Navigating Your Finances in 2026: A Guide to Financial Recovery
Are you feeling financially overwhelmed after a challenging year marked by tariffs, inflation, the DOGE saga, and the government shutdown? You're not alone. But there's a way to regain control and make progress with your money in 2026. According to CBS Business Analyst Jill Schlesinger, the first step is to gain a clear understanding of your spending habits.
She emphasizes the importance of tracking your expenses, stating, 'How much money are you spending? It's crucial to consider this for anyone who hasn't yet analyzed their weekly, monthly, or annual spending.' Whether you're struggling financially or doing well, knowing where your money goes is essential for taking control of your finances.
To gain better control, Schlesinger suggests setting specific and measurable goals. She explains, 'Get better with my money' isn't a measurable goal. Instead, try something like, 'I will transfer $50 from my checking account to my savings account every month.' This approach provides a clear and achievable target.
For those planning to retire in the next few years, Schlesinger offers good news. You can make catch-up contributions to your retirement savings. She advises, 'You can contribute up to $24,500 to a 401(k) or 403(b). If you're over 50, you can add an extra $8,000. If you're 60-63, you can make a catch-up contribution of $11,250.'
In summary, taking control of your personal finances is within your reach. Start by tracking your expenses, set measurable goals, and consider making catch-up contributions to your retirement savings. Remember, small steps can lead to significant financial progress.
