Your imagination is not going to take you too far as managing your money is not as simple as it looks like. Time has changed and therefore you are expected to take wiser decisions in comparison to what our ancestors did.
However with the technological growth and development, we are fortunate enough as it has come to our rescue. This can help us take care of our money, by putting in the least efforts.
Using direct deposits
It has been seen that the irrational fear of electronic transactions is the reason which keeps people from signing up and using direct deposits. Running around with a live check is much more difficult that going in for a direct check.
Secondly, it has been seen that real overdraft protection is a link between the checking account and the savings account. Whenever when writes a check or initiates a debit card transaction, money is said to be drawn directly from these sources.
Consolidation of accounts
Also whenever one has accounts all over the pace, one tends to give rise to a financial clutter. Monitoring your money hence becomes difficult and you might have to pay more account fees than you might have to pay otherwise.
Considering the checking accounts
It is not always possible that you calculate all that you need to spend or to reserve bills. Under such circumstances it is very important that you go for the two-account system adopted by several people.
It has been seen that people often get their pay checks deposited to one account and the second account is used for the deposition and payment of bills.
Setting up a high yield savings account
You must first set your priorities and this priority list must have, retirement saving in the first place and paying off credit card debt in the second place. Also try building up an emergency fund, which will help you in time of need.
Credit card Companies are seen to send e-mails to clients whenever they have a due date for the payment of bills, make sure that you check your account for all of these alerts.
Picking up due dates
Several credit card Companies give you the option to select your date for payment. If you happen to have a number of payments to be made at the same time, try changing dates by talking to the Companies.
Map it in the calendar
Though you are likely to get e-mail alerts from the credit card Companies still make sure you map it in the calendar. Even if you don’t receive a statement, this calendar will help you do all the important things required for you to do.
Go for the no-brainer options
Though looking out for funds which require heavy lifting, would be an easy way out but picking up individual stocks and searching for mutual fund choices is a better thing to do.
Supervising your money
Keeping an account of your account online is a much better option than to wait for e0mails from the clients. Also it helps to avert overdrafts and over-limit fees.
(Photo credit: Inmagine)