Are you constantly worrying about money? Do you always get the feeling that there’s not enough, or panic when you see the bills in your mail? While positive thinking can help, one of the best antidotes against worry is…habit. That’s because each time you’re afraid, you can tell yourself: ‘I already took care of that!’ or ‘Yes, I’m aware of that problem, and I’m already starting to solve it.’ Here are some simple money management tips that can help you cut off any anxious thoughts and feel more in charge of your finances.
Create a financial safety net
Do you find yourself worrying abou t what you’ll do if you get sick or lose your job? Sleep better at night by creating an emergency fund. Look for one that’s accessible if you really need it, but not so accessible that you’ll dip into it just because you want that new flat-screen TV. For example, you can get a high-yield savings account that has a maximum number of withdrawals a month.
Auto-pay your debt
Compute how much you can afford to pay in credit card debts and then sign up for an autopay system. Since it’s automatically deducted from your account, you won’t forget the payment and you won’t be tempted to skip it either.
Use online banking
Online banking is fast and immediate, so you can settle bills the very minute you get them, and you don’t have to worry about mailing in the checks or passing by the payment center. Plus, the best way to tackle bills is to get it over and done with.
Simplify your accounts
It’s best if you consolidate your accounts, through a bank or brokerage. It removes the headache of having to deal with different credit card companies or banks and then computing everything. Just find one institution that can provide you with the best package or benefits and let them handle it all.
Use free internet financial services
Try signing up for free web services like Quicken and Mint which can help you understand your financial situation at single, quick glance. Knowing your financial situation arms you with the information to make good financial decisions.
Set up special savings accounts
Set a simple financial goal (‘save XX amount to redecorate the house’) and then set up a short-term, high-yield savings account just for this. Put in money when you can and forget about it when you can’t.
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