Master Your Finances: Practical Steps to Achieve Your Financial Goals

Financial literacy, to hear the experts say it, makes the world go 'round. It's true that knowledge about how your money works is absolutely power, especially when it comes to making the life you want most. Sometimes, though, it really doesn't feel like literacy alone is enough.

According to a new survey from the bank BMO Harris, lots of us are looking for ways to stop panicking about money. While the pandemic is giving nearly 60 percent of us a lot of anxiety about our bank accounts, overall Americans are actually pretty optimistic about their personal finances. This may be a bit of a mirage, however, and it comes down to something BMO Harris calls "the knowing-doing gap."

More than 80 percent of Americans say they know what to do to improve their financial standing, so it's not always a question of advising people to save a little from each paycheck or make a budget. While we do know about these tips and systems, we don't always act on them. This can be something as simple as asking someone at your bank for financial advice, which fewer than 30 percent of us actually do.

That said, we're self-aware enough to know that we could do better. The good part is that there's no deadline to begin taking control of your finances. Start small, so you'll stick with your plans and get used to achieving your goals — and get ready to keep growing your money the more you know and the more you follow through.