Keeping Your Financial Life Simple

Monday, March 31 at 10:20 AM
Category: Personal Finance

Unless you are very different from most people, you do not want to spend lots of time handling your finances, do not want to worry about your finances, and do not want to make your financial life any more complicated than it has to be.

Keeping your financial life simple can save time and reduce stress. Here are nine ideas you may want to consider.

  1. Keep the number of financial accounts you have to a minimum.  A checking account, a savings account, an investment account and perhaps an IRA account are the basic ones you probably need.
  2. Deal with as few financial institutions as possible. This will cut down on the mail, eliminate paper and make your finances easier to understand. A solid relationship with one institution may also come in handy when you need to borrow money. Check out the Arvest Switch Kit to help you move relationships with other financial institutions over to Arvest.
  3. Use direct deposit for your paychecks. This saves time and puts your money to work faster.
  4. Enroll in Arvest Online Banking. Being able to check your balances, review your account activity and pay bills electronically is more convenient and will save money on postage.
  5. Use your ATM card wisely. Avoid frequent withdrawals but be careful about carrying too much cash. Be sure to record all your ATM activity in your checkbook register.
  6. Reconcile your checking account every month. Your statement probably has a form on the back to use if you are not using personal finance software.
  7. Use an automatic savings plan to transfer funds each month from your checking account to your savings account. This plan builds assets and you may not even notice you have less to spend.
  8. Enroll in your retirement plan at work. Regular savings and the potential for your employer matching some or all of your contributions will help your retirement funds grow quicker.
  9. Establish an organized system for paying bills. Have one place to store them, pay them on a regular basis before the due date and establish a storage system for those you have paid.

By following these nine best practices or similar concepts, you can help your finances to run like clockwork and prepare you for both your short-term and long-term financial future.

Tags: Debit Cards, Financial Education, Online Services, Retirement, Savings
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