January 30, 2009

Tips on how to simplify your finances

Do you know how to cut down on the amount of time you spend on your finances? Here I’m going to share about some simple ways which will simplify your finances, these are

Try to organize your finances: Take all of yours previous year’s tax returns, banks statements, etc. and set up a filing system. Store all related information together, like all of your tax filing information for multiple years. Collect and safeguard your essential financial paperwork of insurance policies and others.

Make a budget of your expenses: Though you are keeping good track of your finances and bills, make a budget of it. It will be easier to control your expenditure and improve your finances.

Use cash for your daily expenses: Always try to track your ATM or teller withdrawals and also do it once a week, not more than that. If you are married or share your bank account with a partner and both of you withdrawing enough cash once a week. Try to reduce the transactions to one instead of two people. You can not send cash in the mail for paying online bills, but you definitely pay cash for your daily expenses and most retail transactions, grocery shopping. Cash payment can simplify your expenditures.

Use automatic bill payment facilities: Some people get afraid to pay large monthly bills by automatic payment system because they feel it may accidentally overdraft their account. If you have a few smaller monthly bills like water, natural gas, try to start paying them by automatic bill payments. It can reduce the amount of bills you have to deal with every month.

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