Ways to Simplify Your Financial Life
October 7, 2015
By: Liann Walborsky, Communications Manager, Tech CU
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:
- 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.
- 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.
- Use direct deposit. This saves time, is safe and ensures your money is available quickly.
- Enroll in online banking. Check you balances, review account activity, create budgets and pay bills electronically.
- Carry a minimum of credit cards. Too many cards make overspending easy and may ultimately hurt your credit rating.
- Use an automatic savings plan. Transfer funds each month from your checking account to your savings account.
- Enroll in your retirement plan at work. Regular saving and the potential for employer matching will help your retirement funds grow more quickly.
- 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.
Posted October 7, 2015 by Liann Walborsky
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