Below are 8 ways to simplify your financial life. The simpler it is, the easier it is to manage and achieve your goals.
Have all household income and expenses go into and come out of one account. This makes tracking and budgeting much simpler. No need to log into several different accounts to update your budget or figure out if a certain expense was paid.
Pay all your bills once or twice a month. Log into your bank account and pay them with the option to make payments. You can pre-pay them. You won’t miss a payment and won’t have to worry about paying bills the rest of the month.
Create a debt schedule. List all your debt and the relevant information in one place. I have a debt schedule you can download for free in my freebies section.
List all monthly expenses in one place. Go through and remove any that you are no longer using or aren’t getting value from.
Make all payments from your debit card or a single credit card. Avoid using all the different store cards, bank cards and millage cards. It makes tracking your spending more difficult.
If your spouse resists tracking expenses, transfer him/her money from your primary account once a week and note it in your budget as such. The money still gets tracked and your spouse doesn’t have to track their individual spending.
Update your budget daily. Doing so only takes 5 minutes a day and helps you stay on budget. Weekly updates take longer and aren’t as accurate.
If you have a budget don’t create too many expense line items. Create enough to manage your expenses but not so many that updating your budget is a burden.