Handling your finances doesn’t have to be as complicated as it may seem. Taking a few common sense and practical steps can make your financial life less stressful.
Eight Steps to Simplify Your Finances
If time is a precious commodity for you, here are eight ideas to save time and reduce the stress and anxiety of managing your financial affairs.
- Enroll for direct deposit. It eliminates trips to the bank and keeps your money working longer.
- Sign up for overdraft protection1. By linking your checking account to a line of credit you avoid the cost, hassle and embarrassment of a bounced check.
- Establish an automatic savings plan. Regular, automatic transfers to a savings account will add up.
- Use electronic billpay. Eliminate the dreaded task of writing checks.
- Consolidate your financial relationships. Dealing with one financial institution can make everything easier.
- Consider personal finance software. Many programs make handling your finances easier and quicker.
- Build a safety cushion. Be ready for unexpected expenses or use some extra for a special vacation.
- Review your investments. Make sure your asset allocation matches your time horizon and risk tolerance.
By making a few changes to how you approach your banking habits, you will be able to simplify the process and reach your financial goals.