Seven steps for better money management

When it comes to money, few things seem fast or easy. Good news! We have seven simple tips to help take some of the stress out of managing your finances. Even better news — treating yourself is one of them!

Track your trends

The first step in setting a goal is understanding the playing field. This doesn’t need to be time consuming, difficult, or rooted in fear and shame. Many free and easy-to-use tools can help you track your spending so you can proactively identify trends and start to plan for your near- and long-term future. Instead of thinking of it as restrictive budgeting and cutting back, it’s all about understanding and setting goals.

Go paperless

Go paperless with all your accounts. It’s better for the environment and your peace of mind. Clutter makes us stressed. If you’re drowning in unopened mail, including account statements and updates, head to your accounts’ websites and opt in for paperless statements.

Leverage autopay

Set up automatic payment for your regular bills — insurance, mortgage or rent, utilities. Not only will you avoid missing a payment or late fee, but you’ll also streamline one more thing in your life! Autopay also works for credit cards, assuming you can always pay the balance. If not, set up recurring payments to pay the maximum amount possible.

Start saving

Even if you start with a modest amount, saving feels good — and it’s smart! If there are extra funds in your checking account, put them to work. It may be a savings account you can access quickly, or a longer-term saving strategy like a CD or money market account. If you have a 401(k), max it out and look into any matches your company offers.

Schedule credit score checks

Your credit score is important when you’re getting a loan, renting an apartment, or buying a house. But don’t wait until those significant events to know your score. Set a calendar reminder for regular checks of your credit report — once a quarter or even once a month. That habit can help you spot errors or suspicious accounts and start the dispute process.

Help your credit cards work for you

Evaluate the interest rates on your credit cards. Suppose you’ve got a solid history of on-time payments and a track record as a customer. In that case, you may be able to negotiate a lower interest rate. Consolidating your debt by transferring it to a card with a lower rate or period of zero interest can also help you drill into your debt. Don’t forget the points programs! What are the points, and can you take better advantage of them?

Have a little fun

Financial responsibility doesn’t mean restricting yourself entirely and abandoning fun. Going to the movies, grabbing coffee with a friend, and planning for a vacation can — and should — be a part of your financial planning too.

Want to dive deeper? Hear what Kimbrely Gruidl, Vice President Wealth Management Private Banker says about simplifying finances.