Ways to Simplify Your Financial Life

In general, most people don’t want to spend a lot of time worrying about their finances. And, the good news is that keeping your financial life simple can actually help reduce stress. Some ideas you may want to consider:

1. Keep the number of financial accounts you have to a minimum. A checking account, savings account, investment account and perhaps an IRA should cover it.
2. Work with as few financial institutions as possible. This will cut down on mail, eliminate paper and make your finances easier to understand. A solid relationship with one institution may also come in handy if you need to borrow money.
3. Use direct deposit. This saves time, is safe and ensures your money is available quickly.
4. Enroll in online banking. Check you balances, review account activity, create budgets and pay bills electronically.
5. Carry a minimum of credit cards. Too many cards make overspending easy and may ultimately hurt your credit rating.
6. Use an automatic savings plan. Transfer funds each month from your checking account to your savings account.
7. Enroll in your retirement plan at work. Regular saving and the potential for employer matching will help your retirement funds grow more quickly.
8. Establish a system for paying bills. Pay bills on a regular basis before the due date.

What strategies have worked for you when it comes to simplifying your financial life? Let us know.