7 Ways to Simplify Your Finances
We all likely wish that our finances were easier to manage. However, with multiple bills, debt accounts and other financial responsibilities, where do you even begin to make changes? This article will show you 7 ways to simplify your finances and make managing your money much easier.
Consolidate Bank Accounts
If you have multiple bank accounts (checking, savings or even retirement accounts), consider consolidating everything into one place. One checking account, and one savings account is plenty, and it will be much easier to stay on top of your finances when you can see all your money in one location. Doing this may also save you bank fees that are often charged per account.
Cut Back or Cut Out Credit Cards
If possible, eliminate all your credit cards. Not only will this make managing your money easier, but it will also prevent you from having debt. If you feel the need to have at least one credit card, pick the one that offers you the most in way of rewards, interest rates and has the highest limit. Get rid of all your other cards to simplify your finances quickly.
Consolidate Your Debt
If you have multiple debt accounts, consider consolidating them all into one easy to manage loan. Take out cash loans in the amount of your total debt and use this loan to pay off all your debt in full. Then, all you need to worry about is paying back your new loan. Not only is one loan easier to manage, it can also help you save money if the cash loans you choose have lower interest rates than your current debt accounts.
Assess Your Monthly Subscriptions
Are you paying each month to receive a magazine that you never read? Or maybe you are paying for an app on your phone that you barely use. Take a look at all your reoccurring bills and see what you can cancel. This will simplify the money coming out of your account and save you money in the long run.
Give yourself a weekly cash allowance and then only use this cash to make purchases. Not only will this simplify your bank statement, but it makes sure you are spending within your means. Just avoid going to the ATM again during the week for more!
Set up automatic payments whenever possible. When your bills are paid automatically, it is one less thing for you to worry about! You can rest assured that your bills are paid on time and accurately.
There are many apps out there that can help you manage your finances easily and efficiently. Take a look at the options and pick an app that will work for you. You can track your spending, monitor fraud, set financial goals and even send and receive money through various apps. Let technology help you manage your money!
Simplifying your finances is one of the best things you can do, making it easier both mentally and physically to stay on top of your money. Use these tips and start simplifying today!