With access to online shopping and banking, it can be challenging to properly budget and inflation only adds an increase to what you would normally be spending.

“A budget is really the primary tool to help you meet your financial goals and know what’s coming in versus what’s going out,” Bank of North Dakota Financial Literacy Manager Lance Lance Hill said.

Also, unexpected life situations happen which is why an emergency fund needs to be established before an emergency takes place.

“You might potentially lose a job, you could have a medical issue, a vehicle issue, it’s just good to have some padding in your life,” Hill said.

Hill said It’s simple, after paying your bills keep track of what you spend out of your monthly income.

“The more clarity you have in reaching your goals, the odds are the better chance you are of meeting your goal. Fuzzy goals don’t really happen if you can be clear about what you want, what your financial goals are,” Hill said.

Let’s not forget about those credit cards which can be an easy way to land in debt, but Hill has some advice for that too.

“Talk to the people you owe money to; your creditors. They don’t want you to fall behind, they want to help you out as best as possible. Talk to your creditors to keep that communication open,” Hill said.