Save Money By Simplifying Your Finances

Tuesday, May 17, 2011, 2:00 AM | Leave Comment

These days most families have two income earners. They all strive for extra time so they can relax and release some of the burden of chores regarding personal finances that used to take quite a few hours to perform including a trip to the bank. You had to go to the bank to make a deposit, withdraw money, transfer money from one account to another and other such tasks. Online banking is available from almost all banks and folks should take advantage of it in terms of saving time and in many cases saving money as well.

In essence, time happens to be a precious commodity for folks who wish to have more than 24 hours in a day. Here are a few steps you can follow to save time and money when banking in your favorite financial institution.

  1. Direct Deposit

    Direct deposit of your paycheck saves a trip to the bank. Most employers offer it. In addition, it eliminates the risk of your checks being misplaced, stolen, or lost in the mail which at times has proven itself to be quite slow. Your money is available to you a lot quicker when it is directly deposited in your account by your employer.

  2. Recurring Transfers

    Set up automatic recurring transfers from one account to another. For example, from your checking account to your savings account. That way you would establish an automatic savings plan. Over time and before you even realize it, regular and automatic transfers to a savings account add up into quite a sizable chunk of cash.

  3. Online bill payment

    I have been paying my bills online for more than 7 years. In most banks, because of the competition, it’s free and takes just minutes to register. Also, it’s safer and more convenient than sending paper checks. You save money on stamps.

  4. Consolidate

    Consolidate all your financial dealings in one bank. Working with one financial institution is much easier than dealing with many. Make sure your bank is capable of meeting all your financial needs.

  5. Overdraft protection

    Sign up for overdraft protection in your bank. You can link your checking account to your savings account and your credit card. You can even link it to any line of credit you may have. This way, you avoid the cost, hassle, and embarrassment of a bounced check. You may be able to save money in a potential overdraft fee.

  6. Working with Finance software

    Consider using personal financial management software. Most banks work seamlessly with software such as Quicken, QuickBooks, and Microsoft Money. They make handling your finances easier and quicker.

  7. Rainy day fund

    You can build a rainy-day fund easily. We all have to be ready for unexpected expenses. Also, you should have extra funds available for perhaps that special vacation. Many financial experts recommend having four to six months of income saved.

  8. Review your investments

    Make sure your asset allocation matches your time horizon til retirement and risk tolerance. You can continue making investments even in retirement. You can have a brokerage account that can be managed from your bank account in terms of direct transfer of cash.

In a Nutshell
It’s a technological age. You can take many steps to ease and eliminate your trips to the bank not only for convenience and for saving time, but you can save some money as well. You can save by being on top of your finances day and night.

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