5 Ways to Simplify Your Finances
Modern life seems more fast-paced and hectic than ever. Many of you are longing for more simplicity in your lives, so that you can relax more and worry less. One particular area of concern is probably your finances. It’s tough to keep track of everything, between savings, budgeting, fees and more. Try these four methods to simplify your finances.
Consolidate accounts. Are you holding on to two, three, or more accounts? Doing this can make it more likely that you will overdraw one of them, or overlook a card theft. You can save yourself a lot of headaches and heartbreak by consolidating those accounts. Choose a bank that offers online banking, so that you can check your account from home or on the go.
Go paperless. If your bank and other financial institutions offer digital storage, there is no need to keep paper copies of account statements. You can unclutter your desk, and feel refreshed, by getting rid of all those piles of paper.
Use cash more often. Withdraw a set amount of cash each week or each month, to be used for everyday purchases. This is a great way to get yourself on a budget and avoid impulse purchases. Using a debit or credit card less often lowers your risk of theft, too.
Automate your paycheck and bill payments. Visit human resources and get your paycheck automatically deposited into your bank account each pay period. Now, take a look at when those pay periods fall, and automate as many bills as you can. Sign into your mortgage provider’s online account and have your house payment automatically deducted from your bank account each month. Do this with as many bills as you feel comfortable paying automatically, and you can avoid frustrating late fees and a lot of check writing.
While you’re at it, automate your Thrift Savings Plan contributions too! That way you don’t have to think about retirement planning each pay period. You can just revisit your plans every year or two, to make sure your savings are on track to meet your retirement goals.
These five steps can help you free up more time, and lower your stress. But remember to meet with us regularly to continue our retirement planning contribution, so we can help you keep your saving and budgeting plans on the right track.