of the three major credit bureaus at AnnualCreditReport.com.

As you work toward your financial goals, you could also consider how a Capital One credit card fits in. With responsible use, you could use one to build or rebuild your credit on your financial journey.

3. Track your spending : 5 money management tips to improve your finances in 2023

The Capital One Mind Over Money study found that using healthy money habits when you feel confident about your finances can help you when things get more challenging.

Tracking your spending could be one of those good habits. After all, it may help you avoid overspending and stay within your budget.

How do you keep track of your spending? It’s simple. You could record your expenses digitally with one of the numerous apps available online.

If you have a Capital One card, you could use the free digital features that help you track your money. Or, if you prefer a paper-based option, you could simply save your receipts and track everything in a planner or notebook.

One how-to hint: You may want to separate your expenses into categories. That way, you’ll see exactly where your money is going and where you may be spending too much.

4. Save for retirement : 5 money management tips to improve your finances in 2023

Not surprisingly, the Capital One Mind Over Money study found that Americans are worried about their financial future. That includes saving for retirement. In fact, 68% of respondents said they’re worried they won’t have enough money to retire.

It may help to start small when it comes to retirement savings. In other words, you could save a small amount every month for now, and then add to it when you feel ready.

It may also help to open a retirement plan account that could supplement retirement income from pensions or Social Security. These types of accounts may include the following:

• 401(k) plan through your employer. With a 401(k), you can deposit pretax dollars through a regular deduction from your paycheck. Beth Sabin, an executive at Capital One, says, “If you have a company match through your 401(k), this can be a great place to start by contributing until you have your full match.” She also recommends upping your contribution by 1 percentage point to see if that’s doable for you. If it is, you might increase it by another percentage point to accelerate your savings.
• 403(b) plan. Like 401(k) plans, 403(b) plans are employer sponsored. One difference is that 403(b) plans are offered by public schools and some organizations that are tax exempt. Contributions to traditional 403(b) plans are tax deferred—just like they are with traditional 401(k) plans. So you don’t have to pay taxes on the contributions or earnings until you withdraw funds from the account.
• Individual retirement account (IRA). Contributions to a traditional IRA—an account that is generally self-directed and not sponsored by an employer—are tax deferred. Once you retire and start making withdrawals, the money will be taxed at your regular income tax rate.
• Roth IRA. While contributions to a Roth IRA aren’t tax deductible when you make them, you may be able to withdraw your money tax free during your retirement years.

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You may want to consult your tax adviser for more information about these plans, though.

Keep in mind that compound interest can be an important reason to start saving early. As the CFPB explains, compound interest may help you accelerate your savings by earning interest on interest. To see how compound interest can add up, you may want to try this Compound Interest Calculator from the U.S. Securities and Exchange Commission.

5. Save for emergencies : 5 money management tips to improve your finances in 2023

Putting away savings in an emergency fund for unexpected life events—like needing major home repairs—may help you feel better about your financial situation.

Growing your savings might be one of your goals. If it is, you may want to consider these finance tips to help with unexpected expenses:

• Remember, interest rates can vary. So it may be wise to shop around. If you find a savings account with a better rate, the extra interest can add up over time.
• Put extra income into your account. When you get a tax refund or a bonus at your job, consider depositing it into your bank account. The extra money can help your savings grow.
• Buy what you need rather than what you want. That way, you can put the rest toward your savings.
• Set up automatic savings. With the help of your employer, you may be able to set up automatic transfers to your savings account to build your savings without the temptation of spending extra cash.