According to a 2015 survey by the National Foundation for Credit Counseling, less than half of Americans keep close track of their spending, and nearly 30% aren't saving for retirement.
Clearly, there's room for improvement.
#BIBetterMoney is a 14-day self-improvement plan designed for the busy professional, featuring a simple task a day for two weeks to help you take control of your money.
We recommend participating with at least one other person, so you have more fun and keep each other in check. You can start on any Monday and should complete actions on their specified day when possible.
The following slides go through the days and the thought behind them in detail, and you can also reference our infographic calendar.
SEE ALSO: 7 signs you're doing something right with your money
MONDAY, DAY 1: Get your 90-day number.
Let's dive right in.
In his book "Cold Hard Truth on Men, Women & Money," "Shark Tank" investor Kevin O'Leary recommends that before you take any steps to improve the way you manage your money, you get what he calls your 90-day number: A sum of every dollar you've spent and earned in the past three months.
"It's going to be a positive or negative number," he writes, "because money is black or white. There is no gray. You either have it or you don't."
You'll do this in two steps: First, add up your income, and next, add up your expenses.
Income number - expenses number = 90-day number
If it's positive, you're starting off on the right foot. If it's negative, we have some work to do. And if it's hovering around zero, you're playing a dangerous game.
TUESDAY, DAY 2: Choose a system to track your spending.
You made a big effort yesterday, so today, we'll keep it quick: All you have to do is choose and implement a system to keep track of your income and expenses in the future, so the next time you want your 90-day number it will be available in a matter of minutes.
While you're welcome to break out a notebook and pen, you'll probably find it easier to take advantage of technology. Two of the most popular options are:
Mint, a website and app that you can connect to your credit cards and bank accounts. It automatically pulls in data from any connected account to log every expense and paycheck, so you can see the full picture of your finances in just a few clicks.
A spreadsheet in Microsoft Excel, which requires more manual input but allows you to manipulate the data in myriad ways. If you're already a big Excel user, you might be more comfortable with this format, although you will need to take a minute or two every morning — or a few minutes once a week — to update it.
WEDNESDAY, DAY 3: Add up your debt.
All debt isn't equal, but it does have the same bottom line: You owe money to someone else, and they're charging you for the loan. The money you pay them is money you can't use elsewhere. Generally, experts divide debt into two categories:
• Good debt, which has relatively low interest rates and which pays for something immeasurably valuable or accruing value. For example, mortgage and student loan debt. Paying off good debt is less urgent than paying off bad.
• Bad debt, which has relatively high interest rates and pays for a depreciating asset, like credit card debt or a car loan. You'll want to pay this debt as soon as possible, because it gets more expensive by the day.
One of the hardest things for many people to do with debt is simply to face exactly how much they owe — so we'll get that out of the way today.
Log into your accounts and get the balance for any debt you've been avoiding or has been weighing on you (take note of the minimum monthly payment while you're there). Add it all up, and face the number: This is money to be repaid, and tomorrow, we'll start figuring out how.
See the rest of the story at Business Insider