When it comes to managing your finances, it’s important to have a plan. According to a recent study from US Bank, however, thirty-six percent of millennials are just “winging it” when it comes to their personal finances. Don’t fall into this trap. The following steps will help you get back on track.

Create and Follow a Budget

Creating a budget is one of the most important steps you can take to manage your money. To make one, write up a list of your monthly expenses. Use the most accurate data you can find. If you don’t have enough receipts or statements to give you a clear picture, focus on recording every expense and transaction you make over a month long period. Once you have this information, decide if there are any areas that you can cut back on.

Determine Some Concrete Goals

Don’t wing your finances! Take some time to create some goals for your financial future. For example, maybe you want to pay off your student loans within the next five years. Perhaps you want to save enough money to put a down payment on a home. What steps do you need to take to make this dream a reality?

Keep Up with Your Bills

Take a proactive approach to organizing and paying your bills. Don’t procrastinate. Open your bills as soon as they arrive. This way you’re more aware of your financial situation. Create an organizational system for your bills. Don’t just leave them in a pile. This will cause you to forget about them by accident. Pay your bills as soon as you can. Avoiding debt is one of the most important steps you can take for a healthy financial situation.

Start Saving for Retirement Now

Retirement may seem far away right now, but the sooner you start saving, the better. More than 50 percent of American households don’t have a retirement account. Set a goal of saving part of every paycheck in your 401(k) or IRA retirement savings account. Even if you can only afford to add a small amount, you will be grateful someday that you started saving early.

Don’t take a haphazard approach to your finances. Instead, create structured steps for a better financial future. Prioritize creating a budget and keeping up with your bills and you’ll be well on your way to accomplishing your financial goals!

This article was originally published on VictorNotaro.com.