It’s easier to get balance in your life when you simplify things. When it comes to your finances, there are a few steps you can take to make them more streamlined.
1. Consolidate Your Accounts
If you have multiple checking or savings accounts, consolidate them to one of each – and do the same with retirement accounts. This will reduce paperwork and time spent checking different accounts. With only one account, you’re less likely to miss a statement or payment. If you have several retirement accounts from job changes, you can roll these plans into an IRA or another employer-sponsored plan.
2. Stop the Paper Flow
If you’re still receiving statements in the mail, enroll in eStatements so you can manage your accounts at your convenience – 24/7. For loans, you can get reminders of when payments are due, or set up automated payments to your account (and likely save money with a better rate).
3. Only Use One Credit Card
If you have multiple credit cards, try to pay each of them off starting with the card with the highest interest rate. Get your stack of cards down to two if possible: one for emergencies (such as an unexpected medical bill or car repair) and one you use regularly. This way, you only have to keep track of your everyday purchases and expenses associated with one account.
4. Work to Become Debt-Free
Budget your spending so your income is more than your outgoing expenses. If you buy less “stuff,” you’ll have more to pay your bills, save, and even splurge on things. Work to become debt-free and try to increase your savings as well. Living this way can reduce a lot of unnecessary stress.
By taking steps to simplify your finances, you’ll have more time to relax and enjoy life. For more useful tips, visit our blog.