If you find yourself nervously checking your bank account balance before pay-day, then perhaps it’s time to make some changes. Before swearing off restaurants or cutting up your credit card, ask yourself the following questions which are designed to help get you back on top of your finances.

Do I know where my money is going?
Beyond a quick glance at our credit card statements each month, most of us don’t bother tracking how we’re spending money. That means we might not realise that our grocery expenses have suddenly skyrocketed, or our utility bills have doubled. Using an online personal financial management tool to automatically track your spending allows you to figure out where money is going with minimal effort.

Am I focusing too much on the month, instead of the year?
Research suggests that people often fall victim to forgetfulness when budgeting by the month. They tend to overlook unexpected and one-time expenses, such as car repairs or gifts, so underestimate how much they’ll need to spend. But when people budget by the year, they tend to factor in those costs.

Do I do something everyday that wastes money?
It might be a cab ride, lunches, or a six-pack of beer. These types of small, daily expenditures add up, and by the end of month, you could be out $100 or more. Finish Rich author David Bach famously coined the phrase “Latte Factor” to capture this idea. He argues that if you invested the money instead of spending it, you could eventually become a millionaire.

Do I know my own weakness?
Almost everyone has one. It might be a golf habit, fancy jeans, or nice dinners. Perhaps it’s simply buying more than you need when you’re out running errands. Gwyneth Paltrow’s budgeting expert Lynnette Khalfani-Cox, offers the following advice: Carry a stopwatch with you on shopping trips.

Is my relationship hurting my bank account?
Even if you’re on top of your own finances, your bank account won’t reflect it unless your significant other is also on board. If you share credit, in the form of credit cards, auto loans, or a mortgage, then any late payment from your partner can also ding your own credit report. Marriage can intertwine your financial lives even further. Before tying the knot, be sure to review each other’s credit histories. Talk about whether you prefer joint or separate accounts, and make sure you are familiar with each other’s long term financial goals. Couples also often get tripped up when it comes to handling money requests from needy family members. Make sure you’re on the same page to prevent tension later.

Are the big items dragging me down?
According to Elisabeth Leamy, Good Morning America’s consumer correspondent and author of Save Big: Cut Your Top 5 Costs and Save Thousands, it’s the big items, not the small ones, that hurt people’s finances the most. She suggests focusing on minimising your mortgage, car, health, debt, and grocery payments. Buying a used car instead of a new one, for example, can save drivers tens of thousands of dollars. Plus, she says, since “cars these days are really well built, the risk is lower than it used to be.” (www.msn.com)