Eight steps to simplify your finances
Time is a precious commodity. Here are eight ideas to save time and reduce the stress and anxiety of managing your financial affairs.
1. Enroll in direct deposit
It eliminates trips to the bank and the risk of your checks being misplaced, stolen or lost in the mail.
2. Sign up for overdraft protection
By linking your checking account to a line of credit, savings account or credit card, you avoid the cost, hassle and embarrassment of a bounced check.
3. Set up automatic, recurring transfers
Establish a savings plan by automatically moving money from your checking to your savings account. Over time, regular, automatic transfers to a savings account add up.
4. Use online bill payment
It's free and takes just minutes. Plus, it's safer and more convenient than sending paper checks.
5. Consolidate your financial relationships
Working with one financial institution that's capable of meeting all your financial needs is much easier than dealing with many.
6. Consider personal financial management software
Programs such as Quicken® or QuickBooks® make handling your finances easier and quicker.
7. Build a rainy-day fund
Be ready for unexpected expenses, or have extra funds available for a special vacation. Many financial experts recommend having 4 to 6 months of income saved.
8. Review your investments
Make sure your asset allocation matches your time horizon and risk tolerance.
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