10 Important Personal Finance Tips and Tricks

Personal-Finance-Tips

Top 10 Ways to Keep Your Financial Life Simple

It pays to maintain a simple financial life. This helps you to avoid the frustrations associated with a complicated financial life. The following is a guide to maintaining your finances.

1. Minimize the number of financial accounts you have.
You do not need lots of accounts. A savings account, a checking account, and an IRA account is all you require.

2. Bank with a few financial institutions.
By doing this, complex processes like mail services and paperwork will be eliminated.

3. Make use of direct deposits for checks.
This is recommended because it saves time and puts your money to work at a faster rate.

4. Subscribe for online or mobile banking.
It is more convenient to do transactions online. Checking account balance, payment of bills and other miscellaneous payments can be done via this method.

5. Be frugal in the use of your ATM card.
Be wise in the use of the ATM. Avoid frequent withdrawals and do not carry to much cash.

6. Every money, reconcile your account.
By doing this, you will be able to keep track of all your expenditures. This will give you a clearer understanding of how the money was spent.

7. Cut down on credit cards.
When you have to many credit cards, you will be forced to spend more. This will hurt your credit rating.

8. Use an automatic saving plan.
It is a smart practice to transfer funds from your checking account to the savings account. You may be surprised at how much you have saved.

9. Have a retirement plan.
When you have a regular savings and contributions from your employer, it helps you grow faster.

10. Put in place an organized system for payment of bills.
There should be a place for the storage of bills to be paid. Pay them promptly, do not allow them accumulate. Seek an online facility that enables you pay your bills promptly.

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