Whether you're an expert investor or just taking your first steps toward financial independence, you can always do more to make the most of your money.

But especially when times are tough, it's hard to know where to focus your attention to do the most good. The worst thing you can do, though, is to let doubt about whether your actions will bear fruit keep you from doing anythingabout your money. To try to give you a place to start, here are 10 things which everyone can benefit from in their financial lives.

1. Figure out where you stand.
When the worst of the bear market hit last year, many people couldn't even bring themselves to open their account statements. Now that things are getting better, it's time to pull your head out of the sand. By listing both everything you own and everything you owe, you'll have a good idea of where you are and how much work you have to do to get your money in order.

2. Get a handle on debt.
Debtcan kill your finances. But even if you're not in a position to get rid of your debt, you can still take steps to get it under control. For instance, many card issuers, including Citigroup (NYSE: C) and Capital One (NYSE: COF), have different rates for different kinds of cards. Don't get trapped by the high-rate cards; getting yourself a low rate could save you hundreds on your debt -- and let you pay it off a lot faster.

3. Stop living paycheck to paycheck.
If you struggle waiting for your next payday, you know that unexpected expenses can destroy your finances and your peace of mind. If you can set aside even a few hundred dollars of emergency cash, you'll be amazed at how much it can save you in things like bounced-check charges and unnecessary stress.

4. Start planning your investments.
After you have a safety net in place, start thinking about tomorrow. What are your most important financial goals, and what will it take to reach them? Think about your priorities, and then consider how to make your dreams a reality.

5. Start saving for retirement.
If you haven't started making contributions to your 401(k)or IRA, don't wait another minute. The earlier you start, the more your money will grow over time. And if your employer puts in some extra money in the form of matching contributions or profit sharing, then you really can't afford not to start today.

6. Look at mutual funds.
No matter what you're saving for, mutual funds can help. A fund like Fairholme (FAIRX), for instance, has turned investments in stocks like Sears Holdings (Nasdaq: SHLD) and WellPoint (NYSE: WLP) into returns of nearly 9% per year over the past five years -- a period in which the S&P barely rose at all. With many funds allowing you to start with small investments, you can find a fund that will suit your needs.

7. Stop giving your money away to the IRS.
Taxes are tough and can cost you thousands. But if you stay aware of potential tax traps and plan your taxes in advance, it's a lot easier to avoid big tax bills. Don't wait until April 15 to think about how to cut your taxes now. Continued...