It generally isn't all that difficult to manage finances well, as I've been hearing from readers.  What's baffling is that studies continue to portray nearly half the population as living hand-to-mouth: 46% of people say they would have trouble coming up with $400 in a pinch. Readers have called in offering tips and expressing befuddlement over why so many people struggle. Most of their suggestions are common-sense tidbits that we've all heard many times —  and yet often ignore.

No. 1: Start a budget

The starting point for getting where you want to go is to determine where you are now. That involves tracking income and, especially, expenses on a regular basis. Phoenix retiree Jack Shelley and his wife of 63 years have been doing this for decades, adjusting the numbers as their expenses, Social Security or investment earnings change.

"We make a budget and live up to it," said Shelley, 87, a former financial manager. It's important to include not just recurring expenses but payments such as income taxes or insurance that might come along once or twice a year. They also include about $1,000 a year in their budget as a cushion.

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Budgeting is easier than ever, with all sorts of online tools. Yet just one-third of Americans so it monthly, according to a 2013 Gallup poll. Budgeting also represents a good opportunity for spouses to discuss their joint finances and goals, as the Shelleys do. "We're very much on board (together) when it comes to money," Shelley said.

No. 2: Live within your means

Mark Gluckman's frugal. He shops at thrift shops and bought a Toyota with 88,000 miles on it — after hitting 336,000 miles on his old Volvo. As a freelance photographer and part-time actor, Gluckman said he has had to deal with uncertain income. "I learned to live below my means," he said.

Still, Gluckman, 69, manages to travel regularly, including an international vacation about once a year. "I still do everything I want to do," he said. "It's a matter of priorities."

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For people trying to keep expenses down, he warns about the "Starbucks effect" of spending several bucks a day on coffee, fast-food and the like. "It's only $5 or $7 at a time, but it adds up," he noted.

Gluckman said he never had a 401(k) plan at work but has managed to save regularly in Individual Retirement Accounts and other investments, typically mutual funds. Skipping $5 for coffee once a day would free up more than $1,800 in a year — money that could be used to seed an IRA.

No. 3: Minimize debt and interest

Garry Mortensen, a retired aviation worker in Surprise, Ariz., follows a simple rule to keep his finances in shape: "If you can't afford to buy something, then don't buy it," he said.

What that also means is not going into debt to purchase stuff. "We use credit cards all the time but pay them off every month," said Mortensen, 84. "My wife and I don't owe anything to anyone."

Mortensen grew up during the Depression and cites the lack of indoor plumbing at his rural childhood home as an example of the type of deprivations many Americans endured. He feels today's consumer-focused mindset is much different, with Americans generally unwilling to delay gratification or trips to the mall. "If you don't have the money, don't spend it," Mortensen suggests.

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Similarly, while Shelley said he and his wife don't borrow any more, for those who need a lower-cost loan, he suggests joining a credit union. "We bought two cars that way," he said.

No. 4: Take calculated risks

Maybe the biggest financial paradox these days reflects the way so many Americans save and invest. Millions would rather keep their money super-secure in bank deposit accounts that yield virtually nothing than risk losing any of it in stocks.

Yet David Kelly,  chief global strategist at JP Morgan Asset Management, thinks such extreme risk aversion isn't justified.  Americans' aversion to stocks largely reflects low awareness of market history, the principles of diversification and more. Stock investing, at least in measured doses, is a calculated risk that more people should take if they hope to build their wealth over time.

"People should never wait until everything's perfect (to invest in stocks)," Kelly said. "That day will never come."

Reach Wiles at russ.wiles@arizonarepublic.com or 602-444-8616.