Here are a few tips on how to manage your money in less time with less stress:
1) Use online payments – Online payments take less time and provide immediate confirmation when they are made. If at all possible, sign up for online access on all of your monthly bills.
2) Bookmark each site – Create a new folder in your bookmarks for the log-in pages at every financial site you use. Keep credit cards, bank accounts, and bills for cable or utilities together since you’ll use them every month. When the time comes to access them, you can reach them all in the same place, insuring you’ll never forget to log-in and pay.
3) Open another bank account – Having an extra bank account for online transactions is smart. You’ll be able to confirm each monthly payment as they are made and accepted as they appear in your online statements. Consider also the budgeting advantages – you’ll be able to know exactly how much you spend on your main bills each month. Additionally, having an account you only use online makes your other accounts more secure.
4) Use budgeting tools – Use an Excel spreadsheet to log your spending each month so that you can have more information for making budgets in the future. This will help you see the seasonality in your budget – your entertainment budget may swell during the summer and utilities might rise in the winter, for example. This data is helpful to have.
Managing your finances is one of the most important skills to master. Start now by dedicating an hour to organizing your financial life with the tips above.