Life in the 21st century can be a little chaotic and stressful. Like most, you are probably pulled in a thousand different directions on a daily basis. With the rise of technology, you likely feel as though you’re constantly connected and on-the-go.
It’s no wonder movements like minimalism have become popular. In a life of constant commotion, people are searching for ways to make their lives easier and take a breather. When it comes to simplifying your life, one way to help alleviate stress is to simplify your finances.
Make your financial life one area you don’t have to stress about and follow these four tips to simplify your life and finances.
1. Consolidate Accounts
Whether you set up multiple accounts to take advantage of sign-up bonuses or simply create multiple ones for various purposes and goals, possessing more than two or three accounts only serves to create confusion and disarray in your finances.
Most people only need two accounts which are usually for personal and business purposes. Simplify your bank accounts by keeping it to one checking and one savings account for personal use.
When consolidating, look for banks that pay the best interest on your savings so you earn as much as possible. CIT Bank is one option, paying 1.55% on your balance, with just a $100 minimum balance.
2. Set Up Automatic Payments
There’s no doubt that you should be fully aware of everywhere your income goes. This is why some individuals might be hesitant to set up automatic bill and savings pay. That being said, automating your payments will save you time and worry.
By setting up automatic bill pay, you ensure that you pay on time, every time and keep yourself from acquiring late fees. Moreover, by automating your savings as well, you guarantee that you save each month and aren’t tempted to spend that little extra. This will benefit you in the long-run.
3. Eliminate the Paperwork
If you’re anything like me, you might prefer the old school method of pen and paper. When it comes to your finances, however, sticking with the paper often serves to cause chaos.
Unless it’s a vitally important document such as a title or birth certificate, opt in to your financial institutions’ paperless statements. Depending on your personality, you might just find that it’s easier to organize, keep track of and eliminates the need for extra storage space.
4. Cut Back
Between Netflix, Hulu, Spotify, BookoftheMonth and Trunk Club, there’s no shortage of subscription services available to you. However, simply because it exists doesn’t mean you necessarily need it.
Review any subscription or service you’re currently signed up for and decide whether or not you truly need it and it’s worth the money.
For example, you likely don’t need cable, Hulu, Netflix and HBOGo. So, decide what you use the most and cut the extras out.
Furthermore, the same goes for credit cards, don’t have five just because you can, stick to one or two great ones and eliminate the others.
Life is complicated, but your finances don’t have to be. Streamline and simplify your financial life by taking a few easy steps. You’ll not only save yourself from the headache and stress often associated with finances, but likely help keep potential errors and problems at bay in the process.
What are some services you’ve cut back that have made a difference? How many accounts do you find necessary?
Photo courtesy of: pasja1000
Latest posts by Kayla Sloan (see all)
- 12 Tips to Keep Your Finances in Check Each Month of the Year - July 16, 2018
- Should You Allow Your Kid to Get a Part-time Job? - July 9, 2018
- How to Get Paid While Getting Your MBA - June 27, 2018