5 steps to a healthier bank account

When so much is riding on your finances, managing your money can feel overwhelming. As with many things in life, it can help to break down the steps toward financial freedom into simple, discreet steps. Follow these steps to help you save more and feel better about your financial future.

Take your financial temperature

While it's not always possible to predict a financial emergency—whether a health crisis or a layoff—many financial issues can be prevented or reduced with a little anticipation and advance planning.

With your physical health, the smartest approach is to pay attention to your well-being all the time—not only during those few minutes before the ambulance arrives. So instead of hiding or ignoring brewing financial difficulties, apply the standards of health to your financial attitude.

For example, overspending can resemble overeating. Building a retirement account, meanwhile, is a bit like developing and sticking to an exercise routine. If you do a little bit consistently, the long-term benefits will be exponentially greater than the investment.

The fact is, if you treat your money with the same respect and care you ought to treat your body, you decrease the chance that you'll need financial CPR.

Score a perfect 10

If you needed to apply one financial strategy to your routine, make it this one: Every time you get paid, take 10 percent of that check and put it into an emergency savings account. It doesn't count for retirement, it's not used for bills, and it's not something you tap into when you decide that you need a splurge. Setting aside this cushion will give you a resource and peace of mind if the car dies, your partner needs a caregiver to help with an illness, or if you need to change careers and need time for a job search—all the while being able to pay bills, save for retirement, and make investments.

Save up

Once you establish your saving ethic, take a second 10 percent of your paycheck and put it in a retirement account. Nothing gives you the freedom to follow your passions and to reduce money stress more than having a retirement fund (often with contributions from an employer) and your 10 percent emergency account.

The only downside: Following a prudent savings plan like this may require you to live below your paycheck, at least temporarily. That means you may need to budget carefully so you can enjoy these freedoms and rewards. Following a 50/30/20 budget is a good place to start.

Write it down

Carry a small notebook or diary in your purse or bag and record your daily purchases for one month. At the end of the month, sit down and look at your purchases, and then consider how to cut back. You'll probably be amazed at what you can live without.

Ask for an increase

Face it: Even if they say they love you, your boss doesn't want to give you a raise. That's more money away from the company's bottom line. But that doesn't mean it's not worth having a conversation.

Women in the United States earn an average of 82 percent of what men with comparable levels of education and experience do, but some research suggests that women are less likely to ask for a raise.

If you think you are entitled to more compensation, be confident in your value to your company and ask for what you deserve. If the answer is no, it may be time to shop your skills elsewhere.