AGAWAM, Mass. (WWLP) – Prices went up by 8.3 percent in just one year, slightly lower March’s inflation rate, but it’s still one of the highest rates in decades.

With more debt, higher interest rates, and a high inflation rate that’s holding its ground: managing your finances can feel like walking a tightrope these days.

“The best thing to do is create an accurate budget today,” said Martin Lynch, the Director of Education with Cambridge Credit Counseling in Agawam.

He said figuring out where each penny goes can help you identify your priorities, like putting gas in your tank and food on the table. It will also help you see where you can cut back.

Getting a handle on your debt can be a challenge, Lynch said the first step you need to take is to face the music.

“Open the envelope, open your statements, look at your accounts online to see exactly what you owe,” he said. “Let’s get it all on the table and create a strategy to pay down debt.”

There are groups that can help get you on the right track, like the National Foundation for Financial Credit Counseling and the Financial Counseling Association of America.

“Those are all non-profits,” Lynch said. “Reach out and talk to a counselor. It’s free.”

One silver lining in all of this, the interest rate in your saving account should be going up soon, so there’s an incentive to save.