Feeling busy? Is work taking about 8 to 10 hours of your day? Family another 4 hours or so? Got any time to exercise? How about a little time for fun? Oh, and sleep…
How about time for money management? Maybe you’re finding it tough to fit it in. But everyone keeps telling you it’s important. (Because it is.)
How can we make money management easy? Like so many things we do today, we can simplify the process using technology around each step.
- The most dreaded of words: Budget. Yes, you need a budget. It’s the core of any sound plan for finances. There are several useful budgeting tools like Mint by Intuit, maker of QuickBooks. These tools help you by connecting all your financial institutions, and downloading records of all cash and charge expenditures. They help you track and categorize your spending, and generally show you where your money is going. They’re also mobile friendly, allowing you to work anytime anywhere, just like you were checking your e-mail.
- While you’re at it, set a financial calendar for your intentions. Use your calendar for paying bills, setting timelines for tax payments, gathering financial documents for tax filing, setting dates for reviewing your retirement plans and contributions, and even for things like scheduling savings for that vacation you’re planning. Again, these apps are mobile friendly. And you can set alerts to make sure you don’t miss anything!
- Since you’ve gone mobile, ditch the paper. Paper becomes overwhelming and difficult to keep organized. Electronic files are simpler to view and access. To go electronic, simply contact each bank and credit card you work with, and change all communications to paperless e-delivery. For old statements, simply scan all year-end statements and save the digital files to your new folders.
- Take a look at your wallet and streamline the plastic you find there. Consolidate to one or two cards at the most. Do it with intention by reviewing why you had the card in the first place. Was it cash back or rewards? Consolidating your cards simplifies your financial life, and also allows you to maximize the benefits of the card. Streamlining your cards also allows you to layer your benefits and rewards.
- Automate savings for any financial goals. You might be saving for retirement, college or your next vacation. Most financial institutions will make automatic withdrawals through bank transfers. Whether it’s to your IRA or a college 529 plan, automation makes your savings easy and seamless.
- Look at where your money’s going and, if you don’t like it, take a spending break. Take one month where you establish a “Do Not Buy” list. Then, don’t buy anything that’s on the list. For instance, have you ever bought two pairs of Lululemon yoga pants--only to put them on top of seven more? Did you really need any of them? Or, ever gone over your credit card and bank statements and seen subscriptions you haven’t used in months? Assess your cravings realistically. Look at the expenditures you can do without and cut, cut, cut!
Does this process seem overwhelming? It can feel that way at first. But going forward, you’ll find huge time savings, along with an incremental feeling of confidence about your money management!
Want to know more about dovetailing your budget into an overall wealth plan? Feel free to schedule an appointment to learn more.
