Time is money, at least to many people. Simplifying your finances can save not only time but also reduce stress and possibly put more money in your pocket in the long run. Being able to see a clear picture of your financial situation is invaluable. Money matters often seem unmanageable or overwhelming, but these 10 steps can help you get your finances under control and keep them that way.
Enroll in direct deposit.
Save time by eliminating trips to the bank and get access to your money faster. Direct deposit also allows you to easily divide your pay into savings or investing accounts.
Sign up for overdraft protection.
Linking your checking account to a savings account, credit card or line of credit can avoid the high cost, hassle and embarrassment of a bounced check.
Establish an automatic savings plan.
Regular, automatic transfers to your savings account will add up over time. You can set these up weekly, monthly or annually and adjust the amount as needed.
Use electronic bill paying.
Making sure your bills get paid on time will save you costly late fees. Paying electronically also saves time by eliminating the chore of writing checks.
Take your banking online or mobile.
Banking online or via your bank’s app on your phone gives you access to your accounts and balances anywhere, any time. Mobile banking is free and secure and comes with extra perks like allowing you to set up alerts for when your checking account gets low.
Consolidate financial relationships.
Dealing with only one institution makes things easier. Consider moving all of your savings and investment accounts to your bank. That means one username and password — and a clearer picture of your overall net worth.
Consider personal finance software.
There are lots of programs out there that make keeping track of finances and budgeting easy. The top-rated ones, according to digital marketing and marketplace platform Purch, are Quicken, Moneydance and Buxfer.
Build a safety cushion.
You should always be prepared for unexpected expenses and may want to have extra cash for vacations or holiday spending. A regular savings account works fine, but you could also consider a money market account with a higher rate of interest.
Review your investments.
Making sure your asset allocation matches your time horizon and risk tolerance is the key to successful investing. A financial planner or wealth management tools through your bank can help.
Set financial goals.
These can be as large as paying off debt or as small as taking a vacation. Setting and reaching financial goals just feels good and can help you live the life you want.
MidSouth Bank offers a full line of banking services that include checking and savings accounts, ebanking, goDeposit Mobile, wealth management, mortgage solutions and more. Learn more about us.