With so much financial advice available at the touch of a button, it’s easy to become overwhelmed when trying to manage your finances. Here are seven ways to keep it simple and find financial contentment by doing less.
Enrolling in online banking is one of the best ways to make your life easier. With online and mobile banking you can pay bills with the click of a button, deposit checks from wherever you are, and never have to look at a paper statement again. Plus, online banking lets you quickly view recent transactions in one place, to track expenses or identify fraudulent purchases.
It’s secure, it’s easy, and it’s a whole lot less stress. Automatic bill pay lets you schedule one-time or recurring payments to any business or individual, including landlords, lenders, utility companies and many others. As a bonus, automating your bills means less risk of missing payments, which could lead to additional debt or a lower credit score.
Whether you’re dealing with high-interest credit card bills, medical expenses, student loans or personal loan debt, consolidating is a way to simplify your finances and reduce the stress of managing multiple debts. Some types of debt consolidation can even lower your interest rate, so you’ll have fewer monthly bills plus owe less money overall.
To reduce your stress and your spending, aim to shop less. This might look like shopping your closet before you head to the mall, de-activating tempting online marketplace apps, or using buy-nothing groups to source necessary items. The public library is another great resource for books, games, puzzles, audiobooks and even free online streaming services.
Budgeting can be as complicated or as simple as you make it. If you’re looking for a no-fuss budgeting system, check out the 50-30-20 budgeting framework. The 50-30-20 budget follows a simple rule: put 50% of your money toward needs, use 30% of your money to cover wants, and put 20% of your money into savings. Click here to learn more!
Seeing one after another subscription on your monthly account statement is stressful, and costly. Simplify your monthly spending by canceling any service you haven’t used in the past three month, and consider getting rid of duplicate services (for example, two food delivery platforms) as well. You can always restart subscriptions if needed.
Carrying debt adds to financial stress and complications very quickly. If you need to access credit and taking out a high-interest loan is your only option, work with a trusted lender who can offer straightforward terms and fair rates. And, once you have the loan—prioritize paying off high-interest debt to simplify your finances moving forward.