Managing your finances can feel like an overwhelming task — from sticking to your budget to earning the highest possible returns on your investments.
There’s a lot of advice floating around, especially on FinTok, which can leave you feeling like you’re not doing enough to squeeze every drop of value out of every dollar you save, invest or spend.
Christine Benz, director of personal finance and retirement at Morningstar, told CNBC Make It that the financial industry has an “optimizing mindset,” so you may start thinking “that you’re doing it wrong if you cut corners (1).”
Some people — which Benz refers to as portfolio optimizers — love the nitty-gritty details of financial planning (2).
“Listening to them, you think that you probably should use budgeting software, build that TIPS ladder for retirement income, or finely calibrate your retirement income to dodge [Income Related Medicare Adjustment Amount],” she wrote in a recent article for Morningstar. That takes time and a high level of financial literacy — not to mention an interest — and “not everyone is cut out for it.”
Then there are those who want an acceptable option — even if it’s not the best. Benz says that taking a “good enough” approach can still help you manage your finances with “much less time and hassle” — and you’ll get similar results to a portfolio optimizer’s.
Here are four ways she suggests everyday earners can build wealth without the time or expertise that traditional personal finance advice often demands.
Many Americans are short on time and some are intimidated or overwhelmed by financial planning — so they do nothing. But Benz argues that a “good enough” approach can still get you most of the way there. And it beats doing nothing.
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Reverse budgeting: Debt.com’s annual budgeting survey for 2025 found that, of those who don’t budget, almost 27% say budgeting is too time-consuming while about 20% say it makes them feel anxious or bad (3). Benz uses a strategy called ‘reverse budgeting,’ in which a flat percentage of your income automatically goes toward savings and investments each month — so you meet your financial goals while reducing the need for strict budgeting.
Read More: The average net worth of Americans is a surprising $620,654. But it almost means nothing. Here’s the number that counts (and how to make it skyrocket)
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Index investing: Some investors try to time the market to maximize their returns. But, even for “optimizers,” it’s tough to do — and Morningstar research found that a buy-and-hold equity strategy still outperforms a portfolio built to time the market (4). Benz recommends index funds, which hold all underlying securities in an index and which aim to match the performance of a market index like the S&P 500 rather than beat it. “To me, index funds are a great intersection of optimization and the ‘good enough’ portfolio,” Benz told CNBC Make It (1).
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Simplification: Many high-yield savings accounts have fluctuating rates, so it can be tempting to move your money around in an effort to get the highest rates possible. But that can be a time-consuming process. Instead, Benz recommends sticking with a “low-cost provider that will deliver a persistently competitive yield (1),” which makes money management less of a hassle.
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Work with a pro: If you don’t have the time or inclination to manage your portfolio, a qualified financial advisor can do the heavy lifting for you. They also have access to modeling tools not available to the general public. Benz prefers fee-only planners who charge by the hour or for specific services rather than selling you specific financial products (1).
These four moves can be “good enough” to have a meaningful impact on your finances over the long term. They’re ideal for people who don’t have the time (or the interest and expertise) to constantly monitor and adapt their portfolio.
But they typically require longer time horizons — and there’s no guarantee of higher-than-average returns. There are always risks and any financial advice should be adapted to your own financial realities.
For example, if you’re a gig worker, reverse budgeting may be challenging since you don’t have a steady income or regular paycheck. The same goes for anyone with complex finances, such as high-net-worth individuals and families. In those cases, you may need to take a more hands-on approach to saving and investing.
And, while index funds are hands-off and low-fee, they aren’t risk-free. If you think you might need capital in the short term, then index funds might not be your best bet since they’re exposed to market volatility and downturns (they’re better for long-term growth).
Investors who like the excitement of selecting stocks may find index funds too limiting (or boring). Others may have ethical objections to some of the underlying securities (such as fossil fuels or tobacco), so index funds may not align with their personal investment philosophy.
These four money moves might be hands-off, but it doesn’t negate the need for financial literacy. Even when you’re working with a financial advisor, you’ll want to have a decent understanding of how your money is being managed rather than completely handing over the reins to another person.
Depending on your situation, you’ll have to decide whether these strategies will move the needle for you in 2026 or if you need a more hands-on approach.
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CNBC (1); Morningstar (2, 4); Debt.com (3)
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
