I’m all about make things easier. I’ve done it with all of my bank accounts and retirement accounts. I continue to improve mastering it across additional areas of my life, even after it backfires on me like it does every once in a while.
There is no such thing as reading too many tips on how to improve your financial situation, and at a minimum you can walk away with a few extra "hell yeah's" if you’ve already implemented some of the steps listed below.
Here are the six tips to help simplify your financial situation:
Hold onto a couple of credit cards: This one is meant more for when you have all of your debt under control. This is one of my preferred ways to simplify because I feel that it makes life so much easier. If you are good a rate chasing then kudos to you, but to me it just messes up everything and clutters up my strategy. As a result I stick with just a couple of credit cards, Chase Sapphire Preferred® Card and Blue Cash Preferred® Card from American Express.
Pay your bills online: This step makes life so much easier. I wouldn’t know how to survive without online bill payment.
Automate everything: This kind of ties into the previous tip, but I’m a firm advocate in automating as many of your recurring bills as possible. This is particularly true for those bills that are approximately the same amount all the time. However I don’t prefer automating big bills like credit card bills or mortgage payments in case something crazy happens during that month.
Make sure you have overdraft protection: If by some chance I happen to bounce a check, it will automatically pull whatever amount that my checking account is short from my savings account. This helps to avoid any outrageous fees for doing something outrageous myself and not managing it all properly!
Build an emergency fund: While mine does fluctuate, I always have back up cash in case something crazy happens. I’m petrified about not having money on me at any particular point in time.
Pay yourself first: I prefer to have all my bills paid first to ensure that my family has a roof over their heads and food in their stomachs. However, I also make sure that I pay myself each year by maxing out my retirement accounts as well. This is something that I also think is very important (almost as much as ensuring food and shelter).
At any rate, with any luck some of these will help you out. Let me know how many you are able to check off by commenting below or how many you think are foolish. Nevertheless I’m sure you will agree that simplifying seem to work, whether it happens to be finances or not. It’s done wonders me ever since I committed to simplifying.