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Simplify your financial life and achieve more

In today’s fast paced world, financial matters often don’t receive the attention that they should and this can be very detrimental to one’s long term financial well-being. If you don’t have time to make smart financial decisions, then it would be best if you take actions to help you make the right decisions much quicker.  The best way, simplify your financial activities.
Where do we start with simplifying our finances?
The first place to start is in how you pay for what you buy. Instead of using several sources to pay for things, consolidate and only use one payment method.  Preferably use your checking account or select one credit card and pay it off monthly.  This saves time because one doesn’t have all those store charges and multiple credit cards every month to pay.  And you have a better idea of how much you are spending.
Having a budget is considered an important financial tool, but keeping one can be very time consuming?
Yes, the number one reason budgets fail is because they are too timely for many people to complete on a long term basis.  One easy method is to just track expenses in a single category that you can change, for example, eating out. This can be done quickly and often times one achieves the desired results.  Using online tools within your institutions home banking product can really help you save time, especially if you are just tracking one category.
What if I just doesn’t want to track anything?
The other quick way to budget is to give yourself a set amount of money each month.  Use the one payment method mentioned above and you are living your self-imposed budget. The key is to stop spending when you are out of money.  This really requires discipline and the understanding of all your expenses but it can be a very simple and effective budgeting tool.
How can we simplify in the area of retirement savings?
Use your company sponsored plan if available, like a 401k plan. Many of these plans offer an automatic increase option each year. This is particularly helpful because you automatically save more each year without needing to take any action to increase your savings. Beyond your company sponsored plan, one can always setup monthly automatic investments to mutual funds.

Posted: 6/30/2014 with 0 comments

Categories: Budgeting, Money Matters, Spending

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