10 Ways to Simplify Your Financial Life

Figuring out minimalist money management as an adult is tricky. Many folks feel that they’ve been thrown into financial situations they aren’t ready to face. Lucas Goldberg likes to think that transforming to minimalist finance practices may help improve your monetary stability.

Even though we’re here to help you get a hold on your finances, it’s important to have fun still if there are any funds left over. Once you’ve got a pretty good handle on your budget, it is a great way to sit back and relax with some of your extra money to visit a casino online and relax. As always, play responsibly, and make sure all of your finances are in order beforehand.

Today, we’ll explore the top ten ways to simplify finances and take charge of your financial life.

Invest in a Financial Dashboard

This may seem like a small thing, but it’ll make a huge difference in keeping track of your finances. A financial dashboard helps keep track of cash flow in and out of your accounts. It also affords you the ability to view past, present, and future budgets.

If you don’t want to pay for a fancy website or app to help keep track, Microsoft Excel is an excellent tool that many users love.

Digitize Documents

If you’re not a fan of electronic documents, don’t worry; this financial management strategy is for those that like to keep their papers digitized. Some people are okay with handwriting their budgets and notes. However, electronic documents are easier to search and alter.

Automate Finances/Paperless Billing

Automatic payments help reduce late payments and accumulation of late fees on your account. Paperless billing minimizes the use of paper and thus lowering your carbon footprint. This strategy is a big win for everyone involved!

Consolidate Accounts/Close Unused Accounts

This strategy is a bit of a no-brainer. If you’re not using an account anymore, close it. If there is a way to combine accounts, do it.

Reduce Credit Card Usage

Having one or more credit cards helps build your credit. However, the more credit cards you use, the more debt and interest you will accumulate. Use your credit cards sparingly and pay them back right away.

Swap to Cash 

This tip is tricky because bank statements make it easier to keep track of your spending. However, if you can find a way that works for you to keep track of your cash spending, this will significantly minimize the amount of credit card bills and fees that you have to pay each month.

Create a Budget

Creating a budget, and sticking to it, is one of the best ways to keep track of your cash flow. This also makes it more likely that you’ll stick to your plan. Residents of Canada can find tools to help with budgeting on Canada’s main website.

Erase Debt

Okay, this is a tough one. But erasing your debt can significantly impact both your simplified financial life and your life in general. When you rack up a bunch of debt, you also rack up a bunch of interest that you have to pay off later. This means paying more money in the end. The sooner you get debt-free, the more money you can begin to save for the future.

If you seem to be drowning in debt and don’t know where to turn, the Canadian Office of Consumer Affairs may be a good place to start.

Update Beneficiaries

This tip may seem like it doesn’t belong on our list, but we assure you it does. Keeping your finances in order also means figuring out where your money should go if you no longer need it. Plan ahead, so everyone knows what to do when the time comes.

Focus on one financial goal at a time

It is essential to make sure you are focusing on one financial goal at a time. Overwhelming yourself with too many goals can make it next to impossible to accomplish them all promptly. Make yourself a to-do list with your goals in order of how important they are to you. Once you achieve one financial goal, check it off and move on to the next.

In Conclusion

Many emerging adults start to panic and ask themselves, “how do I simplify my life and finances?” It’s tough to know what to do. We hope that these ten tips help guide you on your journey to minimalist money management.


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