The new year is right around the corner, and it’s a great time to simplify your finances to help you save more and stress less. There are several ways you can manage your money without getting overwhelmed. We’ve listed some ways to get started and should you have any additional questions WEOKIE is here to help get a plan of action in place for you.
Online banking with your current financial institute will allow you access to your accounts online 24 hours a day, seven days a week. Using online banking can allow you to do all of the following services on your computer or cell phone.
- Check account balances
- Review your account history
- View copies of cleared checks
- Transfer funds between accounts
- Bill payment
- Can sync your account with budgeting apps (check with your financial institution for availability)
Automatic Bill Pay
Automating your bill payments is an easy way to help you save more and pay less each month. Setting up your monthly bills to be paid directly out of your checking account will help you never forget to pay a bill or get hit with a late fee. Plus, avoid the headache of juggling the multiple payments and due dates each month.
No more check writing and standing in line to buy stamps. Pay your bills with just a few clicks!
Direct Deposit Your Paycheck
Sign up for direct deposit and your paycheck can be automatically deposited into your account from your place of employment. No more standing in line in a bank lobby or drive-thru, you’ll know exactly when to expect your paycheck into your account. Often, it will arrive before payday!
Digitize Your Documents
If you’re still receiving paper statements or printing them off yourself, you’re cluttering your life. It’s always a good idea to keep past statements but you can do this digitally, there’s no need to save paper documents and worry about having room to store them.
Going digital can simplify your finances and make for easier organization when you need to find them. Request for your monthly banking statements to arrive via email rather than through the mail.
Use a Password Manager
Password managers will keep track of all of your logins in one spot. Not only will this store your passwords, it can also help you generate more secure ones when needed.
Some password managers like 1Password will allow you not only to store logins but also credit card information, driver’s licenses, social security numbers, account numbers, reward numbers and more. You can also store secure notes or other financial information here.
Reduce the Number of Credit Cards You Use
Reducing your total credit card usage is a great way to help simplify your finances. You’ll eliminate the interest rate charges you are paying on several cards, as well as the hassle of tracking those payments.
Find a credit card with a great interest rate as well as rewards to put your credit card to work for you!
Getting Rid of Debt
Dealing with debt is stressful and is sometimes hard to know where to start. The Credit Counselling Society is a great place to find helpful information. Here are some great tips to help pay down your debt.
- Pay more than the minimum payments of your credit cards each month.
- Spend less than you planned to spend, and try to always pay with cash rather than credit.
- Pay off your most expensive debts first. Choose the one debt that is charging you the most interest and focus on paying that one first.
- Consider picking up a part-time job or side hustle to help pay down debt.
- Track your spending and identify areas to cut back.
- Refinance your mortgage or auto with the lower rates being offered.
Let WEOKIE Help!
Have questions on your finances? Contact us today to set up an appointment, and we’ll compare all the budgeting and financing options that are available to you through WEOKIE. Contact us now at 405-235-3030 or 1-800-678-5363 or click here to find more information on reducing debt and budgeting.
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